Surge in Homebuyer Sentiment: Festive Season & Luxury Real Estate Trends

Published on: October 16, 2024 - The festive season is stirring excitement in the Indian real estate market, as homebuyer sentiment sees a significant uptick. The latest Magicbricks Housing Sentiment Index (HSI) shows a rise from 149 in April to 155 by September 2024, signaling growing confidence among potential buyers. Notably, the luxury segment is thriving, with properties priced between Rs 3.5 crore and Rs 5 crore recording an impressive HSI score of 162. This trend reflects a shift towards viewing high-value investments as opportunities for capital appreciation, particularly with the enticing offers that developers roll out during the festive period. Regions like Noida and Greater Noida are emerging as real estate hotspots, achieving HSI scores of 163, thanks to improved infrastructure and connectivity. Other cities such as Gurugram, Ahmedabad, and Hyderabad are also performing well, each scoring 160. However, metropolitan areas like Delhi, Bengaluru, and Mumbai are facing challenges, with sentiment scores of 151 and 148 respectively, primarily due to rising property prices and affordability concerns. Interestingly, under-construction properties are gaining traction, with the HSI increasing from 157 to 161, indicating renewed buyer interest. This momentum suggests that as the festive season unfolds, the Indian real estate sector may see a surge in activity, driven by evolving economic conditions and changing buyer preferences.