The festive season is in full swing. Indians have only recently phased out of Navaratri and are all set to celebrate Diwali in November. Along with the customers, real estate players are also putting up their A-game. Several top Indian developers and realtors are set to launch new and exciting projects to capitalise on the festive market fully.
With as many as 711 residential projects already launched in Q3 2023, the stage for new lots has been set. Attractive offers like giveaway gold coins on property purchases, flexible payment options, free parking, gifted vacations and much more dominate the festive season to attract more buyers.
A quarter of annual real estate sales are carried out during the festive season. Customers consider it an auspicious time to make investments, while developers aim to make the most out of spiking demands. The latest numbers are doing all the talking. Here’s what data is telling us.
Tremendous Growth During Navaratri
Real estate developers and dealers must be thanking the Goddesses a little extra this Navaratri. Multiple Indian cities have recorded exponential growth in transactions of residential properties this year. As per reports, the city of Mumbai recorded a 37.4% year-on-year (YoY) growth in property registrations during Navratri. 4,594 units were registered from October 15, 2023, to October 23, 2023, compared to the 3,343 units the previous year. While the first two weeks of October garnered only 181 crores, a whopping 435 crores of revenue was achieved only during the nine days of Navratri. This jump in revenue is a staggering 139% increase.
Similar developments were noted in the cities of Hyderabad, Bengaluru and others. After a minor slump recorded during Shraadhs, the 9 days of Navratri soared property transactions at lightning-fast speeds. This growth is likely to continue till mid-December of this year.
Housing Trends in Q3 2023
Overall, residential transactions have gained favourable momentum in the third quarter of this year. From July to September, a 12% year-on-year (YoY) growth was recorded in terms of an increase in sales of residential units in the top eight residential markets. Volume-wise, 2023’s Q3 has resulted in the highest quarterly sales in as many as 6 years.
Recent trends indicate an increased interest of the buyers in the premium segment (properties valued higher than 1 crore) followed by the mid-end segment (50 lakh to 1 crore). While the affordable housing segment (less than 50 lakh) recorded significant drops. All in all, Q3 lights all the green signals towards the real-estate industry ending this year on a high note.
Now is The Time
Top real estate players aim to cater to this rising residential demand by launching newer projects. The festive season is the perfect time to beat the soaring property prices with special discounts, easy payment and other offers. As Diwali approaches in the chilly weeks of November, these positive surges indicate a prosperous festive season for buyers and developers alike.
