The Indian real estate market is one of the largest sectors in the country, driven by rapid urbanization, increasing income levels, and the growing demand for commercial and residential properties. It plays a vital role in India’s economy, contributing around 7% to the GDP, and this is likely to rise to 13% by 2025. (Source: https://www.ibef.org/industry/real-estate-india)
Factors Supporting Real Estate Growth in India
- Regulatory Reforms: The Real Estate Regulatory Authority (RERA) introduced in March 2016 ensures transparency and accountability in the sector, protecting the interests of all stakeholders and ensuring speedy resolution of disputes.
- GST Implementation: The Goods and Services Tax (GST) introduced on July 1, 2017, simplified homebuying by removing complexities of multiple taxes, such as excise duty, VAT, and service tax. This helped homebuyers reduce their tax outgo by nearly 11%.
- Infrastructure Development: Government initiatives to improve infrastructure, such as road networks, transportation systems, and urban amenities, have boosted real estate development and attracted investments.
- Economic Growth: India’s robust economic growth, driven by factors like a growing middle class, increasing industrialization, and foreign direct investment (FDI), has fueled demand for real estate.
- Urbanization: The rapid urbanization of Indian cities has led to a surge in demand for housing, commercial spaces, and infrastructure, driving real estate growth.
Festivals and Real Estate
While the real estate market in India is generally dynamic throughout the year, certain seasons and festivals are considered more auspicious for property purchases.
Navratri
This nine-night festival is also considered auspicious for new beginnings and is often associated with property purchases.
Dhanteras
This Hindu festival, celebrated a few days before Diwali, is particularly associated with wealth and prosperity. It’s considered an auspicious time for property investments.
Diwali
Another significant Hindu festival, Diwali, is also believed to bring good fortune. Many people prefer to purchase properties during this time.
Is Dhanteras 2024 a Good Time to Invest in Real Estate?
Yes, Dhanteras 2024 is an excellent time to invest in real estate. The festival is considered highly auspicious for property purchases, and several factors make it a favourable time for investment:
- Cultural Significance: Dhanteras is associated with Lord Dhanvantari, the Hindu god of health and medicine. Buying a property during this time is believed to bring positive energy, blessings, and improved well-being.
- Favorable Market Conditions: The Indian real estate market is currently witnessing a period of growth, with luxury home sales in India in 2023 surging by 75% YOY. So Investing during Dhanteras can capitalize on this positive market sentiment.
- Developer Discounts and Offers: Many real estate developers like The Gateway homes offer attractive discounts, deals, and flexible payment options on flats in Kharar during Dhanteras to reward the buyers. This can help you save on your investment.
By investing in real estate during Dhanteras, you can combine the auspicious energy of the festival with the favorable market conditions to make a potentially profitable investment.