In India, the festive season is the time of heightened spirits and collective celebration, marked by joyous occasions initiating from Ganesh Chaturthi and culminating with the grandeur of Diwali. It is a period traditionally considered auspicious for embarking on new ventures.
Investing in real estate during this time transcends mere financial decision-making; it is a proactive stride towards securing one’s future while embracing the spirit of prosperity.
Commenting on the same, Vivek Singhal, CEO, Smartworld Developers, says, “The real estate industry is poised for a notable surge in activity during the much-anticipated festive season in 2023. Throughout the year, the residential property market has demonstrated commendable resilience, with a discernible inclination towards premium to luxury homes with modern amenities. The National Capital Region (NCR), and notably Gurugram, widely recognized as the Millennium City, has consistently spearheaded this growth trajectory. As the festive season arrives, realty landscape is expected to flourish due to its appealing prospects for discerning homebuyers and seasoned investors alike.”
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Anarock’s Consumer Sentiment Survey for the first half of 2023 reveals a noteworthy shift, with real estate emerging as the preferred choice for investors, with 59 percent of homebuyers committed to mid-range and premium homes priced between Rs 45 lakh and Rs 1.5 crore.
Sharing his insights, Shashank Vashishtha, Executive Director, eXp Realty India, says, “With expectations of this festive period extending through to the year-end, a notable surge in property sales and a reduction in unsold inventories are on the horizon. The sustained demand for larger, more luxurious homes reflects evolving lifestyle preferences, underscoring the aspiration for spacious and comfortable living spaces. Real estate has witnessed a notable surge in demand, particularly in metropolitan areas including Delhi NCR, Bangalore, Hyderabad, Chennai, Kolkata and Pune. This spike can be attributed to the return of workers to office settings in the corporate sector, which has bolstered the appeal of properties in major cities.”
Despite escalating property prices and rising interest rates over the past year, the realty sector remains appealing and valuable. The report reflects a 10 per cent surge in preference for homes in this budget category since 2020, underscoring the enduring allure and value that real estate proffers even in dynamic market conditions.
Rahul Singla, Director, Mapsko Group, says, “As the festive season envelops us in joy and warmth, it also unfurls a tapestry of extraordinary possibilities in the realm of real estate. Our unwavering commitment to homebuyers and investors shines bright as we unveil alluring offers and unmatched incentives. With lowered down payments and flexible financing choices, we empower individuals and families to embark on their homeownership journey with unwavering confidence. Our thoughtfully curated property launches cater to diverse tastes and budgets, ensuring that everyone discovers their ideal haven. In this season of abundance, astute buyers can seize the opportunity to secure their dream homes while reaping substantial savings, setting the stage for a brighter future in the place they proudly call home.”
The survey additionally indicates that 67% of buyers are looking for personal use real estate, demonstrating that individuals seek stability and security in times when the economic conditions are uncertain, highlighting the significance of making judicious investment decisions amid financial pressures.
Vineet Dawar, Sr. VP – Sales & Strategy, Elan Group, says, “Our homebuying guide is intended to assist these forward-thinking people on their quest to find their dream homes during this festive season. It’s a time for investment and aspiration, and our advice is designed to help people choose wisely, whether it’s for their own comfort or as a prospective asset. Let your journey to homeownership begin with a prosperous and rewarding holiday season.”
As India celebrates this festive season, real estate becomes a stronghold of stability, prosperity, and long-term financial security.