Published on: Oct 30, 2015 @ 16:13
Indian festive season is traditionally considered auspicious for wealth creation and property acquisition. It commences from Navratri and followed by Diwali, Xmas, and extends up to the New Year.
Sales usually pick up during the festive season as it is considered as an auspicious period for new property purchase. People look forward to investing in property during these festivities and it is believed that 25-30 percent of the annual sales of all real estate transactions happen during this festive period.
Banks and other financial institutes also, try to cash in on the festival fervor by giving loans on easy terms. The sentiment in the market has become more positive after the rate cut by Reserve Bank Of India (RBI) and other lending banks. For example, SBI, ICICI Bank, HDFC and other major lending banks have slashed their home loan rates. Festive season along with the rate cut by some banks have brought good news for both home buyers as well as developers. All this can lead to higher sales, usually 20-25 percent more than the rest of the year, during the season.
Developers look at the festive season as an opportunity wherein their inventories can be sold in large numbers. On the other hand, Customers see it as an opportunity to buy their dream homes at competitive rates and attractive buying schemes. Even the Investors are driven by the traditional sentiments and consider it as an ideal opportunity for wealth creation.
The festive season is considered to be auspicious for wealth creation and property acquisition in India. Buyers link property acquisition with auspicious dates. So, developers are hopeful that there will be increased property buying activities in the market during this period. They are offering various schemes and discounts to lure the new customers. This may upsurge the demand of residential property in the market. According to the property experts, the market sentiments are positive and one can see sales take an upward growth during the festive period across all major Indian cities such as Ahmedabad, Bengaluru, Hyderabad, Chennai, Kolkata, Mumbai, Pune and Delhi-NCR.
To cash in on the festive season, developers are coming up with attractive schemes and offers to attract a large number of potential buyers. There are some big hoardings, banners and also full-page colour advertisements in the newspapers to attract home buyers. Various other platforms such as the Internet, mobile marketing, and social networks are being used to attract customers.
The trend of offering lucrative schemes, discounts and freebies are fast catching up with most of the major builders. There are various payment schemes that will allow you to buy the property by making only part payments. Moreover, special price and other discounts are being offered during the festive period by the developers to attract new customers. Discounts up to 15 per cent are being offered to the customers depending on the location. These are the offers that one should consider which aims at reduction in base price or overall cost of buying.
Developers are also offering many freebies such as household goods, electronic items, free Modular Kitchen, Light & Fans, Car Parking, Club Membership, Registration Charges and free Holiday Trip to their prospective customers. There are other offers like a free car with every booking and also a lucky draw to win automobiles. Gold coins are also being offered by some developers.
Though the offers may be tempting, you need to keep your eyes open. Make the calculations of all the festive offers very carefully before taking the final purchase decision. Moreover, look for the properties that offer a great location, infrastructure, social amenities and, of course, big discounts during the festive season.
Ajay Verma, founder and writer of TheHousingWorld, a real estate and mortgage news website. He has over fifteen years of rich experience in the above mentioned industries.