Festive season brings uptick in housing demand

The real estate market continues to experience end user-driven demand and we are already witnessing a trend of more serious buyers closing sales. The steady growth of the industry and an array of new project launches make it an attractive investment for those looking to invest this festive season

Ahead of Dussehra and Diwali, the realtors across the country are bullish on the sales of residential units during October-December period. This year the festive season will shine through as the real estate market has already seen a significant uptick in demand with the economy showing great signs of stability and growth. However, the Reserve Bank’s stance stands very crucial at this moment.

The RBI is expected to persist during Monetary Policy Committee (MPC) meeting is scheduled for October 4, 2023. “There is a pressing need to shift our attention towards the real estate sector, especially during the ongoing festive season. Positive actions by the RBI at this juncture could play a pivotal role in achieving our housing targets,” says Rajan Bandelkar, National President of NAREDCO.

He said, “Given the robust demand in the real estate sector nationwide, it is imperative that we maintain low-interest rates. This approach can effectively stimulate potential buyers to secure loans for property purchases, consequently invigorating overall real estate market activity. We anticipate that the RBI will ensure sufficient liquidity within the banking system, as this is paramount for enabling banks to offer lending and financing options to both developers and buyers. Such measures will, in turn, bolster the growth of the real estate sector.”

Close to the heels of the upcoming festive season, the 13th edition of the NAREDCO Telangana Property Show was announced on October 6-8, 2023 in Hyderabad. “This is the right time for every prospective buyer to consider, plan and invest in a property of their choice, that could not only benefit them in the short-term but in the long-term as well,” said B Sunil Chandra Reddy, President, NAREDCO Telangana.

Taking advantage of the upcoming festive season, a period considered auspicious for high-value purchases including real estate, Housing.com, online real estate platform, also announced ‘Mega Home Utsav-2023’, its seventh edition of the virtual event from October 1 to November 15. The company aims to offer a wealth of deals and investment opportunities.

The event will be held across 25 cities in India, featuring contributions from sector stalwarts like Casagrande Builder Private Limited, Om Sree Builders & Developers, Investors Clinic, and DAC Developers, among others. With a wide-reaching presence across all major cities in India, it has strategically selected locations that represent a mix of bustling metropolises and emerging tier-2 cities.

These include Noida, Ghaziabad, Delhi, Gurgaon, Faridabad, Kolkata, Ahmedabad, the tri-city region of Chandigarh, Jaipur, Lucknow, Vadodara, Bhubaneswar, Mumbai, Pune, Hyderabad, Nagpur, Nashik, Bhopal, Indore, Bengaluru, Chennai, Coimbatore, Visakhapatnam, Goa and Vijayawada. The timing of the event is particularly opportune, as demand for residential real estate is at an all-time high.

Factors such as stable housing loan rates and a positive policy atmosphere serve as additional enablers. Housing.com recently collaborated with industry body NAREDCO to release a consumer sentiment report. The findings underscore real estate's enduring appeal as a preferred investment class. This presents a unique opportunity to help prospective home buyers in their search for their dream homes.

The platform will provide an extensive array of property choices, all conveniently accessible from the comfort of the home buyer's residence. Housing.com's esteemed developer partners have designed exclusive offers geared towards maximising benefits for home buyers. The Mega Home Utsav-2023 is not just an event; it's a gateway to unparalleled opportunities within the real estate landscape.

Amit Masaldan, Chief Revenue Officer, Housing.com, said: “To further amplify its reach, we will execute a high-decibel marketing campaign to promote Mega Home Utsav-2023 across both digital and traditional media, aiming for a reach of over 50 million individuals. It will offer features like 3D Virtual Booths and Digitours, allowing users to explore prospective homes in detail.”

“The combination of our visualisation products and content-based offerings will make this event an ideal choice for advertisers to showcase their properties,” he added. As part of the Mega Home Utsav-2023, Housing.com is extending a generous range of benefits to its customers, such as complete waivers on stamp duty and GST, up to Rs 4 lakh discount on bookings, and flexible payment schemes.

Additional incentives include the option to reserve a home by making a monthly payment of Rs 3,999, as well as no pre-EMI payments until possession. Exclusive bonuses include free car parking, a couple's ticket to Vietnam, and Amazon vouchers valued up to Rs 2 lakh upon booking. Furthermore, homes will feature modern modular kitchens and semi-furnished interiors, and special rental schemes.

Rising homeownership among the millennials supported by higher disposable income and willingness to upgrade to larger, luxurious spaces equipped with better amenities have also sparked a sharp growth in housing demand in the recent past. The revival in market sentiment against the backdrop of accelerating economic activities makes this festive season more attractive.

Anticipating significant growth this year, Ramani Sastri, CMD, Sterling Developers, says: “Building on the success of the previous year and the continued strong demand in the real estate sector driven primarily by burgeoning aspirations. As we approach the festive season, we are already witnessing a surge in inquiries and we are expecting around 20 per cent growth compared to last year’s festive season.”

He further said, “This naturally offers a context for consumers to go in for their dream homes as the overall climate is geared towards sustained demand. Consumers are keen to buy homes as stability and security is on top of their mind now and the recent past has been testament to the fact that home buyer confidence is at an all-time high.”

The real estate market continues to experience end user-driven demand and we are already witnessing a trend of more serious buyers closing sales. Moreover, the forecasted steady growth of the industry and an array of new project launches also make it an attractive investment for those looking to invest this festive season.

However, while investing in a property, 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. Overall, the market outlook is certainly positive and given the confidence built this year, the real estate markets likely to see sustained growth over the next few years.