Indian real estate is on an upswing and the positive momentum should continue well into the festive season and beyond, as per industry experts. The sector is already upbeat and optimistic about the festivities, beginning from Ganesh Chaturthi and extending all the way to the start of the New Year. These months promise higher sales figures, since several homebuyers wait for auspicious occasions to make property investments. This is especially true in Maharashtra and some other States when buyers usually purchase properties in these festive periods. At the same time, reports on the top-six Indian cities for 2022 clearly saw Mumbai witnessing 25% higher residential sales in the second half of the year in comparison to the first six months.
This clearly shows how the festive season is poised to have a major impact on the realty market. Experts feel that people are more inclined towards homeownership not just as a necessity but also as a lifestyle component, safeguarding future generations with assets, and also as investments. Several developers are already gearing up for the festive season with attractive payment and financing plans, good locations, ready-to-move inventory, and reasonable prices. These are factors that should attract more buyers, especially with positive market sentiments arising from optimal demand and supply levels in this period.
The repo rates stay unchanged and the appraisal cycles coinciding with the festive period will also boost residential sales figures as per expectations. At the same time, the industry has already touched record highs and is looking to grow further. Kanika Gupta Shori, the Founder and COO at Square Yards, states that housing demand has already reached an all-time high, while also adding that the upcoming festivities will drive positive sentiments further. The real estate industry is thus gearing up for a stellar festive season ahead.
Square Yards is a technology-enabled, global real estate aggregator and India’s largest player for primary residential real estate. It’s subsidiary Square Capital is one of the largest marketplace for secured mortgages in India. Square Yards platform offers an integrated consumer experience & covers the full real-estate journey from search, discovery to research, transactions, home loans and post-sales service – fully integrating buyers to an extensive network of 500+ partner real estate developers, and 90+ banks & NBFCs. Square Yards is led by accomplished professionals, ex-bankers, and Ivy school alumni and is backed by the competence of more than 2500 employees in 30 cities and ten countries.