REALTY BUZZ EVEN IN 'PITRA PAKSH'

real estate

 

 

SLOWLY, THE CHANGE IN DEMOGRAPHY OF DELHI AND NCR ARE WEARING DOWN THE AGE-OLD TRADITIONS AND BUSINESS IS REAL ESTATE IS NO LONGER A TABOO DURING 'PITRA PAKSH',

 

If you can recollect the realty scene 5-6 years ago, in this part of the country, then you will also not have forgotten that those associated with it 'relaxed' during the entire period of 'pitra paksh'.

 

They hardly did any kind of business. For them, it was a kind of forced recess. They would just go to their offices and relax. Hardly would any prospective flat buyers or those looking for a rented accommodation contact them. Even the home loan departments of banks got hardly any query. While the situation has not completely changed over the years, nevertheless, slowly but surely, things are changing. Nowadays, people are finalizing their new homes, taking a loan for it, and even moving into them. Certainly, there are not many such people, but a change is certainly visible, and the numbers are building up.

  

"I still remember when during pitra paksh days, they did not receive any call the whole day, from their prospective clients. After all, people are traditional and they do not make any hasty decision regarding their new home. This is no longer the case. The current position is that we get many queries for home loans, as well as for loans for maintenance of houses," says P K Jain, executive vice-president, PNB Housing Finance Limited.

  

How have things started changing? What are the factors that are responsible for this transformation? Industry experts are of the view that as Delhi and the NCR are flooded with no north Indian population, it has made all the difference. People from other parts of the country don't bother about this custom. And many Muslims citizens are also looking for houses, both for outright purchase, as well as on rent. After all, these are ideal days for them owing to the month of Ramzan. They consider it as the holiest month in their lunar calendar.

  

Davinder Gupta, CMD of realty firm Century 21 India says that when he started his realty firm in Delhi almost 15 years ago, he hardly got any work during 'pitra paksh' days. He used to just read books and newspapers in his office! "We used to wait for 'Navaratra', when our business once again took a massive leap. The scenario is definitely changing now," he says. "To my utter surprise, last year we sold several costly flats, both in Delhi and NCR. It was a wakeup call for me. I never thought there would be this kind of transformation in our sector," adds Gupta.

  

It is also thought that with the large number of expatriate community landing up here, they are also making realty market buzz all the time. Understandably, the days of pitra paksh have no meaning for them. They make enquires for rental accommodation and also shift to their new houses. Journalist-turned-realtor Kajol of Mak Associates says that very often they face a difficult situation when an expatriate insist that he wants to shift into the new house and the landlord ask him to shift after pitra paksh.

  

Naturally, the will of landlords prevail, more often than not. Dr Pratap Sehgal, a well-known Hindi and Punjabi poet, and a teacher at DU, says that he too has given part of his Rajouri Garden house on rent during pitra paksh. "I can not consider these days as bad when I remember my parents with deep sense of gratitude. Rather, I consider these are very holy days for me," says Sehgal.

  

Has the realty sector really seen any positive change this pitra paksh? "No," says the chairman of one of the leading real estate firms. Hitherto, a media savvy person, only too willing to be quoted, he changes tacks this time - "Please don't quote me," he says! Why? He explained that if he would say that market hardly saw any activity, it would send a very bad signal. Right, sir!

  

A realty firm employee says that they look forward to clinch some deal as they do no have to stand in long lines in sub register office for completing the formalities of rent registration or sale agreement. Generally, they do not find any crowd here, during this period.

  

The last word came from the chairman of Graphisads, Mukesh Gupta. According to him, realty firms hardly give out any advertisements during the entire period of pitra paksh as they await Navratras to make a blast.

 

Courtesy: - TOI dtd: - 13th Sep. 2008

Date: 15 September 2008, Monday
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