Property developers are anticipating a robust 20-40% growth in festive sales during the December quarter of FY25, with numerous launches planned. This crucial quarter typically accounts for 40% of annual sales. Leading developers like Prestige Estates and Brigade Enterprises are optimistic, citing strong buyer interest fueled by recent positive market trends and the potential for home loan rate cuts. The festive season promises to be a pivotal period for the real estate sector.
As the festive season approaches, property developers are forecasting an impressive 20-40% growth in sales for the December quarter of FY25. This period is vital for developers, accounting for approximately 40% of their total annual sales. Last year, companies in the BSE Realty Index reported a 5.4% increase in net sales during the same quarter.
Bengaluru-based Prestige Estates Projects expects a notable increase of 400% in sales this quarter, bolstered by upcoming project launches that could potentially double sales compared to the September quarter. Chairman and Managing Director Irfan Razack expressed optimism about strong consumer interest, especially in Bengaluru and Mumbai, with many buyers eager to finalise their purchases.
This year's festive season is particularly promising, benefitting from favourable conditions such as surplus monsoon rains and the anticipated reduction in home loan rates following recent US rate cuts. Prestige plans to launch over ten projects across various cities, including Delhi-NCR and Chennai, with a combined inventory exceeding ?3,000 crores.
Brigade Enterprises' Chief Operating Officer Viswa Prathap Desu noted that buyers often hold off on purchases during inauspicious times, but positive trends in consumer durables and stable home loan rates suggest a favourable sales environment.
Mumbai developers are equally optimistic. Kamal Khetan of Sunteck Realty projects a growth of 30-35%, up from 20-25% last year, driven by positive market sentiment and increasing demand for premium properties. Ashish Dhami from K Raheja Corp Homes also aims for a 35% revenue increase over Q2. Meanwhile, Gurugram's Signature Global aims for pre-sales of nearly ?10,000 crores this financial year, up from ?7,270 crores last year.
In conclusion, the upcoming festive season appears set to deliver significant sales growth for the real estate sector. With developers eager to capitalise on strong buyer sentiment and promising economic indicators, this quarter could reshape the market landscape, making it a crucial period for both developers and potential homeowners.
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