By Vinod Behl

The onset of Navratras on September 22 heralds the festive season this year. Last year, during the festive quarter (October-December 2024) residential sales slumped 26% YoY with the exception of Delhi-NCR which registered sales growth. Anarock data showed that last year housing sales dipped 4% across top cities though sales value rose 9% due to high demand in premium segment. The slide in sales continued through 2025 with a sharp 28% decline in Q1. Housing sales in Q2 2025 in top 9 cities fell below one lakh unit mark, a 14-quarter low, according to PropEquity data.  The PropEquity data further projects housing sales to fall 4% to 100370 units during the July-September 2025 quarter. Despite declining sales amidst high home prices, industry stakeholders hold out hope, expecting better performance in the festive quarter this year due to affordable home loan rates , improved consumer sentiment in the wake of GST rationalization and interest rate cuts and continuous high demand in luxury housing. 

Dr. Niranjan Hiranandani, Chairman Naredco & MD, Hiranandani Group: “This festive season, the housing market is poised for a stronger performance, compared to last year’s subdued festive quarter. The recent cut in interest rates has eased home loan EMIs, improving affordability and reviving higher consumer sentiment. Festive sales will be further supported by attractive deals and flexible schemes offered by the developers.

Early data already signals recovery-. housing sales in the top 8 cities grew 2%YoY in June 2025 with select markets like Gurugram and Ahmedabad showing upward momentum. With affordability and renewed consumer confidence converging, this festive quarter should witness a meaningful uptick in residential demand, setting a more positive trajectory for the sector.” 

Anuj Puri, Chairman, Anarock: “In the backdrop of housing sales dipping in 2024 and in Q1 2025, the modest recovery in Q2 2025 is a positive signal. A significant surge is expected in sales in this festive season, with demand fuelled by affordable home loans following 100 bps rate cut, rising disposable incomes and infra boom. The festive quarter is estimated to carve out 25-30% share of the overall sales in 2025. 

Because of escalating home prices in top cities, we will see investor momentum in tier 2-3 cities which is evident from 66% of land transactions in these cities in H1 2025. However, end-users will continue to look for best deals in their cities. Though premium mid-range and luxury housing will continue to dominate sales, yet we will see modest but meaningful revival of affordable housing due to cut in GST rates on critical input costs. Existing inventory in this segment is likely to liquidate faster in the festive quarter, hopefully setting the stage for additional supply and increased demand on the back of more focused government measures.”

Ashwinder R Singh, Chairman, CII Real Estate Committee & Vice Chairman, BCD Group: “The festive quarter in 2025 will test the resilience of India’sw housing market. Unlike last year’s dip, demand is now shifting from opportunistic to purposeful. Buyers are seeking homes that offer both a lifestyle and long- term gain. Developers who combine disciplined pricing and transparency will outperform because festive optimism /sentiment no longer closes deals -value for money does.”

Vineet Nanda, Director Sales & Marketing, Krisumi Corporation: “The year 2025 has so far been lucrative for the real estate sector, especially because of the cumulative repo rate cut of 100 bps. The icing on the cake is GST reforms, effective from September 22, the onset of Navratras. Unlike last year when the sector witnessed slowdown in sales., these two developments have created room for developers to launch attractive offers and discounts, laying the foundation for significant growth in home sales across segments. Festive season always sees a rise in demand for long-term value creating assets.Real estate is expected to be top choice for both end-users seeking an uplift in their lifestyle and long-term investors looking for value appreciation.”

Samir Jasuja, Founder & CEO, PropEquity: “Festive season bodes well as residential market is stablised and is in a healthy mode. This year we will perform the same way we did in 2024. There will be 4 lakh units of supply in 2025 and absorption will be at the same level. Luxury housing continues to perform well. In the last 6 years, apartments costing above INR 5 crore saw sales going up from USD 1.5 billion to USD 18 billion, with unit sales increasing from 1500 to 18000 units. Today, in the 6-lakh crore residential market sales, the share of luxury housing is 25% (worth INR 1.5 lakh crore) which will stabilize. Homes in INR 1-3 crore price segment are in top demand.”

Akhil Saraf, Founder & CEO, Reloy Realty Startup: “Post-2020, there was abnormal housing demand but now things have stabilized. There is a lot of positivity and the market is in a healthier position. Demand for luxury will remain intact. Supply has gone up in this segment as developers are keener to sell one unit costing INR 5 crore than pushing 10 affordable units costing INR 50 lakh each. There is a supply constraint in the affordable segment as it is financially unviable for developers. Though it is too early to judge the impact of GST rationalization, introduction of input tax credit would have given a further impetus to festive realty. Overall, the sales volume is expected to remain flat.”

