Festive season fuels surge in India's real estate market, driven by infrastructure projects and buyer incentives
Oct 23, 2024
New Delhi [India], October 23 : As the festive season approaches, India's real estate market is experiencing a significant surge, propelled by a combination of large-scale infrastructure projects, buyer-friendly incentives, and an increasing appetite for premium properties.
This upward momentum is not only transforming the housing sector but also driving growth in industries that support real estate development, such as electrical solutions and home decor.
The market's festive boost is evident in the rising property prices and increased homebuying activity, with demand for both luxury and under-construction properties reaching new highs.
Hitesh Uppal, Head of Finance, Magicbricks, said, "India's real estate market is undergoing a significant transformation, driven by extensive infrastructure projects and rising buyer interest. Homebuying activity has surged, with property prices increasing by 20 per cent compared to last year, signalling strong demand for both premium and under-construction properties."
He added, "Developers are responding with festive offers, flexible payment plans, and exclusive incentives, attracting a diverse range of buyers across the luxury and affordable housing segments. This festive season presents a key opportunity for investors to tap into the market's growth and secure sustainable long-term returns."
P Rajendran, Chief Sales and Marketing Officer, Shapoorji Pallonji Real Estate (SPRE), noted, "As the festive season approaches, the real estate market traditionally sees a rise in activity, with many buyers looking to invest in new homes during this auspicious period."
Developers are not the only ones benefiting from the festive surge. Allied industries, such as electrical solutions providers, are also witnessing a spike in demand as homebuyers look to modernize their new properties with advanced technology.
Amit Mathur, President, sales and marketing, Finolex Cables Ltd. said, "Festive bonuses, attractive financing, and the booming real estate sector are driving interest in high-performance products like smart switches, energy-efficient LEDs, and smart door locks. As new homes and commercial spaces rise, consumers are seeking reliable, tech-forward electrical infrastructure to complement their modern interiors."
