National, March 31, 2022: The auspicious occasion of Gudi Padwa is here and it is certainly a great time to buy a new house. The festival marks the first day of the Marathi New Year which also signifies new beginnings and hopes; it is considered as one of the holiest days of the year. Indians love to buy property and create wealth assets during such auspicious occasions. For this reason, property sales tend to spike during festivals like Gudi Padwa as many developers tend to come up with many interesting incentives and offers in the market. Also while buying the property one should not take a hasty decision just because you are tempted by the offers. However, one needs to analyse his requirements, future needs, financial situation, and loan eligibility amount before purchasing the property.
Expressing his views, Mr. Jitesh Lalwani, President – Homesync Real Estate Advisory said, “Buying a property is always an emotional decision, as it is generally a once-in-a-lifetime decision and Indians are superstitious when it comes to real estate investments. People tend to have certain beliefs and prefer auspicious times when buying or shifting to a new house. Developers usually announce discounts, freebies, and offers for fence-sitters, during festivals like Gudi Padwa, which are opportunities to tap potential buyers for a good spike in sales. Leading banks and housing finance companies (HFCs) are sweetening the deal further by offering special rates on home loans. Therefore, one should be guided by more crucial considerations such as the budget, the location, and the projects that fit the best. Scrutinising the deals and discounts while buying a house, especially during the festive season is mandatory for first-time homebuyers. It is necessary to do the due diligence of the offers. One should never be in a hurry to make a purchase decision and most importantly, they should not be dependent on recommendations from other people. Instead, self-analyse the current market scenario and make the right decision.”
Reiterating the same, Mr. Rajat Rastogi, Executive Director, Runwal Group said, “Festivals usually lead to an increase in sales for the real estate sector. There is a positive vibe and it boosts customer sentiments. Developers & financial institutions also announce lucrative offers and payment plans to woo homebuyers during this period. The increase in stamp duty rates from 1st April will further encourage buyers to book their homes in March. However, before buying a home, buyers should evaluate the developer’s track record and ability to deliver. Buying from branded developers is always preferable as it brings in credibility and assurance about multiple aspects in the home buying process. Overall, festive occasions are looked at with enthusiasm by both home buyers as well as developers.”
While the announcement of 1 per cent ‘metro cess’ on property purchases that kicks in from 1st April along with the hike in the raw material prices due to the global crisis may dampen sentiment to some extent, the dynamics that have driven higher housing sales are still very much intact. Interest rates are still at an all-time low and prices too are very attractive thanks to the Gudi Padwa offers and discounts rolled out by the developers.
Speaking about the home-buying advantage this Gudi Padwa, Mr. Pritam Chivukula, Co-Founder & Director, Tridhaatu Realty and Treasurer, CREDAI MCHI said, “Gudi Padwa brings along some amazing deals on properties which are important for both buyers and developers. As the stamp duty rebate tenure is expected to end on 31st March, I think the buyers must make the most of all before the prices of the houses in Maharashtra come back to normal or in some cases even rise. The discounts, schemes, and incentives that developers have to offer around this time will only save the hard-earned money which can be saved for other procedural expenses and interiors of the house. This year we shall be able to witness maximum new launches, which will help the buyers to choose the best property that suits the requirements of their family.”