The festive season is finally here and, as always, real estate developers have started betting big on it. Buyers prefer making big-ticket purchases during this period as it is considered auspicious by a majority of them. Sales of all kinds of things soar during the festive time — including those of real estate. Thankfully, housing sales in the nation’s top 7 cities have already remained at an all-time high in Q3 2023, denoting a 36% annual growth at over 1.20 lakh units, and are expected to rise further during this time despite rising property prices.

Industry experts say during festive seasons, a sense of optimism, hope, and joy pervades the atmosphere that always has a positive impact on the real estate market. For buyers of India, this time of the year is often considered an auspicious period to make real estate purchases or investments across various property segments.

“The current year, much like the previous one, is no exception, with prospective buyers being more inclined to explore investment opportunities, driven by the festive spirit. However, there is a notable difference from the trends observed in 2022, as substantial discounts are not as prevalent in the market. The reason behind this shift is the current stability of the market, in contrast to the circumstances of 2022. In the present scenario, people are experiencing improved financial earnings following the COVID-19 pandemic and are eager to invest in new apartments to enhance their quality of life and residential accommodations,” informs Swapnil Anil, Executive Director & Head Advisory, Colliers India.

Many developers have introduced a variety of incentives and schemes to attract home buyers and take advantage of the festive mood. These promotional offers encompass free modular kitchens, furniture, flexible payment plans, GST and stamp duty waivers, as well as giveaways like gold coins, cars, and even international trips etc.

Also Read: What happens when you stop using your credit cards?

“It has been observed that modern buyers are well-informed and conscientious when it comes to purchasing a house. They have a deep understanding of the real estate market and are well aware about government rules and regulations. Consequently, offering discounts plays a significant role in enticing potential buyers. Developers aim to establish enduring relationships with buyers, prioritizing long-term goals over short-term gains,” adds Anil.

Amrita Gupta, Director of the Manglam Group, and Founder and president of CREDAI Rajasthan Women’s Wing, says, “The real estate market is currently buzzing with immense enthusiasm, and we anticipate this upward momentum to accelerate even further during the festive season. Our projects have been garnering substantial interest from both buyers and investors, and it’s evident that the residential and commercial sectors have been consistently preferred choices. As we look ahead, we expect a significant surge in activity during the festive season.”

The Manglam Group is expecting a 30-40% growth in sales compared to the previous festive season. It has introduced compelling incentives to its valued customers. With a minimum booking of Rs 25 lakh or more, the customers get an assured 10 gm gold coin. “Our festive celebrations also offer an exciting lucky draw, where customers can drive home a brand-new Kia Sonet Car, a Harley Davidson or win a Trip to Dubai, and an iPhone 15 Pro,” added Gupta.

Goa-based Axis Ecorp has also drawn out a host of schemes to capitalize on this festive fervor. They are looking forward to capitalizing on this spirit and the positive sentiments by unveiling ‘Axis Lake City Avenue.’ This festive season the company will also be rewarding homebuyers booking their project Axis Yog Villas with a complimentary iPhone 15 or a large-screen LED smart TV. Axis Ecorp anticipates achieving at least a 30 percent increase in sales compared to last year from their projects Axis Blues, Axis Yog Villas, and Axis Lake City Avenue.

“With the arrival of the festive season, the real estate sector is experiencing a surge in activity and heightened demand. People often view festivals as an opportune time for new beginnings, including purchasing a new home. The real estate industry’s preparations for the festive season are not only about boosting sales but also about enhancing the overall home-buying experience. This includes streamlining the buying process, providing excellent customer service, and creating an atmosphere of celebration at project sites. All in all, the festive season represents a significant opportunity for the real estate sector, and developers are leaving no stone unturned to make the most of it. We are on the threshold of a promising festive season, characterized by a bullish outlook and extraordinary growth opportunities,” says Aditya Kushwaha, CEO & Director, Axis Ecorp.

Pradeep Aggarwal, Founder and Chairman, Signature Global (India) Ltd, says, “Prospective homebuyers believe that the Navratas festival is the most auspicious time to purchase a property since it has long been traditionally connected with success and wealth in Indian society. Additionally, for working professionals, this event falls on the same time as their assessments, bonuses, and benefits. People save aside money around this time of year so they may indulge or invest in the right things. This suggests higher discretionary money throughout the festive season. Developers also provide a variety of incentives, extras, and freebies to entice customers and boost revenue.”

