This festive season – from Navaratra to Diwali, and beyond – is very important as it brings with it a very favourable confluence of advantages for buyers.
They say that anytime is a good time to buy a house, especially if it is for your personal use and not for investment.
In India, many people prefer buying a house during festive periods, as they are considered auspicious. A range of factors this Navaratra has made real estate a buyers’ market and customers stand to gain enormously on any property purchase they make this season.
First, prices have bottomed out in all cities. Just like stock buyers, who are at an advantage while buying good stocks when the market reaches the bottom, property buyers are very advantageously placed to buy now and catch the inevitable growth curve for well-chosen properties.
Second: “There is a generous supply of completely derisked ready-to-move-in options from reputable developers – the instant gratification factor which was missing for so long in the Indian real estate market,” Anuj Puri, chairman of ANAROCK Property Consultants, says.
Third, “Buyers in states with an operational RERA website and rules in place can breathe easy even after purchasing in projects under construction, as we are seeing the highest interest for options which will be delivered with the next 6-12 months,” Puri said.
Fourth, developers are offering great incentives, schemes, and freebies: from free car parking and home appliances to cars, and from flexi-payment plans to no EMIs till possession. If a property has been chosen well, these sops can add value to the purchase of your property.
Manoj Gaur, VP of Credai National and MD of Gaurs Group, says: “Festivals are the best time to invest in property. Being an auspicious time for Indian buyers, the benefits of various discounts and schemes add up to festive fervour. Buyers get extra benefits, hence they wait for this occasion.”
Developers say that demand for property rises during this time. Moreover, this festive season is going to be special as buyers who were waiting for the market to settle down are willing to buy a house of their choice.
“To attract buyers, builders have come up with various offers as they see an increased demand during this period – we have been recording close to 15-20% increase in sales for the last few years. This year, too, we have launched special promotional schemes for our various projects and are hoping for at least a 20% rise in sales,” Gaurav Mittal, MD of CHD Developers Ltd, said.
Some reports say that after a gap of a couple of years, developers are now going ahead with new launches, anticipating better times ahead. For example, as per ANAROCK data, around 30,840 new units have been added during the July- August period across the Top 7 cities in the country, which is good news for the market and buyers. The festive season is likely to give a boost to the market as well as the buyers’ sentiment.
“The market is usually expected to be in full swing during the festive season as this is considered an auspicious time for finalizing property deals. People look forward to invest and developers also eye this time to complement their projects with various offers and discounts. With RERA and GST in force, market sentiment has become positive, giving buyers enough confidence to invest in the sector. We believe that the contribution of the fourth quarter of the year would be significant in terms of sales,” Puneet Khullar, VP of Brahma Center Development Pvt Ltd, said.
“Freebies and schemes are fine and add value to the purchase. The key is to watch out for hidden elements and see that the offer transparent. Also, you should always look to invest with developers who have a proven track record, so that there are no shocks coming your way,” Deepak Kapoor, director of Gulshan Homz, said.
Source: Times Property, The Times of India, Delhi/NCR