Realtors hopeful, say slump in real estate market will end soon
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SLUMP in the real estate market is likely to end soon. This was the general feeling and hope of the realtors who participated in the exhibition "Estate avenues, real estate carnival-2013" organised at South City. The two-day exhibition concluded on Sunday evening.
"We hope that the slump will fade in the coming months as the hosiery season has done well and investors will be coming back to the market soon," said Mohinder Goyal, owner of Janpath Estates, a luxury housing project in South city.
Vikas Passi, MD of Paras Mani Buildwell Private Limited, who is running multiple projects in Punjab, said: " Financiers' money is stuck in unapproved colonies and once this regularisation process is over, we are sure that real estate market will see a boom. Such a slump was seen in 2008 but it was over in a year, but this time it has become longer."
Passi, who is coming up with a Pearls Apple City on Ferozepur road apart from his other projects in Zirakpur and Ludhiana, said, "More and more people have invested in unapproved colonies. We hope the money stuck in these colonies will flow into the market in the coming months after they complete the formalities of getting them approved."
Passi made a case for easy regulations from the state government because at the moment heavy fee for approved colonies is a hurdle and the slow process to approve the colonies is another problem. "I had applied for approval of Apple City one year back, but still the application is in the pipeline," he said.
The developers of Imperial Golf Apartments, another approved township coming up at Mullanpur, also expected the market to improve as hosiery season had done well.
At the exhibition, top investors, most of them NRIs, were honoured at a function organised late in the evening.
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