It is that time of the year when the country is gearing up for the festive season beginning from Ganesh Chaturthi leading into Navratri, Diwali, Christmas and New Year. Apart from the festivity and shopping splurges that are high during this time, investments also play a key role, especially in terms of real estate that has been gaining ground as properties are seen as a stronger and consistent investment medium than traditional alternatives. As we herald the festive season, we anticipate that residential real estate sector will grow by around 20% growth. Here are few of the key factors that make the season attractive to buy properties.
Auspicious occasion
Festivals hold significant cultural and religious importance in India, and certain periods during festivals are considered auspicious for new beginnings, including buying property. Many people believe that purchasing a property during an auspicious time brings good luck and prosperity to the new home, adding sentimental value to the investment. The trend of the festive season becoming the annual high point for residential real estate originates from traditional sentiment that it is the right time to invest in wealth-creating assets.
Multiple ready to move in options
Recognizing that homebuyers are keen on new investments and purchases during the festive months, developers look forward to this time of the year to launch projects and sell out their existing inventory. Apart from this, ready-to-move-in home options are available and consumers have a wide choice of properties to buy from. Thus, a massive number of projects are available during the festive time across various budget segments.
Attractive festive and home loan offers
Many developers come up with various offers and schemes to attract home buyers and cash in on the festive mood. While these offers may seem tempting, it is essential to exercise caution before making any purchase. Buyers should not only look at the attractive deals but also consider the reputation of the developer and other factors like location, execution capability, and amenities that the developer has to offer.
Higher disposable income
While developers, banks, other lending institutions announce attractive price terms, most salaried professionals also see increased cash flow and higher disposable income during the festive period on account of bonuses and perks given by employers. This allows homebuyers to opt for quality homes at attractive prices. The IT sector has created a buoyant economy which makes conditions for purchase conducive.
Not deterred by economic strains
The first half of 2023 required developers to be slightly more cautious with the wave of global economic strains and layoffs and the potential impact on demand. However, things have been looking bright and developers are launching new projects as homebuyer demand in the residential market remains undeterred by market conditions. Infact, real estate sales were at all-time high in Q2 2023.
Investors capitalize on festive season
With the festive season being the time to purchase property, investors tend to take advantage of numerous opportunities available from different developers. It is not surprising to see investors buying multiple properties at the same time which allows them the scope of value appreciation within a short period of time along with rental incomes.
In conclusion, it can be said that the revival in market sentiment comes against the backdrop of vibrant economic activities that make this festive season more attractive. While it is natural to be swayed by attractive terms during this time, homebuyers must examine monetary benefits closely and ensure that the property is free from all anomalies while investing. As we move ahead, the industry is set to see a new phase of steady growth, which is a positive sentiment for those looking to invest this season.
