Festive season to accelerate demand and sales in the Real Estate sector
Despite the epidemic, the Indian real estate business had remarkable growth from July to September 2021 and expects that growth to continue over the festive season. The market for residential and commercial real estate is expected to continue strong in the coming months due to improving economic and market conditions.
In the first half of 2021, residential real estate sales increased by 67%, according to industry data. As a result, the number of new launches has increased, and many realtors believe that the fortunate season will propel the industry into a new phase.
A paradigm shift in Indian buyer's attitude is expected this Christmas season, unlike prior years, as buyers are more cautious but smarter than before and prepare strategically ahead of investing. Real estate has seen a large increase in residential sales despite the spiralling COVID-19 cases and is anticipating an increase in sales during the holiday season, so all eyes are on the sector. However, compared to prior years, customers will be more restrained this year when it comes to making an impulse purchase. There is a favourable prognosis for the RE market this Christmas season due to the trend and efforts of developers and the sudden flare in interest of investors in real estate," said Karan Kumar, CMO of DLF Ltd.
Having a home has become more important as a result of the pandemic as consumers realise the need of being healthy. This has increased demand for residential spaces across the country.
"With the pandemic, a large portion of Indian tenants, reverse migrants, aspirational homebuyers, and those desirous of moving into organised living spaces have been solidified, as has the emergence of real estate as a safe investment along with the emotion of owning a home to ensure the protection of livelihood." Aside from State Capitals and Tier 2/3 cities, this phenomenon can be found anywhere. Incentives from the government and historically low home loan interest rates have helped many first-time homebuyers realise their ambitions of owning a home. According to Omaxe Ltd. CEO Mohit Goel, this has given a boost to the real estate market not only in metros but also in state capitals and tier 2/3 cities.
The decline in coronavirus cases, rapid immunisation, and new workplace norms have all contributed to an increase in demand in the business world.
There is a good chance that the sector will maintain its upward trajectory. Startups and small businesses are driving demand for office space. Even as work from home, hybrid models, and flexible workspace become increasingly popular, a number of businesses are rethinking their expansion plans and bringing their employees back to the workplace. Grade A offices and flexible workspaces are in high demand, according to Viridian RED Vice President-Customer Engagement & Distribution Abhishek Pandey.
Realtors claim that even in Tier-2,3 cities, demand for residential apartments has risen.
It's projected that the real estate market will continue to grow during the holiday season after a strong showing in the previous quarter. First-time home buyers are being encouraged by a number of positive variables right now. Special deals for home purchasers are available over the holiday season thanks to numerous promotions and programmes. In fact, tier – 2 and tier – 3 cities are also gaining traction," stated Mukul Bansal, Director, Motia Group, of the development pattern.
The clients are also increasing investing in their fantasy residences provided by developers that match their lavish lifestyle and demands. Furthermore, "Most people believe that purchasing a new home during the holiday season is auspicious. Because of the improving market confidence and rising economic activity, this holiday season is even more enticing than usual. Our project, Mapsko MountVille, has seen an increase in client interest. Not only does owning your own house provide the personal space you require now, but it can grow in value over time, making it a wise investment. Mapsko Mountville's ground zero is scheduled to be reached on December 21. In the meantime, the Mountville Project's Phase 2 will be launched soon, according to Mapsko Group Director Rahul Singla.