Amid four repo rate hikes and rising property prices, the real estate sector has its eyes set on the festive season purchases to sell unsold inventories and create buzz around new project launches. Defined as a profit-making season for the real estate business, it holds even more relevance after the Covid lull to make up for the losses incurred during the pandemic.
Many would argue whether the property markets have revived post the Covid downturn and market slump. The answer to that would be a yes. Residential activity has picked up very well, with sales of units growing from one quarter to the next. The robust pre-festive momentum will be continued in the festive season as well.
Mr. Prateek Mittal, Sushma Group, said, ““The festive season has elevated demands for high-quality homes and branded homes. Buyers are making a headway to the markets with aspirations to make their dream homes a reality. The festive season always sees a marked uptick in enquiries. We are confident that this festive season will set the pace for buoyant demand in the real estate segment in the upcoming quarters.”
Talking about the new offer, Mr. LC Mittal, Motia Group, said, “Market sentiments are buoyant and is flooded with new property buyers. Nowadays, buyers are educated and have an idea of an opportune time to make land or home purchases. Motia Group has always recognised the demand of our customers and has come up with an offer to offer discounts of up to 4 lakhs on basic selling price and gold coins on every booking in our mid-luxury project, Harmony Greens.”
Tier 1 and Tier 2 cities have witnessed a cumulative spike in demands for the pre-festive and ongoing seasons. While luxury has emerged as buyers’ favourites, mid-luxury and affordable segments are also redeeming their pace, banking on low investment costs and additional benefits.
Mr. Tejpreet Singh Gill, Gillco Group, said, “Festive seasons are perceived to be auspicious times to start new beginnings whether it’s home or any other asset investment. Gillco Group has also been witnessing a hike in demands for various projects in which we have provided additional offers and benefits. It is being seen as a value-for-money investment, which will bring greater returns in future. Real estate has always toppled all other classes in terms of giving higher and more profitable margins at times of need, crisis, and any other situation. Post-Covid, it has also hit people’s realisation.”
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