September marks the beginning of the festive season in India. Considered as an auspicious time for property buying, there is always a surge in demand for real estate during this period. Naturally, developers leave no stone unturned to stand out in the market to cash in on this positive sentiment.
Like every year, this year also developers are betting big on the upcoming festive season to push the sales volume says Madhusudhan G., Chairman and MD, Sumadhura Group. In an exclusive interview, he spoke about Bangalore’s real estate market, the company’s expansion plans, and much more.
Here are the excerpts.
How is Bangalore’s real estate market positioned currently?
Increased commercial activity, infrastructure upgrades, and improved job opportunities have given a significant fillip to Bangalore’s real estate market.
There has been a steady demand for affordable and mid-segment projects.
Further, positive buyer sentiment, along with the growing Indian economy, is expected to bode well for the city’s real estate market in the times to come.
How do you expect the second half of 2018 to be? Which cities are you planning to launch your projects?
We expect the second half of 2018 to continue the upward trend that we have seen in the first half. In Bangalore, we would see more ready-to-occupy supply.
With the upcoming festive season, we think there will be a growing interest in the residential market.
We launched two projects in Bangalore in the first half of 2018. We also have some plans for the Hyderabad market. Additionally, we are also looking to launch our first commercial project in Whitefield.
Do you think this is the right time for homebuyers to take the plunge?
With the economy in a bullish mode and office absorption at an all-time high across key metros, it is indeed the right time for buyers to take the plunge.
At present, several leading developers are also offering customer-friendly payment schemes along with a lot of other add-ons. And with the upcoming festive season, there will be an array of options to select from at competitive prices along with great deals and discounts.
What are the factors that one should consider while investing in property?
Well, there are several factors. Consider the location of the project, social and physical infrastructure, appreciation potential, quality of construction, track-record of the developer, and legalities of the project.
However, the first step should be to set the budget and understand the need (self-use or investment) to buy a home. Once a prospective buyer has these two sorted, the rest will automatically fall into place.
You recently launched a luxury project in East Bangalore. Do you think there are enough buyers for the premium segment?
We recently launched Sumadhura Nandanam, which has received great response from buyers. While it is a luxury project in terms of location, quality, specifications, and amenities, the project is priced appropriately for buyers in the mid-segment.
Most of the units in the project are less than Rs 1 Crore, making it affordable for the white-collared buyers.
As far as the demand is concerned, changing lifestyles and rising income levels are driving the need for luxury homes. Besides, the NRIs are also driving growth in this segment.
East vs South Bangalore: What is your pick and why?
A tough one!
Well, I think both the East and South Bangalore markets have good demand and supply. However, both the regions cater to a different segment of the population. While the former is a preferred destination for the migrant community who have moved to Bangalore for job opportunities, locals prefer the South.
What is your market differentiator?
Sumadhura thrives by delivering a product that a consumer wants. We closely monitor the markets we operate in to understand the customer pulse. Our credibility is built on timely delivery of projects with unmatched quality.
Sumadhura projects are priced well below the competition making it easier for buyers to choose a Sumadhura home. Also, you will always find our projects in the most promising locations.
Lastly, our customers always have access to the management to address their concerns during construction and post-handing over of the project.
Lastly, your advice to our readers.
With the festive season around the corner, there will be several offers and discounts up for grabs. Some of these will be too good to be true. Thus, do your due diligence before finalising any property.