WHAT HAVE BEEN THE BUYER'S SENTIMENTS DURING FESTIVE SEASON?
Many first-time home buyers, as well as experienced buyers, prefer investing in properties during this time. There is an upward swing in sales, benefitting the entire real estate fraternity. Festive season is an encouragement for home buying as usual and despite any situational factors like a price rise etc, the season sets the tone for home buying. Moreover, during this time developers come up with celebratory offers and the market gets filled with optimistic sentiments. For instance, on Dhanteras, buying Gold is considered auspicious. Therefore, to leverage this sentiment, we offered gold coins apart from the significant discounts and freebies this festive year, as a way to convert enquiries into sales.
WHAT ARE THE CURRENT CHALLENGES FACING THE REAL ESTATE SECTOR?
Despite the growth, India's real estate sector faces various challenges. For instance, steps must be taken to expedite the completion of many impending real estate projects, be it government-funded or private housing colonies. Furthermore, the rising cost of raw materials has resulted in the rise in cost incurred by developers, thus pushing up prices. Additionally, to accommodate the growing population, the government must accelerate infrastructure developments in Tier II & Tier III cities. Banks and financial institutions too, must focus on Tier-II & III cities to make home loans more accessible to homebuyers.
AS PEOPLE BECOME MORE AWARE OF THE IMPORTANCE OF HOME OWNERSHIP, RESIDENTIAL REAL ESTATE IS POISED TO EXPERIENCE REMARKABLE GROWTH OVER THE NEXT 2-3 YEARS. MOREOVER, WITH HOUSING PROJECTS IN DEVELOPING CITIES GAINING MOMENTUM, OWING TO ATTRACTIVE PRICING AND EXPANDING SOCIAL INFRASTRUCTURE, TIER-II & III CITIES WILL EMERGE AS REAL ESTATE HOTSPOTS.