Diwali has always been India’s most awaited festival. With colourful lights, crackers, and sumptuous feasts, it is by far the most collectively celebrated festival across India. The festival season around Diwali is considered auspicious and is a good time to acquire wealth, especially in the form of real estate.
After the pandemic, there has been a significant rise in the new launches and offers on homes, especially luxury apartments in Chennai. During the third quarter of 2021, both residential and commercial sales have gone up. There has been a surge in the demand in the real estate sector despite the pandemic, which is proof of its resilience. This surge is ensuring that the older units are getting absorbed by the consumers, allowing developers to put up new stock for execution and sale. It is an incredibly auspicious time and the developers also attract customers with lucrative festival offers. The property prices have also stabilised and banks are offering low interest rates now.
As the pandemic progressed, it has made everyone hyperaware of having a home of their own. This is true even for Tier II and Tier III cities. The Navaratri sales were quite impressive and the momentum has carried forth into the Diwali season sale. All the prospective buyers who were waiting for the pandemic to end are now venturing forth to add luxury apartments in Chennai to their assets.
The Prices of plots have steadily increased by about 20%. The demand has outshone supply, especially in the ready-to-move residential category as people grew tired of waiting for the past 2 years for their dream home. With relaxations in the Home loan process and active marketing both online and offline, people will benefit from buying homes during this period.
A recent research by ANAROCK, states that the top 7 cities in India have seen a 113% growth in housing sales by the third quarter of 2021. There has also been a 98% increase in new launches which is roughly an inventory of 64,560 units. A deeper look into the report finds that larger units like 3 BHK and 4 BHK are far more likely to get sold off in the festival season. If this trend sustains, then we can expect further growth of 15% in housing demand by the end of the year. The projections go further to predict a 35-40% yearly rise in overall residential real estate sales across the top 7 cities in comparison to the same festival period last year.
While looking at the financial aspect of it, we also need to focus on the emotional aspect of buying an apartment for one’s family. Diwali is a time for celebration with loved ones, be it family, friends, or neighbours. Every year people in all apartment communities gather on the terrace or driveway to burst crackers, share sweets, and celebrate. The buildings ring with the noise from the crackers and happy children running and laughing. This is a wholesome experience that your family and you deserve. What better time than to buy your luxury apartments in Chennai during the festival season itself to enhance the memory of it every year as you celebrate Diwali.
Lifestyle Housing is a reputed developer of luxury apartments in Chennai. Our 2 BHK flats in Porur are a popular option for first-time homebuyers. Our homes are all Vasthu compliant and come at attractive offers for this festival season.