Festive Season- A Good Time To Invest In Real Estate

When several businesses are finding it difficult to survive, the real estate industry is thriving with a sharp boost in property demand. Economic uncertainty and restrictions forced many potential buyers to defer their home purchase decisions. But what could be a better time to buy a dream abode this festive season? A YouGov survey has revealed that about 35% of the urban population aged between 25 and 44, plan to invest in real estate in the next three months, which typically runs from October to November. While around 72% of people are planning to invest in residential property, the rest 25% have plans to buy commercial property. Looking at the current scenario it’s evident that the upcoming festival season will boost real estate demand as people tend to make new purchases without much convincing. Be it gold, electronics, or properties, all these purchases are made during the festivals like Dussehra and Diwali, which are considered extremely auspicious. Here are some of the highlights that make the festive season a good time to invest in a property

Considered Auspicious: The festive time is considered very auspicious and Indians seek the perfect occasion to buy anything new or start a new business. This reinforces the belief that Dusshera and Diwali are an auspicious period to make investments in property!

New Launches: Developers intensify new launches in view of the growing housing demand and the upcoming festive season. This year 7 major cities recorded new launches of 32,863 units in Q3 2021. Mostly the new project launches can be witnessed in the cities like Bengaluru, Mumbai, and Pune, which contributed 23% and 19%, respectively, to the overall new launches. Hyderabad continues to dominate new launches and accounted for about 29% in the last quarter. Big projects getting launched across the country, makes the festive season the best time to own a home.

Financial Viability: The working professionals constitute the majority of the population and mostly get their mid-term appraisal or huge bonus amount during the Diwali festival. Thus, giving them an opportunity to invest in property or other real estate options that suits them best.

Deals & Discount: Most of the builders wait for the festive season to come up with exclusive offers and discounts to attract potential buyers. All important planning and arrangements are done beforehand to drive maximum return. Right from cash deals, discounts, freebies, and innovative schemes, the builders are willing to shell out every possible option to do to the maximum sales during the festive season. They know well that discounts can be a buying trigger.

Low-Interest Rates: The Reserve Bank of India’s decision to keep key policy rates unchanged will boost home buying sentiment and drive demand during the festive season. The bank has dropped the repo rate, which makes the rates on home loans unchanged at a record low. As it has come at the opportune time, the lowest lending rates will propel the growth of the housing segment.

Pleasant Weather: Winter weather in all the cities of India is quite pleasant. This makes it easier for the buyer to plan site visits and scour the market for better options. They can meet and discuss the prospects of buying the property and can eventually move in before the start of summer.