India's Real Estate Sector Thrives During Festive Times
Friday, 17 November 2023
Every year, the festive season emerges as more than a mere celebration-it becomes a period of heightened vibrancy and immense potential. This auspicious time continues till the end of the year and carries the promise of new beginnings and prosperity, traditionally igniting a substantial upswing in real estate sales. Market stakeholders seize this moment to create an inviting atmosphere, often offering enticing discounts and valuable incentives, effectively spurring the real estate sector.
*A residential society in Gurugram*
*Pradeep Aggarwal, Founder and Chairman, Signature Global (India) Ltd. *says, "Festive season is considered highly auspicious for property purchases, in Indian culture, witnessed a robust response from prospective home buyers. This auspicious time aligns with professionals receiving assessments, bonuses, and benefits, leading to increased discretionary spending. Developers leverage this by offering enticing incentives. Due to the overwhelming response during Navratri, Diwali, and the festive season, weve extended the free car parking scheme in our mid-housing independent floor projects until November 30th at Sector 79B, Sector 93, Sector 92, and Signature Global Park projects located in South of Gurugram (Sohna) to meet the demands of potential homebuyers."
Year after year, this annual high point for the industry unveils a profusion of new projects and a wide range of incentives, all designed to lure in prospective buyers. During this season, the rise in demand for homes often turns into actual purchases, as aspirational buyers make their dreams to turn into reality, driven by stability and security offered. Despite prevailing home loan interest rates, the demand for housing remains resilient due to the affordability of properties in the market. The influx of millennials, driven by their increasing disposable incomes and desire for opulent living spaces, is driving this trend. Homebuyers are enthusiastically finalizing their property transactions during this auspicious season, indicating a shift towards committed buyers in the real estate market.
*Santosh Agarwal, CFO and Executive Director, Alphacorp* says, "Owning a dream home is a major milestone in a consumer's lifetime. Festivals have a great impact on spiritual as well as consumer sentiments of the buyers which leads to investment in important deals and high-ticket purchases, including real estate. As a result, a lot of consumers consider this time as the most auspicious time to make big purchases. People also save income for this time of the year to splurge on appropriate items. During the festive season, people have higher expectations as they are emotionally geared up to make decisions regarding purchasing properties. On the other hand, real estate developers also take note of these thoughts and wait eagerly for this golden (festive) quarter of the year to cash in on the buoyant sentiments."
The real estate growth is driven by rising consumer sentiment and a buoyant market, aligning with corporate expansion and the demand for enhanced lifestyles and superior housing and investment options. The property market is experiencing a surge in purchasing activity, driven by end-user preferences and increased savings. Buyer optimism has reached unprecedented levels, and the festive season holds special appeal for millennials due to its potential for long-term value appreciation, stability, and financial security.
Every festive season, the real estate market experiences a remarkable surge in demand. During the festive quarter, stars seem to be aligned for new beginnings, many believe that investing in real estate or acquiring a home ushers in positive energy and blessings. This auspicious season is seen as a golden opportunity to buy a property, where aspirations meet auspiciousness. The enticing strategies employed by the developers add to the celebration, who offer exclusive discounts, deals, and incentives, making this time not just spiritually enriching but financially advantageous for those looking to step into their dream abode, says* Aman Sharma, Founder & Managing Director, Aarize Group*.
As per the recent industry report the housing real estate sector experienced a significant increase in sales in Q3 2022, with 88,230 units sold in the top 7 cities, a 4% increase from the previous quarter and a 41% surge from 2021. The festive season in India boosts real estate demand due to its cultural and spiritual significance, with developers offering exclusive deals.
*Kaustubh Chandra, Manager - Marketing & Leasing, Brahma Group* - "The festive season in India has immense cultural and spiritual significance, making it a highly auspicious time for new beginnings. Navratri marks the onset of the festive season, which lasts until Diwali. Indians believe that any purchase made during this period ushers in good luck and prosperity. Owning a dream home is a significant investment, and people look forward to auspicious days and times to make such a big decision in their lifetime. It is also an investment that increases in value over time, securing your familys future and providing a sense of ownership, pride, and financial stability. Besides, initiating new ventures or investments on special days is believed to increase the likelihood of success and fortune. Moreover, the auspicious and positive vibes of the festive season make it the most preferred time to make substantial investments."
This festive season is an ideal time for real estate investment due to a resurgence in market sentiment and economic activity. The festive season symbolizes celebration and reflection, and as the real estate industry revitalizes, it signals economic recovery and growth. With cautious optimism, this festive season could provide a significant boost to the real estate sector.
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