Time to celebrate
The Hindu
Festive season in India boosts housing sales, with attractive discounts, freebies & gifts. The Mumbai Metropolitan Region is the biggest market. The premium segment is growing at an accelerated rate. However, interest rates can decelerate momentum. The government should come up with sector-specific incentives.
In India, the festive season that starts from October is marked by a windfall for housing sales. Where home purchase is one of the most important decisions, it is natural that many buyers prefer to buy during the auspicious time. Besides, emotional attachment, prudent investment choices also define buying choices.
The festive season in India witnesses a plethora of attractive discount options and freebies, which further fuels housing demand. Many developers give attractive discounts alongside other financial incentives such as easy payment plans, free clubhouse membership, parking slots, and much more. Likewise, the market is fraught with a slew of gift options such as international trips, jewellery, electronic appliances, smartphones, etc.
Past trends indicate an uprise in sales during the festive season, further underlining the importance of the period for the overall industry. As per Anarock data in the seven major metros, housing sales crossed 88,000 units during the extended festive quarter in 2022. This was a significant 4% Q/Q jump compared to the previous quarter, where the total sales registered was a little less than 85,000 units.
During the same period, to match the growing appetite, most of the leading developers came up with aggressive new launches. As per the report, during the same period, the total sales volume amounted to 93,500 units, jumping by 14% on a Q/Q basis.
Mumbai Metropolitan Region is generally the biggest market in terms of sales followed by other cities such as Bengaluru and Hyderabad.
Around 35-40% of the sales are directed towards the affordable segment (₹40 lakhs and below). The premium segment (₹1.5 crore and above) is the second largest segment, with a sale close to a quarter of the overall volume.
It is noteworthy that there is a visible shift in the Indian housing demand, with momentous growth in the premium segment. Though the overall market is still skewed towards the affordable and lower-middle-income segments, the premium categories are also growing at an accelerated rate.
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