Authored by: Bhavesh Kothari, CEO and founder of Property First
In India festive season is perceived as the auspicious time. It is not only the time to celebrate but also an opportune for the real estate industry to flourish.
Every year it brings a new wave of excitement and people invest in real estate. It is that sentiment among people where joy, hope, aspirations and positive energies influence people to buy or invest. Festive season has a profound impact on the real estate landscape in India.
In India festive season typically kicks off with Raksha Bandhan and lasts through Christmas, and ends with New Year’s activities. It brings a sense of warmth and family gatherings, which increases the properties appeal to potential homebuyers.
This is the time of the year where the buyers are attracted and make quick decisions due to flexible payment plans, attractive deals, and government schemes that are aligned to make a favourable time for this sector.
In order to meet the festive demand, developers in various cities launch focused marketing campaigns with deals, and the business is ready for another upswing. Pre-holiday seasons typically see a lot of walk-in business since consumers are eager to use the product firsthand. Additionally, customers frequently look for festive deals and on-the-spot benefits, making this time of year a crucial one for both developers and buyers.
India’s residential market has witnessed a phenomenal rise in prices, with a notable preference of big-ticket homes with modern amenities. Developers have targeted the growth trajectory regions like NCR, Gurugram, Bengaluru, Hyderabad, Mumbai and boosted some modern infrastructures and personified the quintessence of high living standards. Thanks, to the MNC’s, Pharma and manufacturing companies which have made these cities a hotspot for The industry has witnessed a notable increase in registration of properties during the festive period.
This significant rise in property registrations has reinforced the belief in the auspiciousness time to invest in real estate. This has piqued the interest of the potential buyers as well as the sellers and further led to a substantial boost in revenue of the real estate sector. The housing market persists in exhibiting remarkable resilience and this trend is substantiated by the escalating prominence of properties valued at Rs 1 crore and beyond, suggestive of a discernible inclination towards more expansive and high-end accommodations.
The positive momentum in real estate will continue post festive season as well, as developers will give leverage to the buyers by giving value driven incentives to maintain the interest of the buyers.
Since the construction cost doesn’t vary much city wise and the land price is cheaper in Bengaluru compared to Mumbai and NCR. This will further led Bengaluru based developers to launch more projects in festive season and expected to see an uptick in demand. With the presence of healthy mixed home, other national developers are also wooing to launch projects in Bengaluru.
The first half of this year has witnessed an astounding rise in the real estate industry and industry experts predict that growth trend will only rise further during the festive season and record unprecedented heights in the latter half of this year. The demand will continue to heavily outweigh the supply by a significant margin. Additionally, luxury properties have garnered a lot of attention from investors die to tremendous high appreciation due to myriad factors such as India’s economy resilience relatively stable job market and increasing purchasing power among middle class demographic.
Luxury segment have emerged as a high value asset class as both small and large investors are increasingly drawn to luxury properties as a lucrative investment proposition.
In India the festive season not only brings happiness and sweeps joy to everyone, but it also illuminates the path to prosperity in the landscape of the real estate industry. The country’s success narrative is reflected in Real Estate industry, which is a mirror of hopes and dreams.
This season is beyond the rise in sales figure but offers the market with hope and goals. Homebuyers and investors alike are ready to embrace and take advantage of the vivid tapestry of chances created by the convergence of this good feeling, new amenity developments, and luxury products over the holiday season.