By Akash Pharande, Managing Director – Pharande Spaces
In the Hindu tradition, Akshay Tritiya is one of the most favourable times for wealth creation. Gold and property are the leading denominations of prosperity and are therefore the prime focus during this period. It is important to note that religious customs and the real estate market play a very symbiotic role in a tradition-steeped city like Pune.
This is why the number of home purchases increases in the Akshay Tritiya period, which denotes success and good fortune for such investments.
This year, as the Covid-19 pandemic continues to rage across Maharashtra and the rest of India, the religious fervour that drives property buying in Pune is obviously more muted. Nevertheless, Pune’s real estate market has maintained a lot of its momentum along with Mumbai. The stamp duty cut obviously played a role, but sales continue even after it has lapsed.
The reasons are both financial and sentimental. The stamp duty cut was a major boost to homebuyer sentiment, but it was not the only factor driving renewed growth. Developer discounts and extremely low home loan rates also play a role – and continue to do so. On the sentiment side, the Covid-19 pandemic has been a major demand catalyst for housing – and this too continues.
Overall, Pune’s housing industry has already regained about 70% of the momentum it had before the coronavirus pandemic struck the market. The lapsing of the stamp duty cut caused this momentum to reduce by around 15% – which still leaves 55% regained sales momentum.
Akshay Tritiya is not only a time that celebrates prosperity – this spring festival also celebrates new beginnings. At this point, the worst of the economic impact of the pandemic is already behind us. Fear of job losses has abated, and household savings have never been higher because Indians have largely refrained from major expenses for a year. We are certainly ready for a new beginning.
Buying a home is not an expense. For Indians, it is an investment in the future. It is the cornerstone of financial, social and emotional stability. Akshay Tritiya is one of the most auspicious times for buying homes in the Hindu calendar – a time when investments in assets are rewarded with prosperity.
When property consultancies put out their sales data for the second quarter of 2021 by the end of June, the month of May will certainly show that homebuying activity picked up at and around the Akshay Tritiya period.
Puneris have decided that it is high time for new beginnings – and there has never been a better way to begin anew than by buying a home.