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Nearly a year after the demand slowdown, the property market sentiments seem to be improving, according to real estate companies. Builders across the market segment are claiming that the last two months have witnessed a surge in bookings and interest, ending months of anxiety on cash flows that had led to project delays, and left customers fuming.

Analysts watching the real estate space, however, say that with each macro market behaving differently, it is difficult to generalise the mood in the property market. While they admit that buyer interest in certain projects in specific locations seems to be back, they also believe it is too early to term it a "demand revival".

An industry insider pointed out that in specific cases in North India it is not unusual for brokers to drive-up the demand by cornering housing inventory at steep discounts from players. These brokers then offload the inventory to end-users.

Realtor, however, feel that the general sentiments are lifting. Earlier this week, two realty firms - BPTP and Jaypee Greens - said they received "overwhelming" response to their affordable housing projects in Delhi NCR. BPTP said its bookings were nearly four times more than the number of flats on offer at Faridabad where it is selling 'BPTP Park Elite Floors'. "Launched on May 9, with an initial target of 1,000 units, booking had to be closed within 15 days due to the heavy demand. By the closing date of May 26, the company had received a booking of 3,700 units," BPTP said.

Real estate companies have discovered the market sweet-spot in the affordable and mid-income housing space, and are tuning strategies accordingly, a senior Unitech official recently told Business Line. Though the claims of the real estate companies point towards some recovery in the market, analysts are waiting to see how events unfold in coming months.

At least for now, the jury is yet not out on this one.