This Diwali seems a little different with reports indicating a clear recovery in housing sales and demand although there seems to be fewer new launches and special offers from developers. Many experts have attributed this to developers adopting a safer approach, preferring to first clear off inventory before coming out with new launches, especially with anxieties still remaining about a possible coronavirus third wave. Housing is now the be-all and end-all for Indian citizens after the pandemic and they are planning their future around the same as per experts. At the same time, offers are usually higher in number when demand is on the weaker side. With demand having peaked in recent times, developers are possibly not requiring many of these offers to lure buyers. At the same time, some builders are still facing issues with completing projects owing to rising costs. This may have kept them away from special deals and offers ahead of Diwali 20201, which is considered a highly auspicious time for real estate investments.
Founder and COO at Square Yards, Kanika Gupta Shori, feels that home buying sentiments are highly positive before this Diwali with builders offering both ready to move and under-construction properties with attractive discounts, payment plans and freebies. She also opines that builders are confident about a positive festive period with a revival of business activities, quick implementation of the vaccination programme and the growing importance of owning a home. However, they may have stayed away from new launches owing to fears of another coronavirus wave. However, Kanika Gupta Shori feels that this is unlikely to affect sales figures throughout the festive season since supply levels are adequate for meeting overall housing demand.
The realty sector is already prepping for a busy period ahead, with demand having gone past supply at many townships, projects and across several realty players. The home loan interest rates continue to be at historic lows and this will motivate several fence-sitters to take the plunge. However, a rise in property costs may take place due to rising costs of raw materials throughout the country. However, people are still looking to buy bigger 3 or 4 BHK homes as per experts. The top 7 Indian cities should see yearly growth of 35-40% in housing sales for Q4 2021 according to experts. These cities witnessed 50,900 units in sales figures for Q4 2020. They have already witnessed year-on-year growth of 113% in housing sales and 98% in new launches for the third quarter of 2021 to reports.
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.