India is a country full of culture & festivals,
and the festive season in India is an entirely differentair and environment
riding high on religious sentiments of the people. Each year we observe people
celebrating different festivals throughout the calendar with a lot of zeal and
enthusiasm. At the same time, people also look at this as a time when a family
vacation to a tourist spot is possible, due to a long list of holidays. As a
result, due to the increased commutation at different regions, the property
market during these seasons in India observes a sudden rise in demand. The
season commencing with Shradhs followed by Navratris, Dushhera extended till
Diwali is considered highly auspicious, and as a point of high religious
interest. Most holidays in the calendar are marked during this season only and
people attach their propitious beliefs thereby provoking themselves to buy
property or make a visit to different tourist destinations.
“There comes a mini-boom in the real estate sector
of India as we inch closer to festival seasons. Important occasions such as
Shradhs, Navratris, Dushhera and Diwali observes heavy footfall of people on
several religious and tourist destinations. This footfall consists of potential
buyers as well who believe in buying property near to their interested
destinations. At the same time, an already bought property on such locations
witnesses’ heavy capital appreciation due to high demand of the destination”,
explains Mr. Vikas Bhasin, MD, Saya Homes. One such destination that attracts
tourists as well as devotees from across the country and globe during festive
season is our capital city, New Delhi. This city is home to ancient culture as
well as religious monuments such as the India Gate, Red Fort, Jantar Mantar,
Old Fort, Humanyun Tomb, Qutab Minar, Akshardham, Iskon Temple, Lotus Temple,
Sai Baba Mandir, Jama Masjid, Bangla Sahib Gurudwara, Cathedral Church of
Redemption, Birla Mandir and much more. Apart from a few tumbles here and there,
Delhi’s property market is one such example that has not seen depreciation or
stagnancy ever and festive season each year provides it with an ignition.
The Religious Connect:
Buying property near a religious destination has its
set of benefits. Beginning with Shradhs, i.e. Pitrupaksha is a period of 15
days which is considered an auspicious time for honouring our ancestors and
expressing thankfulness to the deceased elders. Now days, it is also a way of
implanting respect for elders in the minds of young ones. Therefore, this time
around we must certainly seek the blessings of our ancestors so that we are
able to follow the right path directed by them, and accomplish our goals with
least hindrance. During this time, religious destinations like Haridwar,
Rishikesh, Varanasi and others are occupied by devotees who come to honour
their deceased elders. Post Shradhs, the nine days of Navratris are considered
an apt time to buy property and projects located on religious destinations
extract the most out of these nine days. “The fifteen days of Shradhs is a
preparatory time for potential buyers who because of religious beliefs buy
during Navratris or Deepawali. Apart from projects located on different
regions, religious and tourist hubs are biggest gainers during these seasons as
property buying is increased on these places. Also, as these regions observe
similar traffic each year, the demand is not shaken and prices get appreciated
very frequently as well”, avers Mr. Sushant Muttreja, CMD, Cosmic Group. Cosmic
Group isa realty major of NCR that has its residential and commercial projects
well placed on key locations. Speaking off projects at such destinations,
Cosmic Group has its own luxurious residential offering ‘City Of Romance’
situated at Rishikesh. Another realty major of NCR, Shri Group has been known
for delivering projects at ‘The City Of Lord Krishna’, Mathura. The company has
already delivered 9 residential projects in Mathura, Vrandhavan and Brij along
with 3 projects ongoing. Riding with such immense experience in delivering
projects at religious destinations, Mr. Sudeep Agarwal, MD, Shri Group
elucidates “Developing and delivering projects at religious destinations is a
charm in itself. Such destinations are of significance to every segment of
property buyers. People willing to buy properties due to religious sentiments
or for an investment purpose prefer such destinations due to heavy festive
season footfalls and rapid price appreciation. At the same time, there is a
strong demand of second home buyers for properties at such destinations as
those buyers are occasional visitors, but like to visit and stay during
festival seasons”.
The Tourism Impact:
Real estate sector and tourism industry goes very
much hand-in-hand. A region that offers different culture, tradition, art,
music, literature, philosophy, etc. attracts tourists greatly. And if the
region doesn’t offer supportive infrastructure then it cannot be transformed
into a proper tourist destination; and this transformation is well provided by
the real estate sector. “Developers very well need to understand a region
before they plan to setup their projects and accordingly come out with a theme and
its offerings for the public. The theme so decided and offerings available are
made to perfectly complement the destination. For instance, having projects
developed with huge green spaces and water bodies complement tourist
destinations that are situated in tropical regions. Similarly, a project
developed near a cultural heritage site will try to match theme of the structure
thereby attracting visitors of the region. Thus, a destination due to its
culture and tradition gets the much needed tangible support from the real
estate sector”, explains Mr. Kushagr Ansal, Director, Ansal Housing. As a company, Ansal
Housing has over three decades of experience in the real estate sector and developed
projects spread across various cities in the country. Speaking with respect to
delivering projects at hot tourist destinations, the company has delivered two
projects at the ‘City of Taj’, Agra. ‘Ansal Town Agra’ and ‘Ansals Emerald
Heights’ are located in vicinity of the global wonder ‘Taj Mahal’. The company
is also developing and has delivered various projects across numerous tourist
destinations such as Ajmer, Indore, Jammu, Kurukshetra, Mumbai and others.
Destinations in proximity to airport, railway
station and along the highways are able to pull off a lot of crowd. One such illustration
can be destinations falling along the National Highway 8. NH 8 starts from
Delhi and goes through the rich cultural states of India like Haryana,
Rajasthan and Gujarat. Thus, this entire stretch becomes significant with
respect to tourist attraction. Where there is strong tourism, there exists a
strong real estate market. “There is a direct relation between tourism and real
estate. As tourism in a region grows, so does the property market. A culturally
rich region not only attracts domestic footfall but global crowd as well which
opens the door for FDI inflow. This footfall is looked upon as a potential set
of buyers for the property market, and conversions are fairly observed as well.
The peak tourism season in India is between the months from September till
March, during then most festivals are also witnessed. This allows the real
estate market to become pro-active in terms of offering better deals to the
customers thereby increasing the chances of enhancing sales”, states Mr.
HarinderBashista, Director, Vardhman Estate & Developers (P) Ltd. On the
way of NH 8, Vardhmans has a project ‘Springdale’ situated at Dharuherawhich is
a next door neighbour to culturally rich city, Neemrana.
Final benefit to Real Estate:
Thus, after understanding how religious and tourist
destinations help in grooming real estate sector, it is expected that the
upcoming festive season in the country will provide it with a much needed
boost. “This sector has been reeling under pressure of inventories getting
piled up across all major cities. These cities are major because they carry
industrial, tourism, religious or several other tags. Speaking about the
relation of such destinations with the upcoming festive season; stage is all
set, developers are sitting ready to offer their best deals and, customers are
gearing up and allocating funds for their next big purchase. This sector is now
about to see a revival approaching very soon”, concludes Mr. Dujender Bhardwaj,
Director, Marina Suites.
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