Festival Period Proves To Boost Demand In Residential Housing

The festive season in India is often recognized as the start of new beginnings, and auspicious for property investment. This belief was validated after the impact of the pandemic on the real estate industry in 2020-2021 but later picked up the pace and bounced back during the festive season from July to September. Despite the hiked repo rates and other socio-economic factors and an increase in homebuyers during the festive season post-pandemic, the festive season continues to be a boon for the industry. Here are a few factors to understand why the festive season is proven beneficial for the sale of residential properties. 

The demand for homes never declines:

Many real estate experts believe that the festive season is the ideal time to invest in a property. A positive mindset is also observed by the buyer that refuses to remain unaffected despite price and home loan rate hikes. The period also being deemed auspicious encourages buyers to invest in homes as it is considered the best time to invest in a property. The pandemic period may have observed a fall in demand for homes but saw a rise in demand at the beginning of the festive season of 2021. In conclusion, the festival always spikes the demand for residential properties. 

Factors Propelling The Demand:

Purchasing a property during the festive season is primarily motivated by three factors: a) it is regarded as an auspicious time to make investments b) it is also a time when new residential projects are launched; and real estate developers generally put out attractive offers and schemes to pull in customers. However, the most important factor motivating people to purchase homes today is their experience during the Covid-19 pandemic and lockdown. It has compelled people to reconsider their priorities, and thus purchasing a residential property has become essential as it represents comfort and security.

Trends Caused by COVID-19:

The pandemic has created a number of trends in the real estate sector, some of which include:

- With the hybrid module now becoming popular, companies are now looking for high-quality offices and flexible workplaces

- As working from home slowly gains popularity, buyers want big and spacious houses.

Distance is less of an issue in the new labour scenario, and so if a homeowner finds his dream home in a far suburb or outside, he will still spend money on it.

- Millennials are looking for homes that are not only environmentally friendly but also offer advanced automation and Internet of Things (IoT) technology.

With so many positive factors around, the festive season is a reliable time that helps catapult the demand for residential homes around the festive season. While the festive season is still in its full glory, Atul Projects offers an exquisite residential project in Andheri East. Overlooking the lush views of the Aarey Colony, stands Atul Hillcrest with a configuration of 2 and 3 BHK flats in Andheri. These 3 and 2 BHK apartments in Andheri redefine luxury living with contemporary architecture and the finest amenities. Apart from the former, residents can enjoy seamless connectivity across the city with the project being located at MIDC, adjacent to the JVLR highway making it a prominent location for connectivity. 

Overall this festive season, one can look at Atul Projects for the best residential investment in 2022.