Festive Fervour: Real Estate Demand Getting Boost This Time Without Big Promotional Offers, Say Developers – News18

Even as the real estate sector is witnessing a surge in housing demand, this festive season is expected to further boost realty activity. Real estate developers said the current quarter is strong in the realty industry due to festive demand. They also said that this time, considering the current market scenario where the supply remains manageable, developers are also not facing significant pressure to reduce prices through promotional offers.

Mohit Jain, managing director of Krisumi Corporation, said “Traditionally, the July-September period is the weakest for real estate sales because of monsoon and other factors, while the last quarter is strongest fuelled by festive demand. This year also, it will be no different. We are expecting a huge jump in housing sales this quarter driven by strong positive consumers’ sentiments post-COVID towards residential properties plus the festive demand. Builders on their part try to encash this sentiment by offering discounts and freebies during this period to boost their sales.”

Festive season in India has started today with the Dhanteras being celebrated on Friday, November 10. Diwali will be celebrated on November 12.

Sachin Gawri, founder and CEO of RISE Infraventures, said, “Considering the current market scenario, where the supply remains manageable, developers are not facing significant pressure to reduce prices through promotional offers. Simultaneously, the premium and luxury segments are experiencing robust growth.”

He also said all leading developers are getting 4-5 times subscriptions on new launches. There is no need for sales and promotional offers. “As far as the price increase is concerned, they have gone up 20-25 per cent compared to the last year. Premium and luxury housing will continue to exhibit healthy demand in NCR.”

Stating that the realty in NCR is on the rolls, Manoj Gaur, president of CREDAI NCR and CMD of Gaurs Group, said, “New launches are receiving enthusiastic responses. Even though the affordable segment took a slight beating, the premium and luxury segments continue to perform well, notably due to the country’s economic growth, the need for a large home and the aspirations to lead a better lifestyle. As far as price trajectory in the next 3-4 years is concerned, we expect it to go up by 50-60 per cent.”

Gaurav Gupta, secretary of CREDAI NCR, said NCR’s Q3 sales surged by an impressive 27 per cent year-on-year, buoyed by robust demand and balanced supply dynamics. The premium and luxury segments, fuelled by the country’s economic growth and the desire for large and lifestyle homes along with NCR’s infrastructural development, are expected to perform exceptionally well.”

Further, with the rising income levels, increasing urbanisation and the demand for luxury housing, we see the pricing appreciating by 50-60 per cent in the next three to four years, he said.