Real estate sector: Acceleration in residential properties during a festive season
Many major cities in India has seen strong surge in housing sales this year. Real estate sector is on a comeback trail by reflecting strong growth potential during the festive season. Goel Ganga Group owner, Atul Goel said that this festive season Pune will witness an acceleration in property transaction as the festive season is always turn out to be auspicious by buyers.
The mid - segment and premium class homes continue to dominate real estate sector with new supply with 41 perc ent and 25 perc ent shares respectively. The major cities in India have seen a 3 percent annual increase in properties. The increase in housing demands in major cities significantly improved various other factors.
Increased job security IT sector drives the housing demand to the top cities of India. Robust hiring in the IT and financial sector improved job security in Pune as these sectors also provide low home loans and rose homeownership said, Atul Goel Ganga.
Rise in pric es In 2021, residential prices have been increased by 4 percent across the top cities including Pune. The main reason of high rise in residential prices is increase in construction cost. By increase in demand, the flexibility is reduced by developers and they might raise their prices in new launches with the recovery of market sentiments. Across all the markets residential projects is expected to raise their prices.
Also with Covid-19 pandemic safety and s ecurity is the major as pect that attracted home buyers. Atul Goel Pune said that our group was ready and fully equipped to handle the second covid wave with some ong oing cons truction work including in site laborers, vaccination drives, following all the covid norms and conditions, and opening up of offices.
Festive excitement If we talk about the festive spirit and buying a home, October and N ovember are the two months that bring most profits for developers and real estate sectors. These months are the most awaited festive seasons. In India, the fes tive s eas on lit everyone’s s pirit which makes them have a grand celebration especially when they buy home. It is a great lifetime investment.
There is a great demand from first time home buyers due to the rise in importance of owning a home. The new normal lifestyle has also triggered the need for buying a home or upgrading larger spacious home. The change in consumer taste is noticed with pandemic life which resulted in uplifted the sustainable housing demands especially during festive seasons, said Atul Goel Ganga Pune.
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