Why Diwali is the Best Time to Invest in Property:
If you’re planning to buy a home in any city of Delhi-NCR or the rapidly developing Gurugram, make sure to book during this festive season. Prices here could skyrocket in just a few days. A recent report by Anarock reveals that the data from the previous quarter shows that homebuyers in Gurugram’s top 5 locations are reaping the benefits. Meanwhile, those who have yet to purchase a home will now have to pay a premium to secure their property.
However, the record-breaking increase in prices and the growing demand for homes is a positive sign for the real estate market ahead of the festive season. A recent Anarock report indicates that strong demand, high input costs, and an increase in the supply of luxury homes have contributed to a 29% rise in property prices in Delhi-NCR and Bengaluru during the July-September quarter.
Since people in India prefer to invest in homes during major festivals like Navratri and Diwali, considering it auspicious, Anarock’s report and this trend could lead to an increase in demand for homes this year. Several recent reports indicate that the Delhi-NCR market is already performing well, prompting developers to launch new residential projects this festive season with attractive offers, discounts, price benefits, free gifts, and special packages.
Several projects are set to be launched soon.
In light of Navratri and Diwali, several residential projects are set to launch, especially in Gurugram. Following the increased demand for larger and more spacious homes after COVID, many luxury and spacious home projects are expected to emerge in October and November.
According to data from real estate consultant Anarock, the average prices of residential properties in Delhi-NCR increased by 29% during the July-September quarter, reaching ₹7,200 per square foot, compared to ₹5,570 per square foot during the same period last year. However, Hyderabad witnessed the highest price increase of 32%, rising from ₹5,400 per square foot to ₹7,150 per square foot.
Maximum Property Investment During Diwali
Mohit Malhotra, founder and CEO of Neolive, states that real estate transactions typically increase during the festive season. Over the past two years, there has been an average growth trend of 15-20%. This time, the increase is expected to be even more significant. This month is highly promising for both buyers and sellers.
45% Buyers Are Under 40
Pankaj Pal, Managing Director of Vitaland Corporation, states that millennials are driving a new wave of demand in Gurugram’s luxury residential market, purchasing high-end properties compared to previous generations. This shift is fueled by factors such as rising disposable incomes, increased access to flexible financing, and a preference for modern, amenity-rich living spaces. Particularly, Gurugram has become the best place for millennial buyers seeking luxury homes, thanks to its rapidly developing infrastructure and premium developments. Recent data indicates that nearly 45% of luxury homebuyers in the area are now under 40 years old.
These Are the Top 5 Locations in Gurugram:
Yashank Vasan, Managing Director of Royal Green Realty, states that five locations in Gurugram are trending for property investments due to prime locations and excellent infrastructure development in the NCR: Dwarka Expressway, Southern Peripheral Road (SPR), New Gurugram, Golf Course Road, Golf Course Extension Road, and Sohna Road. Gurugram is a city that offers connectivity through Indian Railways, Rapid Metro, and Delhi Metro, with the upcoming Rapid Rail service also set to begin. This has made it a preferred choice for many people.
Future Expectations
Madhur Gupta, CEO of Hero Realty, states that there is a strong expectation for increased demand for residential and commercial spaces in the Delhi NCR real estate market during the festive season. The growing infrastructure, prime locations, and excellent projects in Gurugram, Faridabad, Sonipat, Noida, and Delhi are elevating this market to new heights, creating excellent opportunities for investors and homebuyers alike.
