Diwali 2024 has arrived, and with it, the annual rush for property purchases. For many Indian families, this festive season is not just about fireworks and sweets; it’s also the most auspicious time to invest in real estate. This year, the positive vibes extend beyond just cultural beliefs, as the market experiences notable trends and shifts driven by both buyer confidence and enhancements within the infrastructure.
According to recent insights from Business Today, the excitement surrounding Diwali has led to increased demand for residential properties. The report indicates sustainable demand growth throughout 2024, spurred by broader economic optimism. “The festive season is always seen as the prime time to make significant financial decisions, especially in real estate,” says Manju Yagnik, Vice Chairperson of the Nahar Group. Homebuyers this year hold significant hopes of finding their ideal properties during this auspicious time.
What’s driving this surge? A mix of traditional practices and modern aspirations. Economists like Aakash Jindal argue, “India is developing its overall infrastructure… Any area where Metro reaches or is about to reach, people want to shift there. They want to buy houses there.” The push from government efforts to build world-class infrastructure projects, such as extended metro lines and new expressways, plays directly to the desires of homebuyers who are increasingly favoring connectivity.
Developers taking advantage of this festive period have been rolling out various incentives, especially to attract buyers. Jindal notes, “These days, people love to have lifestyle residences.” The trend leans heavily toward properties offering modern amenities—indoor pools, gyms, and wellness centers are all part of the new appeal as tastes evolve, especially among younger generations.
Data from recent reports provides more insights. The FICCI and Anarock Property Consultants study reveals intriguing facts: approximately 51% of buyers now prefer 3 BHK units, with 67% purchasing property for personal use instead of investment. The study also showed how the budget spectrum has widened, with prices ranging from ₹45 – ₹90 lakh being the most sought-after. Nevertheless, interest is shifting: nearly 28% of buyers are moving their gaze toward premium properties priced between ₹90 lakh and ₹1.5 crore.
Not to be outdone, celebrity investments have also stirred the market this Diwali. Bollywood legends Amitabh and Abhishek Bachchan recently expanded their portfolio with the acquisition of property worth ₹24.95 crore in Mulund West, taking their real estate investments beyond ₹100 crore this year alone. They have made significant strides, owning around 0.19 million square feet of property worth about ₹219 crore since 2020. The Bachchans dominate the celebrity real estate scene, accounting for over 25% of transactions within the Mumbai Metropolitan Region.
Indeed, the city’s real estate market is undergoing rapid transformations. A newly released report indicates average registered home sales soared to record highs of ₹94 lakh, marking significant year-on-year growth, even if the volume of transactions showed variance. During the June 2024 quarter alone, around 50,025 residential transactions brought the total sales value to ₹46,833 crore.
While the festive spirit brings hope, it also lays bare the increasing need for quality residences. A growing demographic of buyers now demand more spacious and luxurious living options aligned with their lifestyles. Economic indicators highlight the urgent shift noticed by the market. For this reason, industry experts predict real estate will continue its upward trend, building on the rush seen during the Diwali season.
Jindal foresees favorable market dynamics, stating, “There are certain pockets in India where you are going to see many people going in for flat and property purchases.” His predictions echo the behaviors noted throughout the past few months, as connectivity-enhanced regions become increasingly desirable for prospective buyers.
With the real estate market showing resilience and adaptability, it remains to be seen how the investments made during this festival will shape the trends for the coming year. The festive season has consistently been viewed as the gold standard for real estate transactions, and 2024 looks to reinforce this tradition with the fresh influx of buyers and novel housing preferences dominating the scene.
This year’s Diwali isn’t just about cultural piety but also about savvy investments, fresh opportunities, and upward mobility within India’s tantalizing real estate market.
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