Akshaya Tritiya: The Right Time to Invest in Real Estate?
For many Indians, investing in gold, real estate, or stocks during Akshaya Tritiya is not just an economic activity, but an emotion that is deeply ingrained in their culture.
Should You Buy Property on Akshaya Tritiya?
While buying gold ornaments or coins may be driven by sentiment, purchasing an expensive apartment requires a more informed decision. According to Santhosh Kumar, Vice Chairman of ANAROCK Group, Akshaya Tritiya may be a tradition-driven decision prompt, but it shouldn't take the place of the basics.
- Location: The most important factor in buying a property remains the location.
- Aborption rate: The rate at which properties are sold in a particular area.
- Price: The cost of the property.
- Builder's delivery history: The track record of the builder in delivering projects on time.
- Exit potential: The potential for selling the property at a higher price in the future.
"Festive sensibilities may help with negotiations or choices, but they don't change the property's intrinsic value," says Kumar.
Why Akshaya Tritiya is a Good Time to Buy Property
The rise in property demand during Akshaya Tritiya is partly emotional and partly practical. Developers put out new inventory and deals around the festival, which can lead to better options for buyers.
"The rise is usually strongest in ready-to-move, high-end, and well-connected projects," says Kumar.
Buyer Sentiment and Market Trends
The RBI's announcement of status quo on repo rate recently has led to improved affordability with lower borrowing costs and stronger confidence in home purchase decisions.
"Buyer sentiment has been lifted this year, but the buyer of today is still largely driven by value, trust, and project quality," says Mohit Goel, Managing Director of Omaxe Ltd.
Top Markets to Watch
According to ANAROCK, Mumbai and Thane have been in a festive mood lately, and Gurugram's premium corridors and Pune's growth micro-markets are also getting a lot of attention.
"Markets like Jaipur, along with cities such as Prayagraj, Bhopal, and Ayodhya, tend to see heightened activity during this period, especially with the government's special emphasis on pushing for growth corridors," says Amrita Gupta, Director of Manglam Group.
A Good Time for Homebuyers to Enter the Property Market?
If you know your budget and plan to live in the home for a long time, this can be a good time to buy your first home.
"The day is usually linked to higher buyer interest, more launches, and more overall market activity, which can lead to better options," says Deepak Khandelwal, Principal Partner & Chief Sales Officer of Square Yards.
Do Festive Offers Translate into Real Financial Benefits for Buyers?
Festivals can be a great time for good deals, but only if the offers lower the effective cost.
"Discounts, waivers of stamp duty and floor rise, free white goods, and flexible plans can all help," says Kumar.
"However, buyers should make sure that the offer isn't just a way to extract more money by raising the base price, adding hidden fees, or making payments difficult," advises Kumar.