Residential Real Estate Trends in festive season: Lifting the vibes like ATS By: WireDus, December 1, 2023
The festive season marks the spirit and zeal for everything new and is abuzz with all that is bright and happening. This also sets in a flavour for home buyers who wish to own their properties and embark on a fresh start while swirling in festivities.
Not to deny the fact that the country’s residential real estate market is an interplay of two integral factors: market sentiment and financial payoffs. Buying home even though a transactional decision, holds an emotive value for buyers. It is more of securing one’s future and embracing prosperity,
As we enter into an arena of discounts, special offers, exciting deals and much more, it becomes all the more important to choose what is right- It is always value offered over a longer period of time vs short term attractions. Developers eye this period to lure buyers by offering incentives in form of per square feet rate reduction, extra amenities, furnishings, innovative payment schemes etc. but as a buyer it is imperative to evaluate purchase decisions practically.
According to a recent CBRE report, residential sales recorded a 5% year on year increase during the first nine months of 2023, with over 2.3 lakh units sold in the same period.
Let us see how festive seasons shape up perspectives, skew up the graph and how buyers can capitalize and monetize gains to find their dream home.
Well informed and conscientious buying
Buyers today prioritize essential factors such as health, sustainability, safety and smart technology. Developers are facilitating residential complexes that are powered and underpinned by technology- smart homes, wellness and health benefits, sports facilities, well maintained indoors and outdoors and more that entice buyers to invest in the property. Additionally, a developer’s reputation also plays a key role in making this decision. Some of the other cornerstones that lay foundation for this purchase realm include a mix of affordable and luxury homes offerings, govt backed affordable home initiatives, capital appreciation potential, rental income influx, developer incentive and infrastructure growth.
With all these at play, buyers are more inclined towards making modern, contemporary choices- a comprehensive residential investment that is incumbent of all quintessential advantages.
Sentiment that is heralded by optimism, vigour and joy
This season sees a significant inrush of first-time homebuyers who look to finalize their purchases by end of the year or within the festive period by leveraging gains and incentives offered by developers. The premium and luxury real estate segments are assured to emerge as remunerative investment choices, particularly among high net-worth individuals (HNIs) and non-resident Indians (NRIs) looking to embellish their investments amidst any uncertainties.
Availability of finance schemes and tax benefits
Financial institutions- Banking and NBFC both look for avenues to attract buyers and avail the financial schemes offered to aid them in buying their own property. They offer low processing charges or a complete waiver, prolonged loan period, one time interest rate reduction by a few basis points etc.
Home loan EMIs play an integral role in swaying home buyer’s behaviour. Buyers’ with a serious intent are likely to stretch their budgets to buy homes that align with their aspirations, identity and lifestyle.
Investment that diversifies your portfolio
Buyers are caught between the aspects of owning your home vs rented accommodation. With the festive season swinging in, they tend to start on a home hunting spree. Real estate witnesses surge as many flock to make bookings and secure their dream properties. From a financial overview, real estate is a long term investment and is a golden addition to your portfolio of assets.
Even the second homes market has seen a positive traction post covid reaping I multitude of advantages such as an increased focus on health, heightened demand for spacious homes and substantial reduction in transactional charges.
Concluding it with a bumper offer
As the festive season unfolds, developers are bracing up new launches, new investment schemes, flexible payment options, lucrative deals, that converge to shape a buyer’s mindset and perspective.
Demand for spacious, luxury homes away from the crowd is gaining prominence and developers are leaving no stone unturned to match expectations and desires of these potential home buyers.