Signature Global is offering free car parking in their independent floor projects located at Sector 79B, Sector 93, Sector 92 and South of Gurugram (Sohna) to cater the needs of their prospective homebuyers.

Property consultants say the Indian real estate sector and the festive season are closely intertwined, symbolizing growth and prosperity, and during this time, buyers are deeply connected to their religious beliefs, infusing positivity. Acquiring a property is a significant decision, and people view purchases made during the festive season as auspicious, fruitful, and enduring.

“Buyers often initiate their research in advance and either book, take possession of, or move into new homes during festivals, considering it a good omen. Developers introduce new projects and attractive offers such as reduced initial payments, gold coins, stamp duty waivers, free access to health clubs, parking privileges, and various other incentives during this period. Currently, the Indian real estate market is on an upswing as people have recognized the importance of having a secure home post-COVID. Demand for larger homes is rising among property buyers due to increased income, improved living standards, desire for elegant interiors, and top-notch amenities. Today’s buyers are well-informed, following contemporary trends that emphasize energy-efficient homes, sustainable practices, and a touch of greenery in their projects. With this in mind, buyers are more likely to opt for comprehensive properties to secure one of the finest homes this festive season,” observes Ashish Narain Agarwal, Founder and CEO at PropertyPistol.com.

Yasha Saraf, Co-Founder of ArisUnitern RE Solutions, says, “There are a lot of exciting things on the cards this festive season and builders are geared up to make the most of the season. With a lot of good projects launched across the country, builders will try to clock in maximum bookings, and to do so, they will float attractive offers. It will be an incentive to the already positive homebuying sentiment as a lot of buyers plan for their big purchase during this auspicious time. This decision is driven by emotional value, rooted in our culture. Hence it is a great opportunity to tap into the emotional aspect of home buying.”

Accordingly, marketers can enhance brand awareness, equity, and customer loyalty by rolling out focused campaigns to influence the emotions of potential buyers. “During the festivities, developers should rely on creating a stronger emotional connection between the buyer and the product, making the purchasing decision more meaningful and memorable. Besides, offers in the form of cashback, foreign trips, and special discounts will be the major highlights of this festive season,” adds Saraf.

Vinod Rajpaul, CEO, Ocus Group, a commercial real estate developer in Gurugram, says, “The festive season is an auspicious time for making capital investments that can endure for generations. To enhance the auspiciousness and benefits for our investors, we are pleased to offer gift vouchers on the booking of every retail shop (limited to ground and first floors only) at our Project Ocus Medley, located in Sector 99, Dwarka Expressway, Gurugram. Shop sizes start from 400 sq ft onwards, and investors will receive a gift voucher worth Rs 50,000 for investments up to Rs 1 crore, and Rs 1 lakh for investments above Rs 1 crore. In addition, these properties are ready-to-move-in and pre-leased properties. This means the buyer will not only receive a steady rental income but also stands to gain from capital appreciation.”

Property sales every year see a major uptick during the festive season due to the auspicious dates, festive offers and sentiments.

Bhavesh Kothari, Founder & CEO, Property First, says, “We are already witnessing enquiries coming in and are positive that bookings will be good across the segments. This year’s festive season is even more special since the demand for housing has been more than ever in the last many years and also, RBI has just announced that repo rate will remain unchanged. This will boost the buying sentiment. Besides, festivities will unlock additional offers on bank loans as well as by builders, thus creating an active movement in the market.”

“Navratri, Dussehra and Diwali are a very auspicious time to buy a new home. Real estate developers come up with lucrative offers during this season. Home buyers can also expect a very good discount during this period as there is a lot of competition and offers across the market. One can also get offers like fully furnished homes, gold coins, subvention schemes and EMI holidays during this period. The festive season also brings good luck. It is the best time to grab these offers and buy your sweet home. We expect the sales momentum to go high and maximum demand during this festive season,” says Dr. Mohit Ramsinghani, Chief of Sales, Runwal Group.