In a Diwali special episode of Invest Smart, real estate expert Prashant Thakur sheds light on the booming residential housing market and offers valuable advice for prospective buyers. The festive demand for real estate, especially residential housing, has witnessed an unexpected surge post-COVID, marking a 15-year high in sales.
Prashant attributes this resurgence to heightened awareness about the significance of physical assets, emphasizing the current robust demand is predominantly driven by end-users, ensuring stability.
Developers have responded to the increase in home loan rates by offering various payment plans and incentives. Prashant commends developers for maintaining price discipline, avoiding drastic price hikes, and ensuring affordability for buyers. He advises potential buyers to seize the opportunity, considering the conducive market conditions, ample project launches, and assured timely completions from Grade A developers.
When asked about property price trends, Prashant forecasts a modest increase of approximately 6-8% year-on-year, factoring in inflation and material costs. While tier-two cities have witnessed growth, tier-one cities continue to dominate the real estate market, with 80% of organized transactions occurring in these areas. He anticipates tier-two cities closing the gap with tier-one cities in the coming years due to improved connectivity and infrastructure.
As Diwali approaches, the real estate market offers a promising avenue for investment, with developers offering enticing deals and buyers benefiting from favourable home loan rates. With Prashant's expert insights, potential investors can navigate the market and illuminate their investment portfolios this festive season.
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