Shekhar Patel, President, CREDAI: “Last year’s steady demand laid a strong foundation for an even more robust festive season this year. The RBI’s recent repo rate cuts totaling 100 basis points have brought down the rate of Interest on housing loans, further adding to festive demand. In addition, GST reductions on key inputs such as cement, along with a wave of new project launches, have strengthened buyer sentiment. With infrastructure upgrades and enhanced connectivity driving demand across metros as well as Tier II and III cities, this festive season is expected to further energise the real estate market. 

Pradeep Aggarwal, Founder & Chairman, Signature Global (India) Ltd: “This festive season, we are expecting significant growth in housing demand, particularly in the mid and premium segments. Cheaper home loans for buyers, have improved accessibility and boosted buyer confidence. Additionally, the GST reforms coming into effect from the beginning of Navratri are set to streamline processes and enhance transparency, further strengthening the housing market sentiment.

Ashok Kapur, Chairman, Krishna Group and Krisumi Corporation: “With the RBI’s policy support resulting in attractive home loan rates and the implementation of GST reforms making homes more accessible, the festive season of 2025 is shaping up to be a defining point for the real estate sector. Traditionally considered auspicious, this period amplifies buyer enthusiasm, and developers are gearing up with launches and offers that match market sentiment. We foresee strong demand for homes across segments, as buyers increasingly view real estate as a stable, long-term investment that enhances lifestyle while ensuring wealth creation. These developments together are set to accelerate growth and strengthen market confidence.”

Vikas Bhasin, Managing Director, Saya Group: “The festive season is here — and this year it brings real savings for home buyers. The government has announced a rationalization of GST rates on a range of products. This change is expected to improve affordability and reduce the overall cost of many household items that new home buyers purchase. 

Ashwin Chadha, CEO, India Sotheby’s International Realty: “The festive season usually brings a 15–20% jump in luxury real estate enquiries, and this year is no different.  With home loan rates holding steady and HNIs showing resilient demand, momentum in the top end segments continues to be steady.  A GST cut will also bring in a certain sentiment boost, even though luxury buyers are largely insulated from small price shifts. At the same time, discerning buyers are treading carefully in micro markets where prices have already spiked sharply.”

Ganesh Devadiga, Principal Partner & Sales Director, Square Yards: “During each festive season, developers strategically time new launches and come up with attractive offers to match the renewed demand from homebuyers, leading to strong booking activity. Many of these bookings are expected to convert into final purchases in the coming quarters. Moreover, the recent repo rate cuts are easing pressure on buyers amid rising property prices, while GST reliefs are allowing developers to offer discounts without affecting margins, further supporting upbeat consumer sentiment. Given these factors, we anticipate the year ending on a positive note, driven by sustained market activity and strong buyer confidence.”

Ravi Shankar Singh, Managing Director, Residential Services, Colliers India: “GST cuts on construction materials could lead to more affordable property prices, especially in the affordable and mid-range segments. Developers are offering attractive incentives like cash discounts, flexible payment plans, and free add-ons to boost sales. Home loan interest rates are also stable, with banks providing festive offers. Beyond financial gains, many Indians consider this period auspicious for new beginnings. Buyers should, however, perform due diligence by focusing on developer reputation, project quality, and base prices, rather than just discounts.”

Abhinandan Lodha, Chairman, The House of Abhinandan Lodha

“Homeownership remains a deeply aspirational goal in India and the festive season provides a strong impetus for homebuying. This festive season should be better as a host of recent policy measures including GST rationalisation, income tax cuts and RBI interest rate reduction have increased disposable income for middle-class and economically weaker households. Together, with developer-led innovation, these favourable factors will boost both demand and supply, making this period an ideal window for homeoenership”. 

Sudhir Pai, CEO, Magicbricks 

Despite high prices and a moderating market, we expect strong momentum in the festive quarter. After two consecutive quarters of decline, demand revived in April-June and is likely to grow again in July- September though at a slower pace as the market enters moderation. Historically, this quarter has seen demand rise 8-12% QoQ, reflecting the sector’s resilience. Mid-segment homes remain the key growth driver with 2-3 BHK homes accounting for nearly 80% of demand. Luxury housing is equally resilient with Gurgaon and Mumbai leading demand.

Ankit Kansal, MD, 360 Realtors & Axon Developers

Despite slowdown in housing demand over the past 2-3 quarters, property market is set to pick up with strong underlying structural factors such as GST rationalisation, strong consumer sentiment and cheaper home loan rates. To cash in on this positive scenario, developers are floating lucrative schemes- expensive freebies like electronic gadgets and cars, besides easy and attractive payment plans. Considering all this, we can expect at least a 20-30% rise in property transactions on a month-on-month basis.