India’s real estate sector is witnessing significant growth after two years of slowdown. An industry report showed that with a pick-up in economic activity, housing sales in seven major cities grew two-fold in the third quarter of 2022. The sector is expected to witness healthy growth in Q4 as the festive season has already infused positivity. Market sentiment further strengthened.
Let’s take a look at what real estate developers are saying about the festive season and what they anticipate for the last quarter of 2022.
“The festive quarter sounds extremely good for real estate developers. Despite the change in the repo rate by RBI, the sentiments of customers and investors in the residential sector are only going to get more aggressive. Certainly, there is a spike in customers’ luxury residential Segment demand. Our recently launched ‘M3M Capital’ residential project at Sector 113, Gurugram is also receiving an overwhelming response and has registered sales of Rs 1200 crores during Navratri itself,” said Pankaj Bansal, Director, M3M India says .
To capitalize on the positive sentiments during the festivals, the developers launched exciting offers and flexible payment plans for buyers and investors.
“Festival season is an opportune time for home buyers and is expected to see a marked increase in inquiries and sales. We have an all-encompassing approach where we use both traditional and new age mediums to lay our vision for potential home buyers. We at Alpha Corp. is gearing up to offer significant discounts and freebies to give homebuyers additional incentives and help convert inquiries into sales,” said Santosh Agarwal, CFO and Executive Director, Alpha Corp. it is said.
With the boom in economic activity, the demand for commercial real estate in India is also skyrocketing. In addition, retail leasing in India grew 166 per cent year-on-year, crossing 1.5 million sq ft.
“The festive season is considered an auspicious time to invest in property, and there are a variety of lucrative deals and offers in the area. Trehan Iris offers a great opportunity for investors and buyers looking to invest in Iris Broadway Greno West. We have also launched a special investment scheme, under which the investment starts from Rs.25 lakh and gives an assured return of 12 per cent from day one. This scheme has a lease guarantee of 18 years. We offer 25,000 Also offering a fixed gift of Rs. on every booking, as a token of appreciation for the sale of each buyer/investor,” says Aman Trehan, Executive Director, Trehan Iris.
Due to the high cost of raw materials, property prices in India are moving upwards. Home buyers are also aware of rising home prices; Thus, they want to grab the best deal offered by the developers during the festival before further hike in prices.
“With the ever-increasing price of residential real estate as well as rising demand for spacious homes, the need for home buyers to lock in the best deals is understandable as developers come up with festive season sales and lucrative offers in the real estate landscape. Ashok Singh Jaunpuria, MD & CEO, Hai SS Group, says, “The past few years have all grown stronger for developers who have a legacy of delivery and who have launched products as per the demand of the market. The festive quarter will only add to its momentum.”
Due to religious sentiments in India, it is believed that property investment done during auspicious occasions brings good luck.
“With Navratras beginning the festive season, the real estate market was optimistic for a pleasant festive quarter ahead as market sentiment was at a higher level and remained in an upbeat position. Buyers and investors in the residential and commercial sectors are strong. Upbeat on the back of market sentiments. Festive season augurs well for further growth of the sector. Looking at the current positivity and upbeat market conditions, real estate players believe that this festive quarter will witness fresh growth The numbers are likely to be seen,” says Kaustubh Chandra, manager, marketing and leasing, Brahma Group.
Backed by pent-up demand, the last quarter of 2022 is likely to end on a high note.
“As people come together to celebrate festivals in this festive quarter, two years after the pandemic, the housing market is already witnessing a surge in demand for more spacious, greener and luxurious homes, and more buyers Home ownership is taking a dip. The real estate market will likely enjoy a successful quarter, with things getting back on track after the pandemic and the festive spirit driving the realty sales in full swing,” said Vinay Wadhwa, General Manager – Sales , says Vatika Ltd.
(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)