The Indian residential real estate market mainly depends on two factors: market sentiment and the financial impact on buyers’ pockets. Both of these factors have a clear impact on home buying decisions. Even though the NBFC sector is in crisis because of COVID, the residential sector has shown good results during the festive season. Similarly, this festive season is also expected to bring good momentum to the residential real estate sector. Especially in the fourth quarter (October–December), developers, banks, and financial institutions announce various offers.
While developers are cashing in on the festive season by announcing discounts, providing convenient payment options, and reducing floor rise charges, financial institutions are wooing buyers with announcements such as reduced processing charges and a one-time interest rate reduction. Despite all this, buying a home can be an emotional experience for everyone.
“As Q4 is usually a festive season, more people tend to buy houses during this time. At the same time, discounts and interest concessions also attract buyers. This quarter alone accounts for 40 percent of annual residential sales. Sales so far in this quarter have already overtaken sales in Q4 last year. Based on this, by the end of this quarter, there is a possibility of additional 20 to 30 percent sales,” said Badal Yagnik, CEO of Colliers India.
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