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Akshaya Tritiya likely to attract property buyers

by Manju Yagnik,Vice Chairperson, Nahar Group
April 28, 2017
With developers offering several discounts, gifts and waivers to lure homebuyers, market sentiments are likely to improve this Akshay Tritiya.

The festival of Akshay Tritiya has been traditionally known for property acquisition and other valuable purchases. It is believed that Akshaya Tritiya embodies luck and a high-value purchase on this occasion brings fortune. Conventionally the day is characterized by purchase of gold, nonetheless, recent years have witnessed a steadfast inclination towards realty estate sector. Therefore, if you are a first-time homebuyer, then this Akshaya Tritiya could be the perfect occasion to buy your dream home.

During this time, the market usually witnesses substantial transactions and purchases. The realty sector also observes an uptrend during the auspicious period. The trend is likely to continue this year. In accordance with several government initiatives towards affordable housing sector and reduced home loan interest rates, the sector is expected to witness more bookings than usual.

Many developers will announce new project launches on Akshaya Tritiya and would encourage buyers to leverage the festive rates, which are slightly lower than the usual. This season is expected to bring in the much-needed positivity and vibrancy in the real estate sector.

This Akshay Tritiya, ready-to-move flats will be more in demand as home buyers are now gradually opting for ready possession flats. On the contrary, under-construction purchases will be less preferred. As they put additional financial burden on the buyers who have to pay both Equated Monthly Instalments (EMIs) and rental cost. Besides, delayed delivery and stalled construction is a common scenario in realty market which has deterred homebuyer transactions in the under-construction sector. With a dip in the last couple of years and a high unsold inventory, it is a good option for buyers to invest in a ready-to-move flat, rather than wait for a new project to come up over a period of time.

Historically, festivals such as Navratra, Diwali, Gudi Padwa and Akshaya Tritiya have magnetized a large number of homebuyers into the market. In keeping with the trend, the market is expected to go northwards this year too. It is not only the festive spirit, but also the market momentum that is poised to be in favour of the home-buyers. On the whole, it looks like Akshaya Tritiya this year, might overshadow the slowdown spell in Mumbai’s property market. Buyers who have been holding on their plans will go ahead with their decision to buy a home on this auspicious occasion.

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