The festive season starting all the way from October and it is the time when home buyers or property investors are keen for new investments and purchases. Real estate experts & advisers expect sales during the festival season that runs from October to the end of December to raise as much 50 percent from a year ago.
Almost every economy around the world has contracted as a consequence of the Coronavirus pandemic and India has been no exception. The negative impact of the coronavirus has reverberated across many sectors including real estate, the second-largest sector in terms of GDP contribution to the economy. The Real estate sector shows that the second quarter indicates that new supply and absorption of existing supply have been severely impacted with both declining around 80 percent over the same time during the last year.
However, there is a number of reasons to believe that the worst is behind us. The sentiment survey has indicated that home buyers are cautious but optimistic. More than 85 percent of prospective customers intended to conclude their home purchase within this financial year, real estate is the most preferred asset and is ahead of assets such as gold, fixed deposits, and stock markets. Uncertainty in assets such as gold and stocks have played a huge role in customers, choosing real estate as the most preferred asset for over a third of the people surveyed.
The ongoing pandemic situation has also re-enforced the true value of their own house, feel safe within the confines of their own homes. As more companies move forward to the work from home concept, buyers are also looking to upgrade their homes.
Similarly, at the time of the festive season, there is a proportion of buyers interested in purchasing their own homes.
Based on the above-mentioned factors, there is a high expectation that sales to pick during the ongoing upcoming festive seasons. Signs of a hike in sales are already visible. The festive season could also see sales grow due to lucrative offers also interest rates and at last, this is the most prestigious time to buy property throughout the year. These early signs are the indication, this festive season is going to be the game-changer for the real estate sector and may unlock better sales.
Written By – Mukund Kumar Pandey
About Agrawal Builders: It is a premium real estate developing firm in Bhopal with a wide range of residential properties and beautiful amenities like a modern clubhouse, gymnasium, swimming pools, parks, and garden, etc.