The festive season is one of the most anticipated phases in Indian real estate. The Indian real estate sector is a sentiment-driven industry, and market players work hard to attract buyers sitting on the fence, which often is with discounts and lucrative offers.
Because festivals are often associated with new beginnings and prosperity, home sales tend to increase during these times because it is considered an auspicious time to buy a new home. Several big-ticket projects were launched across India during this year’s festive season, indicating a positive consumer sentiment towards the demand for housing as people have more disposable income. This is also an excellent time for developers to increase their sales.
The festive season sees a variety of housing options being offered by developers across segments. Right from high-rise apartments, combination flats, and duplexes, to premium multi-functionality homes, that cater to the variety of requirements and budgets of different home buyers’. Financial institutions also create festive home loan schemes during this season to capitalize on homebuyers’ positive sentiments. Thus, during the festivities, homebuyers can take advantage of various payment options, lower booking fees, and reasonable prices, all of which act as a catalyst in driving up sales during the festive season.
Data from market analysts Anarock Property Consultants shows that luxury home sales have soared significantly post the pandemic. The report further goes on to state that a total of 25,680 luxury units were sold during the first six months of the year, i.e. between January-June 2022 which is higher as compared to the year 2019 where 17,740 units were sold.
Developers today believe that they need to sweeten the deal for the buyer and offer good deals. The buyers on the other hand know that the festive season is a good time for them to make their purchase before home prices rise and home loans become more expensive due to higher-than-average inflation. The recent RBI MPC meeting that was held on 3rd November 2022 resulted in no interest rate hike. This will allow the luxury home developers to push for more sales in the coming days before a possible rate hike occurs. The developers are confident that the incentives available this holiday season will attract many home buyers. Given the high demand for homes, the negative sentiment among buyers is likely to be short-lived. This year will see continued growth in the real estate sector.
