India's real estate sector is witnessing momentous growth after a two-year slump. An industry report revealed that with economic activity in full swing, housing sales jumped two-fold across seven major cities in Q3 of 2022. The sector is likely to witness healthy growth in the fourth quarter as the festive season has already infused the positivity in the market further strengthening the sentiments.
Let's look at what real estate developers are saying about the festive season and what they anticipate for the final quarter of 2022.
"The festive quarter seems to be extremely good for the real estate developers. Irrespective of the change in repo rate by RBI, the sentiments of customers and investors in the residential sector are only becoming more aggressive. Certainly, there is a spike in the customers' demand for the luxury residential segment. Our recently launched 'M3M Capital' residential project in Sector 113, Gurugram, has also been receiving tremendous response and has recorded Rs. 1200 crore sales during Navratri itself," says Pankaj Bansal, Director, M3M India.
To capitalise on the positive sentiments during festivals, developers roll out exciting offers and flexible payment plans for buyers and investors.
"The festive season is an opportune time for homebuyers and is expected to see a marked uptick in inquiries and sales. We have an omnichannel approach where we are using both traditional and new-age mediums to put our vision across to potential homebuyers. We at Alpha Corp are gearing up to offer significant discounts and freebies to give homebuyers an added incentive and help convert enquiries to sales," says Santosh Agarwal, CFO and Executive Director, Alpha Corp.
With economic activity picking up, the demand for commercial real estate in India is also skyrocketing. Besides, retail leasing in India grew by 166 per cent Y-o-Y, crossing 1.5 million square feet.
"The festive season is considered an auspicious time to invest in property, and the sector witnesses a variety of lucrative deals and offers. Trehan Iris has also rolled out a special investment scheme for investors and buyers interested in investing in Iris Broadway Greno West. We have launched an exclusive investment scheme under which, the investment starts at Rs. 25 lakhs and gets a 12 per cent assured return from day one. The scheme has an 18-year lease guarantee. We are also giving an assured gift worth Rs. 25,000 on every booking, as a token of appreciation for the sale of each buyer/investor," says Aman Trehan, Executive Director, Trehan Iris.
Because of the high cost of raw materials, property prices in India are showing an upward trend. Homebuyers are also aware of the rising home prices; thus, they want to grab the best deal that developers offer during the festivities before prices rise further.
"Due to the constantly rising price of residential real estate, as well as the increasing demand for spacious homes, homebuyers understand the need to lock in the best deals as developers have come up with festive season sales and lucrative offers. The real estate scenario has strengthened in the past few years for all those developers who have a legacy of delivery and have launched products according to the market demand. The festive quarter will only bolster its momentum," says Ashok Singh Jaunapuria, MD and CEO, SS Group.
Owing to the religious sentiments in India, it is believed that property investments made during auspicious occasions bring good fortune.
"At the onset of the festive season with Navratras, the real estate market was hopeful of a cheerful festive quarter ahead as the market sentiments were soaring high and it continues to be in a buoyant space. Buyers and investors across the residential and commercial sectors are upbeat owing to the strengthened market sentiments. The festive season augurs well to further push the sector's growth. Given the current positivity and upbeat market conditions, real estate players believe this festive quarter is likely to witness new growth numbers," says Kaustubh Chandra, Manager, Marketing and Leasing, Brahma Group.
Backed by the pent-up demand, the last quarter of 2022 is likely to end on a high note.
"As people come together to celebrate the festivals this festive quarter, after two years of the pandemic, the housing market is already witnessing a surge in demand for more spacious, greener, and luxurious homes, with more buyers taking the plunge into home ownership. The real estate market will likely enjoy a successful quarter with things getting back on track after the pandemic and the festive spirit driving realty sales in full swing," says Vinay Wadhwa, General Manager - Sales, Vatika Limited.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)