In India, property buyers are known for their thorough research and cautious approach when making investments. They avoid impulsive buying and instead focus on finding auspicious moments, often associated with festivals, to make their property purchases. Festivals hold a special significance in the real estate market, as Indians believe that properties bought during this time bring prosperity and happiness. The positive sentiments surrounding festivals create an atmosphere of optimism, encouraging developers to launch new projects.
During the festive season, developers offer innovative deals, such as reduced down payments, gold coins, discounts, stamp duty waivers, health club memberships, e-commerce vouchers, and free parking. These not only boosts interest among the buyers but also leads to a surge in bookings. Additionally, attractive home loan options with competitive interest rates from banks and housing finance companies further entice buyers.
Despite global challenges, India’s economy remains stable and promising, with projections suggesting significant growth in the real estate sector. According to the Indian Real Estate Vision 2047 report by NAREDCO and Knight Frank, the market is estimated to expand from USD 477 billion to USD 5.8 trillion by 2047, contributing significantly to the country’s economic output. Several factors are fueling this growth, including quality infrastructure, enhanced connectivity, the development of tier II and III regions, the emergence of commercial hubs, NRI investments, and growing investor confidence. The Indian government’s infrastructure initiatives have improved connectivity, opening up new areas for property seekers. The rise of commercial establishments in tier II and III regions is reshaping the realty business, and modern infrastructure projects are transforming metro cities.
Currently, there is a great preference for aspirational lifestyles, an improved standard of living and sustainability due to which concepts like smart homes, elegant interiors, sustainable practices, and green spaces are introduced, encouraging investments in the Indian real estate market. India’s real estate market is gaining international attention, attracting NRIs and foreign investors due to its economic stability and consistent growth. PropTech is playing a great role in revolutionizing the sector and introducing positive developments.
The Indian real estate market is currently thriving, driven by a combination of factors, including infrastructure development, technological advancements, and a positive economic outlook. With growing demand for properties, the sentiments are quite high and we expect that there will be a further impetus towards home sales.
