The festive fervour in India is likely to benefit the real estate sector in the country. With festivals like Dussehra, Navratri, Dhanteras, and Diwali lining up along the calendar, the real estate sector looks good from October onwards. People consider this season to be auspicious for making property purchases. Along with the booming real estate sector, the emotional attachment of buyers makes this season good for the industry.
Owning homes is now a priority
For millennials, owning a home is a priority. Rather than being a symbol of prestige, it’s a necessity. With the impact of the pandemic fading off, people now have the opportunity to venture outside the four walls of their homes. This explains the rise in demand for gated properties like apartments, plots, and villas. Apart from first-time property owners, people are also going for second homes.
New projects are being launched
Real estate developers have come up with several new projects around the festive season. This time is a great opportunity for buyers to capitalize on the favourable market conditions. So, the developers are launching high-rise projects in different parts of the country. Buyers are also benefitting from the lucrative home loan schemes. The builders are allowing buyers to book the apartments with a limited amount. Altogether, the players in the industry are enthusiastic about the rising sales figures.
Rising property prices
After the pandemic, property prices in India have been gradually soaring. Besides, the rise in the cost of raw materials such as steel and cement has resulted in a spike in property prices. While numerous reputed developers are coming up with quality properties in Tier 1 cities, Tier 2 cities like Meerut and Karnal are also witnessing a high demand in property. The last couple of years have been turbulent for the real estate industry. With the upcoming festivals, real estate transactions are likely to be on the cards. Rising property prices also prompt buyers to make their purchases quickly. Eventually, they can benefit from the higher property value in the coming years, when they can sell these properties off.
