Festive season will lead to a spurt in bookings: Experts' views
India is a country of cultures and traditions. There are a number of festivities celebrated every year with great pomp and show. Every occasion marks an important phase of life, encouraging people to adopt a path towards success.
India is a country of cultures and traditions. There are a number of festivities celebrated every year with great pomp and show. Every occasion marks an important phase of life, encouraging people to adopt a path towards success. Festivals arrive as a glorious period for almost every industry, buying breaking records and bringing profit for every retailer. A major festive season begins with Ganesh Chaturthi and lasts up to a few days after Diwali. Buying in this season is a result of investment preferences. The real estate sector has emerged as one of the most preferred sectors for investment, especially on the festive occasion of Diwali. The sale of projects across both residential and commercial segments increases as people look at them as good investment opportunities that are capable of securing their future. Simultaneously, developers offer considerable discounts during this period, making it an even more preferable buying option with comparatively lesser investment.
Sumit Agarwal, Director (Sales & Leasing), Grandthum
Real estate inquiries have increased significantly as the festive season approaches. People are more likely to invest in real estate and purchase residential and commercial properties because they are attached to cultural values and long-standing customs that associate festivals with luck. Another practical reason is that when consumers decide to purchase properties during certain times, they can conveniently access the pro-customer offers that developers are also launching, such as freebies, vouchers, presents, and discounts. Also, retail stores or commercial setups witness massive footfall during this period due to a number of festivals around the corner. The festive seasons are when the real estate market has its highest sales, and this year is projected to be no exception, thanks to rising income stability, a variety of projects, and new launches.
Robin Pahuja, Director, ElitePRO
In India, the Festival season marks the start of a prosperous new year. Buyers regard this as an auspicious time to invest in properties that would bring them luck and remarkable returns in future. During this time, a sizable amount of real estate transactions occur. The fact that the economy is booming and attitudes are favourable make this festival season unique. Additionally, the inventory is under control, and with the recent flurry of new launches, buyers of real estate now have the choice of both completed and unfinished projects. In the real estate industry, a frenzy of activity is anticipated. Both residential and commercial projects witness considerable sales during this period.
Ashwani Kumar, Pyramid Infratech
This holiday season, the luxury real estate industry will maintain its pace. The market for the luxury property will remain high in the second half of FY22 as the share of sales of Rs 1 crore and above increased to 25% in H122 from 20% a year before. I anticipate luxury real estate to do well because festival season is when traction is at its highest. Long after the festival season has ended, the traction will still be strong. The luxury market offers a win-win situation for everyone because there are no supply-side restrictions, and end users rule the market. The sale of projects dramatically increases during the festive season as people move towards kickstarting profitable investment opportunities.
Rajesh Saraf, Managing Director, Axiom Landbase
As the festive seasons are approaching, real estate enquiries account for a remarkable increase. People are more likely to invest in properties and buy homes due to their attachment to cultural beliefs and long-standing traditions, which link festivals to auspiciousness. Another practical reason is that developers are also launching pro-customers offers like freebies, vouchers, gifts, and discounts, and they can easily have access to them when they decide to buy properties during those times. The real estate sector witnesses maximum sales during festive seasons, and due to the growing income stability and the presence of diverse projects and new launches, it is expected to rake in moolah this year as well.
Jimmy Dung, President, Galaxy Novelty Street
We expect good buyer turnouts this festive season. The commercial real estate sector is in a good place and is ready, with a good amount of space leasing activities happening prior to the festive season as well. Developers are coming with attractive offers and deals on finalised bookings. Other investor-friendly incentives are also being given to increase buying and selling pursuits in the sector, and the festive seasons are the right time for it.
Pushpender Singh, MD, JMS Group
It’s that time of the year when the entire country gears up for the festive season that kicks off with Ganesh Chaturthi and hits a peak with Diwali. Apart from the festivity and shopping splurges that are indulged during such a time, investment also plays a key role, especially in terms of metals (gold, silver, platinum) and real estate. However, the latter has been gaining ground over the years, as properties are seen as a more robust and consistent investment medium than traditional alternatives like metal, which are often impacted by the volatility in the market. Since festivals often stand for new beginnings and prosperity, buying properties around this time is seen as an investment that can never go wrong. Real estate investments promise to bring significant returns over time and are a preferred buying option during festive seasons.
Ritu Ahlawat, CEO, InvestinPRO
The festival season is sure to bring in great booking records for the real estate sector. Property investments are the most recurrent and heightened activity during festive seasons. As Covid fears have subsided and the economy is in good shape, real estate transactions will surge. Developers are also introducing valuable offers like discounts on bookings, free gift vouchers, and flexible payment structures, which will attract buyers. Festivals are also seen as auspicious and portentous times to invest in big-ticket investments like property purchases and, as a result, will pull in a great volume of interested buyers in the real estate markets.
Dr. Renu Singh, President- Sales & Marketing, Spaze Group
The realty sector will see a spurting sale growth in the festive season. The introduction of lucrative offers by developers will certainly impact the markets in a positive manner and turn buyers into their customers. The fact that buyers often associate festivals with auspiciousness is common knowledge, and buyers' sentiments are galvanised by new launches, offers, incentives, and buoyant market sentiments. Well-paying jobbers, nuclear and joint families emerge as the biggest real estate buyers during festive seasons.
Every developer understands the festive season's importance and buyers' investing in sound projects for a secure economic status. Hence, almost all of them value this period and introduce attractive offers to elevate the sales of their projects and allow more and more buyers to invest in them. The real estate sector witnesses a massive upturn in activity and transactions during this time. Even consultancy firms see a higher number of enquiries, and all types of property classes are in huge demand. This emerges as a crucial period, undergoing numerous sales of properties.