The Indian Homebuyers’ Spree: Mapping the success of the 2023 festive season

financialexpress.com:

In India, the old age saying of ‘Roti, Kapda aur Makaan’ still holds much value and relevance – it still resonates with every common man in India. And rightly so, a Home is a Home, much more than just 4 walls; it harbors dreams and builds value, both monetary and emotionally, and hence is often revered by the Indian population and is consistently viewed as an aspirational and profound investment.

The industry as a whole had witnessed a rollercoaster ride in the past 5-6 years, with the implementation of groundbreaking reforms like GST, RERA that essentially changed the face of the industry. While there were initially some teething issues, RERA, in particular, has been instrumental in enhancing transparency among stakeholders that laid down an extremely strong foundation – the fruits of which we’re witnessing today.

2023 has indeed been a boon for Indian real estate, with the festive season building further on the success of the 2022 and 2021 seasons, where we also saw impressive numbers of sales close to 1.5L units and 1.15L units, respectively. This year, we are witnessing record breaking registrations across segments all throughout the year and during the festive season, and it’s safe to say that this is a culmination of a number of crucial factors:

Perceived to be a highly auspicious time, the festive season provides the perfect buying environment for homebuyers, and several other fence sitters to come to the fore and fulfill their dreams of owning a house. This has been quite evident owing to a conducive eco-system that currently exists, and much of it is owing to the various financial incentives that developers offer which enhances the purchasing power of the homebuyers. Increased transparency, initially brought