India’s thumping electoral victory will mark the return of confidence and also funds to the Indian real estate sector, says Sukhraj Nahar, chairman of Nahar Group, “Having a stable government at the centre should provide a bottom to the Indian real estate market and help turn it around. Improved economic sentiment and rallying stock markets should bring back confidence,” explains Nahar “The positives have been visible in the recent past. At the MCHI Property 2009 Exhibition in Mumbai last month, we had done a ‘teaser’ for this new product, last fortnight we launched it – and have logged 300-plus sales. Now, with political stability clear for the next five years, we expect sales to grow faster,” he says.
Nahar’s statement reflects the sentiments of developers across the Mumbai Metropolitan Region, where the past few months have seen a good number of bookings. According to Nahar, the biggest motivating factor for NRIs to buy property at the Indian Real Estate Expo that is on till June 6 in Dubai, will be the political stability that follows the second term of Prime Minister Manmohan Singh. “We have been getting enquiries from NRIs ever since the poll results were announced,” he explains. “The moment it was clear that political stability was ensured, NRIs reacted and started the process of buying a home in India. In the local market too, we find ‘fence sitters’ have turned active buyers, it augurs well for real estate,” says Nahar.