Diwali 2023, Home Buying: Here's How Experts See This Festive Season To Drive Real Estate Market

Apart from buying physical gold and investing in the stock market, demand for purchasing properties is also high during the festive season. With the onset of the Diwali festival, experts believe there will be a major uptick in buying new homes especially since RBI has kept the repo rate unchanged since the start of FY24, which makes home loans attractive. It is also expected that real estate developers may give attractive offers and discounts to help home buyers in making meaningful and promising purchases.

Diwali festival began with Dhanteras on November 10 and will be celebrated for five days across cities of India. The festival of light will end on November 14th. Real estate make is a long-term wealth-creating investment option which offers high potential growth, and security and produces ongoing passive income.

Here's what experts believe this Diwali season will drive the realty market:

Bhavesh Kothari, Founder & CEO, Property First:

Property sales every year will see a major uptick during the festive season due to the auspicious dates, festive offers and sentiments. We are already witnessing enquiries coming in and we are positive that bookings will be good across the segments. This year's festive season is even more special since the demand for housing has been more than ever in the last many years and RBI has just announced that the repo rate will remain unchanged. This will boost the buying sentiment. Besides festivities will unlock additional offers on bank loans as well as builders, thus creating an active movement in the market.

Angad Bedi, Managing Director, BCD Group:

As always residential sales will get a good spike during the festivities and given the market condition, developers have all the advantages at their disposal.

The residential segment is currently bullish with a good balance between demand and supply; hence builders are in a position to walk the extra mile in terms of giving great festive offers. During this season BCD group is offering assured rentals for homebuyers for 2 years at 7 percent. As a part of the one-time special offer, buyers will be given guaranteed rentals on their purchases. In the luxury segment, some developers may also give offers like discounts on premium amenities, retrofits, furnishings, and appliances to attract homebuyers. At the end of the day, this season is going to be a win-win for both buyers and builders.

Yasha Saraf, Co-Founder of ArisUnitern RE Solutions

There are a lot of exciting things on the cards this festive season and the builders are geared up to make the most of the season. With a lot of good projects launched across the country, builders will try to clock in maximum bookings, and to do so, they will float attractive offers. It will be an incentive to the already positive homebuying sentiment as a lot of buyers plan for their big purchase during this auspicious time. This decision is driven by emotional value, rooted in our culture, hence it is a great opportunity to tap into the emotional aspect of home buying. Accordingly, marketers can enhance brand awareness, equity, and customer loyalty by rolling out focused campaigns to influence the emotions of potential buyers. During the festivities, developers should rely on creating a stronger emotional connection between the buyer and the product, making the purchasing decision more meaningful and memorable. Besides, offers in the form of cashback, foreign trips, and special discounts will be the major highlights of this festive season.

Kishan Govindaraju, Director, Vaishnavi Group

Just as festivities are a time of celebration and making new beginnings, it is also a time for owning a new home. The festivals of Dussehra, Deepavali and Akshaya Tritiya are considered the most auspicious times for purchasing property and as a real estate developer, we are committed to assisting our customers in finding the perfect home for their needs.

As we leave behind reminiscences of the pandemic and move ahead, we are sure that property sales will register new heights in the ongoing festive season. The pandemic has demonstrated the need for living in a secure and hygienic environment and only one's own home provides the necessary safety. We have seen an unprecedented urge among people to buy a home for the security of their family members and what better time for them to fulfil this desire than the festival time.

Disclaimer: The recommendations made above are by market analysts and are not advised by either the author nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.