This festive season is critical for the real estate industry, and it is expected that the housing sector would perform exceptionally well in the next quarter. Realty developers believe that this year’s festival season should be a good one for Indian real estate, with near-record sales. Builders expect robust business with a host of new launches planned between now and the end of the year. While the new launches were supposed to start in the second week of October, they have been pushed back due to increased interest from homebuyers.
In residential real estate, this festive season appears to be much more exciting than usual because demand for homes has increased owing to Covid, real estate developers are betting big on this festive season and have planned up launches to assure enough supply.
According to developers and industry updates, the pandemic has emphasized the importance of homeownership and fuelled demand for large homes with top-of-the-line amenities. With people being confined to homes in the new normal for a long period, the demand for homes with ultra-modern amenities will undoubtedly propel in the festive season which will be a set tone for strong residential demand in the coming quarters. The industry’s activities will create a road map for real estate development. On the other hand, NCR market will witness approximately 16,000 new units in the festive season, representing a 50% increase over H1 2021 which will bring an end to the market’s uncertainty caused by the pandemic.
Mr Pradeep Aggarwal, Founder & Chairman, Signature Global Group & Chairman – National Council on Real Estate and Housing, ASSOCHAM said, “Now the covid-19 cases are under control and the vaccine push has reached a more acceptable saturation point, we expect both demand and supply to increase throughout the festive season.