Real Estate Sector Set To Sparkle This Diwali Season – Here’s Why

The most-awaited Diwali season is finally here and every industry has started planning to go big this month, especially after the two back-to-back years of lockdowns and COVID-19 havoc. During the festive period, buyers prefer making big-ticket purchases as it is considered auspicious by a majority of people. Sales across all the sectors rise during this season due to obvious reasons and real estate industry is no different. Although, the Indian realty sector didn’t perform well in the second quarter of the calendar year, witnessing moderate housing sales – from about 99,550 units in Q1 2022 to about 84,930 units in Q2. However, the festive fervour came as a big push for both residential and commercial real estate. Defying all the odds like, excessive monsoons, and rising property prices and interest rates, the housing sales have gained momentum once again with as many as 88,230 units are sold across the top 7 cities in the Q3 2022. Since COVID-19-induced lockdowns have made people realized the importance of home ownership, more and more people have been investing in residential properties. To maintain this current momentum during the ongoing festive season, many developers have also rolled out lucrative launch offers which are being received well in the housing market.

Why sales soar in festive season?

Over the years, it’s been seen that the sales of all kinds of goods and services increase during the festive times. The same has been true for real estate industry as well. Several new projects launch during this period and homebuyers also want to conclude the deals on a day or a time window such as ‘Dhanteras’ or ‘Navratras’. 2022 is expected to be a great year for real estate sector in terms of sales. Buyers’ sentiments for residential ecosystem are looking promising and has set benchmarks owing to multiple macro and micro-economic factors. Construction of sustainable buildings, modern infrastructure and robust government policies – all these factors have given a major boost to housing demand. In the lieu of rising demand, the developers are coming up with ready-to-move segments for the new-age buyers.

Is this a right time to invest in real estate?

The answer is Yes. Many industry experts believe that Diwali month is the best time to buy a home for Indian buyers as they can get multiple offers, payment plans & discounts during this particular festive season. It is the time when real estate developers come up with their best projects in the market. Some developers also launch exciting offers in a bid to woo the buyers and push up sales in the stiff competition. With the surging demand of luxury housing in the recent times, developers have pinned great hopes for a robust growth in this Diwali season.