Mumbai: The Indian real estate sector has seen a spike in demand during the festive period, a recent report by Knight Frank, India informed.
According to the report, demand stimulation measures such as low rate of interest and festive schemes enabled the sector in posting strong sales during the Diwali period. In October 2021, Mumbai recorded 10-year best property sale registrations.
"The daily registrations rate increased from 219 in August to 260 in September. In October it recorded 277 registrations when the auspicious Navratri festival was being celebrated. Now, amid Diwali festivities and holidays, 206 daily sales registrations have been recorded and at the ongoing registrations rate, November is likely to mark cumulative 1 lakh units for the year 2021," said Knight Frank, India in a statement.
"In this post-pandemic phase, homeownership has gained top priority. Many prospective homebuyers are now looking for comfortable, spacious homes, especially in self-sustainable housing societies. It is a common perception that the needs of an entire family can be met in these societies and they offer a safe and secure environment. Such societies offer a wide range of facilities within their confines and thus reduce people's need to step out," said Aditya Kushwaha, the Director and CEO of Axis Ecorp.
He opined that as the concern for health and wellness has grown, the holiday homes and the luxury holiday home segment has seen the maximum traction this year and it continued to be the trend during the festive period as well.
"The recent buoyancy in the real estate market can be attributed to low bank interest rates, stamp duty cuts in some states, demand for larger/spacious homes to accommodate work from home culture," he added.
"We have also seen good traction during the festive period for our recently launched projects and have already sold 28 per cent of our existing inventory. We are confident that this momentum will hold and the real estate sector will record bumper sales in the last two months of 2021 as well," he further added.
The Director at AMs Project Consultants Private Ltd, Vinit Dungarwal said, "The biggest catalyst behind this positive outlook is overall upbeat sentiment in people. There is a sense of optimism after the pandemic."
"As per reports, the sales in the housing segment surged 113 per cent in the top seven cities even as prices rise in the month of September. Similar trends were observed even during the festive time. The outlook for the sector remains upbeat. We believe that given the favourable economic conditions and market sentiments, the demand for residential and commercial real estate will continue to boom in the months to come," he added.