Several industries experience growth during the festive season as an increased customer interest and one of the most flourishing segments in this regard is the real estate sector. Especially, Tier-2 and Tier-3 cities have been experiencing a boom in investments in this sector prominently.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

This year, the trend is expected to take an even steeper trajectory, with projects getting massive traction from buyers as well as investors. 

Prateek Mittal, executive director, Sushma Group, said that Indians perceive buying property as symbols of growth and accomplishment that earn them prestige in society.

"This period is favourable for investments in both residential and commercial segments as buyers benefit from multiple discounts, offers, freebies and schemes that allow them to access their desired properties at lower prices or with additional perks and benefits. Tier 2 and 3 cities are witnessing a surge in demand for residential spaces due to the availability of affordable housing options, better infrastructure, and improved connectivity," he said.

Notably, the market for luxury homes has gained a lot of traction from buyers over the past few years. Owning a property in a developing areas is seen as a great investment as it offers a greater amount of opportunity for growth.

Speaking on what is thriving the demand, Mukul Bansal, MD, Motiaz, said, "The availability of exciting offers from leading brands, encouraging investment in real estate, have further increased buyers’ interest in the sector.”

The increasing investment and firms expanding their footprints have also led to an increase in job creation.

Another factor that is aiding the growth is offerings like special festive season loans with lower interest rates and flexible repayment options among others by banks and financial institutions.

Today, real estate is considered to be a more dependable and solid investment option. The government's focus on the development of infrastructure and increasing connectivity has shifted focus towards tier 2 and tier 3 cities from metropolis.

"Tier 2 and 3 cities are attracting investments which tends to be a crucial factor for the growth in the sector. The festive discounts and offers have boosted the demand for both homes and commercial spaces," Tejpreet Singh, MD, Gillco Group, said.