Every year, the festive season brings with it a wave of excitement, as auspicious joy sweeps through the Indian real estate market. This is a sentiment-driven industry where hope, aspiration, and positive energies converge to create a buyout environment and a positive sentiment amongst homebuyers and investors alike. It is not just a time of celebration but also a time of new beginnings and prosperity, making it an opportune period for real estate activity to flourish. The festive season has a profound and undeniable impact on the real estate landscape in India.

In 2023, the Indian real estate sector is gearing up for yet another surge in activity as the festive season approaches. The end of the year holds immense significance, particularly for new homebuyers and property investors. The momentum for residential sales has remained robust throughout the year, with a notable preference for big-ticket homes equipped with modern amenities. One region that has consistently been at the forefront of this growth trajectory is the National Capital Region (NCR), and more specifically, Gurugram. Known as the Millenium City, Gurugram boosts some the best modern infrastructure in the entire country and personifies the quintessence of high living standards. This is best exemplified by the presence of numerous multinational corporations, which have made it a hotspot for real estate investment.

The number of residential units launched in NCR during the first half of 2023 are more than the total units launched in the entire year of 2019. This surge in launches indicates the high demand for housing in the region. While the first half of this year has witnessed an astounding rise in the real estate market in Gurugram, industry pundits are unanimous in their forecasts that the growth trend will only rise further during the festive season and record unprecedented heights in the latter half of the year.

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More remarkable still is the fact that even with the launch of substantial number of new units this year, the demand still continues to heavily outweigh the supply by a significant margin. Additionally, the luxury segment, in particular, has dominated the market, constituting approximately 40% of the total launches in the NCR. Luxury properties have garnered a lot of attention from investors due to their tremendous high property appreciation rates in this region.

There are a myriad of factors driving this demand for real estate in NCR. The Indian economy’s resilience, in confluence with a relatively stable job market and increasing purchasing power of the middle-class demographic, has empowered a new class of homebuyers. These buyers are not merely looking for accommodation, but are rather seeking properties that offer a range of modern amenities, muti-purpose facilities, and opulent features. Luxury properties have emerged as a high-value asset class, with their appreciation rates significantly outperforming other all other segments. As a result, both small and large investors are increasingly drawn to luxury properties as a lucrative investment proposition.

As the bright festive lights spread cheer and goodwill across the nation, they also light up the path to prosperity in the Indian realty landscape, reminding us that beyond bricks and mortar, real estate is a reflection of dreams and aspirations woven into the very fabric of the nation’s growth story. Beyond the tangible numbers, the festive season infuses the market with hope and aspirations. The convergence of this positive sentiment, modern amenities projects, and luxury offerings together create a vibrant tapestry of opportunities that both homebuyers and investors are eager to embrace and capitalize upon during the festive season.

(By Vivek Singhal, CEO Smartworld Developers. Views are personal)