New Delhi, 18th September 2023: The Indian festive season has always been the annual high point for residential real estate. The festive season of Navratras, Dussehra, Dhanteras and Diwali, is that time of year when home buyers opt for high-ticket purchases, which provides a significant boost to the real estate sector.
While the last decade has seen a slowdown of sorts in the real estate sector, this year has shown stupendous growth of the sector in the first two quarters, which is clearly expected to go up in the festive times ahead.
In a recent survey conducted by R&R, an independent research wing of Rise Infraventures Limited, to understand the festive sentiment this year, it was clearly indicated that the real estate sector is expected to witness a significant rise in demand for residential real estate, thanks to the flurry of options available now in Delhi-NCR.
Vishesh Prakash of R&R By Rise Infraventures, says, “In the survey conducted recently on potential real estate buyers in Delhi-NCR, the findings clearly highlight the fact that the Delhi-NCR realty is going to surprise one and all with growth beyond everyone’s expectations during the festive period. The mood of the buyers clearly points towards great times for the residential real estate segment, with Gurgaon on top of the list of preferred hotspots, followed by Delhi and Noida. As the country gets ready to get back to the furious growth path, an overwhelming number of buyers indicated that they can’t wait to take first steps towards buying home during the festive season, considering the auspicious value attached to buying during this period.”
A large number of home owners also indicated they are looking to upgrade to bigger and better homes, with focus on mid-segment and luxury segments. The survey clearly points towards an emergence of a real estate buying class that’s making home buying an intrinsic part of their festive investments, with majority of buyers ready to spend anywhere between 1-2 Cr. Looks like great times are roaring back!
KEY HIGHLIGHTS:
· Residential real estate market showing bullish signs ahead of festive season
· With suited economic growth, the mid-segment and luxury segment to witness higher demand in the festive season
· Buyers’ mood upbeat as they look at making festive investments in residential real estate
· Gurgaon emerging as the dream destination for buyers, followed by Delhi and Noida