Realty boom: In poll season, sales up with 448 new projects

Bhopal: The real estate market saw an upswing during this festive season, with a total of 448 new real estate projects undertaken in the city, marking a thirty-project increase compared to the same period last year.
According to builders, the real estate season, spanning from Ganesh Chaturthi to Makar Sankranti (excluding the 16-day Pitru Paksha), yielded good returns this year, despite the concurrent assembly elections, during which people prefer to delay property decisions.
Buyers continue to show a preference for individual houses, with plots and flats ranking as the second and third choices, respectively.
A new trend in the city’s housing sector is the emergence of triplexes with lifts, evident in at least four ongoing projects. In the housing market, Bawadia Kalan and Hoshangabad Road remain the preferred locations for high-budget buyers, while Kolar Road and Ayodhya Bypass continue to attract interest. Bureaucrats and politicians, on the other hand, are particularly drawn to farmhouses in the Ratibad and Neelbad areas.
The realtors' point, the sales are gradually getting normal after a gap of many years due to demonetization and Covid-19 pandemic. The phased launch of projects post the introduction of RERA (Real Estate Regulation and Development Act) contributes to this positive momentum. The projects counted as new also include new phases of a project. The momentum was in the duplex or houses priced around Rs 50 lakh.
Builders acknowledge that the Covid-19 pandemic dealt a significant blow to the real estate sector, possibly the second-largest after the 2016 demonetization. Following the pandemic, individuals residing in congested areas turned to ready-to-move duplexes. Builders highlight this as an opportune time for property investment, anticipating good returns despite rising raw material prices. Competitive property prices are attributed to the prevailing market and economic conditions.\
“The real estate market has improved this festive season. The market was slowly returning to its good days. During elections, cash handling remains tough for people, which impacts the real estate market. But still the sector witnessed positive changes this time. The city needs more new projects. The city’s master plan, of late, should also come now” said, Manoj Singh Meek, MP spokesperson of Real Estate Developers' Associations of India, CREDAI.
Areas witnessed maximum development- Bawadia Kalan, Ratibad side, Hoshangabad Road, Kolar Road, Ayodhya Bypass, and Airport Road.