Festive season ushers a surge in real estate demand, record sales expected

New Delhi, September 21, 2024: As the festive season approaches, the Indian real-estate market is witnessing a significant surge in demand, with buyer sentiment on a notable upswing. As both developers and home-buyers gear up for this traditionally considered auspicious season, the combination of favorable market conditions, including low interest rates, government incentives, and the increase in first-time home-buyers is contributing to the robust demand.

The auspicious periods of Diwali and Dhanteras are traditionally associated with new beginnings and investments, making them prime times for homebuyers. Developers and brokers alike are reporting a noticeable increase in inquiries and bookings, particularly for prime locations and affordable housing segments.

Explaining the trend, Shitij Kaushal, Head of mymagnet.io, a channel sales arm of Homesfy Realty Limited, said, “This year, flexible payment plans requiring only 10% to 20% as an initial payment are prevalent, particularly in celebration of Ganesh Chaturthi. These plans enable buyers to secure their homes with minimal upfront costs, a trend that gained traction in the past and is expected to continue. During the last festive season, property registrations increased by 30% compared to 2022, as this time is viewed as auspicious for purchasing homes and embarking on new ventures. Developers are keenly aware of consumer sentiments and have planned new launches to coincide with the festive period.

According to a report, in H1 2024, sales surged to an overall volume of 1,73,241 units in the top 8 cities, the highest in the last 10 years. The market sentiment for the second half of the year remains optimistic. To align with the festive spirit and consumer enthusiasm, developers are likely to offer additional incentives such as stamp duty waivers, construction-linked payment plans for new launches, and promotional giveaways including gold coins and electronic devices. These initiatives are designed to capitalize on the positive buyer sentiment and make homeownership more accessible during this time.”

The prediction is that this trend will extend beyond the festive season, as developers continue to offer value-driven incentives to attract buyers. The Indian real estate market’s momentum is expected to persist throughout 2024, with significant growth driven by consumer-friendly schemes, the auspicious timing of the festive season, and an increasing inclination towards homeownership. With favorable payment options, rising consumer confidence, and strategic developer offerings, the festive season is expected to be a robust period for Indian real estate, further solidifying the sector’s growth trajectory into 2025.

Corporate Comm India (CCI Newswire)