Festivals in India are considered one of the most auspicious occasions for a new beginning. From new purchases to financial investment decisions, including buying a home, festivals are perceived to be the right time for all significant decisions. As a result, there is a substantial surge in home buying, with faster closure of deals during this period.
According to PropTiger’s report titled ‘Real Insight: Residential Annual Roundup 2020’, new launches and homes sales–both registered a quarter-on-quarter (Q-o-Q) improvement during the quarter of December 31st, 2020, which is usually the peak festive season. During this period, a total of 54,329 new units across eight markets – Bengaluru, Pune, Ahmedabad, Hyderabad, Kolkata, Chennai, NCR, and Mumbai Metropolitan Region (MMR) – were launched, resulting in a growth of 173% Q-o-Q in new supply during Q4 2020. The numbers also reflect a year-on-year (Y-o-Y) increase of 12% when compared to the data for the corresponding period in 2019. Similarly, these eight markets witnessed sales of 58,914 units, with a 68% increase over the July-September period of 2020.
As yet another festive season begins, let us look at what makes it so favourable for buying a home.
In other words, festivals are not just a time to celebrate with friends and family but also an opportunity to make it memorable and joyful by owning a home.
This festive season, find your dream home with Ozone Group.