The developers said the pandemic has reaffirmed the importance of home ownership and has met demand for spacious homes with the best-in-class amenities.
âWith people confined to homes in the new normal for a long period of time, the demand for homes with state-of-the-art equipment will undoubtedly catapult into the holiday season. Looking ahead, we have low-rise developments with all the advantages of a condominium, âsaid Pankaj Bansal, director of M3M.
In the commercial segment, M3M offers pre-lease investment opportunities.
The decline in the second wave and the upturn in economic activity helped fuel demand for residential real estate. In order to increase consumer spending, banks offer interest rates for home loans between 6.5% and 6.9%.
âThe holiday season always sees a marked increase in inquiries. We are confident that this festive atmosphere will provide a huge boost to sales and inquiries, âsaid Ashish Sarin, CEO of AlphaCorp.
According to industry reports, the NCR market is expected to see nearly 16,000 new units in the festive quarter with growth of over 50% from the first half of 2021. In addition, the season will also end uncertainties in the market. market caused by the pandemic.
âWe expect the holiday season to set the tone for sustained demand in the residential segment in the coming quarters. Industry initiatives will develop the roadmap for real estate growth, âsaid Ashok Kapur, President of Krisumi Corporation and Krishna Group.
Personalization and sustainability have become key undercurrents in the residential real estate segment.
Mapsko Mountville, a project located in Sector 79, Gurugram has seen an increase in inquiries during the holiday season.
âThe Indian residential real estate market is expected to see strong demand for apartments, self-catering floors, villas and land during the upcoming festival season. A strong recovery in the country’s economic growth under the current taxation, historically low interest rates on home loans and lucrative festive offers from developers as well as financial institutions will be the main drivers of housing demand â said Dhruv Agarwala, Group CEO, Housing. com.
With house prices having remained stable over the past few years, this is a good opportunity for end customers and investors to enter the market and purchase residential properties.
âThe real estate market has seen its share of ups and downs after the pandemic and we are banking on the holiday season, which begins in October, will bring joy to the segment. In terms of sales, 2021 has been a tremendous year for developers, âsaid Aditya Kushwaha, CEO and Director of Axis Ecorp.
Despite the second wave, there was a 67% jump in sales in the residential real estate sector in the first half of 2021.
âWe believe that this dynamic will continue and in the coming months there will be a 30 to 35% jump in sales. Factors such as low bank interest rates, reductions in stamp duties in some states, demand for larger / spacious housing to accommodate working from home have all helped drive sales in this industry, âKushwaha said. .
The wide range of products in line with current requirements will direct the real estate vessel towards a path of recovery.
âWe expect sales to overtake pre-COVID festive buys due to increased buyer / investor awareness of the financial viability of real estate assets. The signs are clear, with sales numbers peaking after June 2021, âsaid Navdeep JP Sardana, founder of Elite Landbase Pvt. Ltd.
In the aftermath of the epidemic, the real estate market is experiencing favorable sentiment from buyers and investors. From June 2021, when states began the process of phased opening, home sales and the number of new launches increased.
For the holiday season, Migsun Group, Gulshan, Gaurs, TDI Infratech and Signature global have offered various offers.
âWe expect a good turnout from buyers and investors during the festival season; the market has opened up and people are looking for good deals. The next few months will cover the April-May 2021 slowdown, which was already evident from June 2021, âsaid Uddhav Poddar, MD, Bhumika Group.
According to reports, sales in the housing segment jumped 113% in the top 7 cities even as prices rise in September. This dynamic should continue over the next Christmas and New Year celebrations.
âNot only will there be exciting launches to look forward to, but the developers will also present lucrative offers to consumers. To sweeten the deal, developers will not only have to offer discounted prices on properties, but also come up with options that don’t require a high upfront payment. Another good option would be to offer multiple payment options to potential buyers, âsaid Vinit Dungarwal, director, AMs Project Consultants Pvt. Ltd.
Certain sectors such as vacation homes, luxury homes and affordable housing will continue to outperform.