The festive season is the best time to invest in real estate. People usually await the auspicious period for closing property deals. There are several values traditionally linked to this period including its association with good luck and also the fact that there are more special offers and deals from developers at this time. Experts feel that the period between mid-October and November is the most profitable for real estate markets and developers. It has always been ingrained in the Indian psyche to go for major investments on auspicious occasions/days and people anyway remain in positive spirits due to the festivities. They usually prefer celebrating with major purchases like homes and vehicles. Hence, marketers and developers usually come up with several attractive offers and deals to draw more customers. Financial institutions and NBFCs also witness higher traction during this time.
Experts feel that while COVID-19 related worries still exist, deals and special offer will keep contributing towards higher festive season sales figures for the real estate sector. Developers will be aggressively pushing for more customers with unbelievable offers and the value of home ownership has also increased considerably owing to the pandemic according to them. This year, demand is already going up and record-low rates of interest and price corrections will keep fuelling the same in the next few months. Sales may go up by 15-20% on account of pent-up demand.
Ready to move properties are more in demand with more people working out of their own homes. Developers will find this beneficial for selling off existing inventory. Online home sales may also find more favour throughout the festive period. With more vaccination, the residential realty sector will see a pick-up in demand soon as per several other experts. Principal Partner and Director, Square Yards, Kapil Malhotra, stated that purchasing a home is a highly auspicious event during the festival season in India, known to bring in health, good fortune, happiness and positivity for buyers. This season, there will be numerous perks, bonuses and appraisals across offices, offering more disposable income for home buyers, spurring them to invest in their dream properties via down payments. Developers may also go all out towards cashing in on the festival frenzy, offering cash discounts, offers and pre-payment plans. With sentiments clearly on the upswing after the second wave of the pandemic, demand for housing units in the mid and luxury segments will touch their peak in the next few months according to him. He also stated that stability of property prices, lower rates on home loans and a positive GDP graph will contribute towards higher demand. Kapil Malhotra also opined that buyers, including several NRIs, will be looking at their desire to invest in a home during the festive season, owing to lower costs of acquisition. They may also stretch budgets a little for getting bigger housing units according to him.
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Published Date: Sep 14, 2021
