Festive fervour to perk up real estate despite rising property prices
The festive season is finally here and, as always, real estate developers have started betting big on it. Buyers prefer making big-ticket purchases during this period as it is considered auspicious by a majority of them. Sales of all kinds of things soar during the festive time — including those of real estate. Thankfully, housing sales in the nation’s top 7 cities have already remained at an all-time high in Q3 2023, denoting a 36% annual growth at over 1.20 lakh units, and are expected to rise further during this time despite rising property prices.
Industry experts say during festive seasons, a sense of optimism, hope, and joy pervades the atmosphere that always has a positive impact on the real estate market. For buyers of India, this time of the year is often considered an auspicious period to make real estate purchases or investments across various property segments.
“The current year, much like the previous one, is no exception, with prospective buyers being more inclined to explore investment opportunities, driven by the festive spirit. However, there is a notable difference from the trends observed in 2022, as substantial discounts are not as prevalent in the market. The reason behind this shift is the current stability of the market, in contrast to the circumstances of 2022. In the present scenario, people are experiencing improved financial earnings following the COVID-19 pandemic and are eager to invest in new apartments to enhance their quality of life and residential accommodations,” informs Swapnil Anil, Executive Director & Head Advisory, Colliers India.
Many developers have introduced a variety of incentives and schemes to attract home buyers and take advantage of the festive mood. These promotional
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