By Ravi Sinha, Arjun Narayanan, Chennai | April 28, 2017 @ 01:27 PM
This Akshaya Tritiya could be the perfect occasion to fructify the home-buying aspirations of first time buyers.
Festivals in India score high on optimism. Akshaya Tri tiya is a festival associated with auspicious beginnings. For this very reason, a renewed interest is visible in the property market. It has been a tried and tested formula for hike in sales owing to the overall positive sentiments associated with the festival. Even in the wake of overall slowdown and the bearish market conditions, this festival has been witness to an exception when the fence sitters come out in the market for the acquisition of the property.
On the eve of Akshaya Tritiya, the expectations and anticipations are pretty high. Over the years, the market sentiments around the time of Akshaya Tritiya can be compared to high points touched during festivals like Diwali.
Analysts tracking the property market in this part of the world maintain that the indications are definitely positive on the eve of Akshaya Tritiya. It is generally believed that the property market will be more receptive on this Akshaya Tritiya and the revival of Chennai property market that has already started albeit on a slow pace will get reignited. This optimism stems from a number of facts that suggest the festival of Akshaya Tritiya to be the focal point of the property market movement.
First and foremost, this observation rests on the fact that the property cycle has already touched its rock bottom in terms of sentiments and transactions in Chennai and the only way it can go is up. Everyone in the market, buyers, developers and analysts, understand that the market is now poised to rally fast with indications of growth in the Indian economy. The last two months have also seen many announcements and project launches in different parts of the city by developers. While traditionally Akshaya Tritiya is associated with the buying of gold, this day has been seen as an auspicious one to start new ventures or make new purchases.
Developers on their part also sound bullish after a long phase of living with a stagnant market. Supply in a city like Chennai has always been less than the demand for property.
Manju Yagnik, a realtor, agrees that like in the past, this year too, the occasion of Akshaya Tritiya is expected to bring in the much needed positivity and vibrancy in the real estate sector. She expects that home-buyers who have been holding on to their plan to buy new homes will go ahead with their decision to buy one on this auspicious occasion.
“Akshaya Tritiya is an auspicious occasion as per the Hindu calendar. It is mainly an auspicious time for buying gold but with the changing times, people look out for more returns on investment and thus real estate is another investment that people look out for,” says Yagnik.
Hiral Sheth, a leading developer, also maintains that in a country like India, festivities fetch requisite reprise to the market sentiments. Investing in real estate is considered to be auspicious during this time. The demand in Chennai realty market has been stable but the festive spirit is bound to bring in new array of demand for housing projects.
“In fact, festivities are an ideal time to invest in real estate. Hence, occasions like these witness a surge in the number of bookings. With the positive outlook in the minds of the investors, this will further boost the buyer sentiment,” says Sheth.
Trend analysts feel that even if there are new enquiries and some of them translate into sales, the market will be back on a strong ground. To add to it, some marketing offers immediately before the festival can also bring the fence sitting buyers back to the market. A few Chennai-based developers have come up with interesting offers for home buyers who are opting for a home on the occasion of Akshaya Tritiya.
A Chennai-based financial analyst feels that home buying is a very important decision as it involves an emotional as well as a rational aspect in the minds of Indian consumer. Festivals are considered to be prosperous and promising time for investments, especially Akshaya Tritiya.
“In the recent years, Indian property market has witnessed an upward trend in terms of enquires and sales. Since, Akshaya Tritiya is considered an auspicious occasion for wealth creation and good fortune, developers at this time seek to capitalise on these festive sentiments via increased marketing efforts. In that respect, festivals like Akshaya Tritiya can act as a catalyst,” he says.
Akshaya Tritiya might not witness several project launches this year but again, that also is a sign of the maturity of the market as the developers’ focus has now shifted to sales than new launches. Moreover, the emerging macro-economic outlook also indicates the buyers’ sentiments are going to have a 360 degree change.
In a nutshell, the real estate market is very receptive this Akshaya Tritiya. There are definitely a large number of buyers, who want to have the satisfaction of at least getting possession of their dream homes on this day. Hence, experts believe that Akshaya Tritiya is going to reignite the property market and set the tone for the year. Good times lie ahead, for developers and home buyers in Chennai.
Publication: Times Property, The Times of India