by Mr. Harshvardhan Tibrewala, Director at Roha Realty
The dawn of the festive season is all set to bring celebratory cheer, fortunes of opportune & inspiring shoots of recovery to the COVID-stricken realty sector.
The real estate sector, across all its verticals, have set its hopes high on the arrival of festivities to accelerate revenues.
Reports have shown significant signs of growth even as demands for residential properties have witnessed a substantial rise due to increased interest in better lifestyles, spacious homes & modern amenities.
According to a recent report by ANAROCK, despite many windstorms, residential activity in Q2 2022 remained stable across major 7 cities of India with a record of 84,930 units being sold during that period while new launches stood at 82,150 units, hinting an aspiring demand & tough resilience of the real estate sector which is said to expect a 20-30% growth this festive season.
Even as developers have increased the prices of properties & the RBI has hiked the repo rate by 140 bps, housing sales have shown a phenomenal trend with genuine buyers seizing home deals irrespective of any economic changes happening in the background.
This trend is said to be continued in the festive season as well due to the following reasons :
1. The pandemic has made ‘homeownership’ a sustaining priority amongst the millennials.
2. Despite three successive rate hikes by the RBI, interest rates continue to be lower than during the global financial crisis of 2008 when they went as high as 12% and above.
3. Several new projects with attractive brokerages, new schemes, exciting offers & discounted deals.
4. The market is filled with ready-to-move-in properties acknowledging the interests of eager home buyers.
With the festive season ringing bells of celebrations, both realtors & buyers have the potential scope of mutual success.