The Great Indian Real Estate Revival: Festive Season Housing Sales Soar
The festive season is here, and it brings families and friends together, feasting on culinary delights, playing games into the late hours of the night, and making memories that last a lifetime. It also brings with it an undeniable aura of excitement and joy—a sense of new beginnings. When it comes to India, the festive season, which typically lasts from October to November, is seen as the best time to make big investments.
It is no wonder that it is during this auspicious period that the real estate market experiences an all-time boom. Many use this period to consider upgrading their living situations and investing in the housing market. Developers, in turn, use this period to introduce attractive offers and exciting discounts to further sweeten the deal. From cashback schemes to advantageous flexible payment plans to fully furnished residences, many offers are rolled out to make home ownership more enticing than ever.
In their recent study, a global investment management company released the finding that almost 40 percent of the annual housing sales take place in the last quarter of the year, with developers and financial institutions releasing attractive offers. As mentioned earlier, while developers offer flexible payment plans and lower floor-rise charges, financial institutions offer one-time interest waivers, reduced or zero processing fees, etc. This makes securing a loan for home buying easier, thus easing the process of home buying.
According to the study, housing sales in 2023 have already reached the 2022 annual sale levels, and industry experts predict that the former will be approximately 20 to 30 percent higher than the latter. The year 2023 has already brought with it a real estate market that is booming, with the Indian residential market among the top 7 appreciating markets in the world. The rising middle-class aspirations and disposal income, the country’s strong economy, and a transparent and supportive real estate policy framework have all propelled the housing market in the country to another level. The festive season that peaks on India’s biggest festival, Diwali, is likely to further drive sales, with the period witnessing a surge of new launches, festive season targeted marketing campaigns, and irresistible tie-ups between developers and furnishing companies.
However, while changes in factors like home loan EMI rates and repo rate changes do impact buyer behaviour, in India, where homeownership is a matter of pride and emotion, the correlation between the two is more flimsy than expected. In a country where home ownership is synonymous with a sense of identification, serious buyers are more likely to stretch their budget to purchase the home of their dreams rather than be affected by fleeting financial gains or losses.
Conclusion:
The surge in housing sales during the festive season is a testament to the enduring allure of homeownership. Families across the globe are capitalising on attractive offers, discounts, and favourable financing options to make one of the most significant investments in their lives. This trend not only benefits buyers but also contributes to a thriving real estate market, which is indicative of a positive economic sentiment. So, if you’ve been contemplating buying a new home, the festive season might just be the perfect time to make your dream a reality.
