In India, people prefer to buy their dream home during festivals such as Navratri, Gudi Padwa and Akshaya Tritiya. Festivals like Gudi Padwa and Akshaya Tritiya are considered auspicious for buying both jewellery and property. Going by the trends witnessed in earlier years, real estate developers and industry experts are expecting the demand for property to go up during the upcoming Akshaya Tritiya also.
This Akshaya Tritiya is also said to be well timed as several policy initiatives, like RERA and GST, taken by the Modi government over the last few years have made the real estate market buyer-friendly, and homebuyers are slowly but surely getting their confidence back. Moreover, developers also come out with lucrative offers during such times in a bid to boost their sales, which can be witnessed this time also. However, is it the right time to buy one’s dream home and should you go for one this Akshaya Tritiya?
“The Akshaya Tritiya period can be one of the most opportune times to make property purchase decisions as long as the selected property stands up to scrutiny from all investment as well as lifestyle-related viewpoints. Especially in large cities like Mumbai, Delhi NCR and Bengaluru, connectivity to one’s workplace and in fact the availability of any commuting-related infrastructure is a prime consideration,” says Santhosh Kumar, Vice Chairman, ANAROCK Property Consultants.
What to do and what precautions to take
Industry experts say that given the immense pressures on one’s time and resources in these cities, the property of choice must not only fit within one’s budget, but also offer a reasonable saturation of conveniences in and around the project. There is considerable supply on market. So, buyers are literally spoiled for choice and should certainly avail of additional festive discounts that can lighten the financial burden and improve the investment rationale.
“Homebuyers should, however, steer clear of frivolous freebies and focus on hard discounts, free reserved parking, waived statutory fees such as stamp duty and registration, free furnishing, modular kitchens and other interior décor aspects, and offers of white goods which would need to be purchased later on anyway. The idea is to bring down the overall cost of home purchase, which is not achieved by a holiday abroad or a car which one doesn’t need,” says Kumar.
Divya Seth Maggu, Associate Director-Valuation & Advisory Services, Colliers International India, says that traditional festivals like Akshaya Tritiya along with a few other auspicious occasions tend to influence a home buyer’s psyche. Despite consumers being more aware of the nuances of home buying, many like to time their home buying decision to overlap with the festive season owing to the positivity it generates.
“Adding to this, if one is able to get good discounts from developers on this occasion, it only reduces the financial impact, thus making a good time to buy their dream home. It is, however, important not to make the schemes and discounts offered as the basis of the decision to buy especially given today’s market scenario, which is completely buyer-centric,” she says.