Already reeling under the pressure of a slump, the real estate sector has bad tidings ahead.
Till October 11, 70-80% of the real estate deals are not expected to actualise owing to shraadh – an inauspicious period for devout Hindus when they remember the dead. So great is the superstition of not buying property during these 15 days that in one recent case, a landlord even agreed to the cancellation of a deal with a diplomat as he did not want to give his house in the upmarket South Delhi on rent owing to shraadh.
Says noted realtor Vikram Chopra, ?Though it is a superstition, shraadh does have a notable affect on the real estate market, though for a limited period of time. So great is the effect that it touches a high of 70-80% during this period, bringing the sale of property down to a considerable extent.? However, experts opine that this effect is primarily noticeable in North India as compared to other parts of the country, due to the fact that shraadh is predominantly a North Indian custom. But, since the effect is only temporary and is there only for a limited period of time, real estate developers prefer not to offer any discounts or schemes.