Akshay Tritiya, a festival which is celebrated on the third day of the first half of the month of Vaishakha, symbolises prosperity. It is also believed to be one of the most auspicious days during which a lot of people invest in property. Real estate players expect that this year, the festival may improve the sentiments and enhance sales.
Nayan Bheda, director of a city-based real estate company, explains that traditionally, home buying/ investing in property has always been favoured by the concept of auspicious occasions. And Akshay Tritiya is one of the most favoured days to do home buying.
“The day has a great significance for people who wish to invest in property. It is believed that if you invest money on this day, the property‘s value is bound to appreciate. We have had customers who take possession of their property on this day,” Bheda explains.
Bheda adds that the time could not have been more favourable for potential property buyers. “Property prices have stagnated since the last several quarters and developers are offering decent discounts and freebies for home buyers. So, it is a good time to buy the property,” he reveals.
Factors favourable for purchase
Other than the slow demand, there are several factors which work in favour of home buyers. According to Yashwant Dalal, president of the Estate Agents Association of India, there is also a huge stock of unsold inventory. “The buyer today has a lot of options to choose his property from. Since the demand is very low, estate agents have a lot of free time in their hand. So, they too don’t rush the customers, giving them various choices ” Dalal explains.
According to Dalal, banks and other financial institutions are also offering home loans at attractive rates to influence customers. “There are several banks, which are foregoing processing charges and service taxes for certain customers. Also, women customers are known to get loans at preferential rates. This would certainly encourage sales this Akshay Tritiya,” he discloses.
Devang Varma, director of a leading realty firm, explains that the depreciating rupee has also influenced a lot of non-resident Indian customers to invest in property. “The rupee had fallen to the Rs 67- Rs 68 level as compared to the dollar. So, buying property would come a lot cheaper for NRI customers. We expect sales to go up substantially on Akshay Tritiya,” Varma informs.
How to ensure a good deal
- Property movement would be slower resulting in huge stock of unsold inventory.
- Developers, too, would be keen to dispose of old inventory and won’t mind offering decent discounts.
- Real estate brokers would be relatively free due to lower sales and can help you strike a good deal.
- Any new launch would mean an addition to the stock of unsold inventory, which would prompt desperate sellers to lower their asking price.
- With lower demand for credit, banks would be keen to offer preferential rates to the potential buyers for their home loan.
How to ensure you get the best buy…
- Keep a sizable portion in cash form to negotiate hard.
- Be firm with the pricing.
- Ask for freebies like stamp duty and registration in the deal.
- Offer a lower figure than your planning budget and then negotiate upwards.
- Offer a higher commission to your broker if he fixes the right pricing.
Credits ET Realty