For instance, even in a small place like Gurgaon, there have been 200 registries per day just before Diwali in the last 10 years. This year, this figure has dramatically dropped to 30-40 per day. Barring Hyderabad, where due to investments and developments in software, there is significant buyer interest, cities across the country have not seen much activity in real estate.

Reflecting on the lack of buyer interest in real estate, Kishore Murjani, director, Richard Ellis Ltd, Bangalore, says, ``The market is quiet and there has been no major impact of falling prices. In the past, periods preceding festivals saw a spurt in activity, as there was the potential ofmaking five times on your investment in five years. And there was no better time than putting your money than on an auspicious occasion. Given the present conditions, it is doubtful whether the prices will even double in five years. Consequently, the festivities have failed to trigger a bull run.''

Points out Chaudhary Surender Singh, property deed writer, Gurgaon, ``September 6 to 21 this year were Shraddha days, when transactions come to a standstill. After the Shraddha days, the loss in business is made up by the hectic buying activity that reaches a peak just before Diwali. This year has been marked by a significant decline in buyer interest despite the low prices prevailing in the market.'' Says a source in Ansals Properties Ltd, ``Ansals, on an average, saw 30-40 transactions per month. This figure is now down to 3-4.''

In the North, Diwali has traditionally seen increased buyer interest, while in the South, it is not particularly so. People invest in property throughout the year, with investmentspicking up before any festival.

Says Murjani, ``Festivals have different levels of significance for different people. In the South, apart from Diwali, people invest around festivals such as Pongal, Onam and Ugadi. But here, even the other festivals have not really boosted the fortunes of the property market. This only goes to show that that investors are getting more practical. Unless a particular investment avenue offers significant returns, people will not be interested in putting their money.''

Adds Sudhanshu Tandan, general manager, Northern region, Colliers Jardine, ``The real estate market has remained stagnant as the overall attitude towards investment was lukewarm during the year. Over the years, Diwali has been considered the most auspicious time to pick up real estate. The lack of activity this time reinforces the view that speculators are out as the market has little to offer by way of capital appreciation. Some projects like Ansal's Valley View & Personal Floors and SS Group's South End havetaken off around this time, but public interest has been rather lukewarm. There is no particular spurt around this time, only the end users are active. And that also not in significantly large numbers.''

In the North, the Gurgaon region has seen major real estate activity in the past couple of years. A number of multinationals have set up offices here, which has in turn resulted in increased interest in the residential property market. Interestingly, the buyer interest here has been continuously falling. Sources in Gurgaon say that there were 4,296 registries in the period from April 1, 1998, to June 24, 1998, with a daily average of 50.

On an average, the total registries in a month were 1,468, with a daily average of around 48. And in the period from June 25, 1998, to October 10, 1998, there were 4,306 registries at a daily average of 39. Out of this, the actual sale deeds were 19, while the rest were mortgages. The transactions before Diwali have indeed fallen.

Commenting on these trends, SurenderSingh says, ``Unless fundamentals change, we will have a situation where prices will continuously fall, without any buyer interest. Today, there is no guarantee that the market has bottomed out and people feel they can wait for some more time as the prices are continuously falling. The buyer is waiting for some kind of stability in the market.''

Even in Mumbai, the fact that corporate activity is moving outside the Central Business District of Nariman Point is more a result of the over-all recession. For instance, Mafatlal Ltd recently vacated two floors in Nariman Point to move to outlying areas. This was more to tide over cash flow problems and not a trend reflecting significant activity in real estate.

Jardine Fleming, in its report on the Asia Pacific markets, records that over the short term, it is anticipated that most markets in India will register falling rents and values over the next 8-10 months, leading up to June 1999. It is this uncertainty about the market's stability that has failed totrigger an interest among buyers in the country. In the final analysis, the auspicious period has failed to trigger a bull run. The decision-making is reflecting market sentiments-which is, that the property market is down.