The festive season is here, and it’s not just about sweets, lights, and celebrations. It’s also the perfect time to consider investing in real estate. If you’re wondering why September and October are a great time for real estate sales, you’ve come to the right place. In this blog ” Real Estate Sales in Sep-Oct 2023 Festive Season”, we’ll explore the reasons why the festive season in 2023 is a golden opportunity for real estate transactions.
What is driving Indian buyers’ demand for buying real estate during the festive season?
Three factors primarily influence people to purchase real estate during the holiday season:
1) It is regarded as a fortunate time to make an investment in something worthwhile,
2) New construction projects are launched during this time, and
3) Real estate developers are known to offer enticing deals and incentives to draw customers to their projects.
Another factor that will boost residential real estate is the rise in importance of stability and security in people’s minds. The increased value of owning a home, supported by consumer confidence in the overall economic situation, has been a major driver of housing demand.
“The Indian festive season is the best time to invest in wealth-generating assets, and this trend has led to it becoming the annual high point for residential real estate”, said Rohit Singh, VP Sales of 100 Yards.
It could be stated that this season is more appealing due to an improvement in market sentiment and an economic boom. However, when making an investment in real estate, buyers should take more than just the most appealing deals into account. They should also think about the developer’s reputation as well as the project’s location, ability to be executed, and amenities. The industry is expected to enter a new phase of steady growth as we move forward, which is encouraging for those looking to invest at this time of year.
How will the Real estate look like during this Festive season?
Builders Offer Benefits In Addition To The House:
Builders will be more flexible and present slightly more reasonable offers. In order to make the deal more appealing for the buyers, they are likely to reduce the price of a property. In addition to these, builders may provide extra advantages like free parking, maintenance, gold coins, or lucky draws to persuade customers that they are getting a good deal.
Interest Rates Will Decline:
The direction of interest rates depends on how the market performs. The situation is different during the festive season. In order to draw in potential buyers, banks and NBFCs will be on high alert and offer interest rate reductions. In addition to lowering the prices, they might also provide deals with no processing fees or instant approvals.
Rise in the Number of Pre-Launch and Ready-To-Move Projects:
Even though India is still largely a secular country, most of the decisions made here are still influenced by religious beliefs. One time when religious sentiments are especially strong is during the festive season. This is another reason why developers frequently time the beginning of their launches or their availability of ready-to-move homes to coincide with the start of the festivities. So, in the next few weeks or so, you are likely to see this number rise significantly.
Reasons why people prefer to buy real estate during festive season are as follows:
Easier Negotiations
During the festive season, real estate sellers are often more inclined to negotiate. They understand that buyers are actively seeking deals, and they are more open to discussions regarding pricing and other terms. This means you can potentially strike a better deal during this time.
Favourable Interest Rates
As discussed before, banks and financial institutions often offer competitive interest rates and loan schemes during the festive season. These lower interest rates can make your home purchase more affordable and your monthly EMI payments easier on your pocket. Be sure to check with multiple lenders to find the best deal.
Tax Benefits
Buying property during the festive season can also have tax benefits. You may be eligible for deductions on your home loan interest payments under Section 24 of the Income Tax Act. This can result in significant savings when it comes to your overall tax liability.
Positive Market Sentiment
The festive season brings a sense of optimism and positivity. People are more motivated to make big decisions like buying a new home. This positive sentiment can translate into a healthier real estate market, with more buyers and sellers actively participating.
Rohit Singh, VP Sales of 100 Yards, anticipates a 20%-30% growth as compared to the previous year, and he expects a strong demand in real estate in the next few weeks.
Conclusion
In conclusion, the festive season in September and October 2023 presents a unique and advantageous opportunity for real estate sales. The holiday season will not only bring joy and cheer to millions of Indian households, but it will also likely add the much-needed support to help our economy get back on track. It’s the perfect time to make your dream home a reality. Don’t miss out on this golden chance to invest in your future and create lasting memories with your loved ones. Happy house hunting!
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Tags: Famous Residential Properties to Buy in North Bangalore, The Best Residential Plots and Apartments for Sale in Bangalore