Here are five reasons why you should invest in realty during festive season.
With the onset of the festive season, the real estate has once again got a shot in its arm. Fence-sitters across the country keenly wait for this moment the whole year to seal the deal. With institutional changes already in place in terms of RERA (Real Estate (Regulation and Development) Act and GST (Goods and Services Tax) Act, there has been a remarkable change in buyers’ sentiment and trust in the sector is visible once again. Developers unveil some attractive packages for prospective buyers.
Traditionally the festive quarter has been beneficial for the real estate sector as home buying holds an emotional sentiment for buyers and people believe that it is auspicious to move into a new place at that time. Not just developers, but banks and other lenders also come up with attractive offers on home loans and interest rates are reduced considerably.
Ravindra Sudhalkar, ED & CEO, Reliance Home Finance and Co-chairman of National Council of Affordable Housing ASSOCHAM, says, the festive season is the best time to invest in a new property. “If you are looking to purchase a home this festive season, you should definitely make a move to avail the attractive offers available, but it would be prudent to do your homework and secure the best possible deal.”
He outlines five reasons why people should invest in a home this festive season.
Become a home owner this festive season
Purchasing a home is not just a financial decision, but also an emotional one. Buying a home during this time is not only satisfying, but also considered auspicious in the Indian culture. Here are some reasons why you should consider purchasing a home during this time: Season to buy: Many developers launch new projects during the festive season.
Affordable housing is the new mantra with one in every 5 homes in India costing less than Rs. 25 lakh. Subsidies are bringing home buyers to the market; Pradhan Mantri Awas Yojna provides an upfront subsidy of Rs. 2.3 lakh to households with an annual income of up to Rs. 18 lakh.
It is estimated that 50,000 new residential property units will be developed over the next 3 years. With developers adhering to strict Real Estate Regulatory Authority (RERA) standards, the trust factor has improved considerably.
Stable-to-positive increase in prices:
Indian property markets are passing through a phase of price stability with an upward trend. This is good news for buyers who were worried about the outcome of their investment in the sector. All top eight property markets in India have shown growth on an annual basis.
Home loan offers:
There are attractive offers on home loans from leading financial institutions during the festive season. Offers may include EMI waivers, home loan cash backs etc.
As many purchasers are off the market due to holidays, you may be able to negotiate a better deal with the developer or seller as it can be a buyer’s market during the festive time.
Amit Modi, Director ABA Corp, says, “The festive season is considered to be auspicious for buying property. A lot of people delay their purchase to buy their house on the auspicious day as they link it with prosperity.” Modi outlines five reasons as to why people should invest in real estate during the festive season.
People have higher disposable income on account of bonuses and other benefits received during this time. They also save it in order to splurge during the festival season.
More and better loan options are available as banks come out with enticing offers.
Developers give heavier discounts and offer a host of freebies and payment options owing to intense competition for offloading inventory.
More new projects are launched during the festive season that at any other time of the year. As a result buyers have more options to choose from.