Garba and Property: A Perfect Pairing This Navratri

Ae Hallooo!

Navratri 2024 is here, and it’s time to dance! For nine nights, we’ll be celebrating Goddess Durga with music, lights, and plenty of Dandiya. As we get ready to twirl and swirl, let’s also remember that this is a great time for new beginnings.

Perhaps it’s the perfect moment to consider getting that dream home you’ve had your eye on—after all, who wouldn’t want a one-stop space to store all those festive outfits?

But before you rush into the property market, hold those Garba sticks! The Q3 2024 real estate report has some spicy news. Property prices have jumped up—an average of 23% across major cities! Hyderabad has outdone itself with an astonishing 32% increase.

While those numbers might make you want to sit down for a minute, the festive quarter is here, and with it comes the promise of stability and potential discounts. So, let’s see if we can turn those real estate dreams into reality—without breaking the bank!

Navratri: Nine Nights of Joy, Dance, and Devotion

Navratri, which means “nine nights,” is a cherished festival in India, celebrated in diverse ways across the country:

• In Gujarat, the spotlight is on Garba and Dandiya Raas. People of all ages come together to dance, dressed in vibrant colours, creating a lively and inclusive atmosphere that blends Bollywood with tradition.

• In West Bengal & especially in Kolkata, Durga Puja takes precedence. Exquisitely crafted idols of Goddess Durga are worshipped, and the city of Kolkata transforms into a cultural carnival adorned with lights and offering delectable cuisine.

• In Maharashtra, the emphasis is on prayers and fasting, with homes and temples adorned with flowers. It’s a more serene and introspective celebration, rich in devotion.

Navratri is seen as an auspicious time to make significant life decisions. It’s often viewed as the perfect moment to invest in a new home with divine blessings. But what was the real estate market like right before the festivities? Let’s find out.

Q3 2024 Real Estate: Prices Up, Sales Down

The real estate market had a bit of a bumpy ride in the third quarter of 2024. Property prices shot up across India’s top seven cities, rising by 23% year-on-year, making potential homebuyers hold onto their wallets a little tighter.

• The average price per square foot soared from Rs 6,800 in Q3 2023 to Rs 8,390 in Q3 2024, with Hyderabad leading the surge with a whopping 32% increase.

• As a result, housing sales took an 11% dip, leaving developers scratching their heads. Major cities like Pune saw a 17% decline in sales, while Hyderabad faced a 22% drop. Meanwhile, Kolkata reported a massive 25% fall in housing transactions, taking it up a notch.

So, what’s behind these numbers, you wonder? Well, increasing input costs and high demand pushed prices up, but buyers, dealing with these hefty price tags, are adopting a “wait-and-see” approach.

It seems like just as people were getting ready for the monsoon season, the real estate market hit a bit of a dry spell. But as we all know, everything changes when Navratri comes around!

Will Navratri Spark a Real Estate Revival?

As Navratri begins, lots of potential homebuyers are banking on the market shifting in their favour. After all, the festive season usually brings tempting discounts, and developers are all about luring in buyers with special festive deals.

Here’s why you might want to reconsider real estate during Navratri:

Sweet Deals and Offers:

Get ready for some awesome deals. Developers are likely to offer price cuts, zero stamp duty, and attractive payment plans that can make your dream home feel more attainable.

Yes, property prices went up in Q3, but during Navratri, the phrase “the more, the merrier” also applies to offers!

Auspicious Vibes:

It’s Navratri, after all! Buying a home during this time isn’t just a financial decision; it’s also a spiritual one.

What better way to start the next chapter of your life than with the blessings of Goddess Durga?

Stable Prices (Finally!):

After the crazy price hikes in Q3, the good news is that prices are expected to level off during the festive quarter.

No more dizzying price jumps, just a steadier, calmer real estate market—hopefully making your decision to buy a lot less nerve-wracking.

Luxury Takes Over, But Where’s Affordable Housing?

In Q3, luxury housing took the spotlight, accounting for 33% of new projects, while affordable housing represented just 13% of the new supply.

Developers are targeting the high-end market, but that doesn’t mean there aren’t opportunities for first-time buyers or those seeking budget-friendly options—especially during the festive quarter when everyone’s eager to make a sale.

Wishing You the Best!

As Navratri heralds new beginnings, it could also bring a fresh wave of opportunity for homebuyers. While Q3 2024 saw a sharp rise in property prices and a slowdown in housing sales, the festive quarter, starting with Navratri offers hope for buyers.

With developers preparing to offer discounts and flexible payment options, and prices expected to stabilize, this could be the perfect time to turn those homeownership dreams into reality.

So, as you dive into the festivities, whether it’s dancing the night away at Garba or offering prayers during Durga Puja, remember this: Navratri signifies the triumph of good over evil, and perhaps, just perhaps, it’s also the time for your triumphant real estate investment.