October 7th, 2024: As the festive season approaches in India, the real estate sector is poised for a significant uptick in activity. Traditionally, this period is marked by increased consumer sentiment and heightened demand for residential properties, driven by cultural practices and the desire to make new purchases during auspicious times. Developers are responding to this trend by launching new projects and offering attractive discounts and incentives, such as flexible payment plans and additional amenities, to entice buyers. The recent trends of urban migration and the shift towards larger living spaces post-pandemic further bolster the demand for residential properties, particularly in suburban areas.
However, challenges remain for the real estate sector, including rising construction costs and fluctuating interest rates, which could impact affordability. Despite these hurdles, analysts remain optimistic, projecting a robust festive season with a notable increase in home sales. The government’s initiatives to promote housing and affordable schemes, coupled with the ongoing recovery of the economy, are expected to create a conducive environment for both buyers and developers. As consumer confidence grows, the festive season may serve as a turning point for the sector, rejuvenating sales and investments in the coming months.
Mr. Pradeep Aggarwal, Founder & Chairman, Signature Global (India) Ltd
Real estate demand remains robust across all kinds of properties. This is also reflected in our pre-sales performance during Q1 of the current financial year, where we have already achieved 30% of the target for the current financial year. As we enter the festive season, we are very optimistic that the real estate sector, especially the mid and premium residential segments, will continue to perform well. The possibility of the RBI reducing key rates in the next couple of months may further increase the demand in the near future.
Mr. Aman Sarin, Director & Chief Executive Officer, Anant Raj Limited
The residential real estate market in India continues to experience robust demand, particularly for larger and luxury housing units across the country. Over the past few years, sales have kept pace with new project launches, leaving very limited inventory in the high-end and luxury segments.
In fact, there’s a noticeable supply shortage in the luxury and ultra-luxury segments due to high demand and fewer project launches at premium locations by renowned developers in recent years. We expect this trend to continue, with only a limited number of new launches anticipated in the NCR and across the country during the upcoming festive season. Anant Raj is also planning to launch luxury designer apartments, called “Estate Apartments,” in Sector 63A, Gurugram, within its existing integrated township.
As demand significantly outstrips the supply in the pipeline, we foresee a further upward price movement in these segments, reflecting the market’s strong momentum.
Mr. Mohit Jain, Managing Director, Krisumi Corporation
The demand for real estate has been strong, especially in the luxury segment, for the last couple of years and is likely to maintain the momentum in the future. The festive period is traditionally seen as an auspicious time from a purchasing point of view, so we usually see more traction and interest from homebuyers during this period. Moreover, the promotional offers from real estate developers during the festive season often attract a wider range of consumers. We’re confident that this festive period will bring a boost to the entire industry.