REALTY SECTOR LOOKING FORWARD TO A BRIGHT FESTIVE SEASON
As we inch closer towards the end of the fifteen days of Pitrapaksha (Shraadh), a pre-festive culture in India where ancestors are prayed and remembered, our country gets into the merry mode with couple of months long festive season that begins with the nine days of Navratris and concludes with the festival of lights, Deepawali. With high sentimental values of the people towards these auspicious occasions during the season, it is a belief in our country that buying property, vehicle, gold or anything with high value is regarded as a lucky purchase, and thus footfalls and sales in these sectors and industries increase drastically during the festivities.
“Purchase of property is one of the most common sights during the festive season each year. It is been observed that almost 30-35 percent of the annual real estate sales happen during this time of the year and most of the property buyers wait and gear up to buy only during the festive season in India. Even the developers across the country try to make the most of this time and bring in best deals and offers for the public”, avers Rakesh Yadav, Chairman, Antriksh India Group.
Every festive season each year is different from the other, but this festive season is expected to bring a turnaround in the Indian real estate sector riding on the back of recently implemented RERA and GST. “Since the inception of GST and RERA in the Indian real estate system, sentiments have improved immensely and people are much more confident while buying a property. Developers have quickly got themselves in tune with RERA and GST so that customers can go through a hassle free transaction. Festive season is just about to begin and we are now looking at a much more refined Indian real estate sector. We are expecting this festive season to push sales by at least 20 percent over the previous festive season”, says Kushagra Ansal, Director, Ansal Housing.
Pradeep Aggarwal, Co-Founder & Chairman, Signature Global explains, “This year’s festive season is sure to enhance the sales numbers of most as the market is now pretty revamped. Over the course of last one year, home loan rates have come down drastically, even more for the affordable housing segment, thus making property purchase more attractive. With the demand for budget homes on the rise and the festive season approaching, customers are looking forward to make property purchase. Customer sentiments are positive this time and we are hopeful of a better festive season this year over the previous couple of years.”
With the last quarter of the calendar year in progress and developers ready with various schemes, discounts and offers for their customers, festive season this year is expected to boost the sales even more. “The buyers’ season is fast approaching now as we stand on the beginning of the Navratris. Till Diwali we will witness various deals and schemes in offer by the developers in order to boost sales volume and enhance customer sales experience. Even for the customers, it is the perfect time to buy as several deals offer free goodies and cash discounts as well which can directly benefit a customers’ pocket”, elucidates Vikas Bhasin, MD, Saya Group.
Festive season is not the time for only property purchase but for accepting possession as well, as we also see a lot of families like to take possession and relocate to their new abodes. Thus, property buying as well as possession of units is equally visible during the festive season. “Since this time of the year is considered auspicious and lucky for major decisions, property purchase and relocation become quite prominent in India. Therefore, apart of lucrative deals for the new customers, developers shift their focus towards speedy construction and timely delivery of units. Due to religious sentiments, most buyers in our country like to shift during this season and hence, property possession numbers also see a rise parallel to unit sales”, concludes Dhiraj Jain, Director, Mahagun Group.