30 Second Summary
- With festive seasons already at doorstep to cheer up the religious spirit of people, the real estate market in post-Covid-19 hit India is unsure if the unsold inventory in residential segments will see positive revival during the religious days like Navratri, Durga Pooja and Diwali.
- The mainstream ideology is all praise for these seasons, saying they are a harbinger of resurgence in the realty market.
- Most fence-sitters make priority of buying homes during these periods, probably in anticipation of having cheaper deals.
With festive seasons already at doorstep to cheer up the religious spirit of people, real estate market in post Covid-19 hit India is unsure if the unsold inventory in residential segments will see positive revival during the religious days like Navratri, Durga Pooja and Diwali. The mainstream ideology is all praise for these seasons, saying they are harbinger of resurgence in realty market. Real estate’s sentiments during festive seasons are at fever-pitch, as most believe so.
This is because the festive seasons are clarion call for builders to doll out a host of freebies, discounts and subvention schemes to motivate buyer’s sentiments. In what seems to be the complete win-win outcome for builders and buyers on firsthand analysis, the strategy to doll out tantalizing freebies and flexible payment plans during festive season is likely to bring forth positive surge in realty market, keeping the fact in mind that most fence-sitters make priority of buying homes during these periods, probably in anticipation of having cheaper deal.
However, the approach realistically seems vague considering home loans and prices of properties are of pivotal importance for a buyer. Hence, it is very important that they are affordable to the comfort of buyers. After all, home buying in festive season for a common buyer is not like a game of children. It is rather a very crucial and delicate process involving huge finance, deep emotional and mental pressure to finally reach at a conclusive decision.
From the perspective of common homebuyers, relaxed prices of residential projects, cheaper home loans, properties at ideal locations and realistic offers from builders are sorts of “deal-maker” factors. They influence buying decision of customers considerably. So, at the end of the day it is a builder and banking institutions taking responsibility for creating positive scenario for people to purchase homes.
The mainstream concept says festive season bears an aura of auspiciousness. Hence, a home bought during this period is supposed to invite peace and prosperity to the newly bought property. While this may be true based on the devotional ground of religious buyers, on realistic ground, buying a home is entirely subjected to a homebuyer’s personal decision based on his/her current financial condition, preferences and other factors that he will likely to take into consideration prior to striking the deal.
At the end of the day if all the factors related to buying a home seem satisfactory for the buyer, there is fair chance that he will feel motivated to buy the property. Meanwhile, subventions, flexible payment plans, discounts and freebies are allied factors that considerably influence or rather motivate a buyer into buying the property.
No positive sentiment will emerge in want of these things. Most builders desire to cash on the festive seasons, but until and unless buyers feel motivated and their needs at the edge of patience, hoping for positive growth is just the figment of imagination. Sentiment is not dependent on festivals alone and it is likely to wane or float up depending on the treatment of homebuyers to the satisfaction of their self-centered interest. That said, buyers these days are informed about the status-quo of any pre-launch or launched projects and so can’t be influenced otherwise through tantalizing advertisements or offers until and unless their interests are well-served.
As expected, this festive season will also witness builders offering a slew of tantalizing schemes aiming to mount up market’s sentiment. But success of these ad campaigns will largely depend on how tactfully they serve discretion of homebuyers. This means buyers and their satisfaction will remain fulcrum of whether sentiment float up or slum down. Hence, realty players need to focus on affordability, which is a very crucial aspect and priority not to be ignored.
However, affordability alone is not the ultimate factor influencing the decision of a homebuyer, but rather host of considerations such as location, design, interest rates of home loans etc. Based on these factors, there is strong likelihood of sentiments taking upsurge if they sound good to buyers. That said, buyers and their priorities need to be served at any cost.
Reasons To Buy a Property During Festive Season 2021
Home loan interest rates are at record low levels.(below 7% per annum).
Positive sentiments associated with purchasing a property during an auspicious period.
Significant correction in property prices.
Ample availability of ready-to-move-in units across segments and cities.
Reduction in stamp duty rates in several states.
Discounts, freebies, flexible payment plans, etc., being offered by many developers
FAQs About India’s Real Estate Market In Post Covid-19?
What is the future of real estate after covid-19 in India?
The real estate industry has been recovering from the COVID-19 setback in a hurry. There has been a renewed sense of enthusiasm in the industry insiders with home buyers showing interest in property purchases after a significant pause for almost two years. According to a statement released by the Indian government, the real estate industry is expected to touch the $1 trillion mark by 2030, which is a huge achievement for an industry that had come to a standstill just a few months back.
How much covid-19 had an impact on the real estate industry?
The impact of the COVID-19 pandemic has been unprecedented on the real estate industry. Such has been the impact that all kinds of property transactions came to a complete standstill for months. Extended lockdowns, curbs on construction activities, and loss of income in a large section of the Indian population resulted in no purchase. But things seem to be improving and the industry is hoping to make a comeback really quickly.