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Developers Anticipate A Positive Outlook For The Upcoming Festive Season For The Housing Market

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The Indian festive season is the most auspicious festive season housing market for homeowners looking to make significant investments and the festive season is right around the corner to lift homebuyers’ cultural spirits.

The long-awaited housing market recovery has begun; whether it will sustain well into next year and beyond is unknown, but the RBI, the government, and developers can all help keep it moving.

Consultants predict 2 million sq ft of launches in the Mumbai Metropolitan Region (MMR) alone in the upcoming festive months. The prediction that sales will climb even more during this season stems from the fact that people have begun to appreciate the value of owning a home. 2021 will witness the unveiling of several large projects within the nation.

Interest rates on home loans have been lowered by banks to entice home buyers, and NRIs are taking advantage. The country’s largest private lender, ICICI Bank, claimed that it had dropped its interest rate on a home loan up to 75 lakh to 6.70%, the lowest in ten years.

 The pandemic also served as a wake-up call for NRIs, and they now recognize the importance of owning a house in their birthplace with plans to settle in the future. As a result, property acquisition has become a lucrative and endearing prospect for NRIs.

Speaking about the post-pandemic outlook for the real estate industry, Mr. Rohit Poddar, Managing Director, Poddar Housing and Development Ltd said, “After the pandemic-induced challenges, the upcoming festive season is expected to bring back fervour to the real estate sector. With multiple research reflecting growth in both residential and commercial properties, these developments have influenced the sentiments of the fence-sitters and drove them to sales offices thus creating a supply-side push from reforms and easing of regulations. Backed by a large section of the population taking vaccination and the subsequent unlocking, we can expect the coming festive season to cross the pre-pandemic sales mark as many buyers holding on to their purchases are eyeing this auspicious occasion to make the move.”

Commenting on the current situation of the housing market, Reeza Sebastian Karimpanal, President – Residential Business, Embassy Group stated, “There was a lull in the number of new launches due to the pandemic last year, after witnessing impressive momentum over the years – developers were focused on completing and building their inventory. We feel that the rest of the year will see some big projects launching across the country. 

The upcoming festive season will also see developers introducing offers to attract potential buyers, capitalizing on receding fears of the virus, increased vaccination coverage, and the economy finally opening up. Despite the challenges prompted by the pandemic and the ensuing lockdowns, continued demand and positive consumer sentiments have reaffirmed residential real estate as the safest asset class to invest in.” 

“There has been a strong recovery after the 2nd wave in the real estate sector with excellent demand across the spectrum of offerings. With the festive season ongoing, we are seeing the past as well as fresh prospects. We saw a phenomenal response to our plotted development launches in this FY –  75% of Century Seasons sold in just a quarter while Century Greens is sold out completely. Our luxury projects are slated to beat their own past records this year. The need for larger homes in a good secure community, and the positivity that the festivals bring in, are all culminating in Grade A developers witnessing fantastic sales numbers.” says Maninder Chhabra, Chief Strategy Officer, Century Real Estate when it comes to post-covid sales recovery stats.

In order to entice more target audience to invest in real estate, Arun MN, Founder & MD, Casagrand claimed, “Project developers have evolved and felt confident in this year’s festive proceedings as they are giving bonuses like free furniture and simpler payment conditions to improve sales. Due to the waning of the second Covid-19 wave, and robust employment, developers are parallelly pushing several offers to improve growth as the minor price rise and historically low mortgage rates of 6.5-7% should keep the sales trend going this year. Buyers, who were unable to choose due to the lockdown, are now eager to complete the transaction during this time of festivities.”

“The senior living communities vertical within real estate is extremely bullish about demand in the festive season. The solution on offer, is a mix of real estate, hospitality, and health care and fulfills the needs of its target market. The lived experience of seniors residing alone and the anguish experienced by their children living away from their parents in the past 12 months has only served to highlight the benefits of residing in senior living communities.  There is a consequent uptick in demand – both for ready to move in communities and for those under development.” Said Mr. Mohit Nirula, CEO, Columbia Pacific Communities on fulfilling the increasing demand for senior living communities,

According to Ajay Kapoor, CEO, Adhiraj Constructions, “The real estate sector is witnessing a steady growth and has gradually started to flourish owing to capital investment and positive consumer sentiments. This festive season is an auspicious time for homebuyers to invest in the lucrative residential market. The start of the season has given potential customers various benefits like low interest rates, offers, and better return on investment, which has encouraged tremendous growth. Inclination towards an aspirational lifestyle with spacious homes, ample modern amenities, and vibrant views of green spaces has amplified the need for homes for a safe and secure living experience.

The realty sector is set to witness a strong uptick in demand this festival season. The gradual revival of the economy along with relief measures offered by the government like slashing down the stamp duty rates. low-interest home loans etc. will act as a catalyst for pent-up demand conversions, favorable buyer & investor sentiment, and overall growth of the sector. The industry has witnessed a spike in demand, especially in the residential segment post-June & I believe that these strong headwinds will deliver better numbers in the coming months” says, Mr. Prashant Solomon, MD, Chintels India & Hon. Treasurer CREDAI NCR

“People’s sentiments towards owning real estate are currently very strong as the pandemic has reiterated the emotional security associated with homeownership. A home, today has become the center of all activities, it has become a sanctuary, a place where individuals build memories with their families. Aspects such as apartment design and layout, light and ventilation, larger home format with extra space for activities, and proximity to amenities and facilities have all gained significant importance. The pandemic has also restated the need for responsible and sustainable living thus boosting the demand for green, environment-friendly and low-density living residential projects.

The all-time low-interest rates and various government initiatives have further boosted the real estate sector as a prominent asset class. The strong fundamentals will ensure a continued positive outlook for the sector during this festive season and we expect to see a significant uptick in sales in line with this,” says, KT Jithendran, CEO, Birla Estates

 Similar thoughts on a promising real estate festive outlook were shared by Mr. T Chitty Babu, Chairman & CEO, Akshaya Pvt Ltd  saying, “The outlook for the industry this festive season looks positive with a huge trend of pent-up demand in the market getting fulfilled post the second wave. The industry has always done well traditionally during festive seasons, and the aftermath of the pandemic has driven the momentum as people are now looking for bigger apartments and are even willing to make an immediate purchase in peripheral areas. This positive buyer sentiment and an uptick in inquiries is expected to continue post the festive season with the well-timed vaccination drives, low-interest rates on home loans, and good deals from the developers.”

Final Thoughts!

Festive season calls for an ideal time to buy properties in India. It is also associated with several traditional values and is a symbol of good fortune for certain people. It also includes refreshments in the form of special deals and offers from real estate developers.

This festive season is a good time to invest because home loan interest rates are at an all-time low (below 7%), developers provide various discounts and freebies with bookings, developers target fence-sitters, and stability in the market prices.

ALSO READ: Real Estate Terminology: Understanding The Real Estate Lingo!

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