The Real Estate Industry Expects A Positive Festive Season, Surge In Sales

By Bricksnwall | 2023-10-08

As the festival season approaches, the real estate market is predicted to thrive due to its tempting prospects for both discerning homebuyers and seasoned investors.

In India, the festive season is a time of high spirits and communal celebration, with pleasant celebrations beginning with Ganesh Chaturthi and concluding in the splendor of Diwali. It is typically seen as a good time to start new projects.

Investing in real estate during this time is more than just a financial decision; it is a proactive step toward protecting one's future while embracing the spirit of success.

"The real estate industry is poised for a notable surge in activity during the much-anticipated festive season in 2023," says Vivek Singhal, CEO of Smartworld Developers. The residential property market has shown admirable resiliency this year, with a noticeable preference for premium to luxury homes with modern amenities. The National Capital Region (NCR), particularly Gurugram, also known as the Millennium City, has continually led this economic trajectory. As the holiday season approaches, the real estate market is predicted to thrive due to its alluring prospects for both discerning homebuyers and seasoned investors."

According to Anarock's Consumer Sentiment Survey for the first half of 2023, real estate has emerged as the favored investment option, with 59 percent of homebuyers committed to mid-range and premium properties priced between Rs 45 lakh and Rs 1.5 crore.

"With expectations of this festive period extending through to the end of the year, a notable surge in property sales and a reduction in unsold inventories are on the horizon," says Shashank Vashishtha, Executive Director, exp Realty India. The ongoing demand for larger, more luxury homes reflects changing lifestyle tastes, emphasizing the desire for vast and pleasant living spaces. Real estate has seen a significant increase in demand, notably in urban areas such as Delhi NCR, Bangalore, Hyderabad, Chennai, Kolkata, and Pune.

This increase can be related to the return of corporate workers to office settings, which has increased the attraction of homes in large cities."

Despite rising interest rates and rising property prices over the last year, the real estate sector remains enticing and lucrative. The survey shows a 10% increase in preference for homes in this price range since 2020, highlighting the continuing allure and value that real estate provides even in volatile market conditions.

"As the festive season envelops us in joy and warmth, it also unfurls a tapestry of extraordinary possibilities in the realm of real estate," says Rahul Singla, Director, Mapsko Group. Our constant dedication to homeowners and investors shines through as we present enticing deals and unrivaled incentives. We assist individuals and families to embark on their homeownership journey with unshakeable confidence by offering low down payments and flexible financing options. Our carefully picked property releases appeal to a wide range of preferences and budgets, ensuring that everyone finds their perfect sanctuary. Astute buyers can grab the opportunity to secure their ideal homes while reaping large savings during this season of abundance, laying the groundwork for a brighter future in the location they proudly call home."

The survey also found that 67% of buyers are looking for personal use real estate, demonstrating that people seek stability and security in uncertain economic times, emphasizing the importance of making prudent investment decisions amid financial pressures.

"Our homebuying guide is intended to assist these forward-thinking people on their quest to find their dream homes during this festive season," says Vineet Dawar, Sr. VP - Sales & Strategy, Elan Group. It's an exciting time for investment and aspiration, and our counsel is intended to assist people make good decisions, whether for their own comfort or as a potential asset. Let your home-buying quest begin with a prosperous and rewarding holiday season."

Real estate becomes a stronghold of stability, wealth, and long-term financial security as India celebrates this festive season.