FESTIVE SEASON INCREASES DEMAND FOR REAL ESTATE

Home sales in India have been doing exceeding well and has grown steadily well throughout the year. This is a result of low interest rates and high demand. Experts predict that the trend will gain momentum during the upcoming festive season. Buyers usually spend in real estate because it is as an auspicious time to buy a house.

Although current house loan rates are around 7.9% after staying around 6.6 percent for the previous two years, demand is still high. This is because interest rates are still lower than the pre-pandemic levels.

 

WHAT EXPERTS PREDICT?

Praveer Shrivastava, Senior Vice President and Head of Residential Sales, Prestige Group says, “The last year has seen demand surge for housing across the country. It has in fact accelerated quarter-on-quarter. We see the trend continuing and expanding in the festive season since a lot of customers hold their purchases till the auspicious times in the festive season.”

Demand for residential real estate has surged in eight cities, according to the Housing Price Tracker Report 2022. This is from the Confederation of Real Estate Developers Association of India (CREDAI). And also real estate consulting firms Colliers India and Liases Foras. These are Mumbai Metropolitan Region (MMR), Delhi-NCR, Chennai, Kolkata, Bengaluru, Hyderabad, Pune, and Ahmedabad.

 

WHAT TO EXPECT THIS FESTIVE SEASON?

During this year’s holiday season, it’s anticipated that there will be a lot of interest in residential real estate. This is due to the desire to purchase a property before prices rise. Real estate developers are launching numerous new projects with new amenities in anticipation of the increasing demand. To attract customers, developers are also providing gifts and other incentives. Even though holiday bonuses are almost a guarantee every year, this year they may be essential for keeping the continuous sales growth momentum over the next quarters.

Freebies from the developers include modular kitchens with chimneys, personal closets in each bedroom, and other amenities. Some people are promoting schemes whereby builders will pay buyers’ rent until they take ownership of their homes. This is to entice consumers to purchase homes that are still being built. Because they save money on house rent while paying home loan EMIs, buyers have made it apparent that they prefer ready-to-move-in apartments.

 

WHAT IS THE REASON FOR GOOD SALES DURING FESTIVE SEASON?

The Covid-19 pandemic was a wake-up call for many, including millennials, who are seeking for a sense of permanency. Owning a home provides the greatest feelings of stability and permanence. Home sales are expected to be strong in Tier 2 cities where millennials are purchasing residences, including Ahmedabad, Vadodara, Nashik, Gandhi Nagar, and Jaipur. 

There is a rise in the popularity of the work from home or hybrid working paradigm. There is also a growing need for larger and more roomy homes. Large homes with dedicated office space, extra rooms, balconies, gyms, and modern gadgets and appliances have seen an increase in demand in recent months. This trend will follow for the rest of the year. 

Demand is also robust for luxury and Uber luxury houses, notably from the NRI community. A weakening rupee has improved the purchasing power of NRIs. They have demonstrated interest in buying luxury residences in the cities and towns they originally belong to. Plotted developments have also gained popularity among NRIs, prompting a number of developers to enter this market.

 

CONCLUSION

This holiday season, a variety of homes are available. Developers are optimistic that with the strong desire to own a home and tempting offers and freebies, the uptake for homes would be healthy. Expectations are high that the festive season will enhance home sales, and sales numbers will experience a big increase post the festive season.

 

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