Impact of Akshaya Tritiya 2024 on real estate segment
Akshaya Tritiya Impact on real estate : Akha Teej, Akti, or Akshaya Tritiya, is a Hindu spring festival that symbolizes fresh starts. Tritiya is the third day of the fortnight, while Akshaya is the word for forever. This year, May 10 is Akshaya Tritiya. This is seen as a lucky day for investments in gold, home furnishings, or even real estate.
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Why does the real estate industry value Akshaya Tritiya?
Purchasing a home is a very sentimental process, particularly for first-time purchasers. Experts say that since Akshaya Tritiya is a particularly auspicious day that marks the beginning of something new, there is a lot of activity in the real estate market during this period.
Akshaya Tritiya is one example of the broader trend of increased activity surrounding festivals in the real estate sector, according to Anshuman Magazine, chairman and CEO of CBRE – India, South-East Asia, and Middle East & Africa. There is a surge in buyer interest because the day is generally seen to be auspicious for big purchases like real estate and investments. During this time, people are typically more willing to invest. Additionally, developers frequently provide enticing promotions to entice customers, such as lowered costs, flexible payment schedules, or extra features.
“Preparation begins well ahead of time as consumers eagerly anticipate this auspicious day for making significant purchases, which are believe to bring blessings and prosperity,” continues Ayushi Ashar, director of the Ashar Group and member of the MCHI-CREDAI managing committee. Although gold was the preferred investment in the past, real estate has become a solid choice now because of its stability and enduring worth. Many people view real estate as a once-in-a-lifetime investment, and they prefer Akshaya Tritiya to complete real estate transactions.
“The real estate market is expect to continue growing in the wake of the impending Akshay Tritiya holiday, which has seen a tremendous spike in growth in previous years. A startling amount of property registrations has already occurred in the first quarter of 2024; in January, February, and March, there were approximately 11,000, 12,000, and 14,150 registrations, respectively. The upcoming Akshay Tritiya is anticipate to have a similar stimulating effect on real estate purchases as the auspicious occasion of Gudi Padwa earlier this year did, she continue.
Offers for real estate on Akshaya Tritiya
On the occasion of Akshay Tritiya, people wish themselves luck and prosperity in all of their endeavors and undertakings. After Navratri, Akshay Tritiya is the second-best time of the year to purchase a property. This is a day steep in religious significance and sentimentality, and its significance to real estate has only grown with time. According to Chintan Sheth, chairman and managing director of Sheth Realty, “developers are supporting this trend with special offers and incentives to help boost sales on and around the festival dates.”
Developers are offering rewards for Akshaya Tritiya, such as gold coins, modular kitchens, iPhone 15, e-commerce and home destination vouchers, cash discounts, waivers of stamp duty and registration fees, and more.
“Akshaya Tritiya holds profound significance in our culture symbolizing prosperity and auspicious beginnings,” says Himanshu Jain, vice president of sales, marketing, and CRM at Satellite Developers (SDPL). In order to enhance our clients’ experience and capitalize on the festive spirit, Group Satellite is offering creative deals on this momentous occasion. In light of changing market conditions and rising homeownership aspirations, we think these kinds of programs are quite relevant to people who are trying to make wise choices.
“We are excited to celebrate this auspicious occasion with our prospective homeowners,” said Siddha Group director Samyak Jain. Our holiday campaign aims to bring about both monetary gains and a joyful, fulfilling experience.
Real estate activity types anticipated in Akshaya Tritiya 2024
Industry studies indicate that although residential real estate has undoubtedly been the most popular choice for investments during Akshaya Tritiya, commercial real estate is also experiencing a boom in activity.
Founder and CEO of habits Shiv Parekh states, “We are witnessing a paradigm shift among investors as they now consider investments in commercial real estate to offer enhanced stability and promise capital appreciation. This is in contrast to traditional times when the focus was primarily on residential properties.” When investing in real estate, investors should remember that while short-term gains may seem alluring, long-term gains should always come first. Investors should consider a number of criteria before making an investment in real estate, including the property’s type, location, infrastructure development, demand-supply dynamics, etc.
Parekh went on to say that fractional ownership of commercial real estate can be a suitable option for people wishing to invest in real estate during Akshay Tritiya since it offers steady income, asset security, liquidity, tax advantages, and simplicity of ownership.
Additionally, there is some demand from buyers for farmlands. “Land and gold are prime long-term investments in India, symbolizing auspiciousness and prosperity,” says Amit Porwal, director of Aranyakaa Farms. Demand for farmland close to Bangalore has increased recently, and many people are investing in managed farmlands in anticipation of substantial future appreciation. We anticipate a surge in investments in these “real gold” assets of India this Akshaya Tritiya.
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One significant element that might increase demand for real estate is festivals. For those who purchase a property, these are auspicious times because they are pair with offers that assist with their large investment.
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