Real Estate Offerings- Even though the holidays are thought to be a lucky time to purchase real estate, potential purchasers frequently hold off until developers make their best deals available. Many, nevertheless, were let down by the season’s lack of sales and offers. To learn the factors that caused the residential market’s tendencies to change in 2023, keep reading.

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You may be wondering why there haven’t been as many ads this year about deals and offers in the real estate market. The reason for this is that, having observed an unprecedented spike in demand for residential homes, developers have decided not to launch any fresh Dhanteras or Diwali offerings. Discover the Diwali real estate trends and a change in demand this year by reading on.

Past Diwali real estate proposals

In India, Diwali is seen as an auspicious time to purchase real estate. Because of this, a lot of prospective homeowners choose to purchase their ideal home at this time of year. It’s been a common practice in recent years for developers to entice purchasers to book by offering multiple, alluring deals. Offerings included gold coins, air conditioners, televisions, international travel, and much more. Developers were able to close deals and capitalize on the event with the use of incentives like discounts and offers in addition to the desire to purchase a new house.

Real estate trends of the moment throughout the holiday season

This year’s good market attitude has persisted throughout the nation, increasing demand for residential real estate. Industry reports state that developers plan to sell more than 5 lakh units by the end of 2023. The nation’s demand for residential real estate is outpacing its supply due to the constant introduction of new developments. Developers have resisted promoting special Diwali property offers, which helped drive more transactions in previous years, after observing the eagerness of prospective homeowners to purchase. Let’s go deeper to discover the causes of this festive season’s trend shift.

Consistent demand for housing

There have been more EOI checks written for certain projects than there is inventory up for grabs. This year, after its launch, the housing stock in projects like Emaar Urban Oasis & Hero Homes was reserved right away.

The most recent PropEquity Data report indicates that approximately 4.65 lakh residential properties were sold in 2022. The aggregate number of residential sales in the last three quarters across India’s top seven cities is approximately 3.73 lakh units this year. The developers hope that sales would be higher than they were the previous year. In previous years, builders would make deals to increase demand. Nonetheless, the majority of the real estate inventory that was available has been sold out during the past 18 months, which has increased demand for recently launched developments.

Reduced inventory of unsold houses

Up until Q3, 2023, the unsold inventory stock in Tier-1 cities decreased by almost 11% year over year. In Q3 2023, there was a decrease of over 7% in the unsold stock in Delhi NCR. Unexpectedly, there haven’t been as many new releases in 2023 as there were in 2022.

Demand moving from completed to under-construction apartments

Homebuyers preferred to invest in ready-to-move-in residences because of the delayed possessions. But in the last several years, prospective homeowners have been more interested in under-construction developments and buying a property right now. The rules introduced by RERA, which have contributed to the restoration of developer trust, are to blame for this change.

Apart from the aforementioned rationales, 2023 has witnessed an increase in property values across nearly all regions in the real estate industry. Consequently, investors have been making significant investments in recently launched products. That have the potential to appreciate in value over the next years.

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