The property market is gleaming on Diwali : After the property market’s recent surge, this Diwali will witness the illumination of several new homes. A majority of them span the spectrum from luxury to affordable residences. Many buyers have already set their sights on Dhanteras and Diwali as the dates for their housewarming ceremonies. Consequently, besides the builders, individual sellers are putting in their final touches to make their projects shine.
Experts in the real estate market are closely observing the recent upswing, connecting it with various dimensions. Specialists believe that the market hasn’t heated up for any singular reason. For this, stable bank loan rates (repo rate), an improving economy, a strengthened dollar, and a shift due to people spending more time at home after the pandemic have all played a supportive role in boosting this demand.
Real estate expert Vinod Bahal, who has been analyzing the real estate market in Gurugram for the past 22 years, shares his insights. These days, there’s a demand for residential properties. Three factors are responsible for this. First, people are buying both affordable and luxury homes. Second, due to rising rents, individuals are now searching for homes on EMIs.
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In addition, investors are putting their money into residential properties to earn profits. The third reason is the increasing number of domestic and foreign customers. The improving economy of the country and the strong dollar are responsible for this. Foreign buyers, in addition to the locals, are swiftly investing in real estate to earn profits.
Similarly, independent real estate dealer Rakesh Dua states that there is a significant surge in demand for luxury homes in Gurugram. Just two years ago, customers were not readily found in the market. Now, demand has increased two to threefold. In this scenario, not only has the market seen an influx of customers,
but property prices have also doubled, and in some aspects, even tripled. Recently, DLF concluded a deal worth a hundred crores in Camellias. Such luxury apartments are in high demand.
Real estate expert Dushyant Sinha explains that in the aftermath of the COVID era, in 2020-21 and 22, there was a noticeable trend towards commercial properties. However, this time, people are seeking residential properties. Even large companies like DLF, which primarily focused on commercial projects, are consistently launching their residential projects. The entire Gurugram market seems to be moving towards luxury apartments this time.
Manoj Gaur, Chairman of CREDAI, an organization that assesses real estate nationwide, points out that post-COVID, luxury homes have become a necessity for professionals. The rise of new dimensions like remote work and online classes from home has contributed to this shift.
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The year 2023 looks promising for the real estate sector. During the festive season, there has been a surge in end-user home buyers, those looking to purchase a home for themselves. Among these, the highest interest is observed in three and four BHK flats. Gurugram is currently witnessing increased discussions surrounding luxury floors in the present times. – Neeraj Mishra, Executive Director, Ganga Realty
During the festival season, especially during Navratri, there has been a significant increase in home bookings. Luxury projects in Gurugram, located in the NCR region, have seen a surge in demand. People are showing a particular interest in Golf Course Extension Road, where ready-to-move-in luxury floors are available. In the real estate sector, individuals are now opting to purchase three to four BHK homes instead of two BHK ones. – Saransh Trehan, Managing Director, Trehan Group
Potential homebuyers, working professionals, are making direct investments during the festival season based on their assessments, bonuses, and benefits. Developers are offering various incentives and amenities to entice customers and boost revenue. To fulfill the needs of prospective homebuyers, they are providing free car parking in their independent projects located in Sector 79B, Sector 93, Sector 92, and South Gurugram (Sohna). – Pradeep Agrawal, Founder and Chairman, Signature Global (India) Limited
Homebuyers are increasingly favoring these prime locations:
These areas are becoming top choices for purchasing homes.
