Why Is The Festive Season A Good Time To Buy Real Estate?
Festive Season To Buy Property – Many buyers held off on purchasing real estate last year due to increased building costs and home loan interest rates brought on by repo rates. However, with new project launches & tempting offers from developers, the upcoming festive season may be the ideal moment to invest in real estate. This blog outlines some of the trendy trends that homebuyers might take advantage of as the spring festival approaches.
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An auspicious time is the period around Navratri, Ganesh Chaturthi, and Ugadi. The festivities, which include Navratri in the North, Gudi Padwa in Maharashtra, & Ugadi in Karnataka, Andhra Pradesh, and Telangana, herald the beginning of peace and prosperity. Hindu tradition holds that these nine days are good for starting and investing in new ventures, including businesses and real estate.
Developers aggressively market their properties knowing that homebuyers are more inclined to invest during these nine days, which leads to increased contract closing. The festive season has been crucial to the sector’s revival over the past two years after the epidemic brought it to a standstill. This year, developers are hedging their bets by making a number of enticing offers. Even if buying real estate during the festive may give you with too many options, it opens you more room for haggling.
Festive dates coming up in 2023
| Dates | Festival |
| 19-Sep | Ganesh Chaturthi |
| 15-Oct | Start of Navratri |
| 20-Oct | First day of Durga Puja |
| 23-Oct | Mahanavmi |
| 24-Oct | Dussehra |
| 10-Nov | Dhanteras |
| 12-Nov | Diwali |
Motives for real estate investment during the festive season
Here are a few factors that contribute to this festive season’s popularity with homebuyers:
Plenty many options
To entice consumers over the festive season, developers provide deals, discounts, and tax breaks. Developers design their sales strategy in accordance with the usual market phenomenon, when customers patiently wait for the festive season to invest in real estate. If you are a home buyer, you can anticipate a variety of promotions during this time, including brokerage discounts, cash discounts, benefits on registration & stamp duty, travel vouchers, free parking spaces, convenient payment plans, exemption from PLC, free home appliances, and gold and silver coins. As ready-to-move properties enable buyers to save on their monthly rentals, some developers also offer to pay rent to buyers until possession is in order to attract investment in their under-construction projects.
Launches of new projects
The developers anticipate this time of year to start new projects and sell off the existing inventory since they are aware that homebuyers are eager to make new investments & purchases over the festive season. As a result, a huge number of project debuts in all price ranges highlight the festive season. In fact, throughout the festive season, homebuyers have a diverse selection of recently launched projects to pick from.
Home loan offers
In addition to the discounted property prices provided by developers, banks also publicize enticing limited-time house loan programmes, such as slightly lower interest rates, exemptions from the Goods & Services Tax (GST), and waivers of the processing fees for home loans, to mention a few.
The best time to invest in new properties is around the festive season. Developers are able to give out freebies to clients at this time due to a high amount of sales. It is the ideal opportunity for a buyer to receive the most value for their money at this moment. Freebies and incentives should, however, not be the primary driving force behind a home purchase. Before taking advantage of these incentives, homebuyers should assess the developer’s credentials, past success, and level of delivery.
Ability to afford more
The majority of salaried professionals also experience increased cash flow & higher disposable income during the festive season as a result of bonuses and benefits provided by employers. This is true even though developers, banks, and lending institutions announce lucrative offers. This enables homeowners who are employed to select better and preferably larger house options.
Scope of the negotiation
Due to the increased sales volume that typically accompanies transactions during the festive season, vendors are more amenable to haggling. Additionally, the festive season’s strict deadlines may push developers to complete transactions swiftly. Buyers may maximise this and make the appropriate investments.
Although it is normal to be influenced by freebies and incentives during the festivities, homebuyers must investigate the true financial advantages of such plans and make sure the property is free from any encumbrances before investing.
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