Authored by – Ashwani Kumar, Pyramid Infratech
The festive season in India is not merely a time of celebration but holds auspicious meaning. It is a prosperous time to invest in the real estate sector. This period of Navratri, Dussehra, and Diwali has been associated with more property buying due to the belief that in the months, investing in real estate brings good luck and prosperity.
According to the latest data shared by Anarock, Delhi-NCR witnessed an over two times increase in sales of luxury homes priced above Rs 1.5 crore to 13,630 units in January-September this year on better demand and supply. During the festive season, the market booms with increased buyer interest, strategic project launches, and a rise in the number of investment deals.
The housing market across major Indian cities is experiencing strong traction, as developers and buyers are fueled by the festive spirit. As per last year’s industry trends, Delhi NCR had a steep hike in luxury home sales during the festive period in 2023 with sales reaching double of its previous year.
Such growing interest is due to the amalgamation of lucrative deals, easy financial options, and the overall enthusiasm that surrounds property purchases during this time of the year, which is highly auspicious for real estate investment.
While the festive spirit propels the market sentiments high in the realty market, below are some key points that buyers should consider while buying property during the festive season.
Assess the area and location of the property
Location is one of the fundamentals of real estate investment. Invest in properties well connected with other parts of society. Besides, projects in the vicinity of physical and social infrastructure are one of the best options to choose amongst available options.
Brand credibility
Buying a house is a dream come true and life’s one of the biggest investments. Buyers must verify the brand’s credibility and its track record. Recognized brands and proven records of on-time quality delivery make the brand stand out exceptionally in the market. Therefore, checking with multiple stakeholders and feedback from past buyers might enable buyers to make the right brand choice for potential buyers.
Market Research
When looking to invest in properties, especially during the festive season, it’s important to take a strategic approach. Buyers must do thorough research of the market by analyzing trends, and property prices. Understanding the average price per square foot and keeping an eye on price fluctuations can help them make a smart decision.
Evaluate festive schemes
During festivals, the real estate market sees various discounts and schemes providing buyers with lucrative deals. While these come across as one of the best deals to seize, buyers should certainly evaluate such festive schemes and do a background check before making a final decision. It’s important to evaluate the offers carefully, ensuring that they reflect the property’s true market value and don’t compromise on quality for the sake of any scheme.
Legal clearances
Equally important is verifying all legal clearances. Ensure the property has clear titles and that all necessary approvals from local authorities are in place to avoid future legal complications.
Growth potential of the area
Look for upcoming infrastructure projects, new commercial developments, and government initiatives that could boost the region’s appeal and enhance property values in the long run.
Buying a property during the festive season can be a fulfilling experience but must be done after thorough research. By conducting thorough research, evaluating offers, focusing on location, and ensuring legal clearances, first-time homebuyers can make informed decisions that lead to successful investments.