Even as real estate transactions have slowed down in the recent past, buyers have now been coming back, Ashiana Housing MD Vishal Gupta said.
"Site visits are at an all-time high. Conversion, however, is slow but deals are happening," he told CNBC-TV18 in an interview, adding that realtors needed to "build users' confidence in the marketplace".
Sujay Kubele, Group CEO, Kolte-Patil Developers , too, seconded the view that users were coming back and said the recent interest rate cuts, while small, would set the pace for expectations for the future and further kickstart interest in the sector.
When asked by Nilesh Shah, CEO of Envision Cap (also doubling up as guest editor for CNBC-TV18), over how developers need to innovate, Kubele agreed that the sector needs to look at new ways to reach out to homebuyers. "We recently launched a midnight sale on our app that helped us do business worth Rs 54 crore," he said.
Shah, too, came in into the discussion, opining that the recent announcement of a real estate regulator was a long-term positive for the sector, but added that in the near term, it remained to be seen how effective it would be.
Below is the transcript of the interview of CNBC-TV18.
Sonia: Have things improved on the ground, not just for you because you of course have a big presence in Pune but overall?
Kalele: Definitely, I think things have improved. Just yesterday we got approval for a very big project after almost two years. So definitely things have improved on the ground. The pace is something that we want to see more, things have to improve at a faster pace but definitely things have started improving on the ground.
Latha: Since you are clearly representing the middle income housing group or catering to the middle income group, what is the sense you are getting, are people ready to sign cheques, are they asking at least, are requests increasing?
Gupta: Two things -- I think definitely the actual user is buying the properties. The investor is what has exited the market and I think a lot of pain has been felt by developers because actual user is far more concerned of what he is purchasing, he wants to see multiple options, he wants to show it to an expert, he wants to his friends and family to approve.
So there is delay is purchasing as far as an actual user is concerned. But having said that, deals are happening in the market, site visits are at an all time high but overall it is taking a lot more time for the conversion to happen. So we are seeing a slower sales offtake as of now.
Shah: Clearly what is it that is required to get demand up and running, you said that it is kind of still sluggish so what do you think could be the drivers which could materialise over the next few quarters or few years which could basically get demand back in a very strong and a robust manner?
Gupta: I don't have a complete solution but I do feel that getting the product right and the product right with the end user in mind is going to be a definite solution and as an overall industry we need to further build confidence in the market place that it is at the end of the day the largest investment any individual makes. So that he has more and more confidence on his investments.
Latha: We just saw 15 bps fall in lending rates by State Bank of India (SBI) but ICICI Bank which is a big lender is 25 bps lower, will that make a difference?
Kalele: It won't make a material difference but it sets in place the tone for what lies in the store. What we have seen in the last three-four years when the mortgage rates went up from 8-10.5-10.75 at the peak, it was not as if that people stop buying but what definitely put pressure on is how much price appreciation one can get so average price realisations. So it is same, when the mortgage realised rates will go down, definitely buying cycle will increase and 25 bps is a good start towards that.
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