10/13/2021 0 Comments Real estate sector: Acceleration in residential properties during a festive seasonMany major cities in India has seen strong surge in housing sales this year. Real estate sector is on a comeback trail by reflecting strong growth potential during the festive season. Goel Ganga Group owner, Atul Goel said that this festive season Pune will witness an acceleration in property transaction as the festive season is always turn out to be auspicious by buyers.
The mid-segment and premium class homes continue to dominate real estate sector with new supply with 41 percent and 25 percent shares respectively. The major cities in India have seen a 3 percent annual increase in properties. The increase in housing demands in major cities significantly improved various other factors. 1. Increased job security IT sector drives the housing demand to the top cities of India. Robust hiring in the IT and financial sector improved job security in Pune as these sectors also provide low home loans and rose homeownership said, Atul Goel Ganga. The culture of working from home is a great influence on home buyers of residential sentimental especially in housing demands and size of the apartments. Due to increased site visits, vaccination drives have been increased which added major sentiment booster. 2. Rise in prices In 2021, residential prices have been increased by 4 percent across the top cities including Pune. The main reason of high rise in residential prices is increase in construction cost. By increase in demand, the flexibility is reduced by developers and they might raise their prices in new launches with the recovery of market sentiments. Across all the markets residential projects is expected to raise their prices. It is assumed that in 2022, the home purchase affordability well either remain same or it can increase by the level in 2021. Since consumer spending has been boosted so mortgage rates are also increased. The property in India is sentiment driven. Festive season is more likely to upgrade the level of residential projects. The festive season is the right time for the home buyers to make their deals and to add some sweetening in their life. Also with Covid-19 pandemic safety and security is the major aspect that attracted home buyers. Atul Goel Pune said that our group was ready and fully equipped to handle the second covid wave with some ongoing construction work including in site laborers, vaccination drives, following all the covid norms and conditions, and opening up of offices. 3.Festive excitement If we talk about the festive spirit and buying a home, October and November are the two months that bring most profits for developers and real estate sectors. These months are the most awaited festive seasons. In India, the festive season lit everyone’s spirit which makes them have a grand celebration especially when they buy home. It is a great lifetime investment. There is a great demand from first time home buyers due to the rise in importance of owning a home. The new normal lifestyle has also triggered the need for buying a home or upgrading larger spacious home. The change in consumer taste is noticed with pandemic life which resulted in uplifted the sustainable housing demands especially during festive seasons, said Atul Goel Ganga Pune. Also Read: E-REGISTRATION OF PROPERTIES WILL SOON BE INTRODUCED BY MAHARASHTRA GOVERNMENT | ATUL GOEL GANGA PUNE.
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