Festive Season 2024 Ignites Unprecedented Real Estate Demand Across India – InvestoXpert’s Consumer Sentiment Report

21 October 2024: As India ushers in the festive season of 2024, real estate is experiencing a palpable surge in consumer sentiment, driven by auspicious times, attractive offers, and renewed confidence. InvestoXpert’s latest Consumer Sentiment Report reveals insightful trends that underline the market’s buoyant trajectory, highlighting key factors shaping demand and investment preferences during this period.

Rising Consumer Confidence and Demand

The festive season has always been a catalyst for home buying in India. This year, it is marked by a robust increase in consumer demand. According to the report, a significantupto 65% of potential buyers are actively considering real estate investments during the 2024 festive window, compared to 45% last year. This uplift reflects a combination of economic resilience, favourable policies like stable repo rates by RBI, PMAY extension, and ongoing infrastructure developments across metro and Tier-II cities.

Speaking on the report, Vishal Raheja, Founder & MD, InvestoXpert, said, “The festive season of 2024 has infused a renewed sense of optimism among homebuyers. With a combination of favorable market conditions, lucrative developer offers, and improving consumer sentiment, we are witnessing an unprecedented surge in property inquiries. This festive period is not just about buying homes; it’s about making long-term investments in a stable and appreciating asset.”

Attractive Offers and Financial Incentives

The festive season is synonymous with lucrative offers from developers, and this year is no exception. The Consumer Sentiment Report indicates that 76% of prospective buyers are motivated by developer discounts, zero EMI schemes, attractive payment plans, and waived stamp duties, which reduce the upfront financial burden. Real estate developers are leveraging innovative financing models and aggressive marketing strategies to tap into this surge in demand, helping to convert leads into sales faster than in previous years.

High Demand for Premium and Mid-Segment Properties

InvestoXpert’sreport reveals a noticeable shift in consumer preferences, with 43% of respondents showing interest in mid-segment properties priced between ₹50 lakh and ₹1 crore. Meanwhile, luxury housing continues to draw affluent buyers, particularly in metro regions like Delhi NCR, Bengaluru, and Mumbai. The rising aspiration for larger homes, driven by hybrid work models and the growing importance of real estate as a long-term investment, is amplifying interest in premium properties, which saw a 14% rise in inquiries compared to 2023.

Growth in Tier-II and Tier-III Cities

With metro areas becoming saturated and property prices climbing, Tier-II and Tier-III cities such as Lucknow, Chandigarh, Jaipur, and Vadodara are witnessing a significant increase in buyer interest. As per the report, 28% of buyers are considering investment in these emerging markets due to lower property prices, expanding infrastructure, and the prospect of higher returns on investment. Cities like Gurugram, Noida, Hyderabad continue to hold strong, but peripheral regions are catching up fast, propelled by government-led infrastructure projects like the Bharatmala and Smart City Mission.

First-Time Homebuyers: The Key Demographic

The 2024 festive season is particularly promising for first-time homebuyers, who make up a substantial portion of the buyer pool. InvestoXpert’sreport states that 44% of first-time buyers are eager to make purchases, especially with attractive financing schemes offered by banks and developers. The combination of low home loan interest rates and schemes like subsidized GST on affordable housing has made owning a home more achievable than ever before.

Technology and Digital Platforms Enhancing Buyer Experience

The real estate industry is also witnessing a paradigm shift in how properties are marketed and sold. 61% of consumers indicated that digital platforms, virtual tours, and AI-driven property consultations played a significant role in their decision-making process. This trend, coupled with e-commerce-style payment solutions and real-time property updates, has made the buying process smoother and more transparent.

Festive Boost and Long-Term Optimism

The 2024 festive season is shaping up to be a turning point for India’s real estate sector, as revealed by InvestoXpert’s Consumer Sentiment Report. With attractive offers, favorable economic conditions, and rising demand across segments and geographies, the industry is set for a 20% growth in sales volume during this period compared to 2023. As consumer confidence continues to grow, driven by a blend of traditional sentiments and modern conveniences, the long-term outlook for the real estate market remains optimistic well into 2025.

This year’s festive season is lighting up the real estate landscape, fostering strong momentum that developers and buyers alike are keen to capitalize on.