As the festive season draws near, developers in the NCR anticipate a significant rise in sales of both residential and commercial properties. This period is typically characterized by heightened consumer enthusiasm, and the forthcoming festivals of Diwali and Navratri are likely to encourage many individuals to pursue long-desired investments in real estate, thereby boosting sales.
As per a report by ANAROCK, housing sales in the second quarter of 2024 reached 120,000 units. In contrast, the first quarter experienced a record high of 130,000 units sold. This represents a year-on-year growth of 5%. Analysts anticipate that the upcoming festive season will play a crucial role in boosting these figures, as developers are expected to actively attract buyers during this favorable period.
“The festive season has always been an important time for the real estate sector. The market is performing well. With the demand-to-supply ratio skewed towards the former, manageable unsold inventory and strategically-timed launches, the sector is operating from a position of strength. As a result, while we may not see the usual offers and discounts typical of this period, traction in both enquiries and actual sales is expected to rise significantly due to high sentiments during this quarter,” says Sarthak Gaur, Director, Gaurs Group.
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“While large-scale discounts may not be as prevalent this festive season, developers are likely to offer attractive incentives such as modular kitchens and home appliances to align with the celebratory spirit. Additionally, the real estate sector is well-positioned with a robust inventory of ready-to-move-in homes and flexible payment plans, catering to the evolving needs of homebuyers. With increased consumer confidence and renewed demand, the festive season presents an ideal time for prospective buyers to invest in their dream homes. The market’s resilience and innovative offers from developers are set to drive strong sales momentum during this period. With improved infrastructure and increased connectivity, demand in cities like Faridabad, which offers a better value-for-money proposition, is expected to rise,” says Deepak Kapoor, Director, Gulshan Group.
“Faridabad’s proximity to the Jewar Airport and the construction of a road linking the city directly to the airport have massively enhanced its real estate prospects. The development of the Delhi-Mumbai Industrial Corridor (DMIC) will further boost real estate demand in Faridabad by 20-25%, making it a value-for-money proposition for both end-users and investors. Beyond Faridabad, Tier 2 and Tier 3 cities are witnessing a real estate upswing due to improved infrastructure and urbanization. Areas like Dwarka, with the ongoing development of the Dwarka Expressway, are also becoming key growth corridors, offering lucrative opportunities for homebuyers and investors alike,” says Mohit Goel, MD, Omaxe Group.
“For the last few years, the luxury housing in Delhi NCR has been witnessing strong demand, particularly in premium locations like Golf Course Extension Road and Dwarka Expressway in Gurugram. Driven by high-net-worth individuals (HNIs) and non-resident Indians (NRIs) who are keen to invest in properties with high growth potential, this segment has seen a steady rise. We expect the traction to gather strength this festival season,” says Rajjath Goel, MD, MRG Group.
The commercial real estate sector in Delhi NCR is also expected to benefit from the positive sentiment of the festive season. Areas such as Southern Peripheral Road and Dwarka Expressway have emerged as key commercial hubs, with increased demand for office spaces, IT parks, and retail centres.
The overall outlook for Delhi NCR’s real estate market remains optimistic. Developers are confident that the combination of auspicious buyer sentiment, attractive offers, and infrastructure development will contribute to one of the busiest sales periods in recent years.