The Diwali season is driving a marked rise in real estate inquiries and transactions, with developers reporting a 15-20% increase during this festive period. This boost is largely due to favourable interest rates on home loans and a cultural inclination towards property investments as an auspicious endeavour during Diwali. Real estate analysts and developers have observed renewed buyer enthusiasm, with many potential homebuyers ready to seize opportunities provided by stabilising interest rates and seasonal offers in the market.
Industry experts also note that the luxury segment is seeing significant traction, with high-net-worth individuals (HNIs) and non-resident Indians (NRIs) showing strong interest in premium properties across major cities. Developers are responding to this uptick by introducing payment flexibility and festive discounts to further incentivise buyers. The upscale Mumbai market, for instance, has experienced increased interest, especially in luxury and upper-middle-income housing, although incentives remain minimal in these high-value segments. According to industry leaders, some developers have opted for payment plans or occasional gifts, such as electronic devices, to attract buyers in lower-ticket categories.
In Delhi-NCR, sentiment around property purchases has also shown a robust rise. Reports indicate a 20% increase in inquiries, driven by government-backed incentives, digital innovations, and the continuation of supportive policies like the Pradhan Mantri Awas Yojana. According to InvestoExpert, a real estate consultancy in NCR, up to 65% of potential buyers are considering property investments during the 2024 festive window, a notable jump from 45% last year. This trend reflects renewed confidence in the real estate market’s stability, with a growing interest in both mid-segment properties priced between ₹50 lakh and ₹1 crore and high-end developments.
Developers are increasingly focusing on sustainability to meet the demands of a conscientious buyer base. Festive season launches are incorporating eco-friendly designs and materials, such as energy-efficient infrastructure, water management systems, and green construction techniques. In doing so, the real estate sector is aligning with urban growth and environmental responsibility, which resonate with a new generation of buyers prioritising long-term investment value and environmental impact. The Diwali season, with its strong cultural resonance, has thus not only ignited sales but also underscored the evolving values within India’s real estate market.
