The festival season in India is much more than just a time of celebration. It is a period when prospective buyers and sellers are hopping on the real estate market, wanting to take advantage of this auspicious period.
The urban housing markets like Mumbai, Delhi and Bangalore continue to be the focal points of real estate activity. For instance, according to a report by Knight Frank India, the celebration of Navratri has resulted in a notable upswing in real estate registrations in Mumbai. The city saw a total of 4,594 property registrations within the nine days (October 15-23, 2023).
At the same time, the industry is witnessing a noticeable shift in interest towards Tier-II and Tier-III markets.
The urban allure
Urban areas have long been the epicenter of real estate activity during the festive season. Mumbai, as mentioned, has been a favorite for property buyers looking for high-end apartments and luxury homes. The magic of the city, combined with a lively festival vibe, has historically caused demand to soar. Similarly, Delhi, with its mix of tradition and modernity, is another urban hub that sees a significant influx of real estate transactions during the festive season.
However, many prospective buyers are now reevaluating their options due to the increasing cost of real estate in major metropolitan areas. As a result, some are turning towards Tier-II and Tier-III cities, where real estate prices are more affordable, and lifestyle choices often more relaxed.
The rising demand in suburban areas
Suburban real estate markets have experienced a notable upswing in popularity throughout the festival season, making towns like Jaipur, Udaipur, Kochi, and others extremely sought-after locations for real estate investment. This growing interest in suburban regions is a result of several factors.
Tier-II and Tier-III cities offer properties at a considerably more affordable price point compared to their urban counterparts. These markets are becoming more appealing for investment because of their affordability, which allows purchasers to get more value for their money.
When compared to the hustle of metropolitan regions, these cities frequently provide a more leisurely and laid-back lifestyle. Suburban living is often more appealing because of the lower pollution, more green areas, and less traffic, especially for families and retirees looking for a better standard of living.
Suburban regions are also becoming increasingly desirable places to live and invest in due to improved road networks, increased connectivity, and the growth of public facilities. Cultural heritage plays a vital role in making suburban cities like Jaipur and Udaipur hotspots for festive season property investment.
Emerging trends in Tier-II and Tier-III Cities
While the urban real estate markets continue to thrive during the festive season, there is a noticeable shift in the property landscape of Tier-II and Tier-III cities. Cities, such as Jaipur, Udaipur, Kochi, etc, are witnessing several emerging trends that are reshaping the way people invest in real estate during this auspicious time.
The growing popularity of independent houses and villas in suburban settings is one notable trend. Homebuyers are finding that they want large, autonomous living spaces. People are moving towards suburban residences because of the appeal of having more room and privacy, which may be difficult to come by in urban flats.
Many individuals and families consider acquiring properties in these serene locales for holiday getaways or as a source of rental income. Suburban areas are perfect for such investments because of their serene surroundings and ability to escape the chaos of the city. Non-residential Indians (NRIs) are also showing a growing interest in investing in properties during the festive season.
Several Tier-II and Tier-III cities are witnessing a transformation, with evolving infrastructure and property development. We can anticipate these trends will continue expanding as more people become aware of the advantages and possibilities of suburban life.
(The author is the Director of Manglam Group and Founder and President of CREDAI Rajasthan Women’s Wing)
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