ANI - Festive Spirit brings Cheer to the Indian Realty Market
Festive Spirit brings Cheer to the Indian Realty Market. By ANI and others
Festive
Spirit brings Cheer to the Indian Realty Market
ANI
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A gated township in New Gurugram
New Delhi [India], October 20 (ANI/NewsVoir): India’s real estate sector is witnessing momentous growth after a two-year slump. An industry report revealed that with economic activity in full swing, housing sales jumped two-fold across seven major cities in Q3 of 2022. The sector is likely to witness healthy growth in the fourth quarter as the festive season has already infused the positivity in the market further strengthening the sentiments.
Let’s look at what real estate developers are saying about the festive season and what they anticipate for the final quarter of 2022.
“The festive quarter seems to be extremely good for the real
estate developers. Irrespective of the change in repo rate by RBI, the
sentiments of customers and investors in the residential sector are only
becoming more aggressive. Certainly, there is a spike in the customers’ demand
for the luxury residential segment. Our recently launched ‘M3M Capital’
residential project in Sector 113, Gurugram, has also been receiving tremendous
response and has recorded Rs. 1200 crore sales during Navratri itself,” says
Pankaj Bansal, Director, M3M India.
To capitalise on the positive sentiments during festivals,
developers roll out exciting offers and flexible payment plans for buyers and
investors.
“The festive season is an opportune time for homebuyers and is
expected to see a marked uptick in inquiries and sales. We have an omnichannel
approach where we are using both traditional and new-age mediums to put our
vision across to potential homebuyers. We at Alpha Corp are gearing up to offer
significant discounts and freebies to give homebuyers an added incentive and
help convert enquiries to sales,” says Santosh Agarwal, CFO and Executive
Director, Alpha Corp.
With economic activity picking up, the demand for commercial
real estate in India is also skyrocketing. Besides, retail leasing in India
grew by 166 per cent Y-o-Y, crossing 1.5 million square feet.
“The festive season is considered an auspicious time to invest
in property, and the sector witnesses a variety of lucrative deals and offers.
Trehan Iris has also rolled out a special investment scheme for investors and
buyers interested in investing in Iris Broadway Greno West. We have launched an
exclusive investment scheme under which, the investment starts at Rs. 25 lakhs
and gets a 12 per cent assured return from day one. The scheme has an 18-year
lease guarantee. We are also giving an assured gift worth Rs. 25,000 on every
booking, as a token of appreciation for the sale of each buyer/investor,” says
Aman Trehan, Executive Director, Trehan Iris.
Because of the high cost of raw materials, property prices in
India are showing an upward trend. Homebuyers are also aware of the rising home
prices; thus, they want to grab the best deal that developers offer during the
festivities before prices rise further.
“Due to the constantly rising price of residential real estate,
as well as the increasing demand for spacious homes, homebuyers understand the
need to lock in the best deals as developers have come up with festive season
sales and lucrative offers. The real estate scenario has strengthened in the
past few years for all those developers who have a legacy of delivery and have
launched products according to the market demand. The festive quarter will only
bolster its momentum,” says Ashok Singh Jaunapuria, MD and CEO, SS Group.
Owing to the religious sentiments in India, it is believed that
property investments made during auspicious occasions bring good fortune.
“At the onset of the festive season with Navratras, the real
estate market was hopeful of a cheerful festive quarter ahead as the market
sentiments were soaring high and it continues to be in a buoyant space. Buyers
and investors across the residential and commercial sectors are upbeat owing to
the strengthened market sentiments. The festive season augurs well to further
push the sector’s growth. Given the current positivity and upbeat market
conditions, real estate players believe this festive quarter is likely to
witness new growth numbers,” says Kaustubh Chandra, Manager, Marketing and
Leasing, Brahma Group.
Backed by the pent-up demand, the last quarter of 2022 is likely
to end on a high note.
“As people come together to celebrate the festivals this festive
quarter, after two years of the pandemic, the housing market is already
witnessing a surge in demand for more spacious, greener, and luxurious homes,
with more buyers taking the plunge into home ownership. The real estate market
will likely enjoy a successful quarter with things getting back on track after
the pandemic and the festive spirit driving realty sales in full swing,” says
Vinay Wadhwa, General Manager – Sales, Vatika Limited.
This story has been provided by NewsVoir. ANI will not be responsible in any way for the content in this article. (ANI/NewsVoir)
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3. The Asian Chronicle - theasianchronicle.com
4. Lokmat Times - lokmattimes.com
5. New Kerala - newkerala.com
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7. NDTV - ndtv.com