Housing realty pins hopes on festive fervor

New Delhi: The realty market in India has been lucrative for homebuyers, and as experts may believe will continue to be so with the ongoing festive spirit. Provisions such as low interest rates, discount by builders have contributed to the boost of realty industry as a popular investment option in India.

After registering a strong recovery for three consecutive financial quarters, real estate companies are looking forward to boosting their sales number with the ongoing festive season. Dr Niranjan Hiranandani, president (national), NAREDCO, stated that property market here in India is sentimentally driven and festive season traditionally has always been considered auspicious for home buying. "The festive fervor combined with deal sweetener and festive bonanza allures potential home buyers to close the deal.

The Covid pandemic has underpinned the value of owning an own house and as a result the market has witnessed a pent-up demand in lieu of fiscal stimulus. The safety and security aspect that home offers is imperative to drive the sustainable demand in conducive market conditions with decadal low home loan interest rates and innovative flexi payment schemes to cushion the home financing," Dr Hiranandani told BizzBuzz.

Taking advantage of festive spirits, real estate companies have launched varied offer in different States depending upon the ongoing auspicious festivals.

On one hand, some companies have decided to waive off Preferential Location Charges (PLC) charges for the home buyers, whereas few other companies are offering provisions such as zero stamp duty, zero floor rise, zero registration charges among other lucrative discounts. The NAREDOC President believes that the real estate industry was well-equipped to handle the second Covid wave, which hit the nation from March to May this year, as the construction work continued along with in -site labourers, expedited vaccination drive, following Covid norms, resumption of economic activities and opening up of offices.

"The sectoral growth has been positive with record high property sales leading to drop in unsold inventory and debt refinancing. This liquidity cushion will nudge branded developers to launch new projects across market segments and cater demand for affordable, mid and luxury housing," Dr Hiranandani stated.

As per the experts, housing demand from first time home buyers is catching on in lieu of the significance of the owned house, whereas the new normal lifestyle has definitely triggered the need for upgrading to the larger spacious home.

"The festive season will definitely bolster the housing demand and property market will reflect green shoot recovery after prolonged sluggishness," the NAREDOC President added.

Real estate company the Wadhwa Group, in a statement, stated that positive sentiments towards

realty segment peaks every year during festive season which further spike the demand for

properties. "The lucrative and flexible festival deals offered by developers attract home buyers and lead to better sales during this period," Bhasker Jain, Head, Sales, Marketing and CRM, The Wadhwa Group said.

Sharing similar sentiments, Prescon Group Director, Vedanshu Kedia, said, "As the auspicious festive season approaches, potential home buyers are vying to make their purchase decision and are on the lookout for property offers and schemes. Keeping the pandemic situation in mind, we are enabling our customers with easy payment plans, attractive financing options, and on-the-spot home loan approvals."