The festive season has already begun and with Diwali around the corner, the real estate sector, experts say, is all set to witness a boom in both commercial and residential property sales.
Owing to the positive sentiments in the market, property developers are confident that the sales momentum generated during this Navratri is going to pick up during Diwali and will continue to maintain its trajectory till the end of this year and beyond.
This comes at the backdrop of several industry reports suggesting that the residential and commercial sales along with new launches have shown significant growth in eight cities across India during Q3 2021. Further, homebuyers, businesses, and investors see Diwali as an auspicious time to start a new beginning by investing in real estate. Especially this year, the reason to invest in the real estate market goes beyond the traditional beliefs and has more to do with what the market has to offer. To lure prospective buyers, developers, marketers and financial institutions have come up with sparkling offers this festive season such as financial schemes, discounts, freebies, cashback, no EMIs, etc.

“People look forward to making good investment decisions during the festive season. It is a time when developers offer festive discounts to property buyers and investors. The rollout of several offers and schemes like zero stamp duty, furniture and home appliances, cashback, no EMIs, or lesser interest rates are common examples of such offers. Also, unlike the rest of the year, Diwali is considered to be the best time to invest in real estate because of the abundant availability of the new property. Developers also see this as an auspicious time to release property for sale,” said Mr. Rohit Garodia, Managing Partner, Pecan Reams.

Mr. Deepak Goradia- Vice-Chairman and Managing Director, Dosti Realty expressed similar sentiments. “The Post pandemic positivity in homebuyer sentiment has primarily led to momentum in sales. The combination of record-low interest rates being charged, a little more stability in the job market as it opens up, attractive property prices, and festive offers by developers are some of the reasons the market has picked up further.”
YouGov’s Diwali Spending Index, an indicator of spending propensity, suggests that out of the total people looking to invest in real estate, 72 percent are interested in residential property, 25 percent prefer commercial properties and as many as 38 percent will finance property through home loans and other means.
State governments across the country, to provide a sense of social belonging, acceptance, and promote homeownership, have gone the extra mile to roll out several policies in buyers’ favour. They are also working on creating robust infrastructures to bring major CBDs and financial districts close to residential areas.

To promote homeownership, Mr. Vipul Shah, Managing Director, Parinee Group said, “The governments across the country have rolled out policies like lower home loan interest rates, concession in stamp duty, and registration charges. Besides this, it is also spending on creating robust infrastructures like coastal roads, metro corridors, and highways that will cut down travel time and distance from major CBDs and financial districts to home to a significant extent thus the demand for real estate has grown significantly.”
Working-class professionals who receive impressive appraisals and bonuses on Diwali, to avail significant capital appreciation, tap on the various offers available to them and make use of this period for asset creation.
“The upward trend in the stock market, besides Diwali, has made people to move their gains from financial portfolios into safe assets like residential and commercial properties,” said Mr. Rohit Garodia, Managing Partner, Pecan Reams.
JLL, a property consulting firm, in its survey, has concluded that more than 80% of the prospective homebuyers are expected to make a move in the coming three months. Further, experts believe that the modest increase in prices and record low mortgage rates of 6.5-7% will keep the sales momentum up and strong.
Across the globe, the Covid-19 pandemic has compelled homebuyers and businesses to re-prioritise amenities as well as evaluate how they use their space. The paradigm shift is redefining the concept of home and offices in terms of both the requirements and the demographics. Homebuyers have expanded their checklist to include the concept of holistic living. They are now looking for properties that include additional multi-functional space, business centres, car charging facilities for EVs, etc. Developers are also working towards designing homes and projects that will reduce contact and touchpoints to assuage the fear of the Covid-19 virus among people.

“The Pandemic has made home buyers to re-prioritize amenities while investing in real estate. With this new trend, they are seeking amenities like elevators that are operated by the swipe of a palm, contactless delivery at homes, and security clearances for guests via QR codes, etc. So, whether it is within the building or what one gets within their flats, the demand for being in proximity of amenities available has grown,” said Mr. Aditya Kedia, Managing Director, Transcon Developers.
The festive season for the real estate market has no doubt kicked off splendidly and with the industry gearing up for a busy holiday season, Diwali this year will be a pleasant and lucrative one for property developers. Fence-sitters who were unable to make property-buying decisions during the lockdown are now willing to close deals before Diwali.