New Delhi [India], April 13 : Real Estate developers are avoiding festival offers this season because of high demand and quick sale of projects. During COVID and the slowdown in the real estate period when there was an oversupply of inventories, builders used to give various incentives like free registration, TVs, ACs, cars and even foreign trips for booking/buying flats.
The situation has changed now, recently Godrej properties sold its Gurugram project "Gold Zenith" having 1050 flats worth Rs 3000 crore in just 3 days.
Similarly, In January 2014, DLF sold its 1,113 luxury apartments in Gurugram worth Rs 7200 crore within 3 days of its pre-launch offer.
In March last year, DLF sold its other project in Gurugram having 1,137 luxury apartments, priced at Rs 7 crore and above for over Rs 8,000 crore within three days.
Niranjan Hiranandani, Managing Director, Hiranandani group, said, "Housing demand has definitely picked up and during festival, sales grew by 3-4 times, "It is an auspicious time, and many sources get recorded, documented and closed during this time. People try and close the transaction during this time and sales are much higher during this period. The number of sales we close at these good times, at least 3 times or four times more is expected as compared to the rest of the year."
With the onset of the festive seasons in April, industry experts say with certitude that home buyers and property investors will be gearing up to invest in residential as well as commercial real estate purchases.
Elucidating his feelings, Amit Gupta, Director, of Orris Infrastructure, said "Chaitra Navratri particularly serves as a powerful motivator for investors to consider allocating funds towards commercial real estate assets. We expect a 20 per cent to 30 per cent increase in sales during this festive time."
Dushyant Singh, Director, Orion One 32, added, "Investing in commercial properties during festive seasons can be a strategic and healthy decision for home buyers seeking to diversify their investment portfolios."
Property prices have substantially gone up after COVID, despite that Prop Tiger's quarterly report 'Real Insight Residential - January-March 2024', suggests India's residential sector witnessed a booming demand during January-March (Q1 2024) as home sales rose by 68 per cent to Rs 1,10,880 crore from Rs 66,155 crore in the corresponding period of 2023.
In Delhi-NCR, home sales saw a YOY increase of 184 per cent in Q1 2024 compared to Q1 2023. With the onset of the festive seasons in April, industry experts say with certitude that home buyers and property investors will be gearing up to invest in residential as well as commercial real estate purchases.
Neeraj K Mishra, Executive Director, Ganga Realty, says, "We are expecting a 30 to 35 per cent increase in sales in April owing to the Chaitra Navratri festival than what we normally expect at other times. Festival seasons are viewed as appropriate times for making financially frugal investments in real estate, particularly, homes."
In India, consumers prefer making big-ticket purchases during festive seasons, as it is considered auspicious. Sales of all kinds of things including cars, gold, and white goods soar during festivals, including those of real estate.
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