Home-buying becomes more feasible in festive period

Indrajit-Siddhanta

The festive period has started and it is perceived as an auspicious time for property purchases. Fence-sitters often wait till the festive period for closing real estate deals. The Principal Partner and Head of Business Development, Square Yards, Indrajit Siddhanta, stated that Navratris are always auspicious for potential home buyers who love ushering in the celebrations by purchasing new homes. This is considered the best time to buy a home as per several astrological beliefs. He also added that home buying is even better in the current scenario owing to several lucrative offers provided by real estate developers. Builders often provide attractive schemes to home buyers for reducing inventory and scaling up sales volumes.

Buyers looking to purchase spacious homes in the mid-segment after the coronavirus pandemic can also get luxury housing units at similar budgets in some cases. Banks are also offering attractive lending offers which include reduced EMIs, cuts on interest rates and processing fee waivers for drawing home buyers. Yet, all necessary parameters like specification, location and reputation of the developer should be verified before closing any deal according to Siddhanta. The nine days of Navratri are highly auspicious for buying property while the market is more inclined towards buyers now. India is sentimentally drawn towards property purchases during Shubh Muhurats and developers are offering enticing gifts, discounts, deals and other rewards for tapping into these sentiments. Buyers are sometimes getting smart home facilities or modular kitchens with property purchases along with other innovative products.

Experts also feel that home buyer sentiments have peaked throughout this festive season owing to its association with positivity and auspicious tidings. Many buyers also perceive this season as one that brings in good luck and those who do not believe in these tidings anyway have tempting offers and deals from developers. Home loan interest rates have been cut by several banks while some have waived off all processing and added charges. Ticket sizes are now higher with longer tenures and lower EMIs. Lower interest rates are also facilitating more savings over a sustained duration.

Real estate is still perceived as a comparatively safer investment avenue while being a tangible and fixed asset with higher value. Several experts also feel that farmers are usually cash-rich by the time of completing harvesting for the Kharif crop at the beginning of Navratri while also sowing the Rabi crop. They generously spend throughout the festive period which is also linked to wealth and success. The sequence of nine days offers real estate developers more scope for building interest, informing more buyers and raking up sales figures frequently unlike other festivals that last for only 1-2 days at the most.

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