As the festive season of Navaratra unfolds, buyers are returning to the realty market, reinforcing the season's legacy as a prime time for business in this sector. An evident buzz in the offices of realty firms suggests that potential buyers are actively engaging to finalize deals. The optimistic atmosphere is expected to endure until the conclusion of the school summer holidays.
"I am confident that this positive trend in the market will persist until summer vacation, when numerous end users are likely to finalize their acquisitions," states Samir Jasuja, the chairman and managing director of Prop Equity. He elaborates, "After Navaratra, the summer break in schools is traditionally seen as a favorable timeframe for real estate, as families often wait for their children’s term to end before making a move or purchasing a new home. This period witnesses transfers and relocations as families seek homes near schools to ensure convenient commutes for their children."
Gaurav Mittal, managing director of CHD Developers, echoes this sentiment, declaring, "The atmosphere in the market is incredibly positive, with individuals cementing property deals. While Navaratra typically revitalizes the market even during downturns, this year is exceptional. The volume of transactions is surprising, but it's certainly a welcome trend."
According to Jasuja, "Despite facing a myriad of legal challenges, buyers are presently making definitive decisions regarding new acquisitions in Noida and Greater Noida." A report from Prop Equity reveals that the fiscal year has been favorable for major cities in the NCR region, including Noida, Gurgaon, Ghaziabad, Greater Noida, and Faridabad.
Sanjay Khanna, director of Kailash Nath Developers Pvt Ltd, expresses hope, saying, "I believe the toughest times for the realty market are behind us, and transactions will notably increase until the end of school vacations. This Navaratra has been incredibly fortunate for the real estate sector. I’ve observed that NRIs also consider the summer months as an optimal period to return and explore property investments. Their property searches typically commence during this time, as it coincides with their visits to India to connect with relatives while simultaneously seeking appealing real estate options. They are open to investing a bit more for high-quality properties."
Industry observers indicate that the April-June timeframe consistently registers a significant volume of property transactions. The realty market gains momentum from Navaratra onward, serving as a pivotal moment for end users to conclude their deals, with others searching for rental homes also making transitions. Notably, summer is advantageous for the resale market as well.
Vijay Jindal, the chairman and managing director of SVP group, adds, "This period is bustling from Navaratra and extends through the summer months, witnessing a flurry of transactions across all market segments." During summer, buyers prioritize projects situated in proximity to reputable schools.