Admin
08/13/2023
As vibrant colours and festive spirits fill the air, the Indian subcontinent transforms into a hub of celebrations during its festive season. But there's more to this time of the year than just traditional festivities. With families coming together during the festive season, there's a surge in demand for homes. This cultural attitude has a good effect on several industries, including real estate. Demand for Homes and Commercial Spaces Has Increased
Everyone loves the festive season as it brings joy, belongingness, anticipation, and new energy to live a positive life ahead. This time of the year will mark the beginning of the most auspicious array of festivals. Starting from Ganesh Chaturthi to Navratri, Gudi Padwa, and Ugadi, to hitting the peak of excitement till Diwali, Indians believe in doing the most important tasks during these days. People make crucial investment decisions regarding buying gold, silver, metal, and real estate.
Currently, many families are seen buying properties during the festive season as real estate is coming up as one of the stronger and more consistent investment mediums rather than opting for a traditional alternative. Festivals bring in new beginnings and around the year people wait for such good days to come. At this point, people make decisions that they believe can never go wrong. Studies reveal that the volume of house sales has gone up to 92% high between July to September last year.
However, during the pandemic and post-pandemic, the global supply chain was heavily disrupted. Market volatility was seen due to several socio-economic factors apart from pandemic effects, with repeated repo rate hikes and high inflation. All this brought about speculation of unpredictable sales in the home market that was expected to reach high post-Covid, but it somehow could not.
And now, the onset of the spring festive season is showing major popular trends among homebuyers as they embark on the journey of buying their dream properties either for investment or for making as they sweet and cozy homes.
Developers intensely glorify their real estate projects leading to better deal closures. Over a couple of years, the festive season has become a significant period wherein the developers gear up to provide the best deals with lucrative propositions. You may be one of those homebuyers who get spoilt with no choice but to buy your dream home at the best negotiable prices.
We have curated some of the most valid reasons why dream homes or new homes buying or investing during festive seasons can be a fruitful decision. Check them out.
The festive season brings in several opportunities for property investment and home buying. Developers introduce a range of offers, tax exemptions, and discounts to lure buyers. Indians believe in the importance of executing decisions such as buying a home or gold in the festival times as these days are considered to be auspicious. With this traditional mindset, the market burgeons with countless buyers who have been diligently waiting for this specific period to invest in a property.
And accordingly, developers will plan their sales. If you are looking forward to buying a brand new home, do expect a range of offers coming your way such as registration benefits, cash discounts, stamp duty discounts, free car parking spot availability, travel vouchers, exemption from Preferential Location Charges, convenient payment plans and free home appliances like gold and silver coins. Above and all, some developers get ready to pay the rent to buyers till possession to motivate them to invest in their under-construction projects.
Infrastructure and Development Projects
Keeping in view that people need new homes and they opt for buying one during the festive season, people get already excited and enthusiastic. The builders also eagerly wait for this period and begin with new construction projects so that the houses get sold out before even construction begins. So many new projects during the festive season are available in different price ranges. Homebuyers get so many different types of options to choose from when they look ahead to buying a new home.
Above all, during the festive time, there are special offers and deals attracting people to buy a new home. It becomes exactly like a big sale wherein you find several choices and options to buy your dream home and can choose the one you like with a good deal. Hence, homebuyers get a considerable value out of their investments during this crucial period.
Attractive Home Loan Offers
Besides discounted property prices offered by developers, some of the known banks initiate attractive home loan schemes with low-interest rates that exist under the concession policy of Goods and Services Tax. The law allows wavering home loan processing fees. Experts have found the festive season is the most advantageous time to invest in new properties. Developers can offer so many freebies to their customers during this time. Buyers must consider this period as the most suitable and ideal time to get the best out of their hard-earned savings. However, we also alert you not to consider these freebies and incentives as the major motivator to buy a new home. As a homebuyer, you must check the developer’s credentials in the market, the type of quality that he delivers in his projects, and his past performances.
Long-term investment Potential
Time of festivals, companies and banks offer better deals for people. One of the reasons is, that salaried people have earned incentives in their jobs making it possible for them to spare a fixed amount of money as EMI and a long-term investment potential from their income to buy nice and big houses.
Festivals make people think of buying a new home and in such a phase developers, lending institutes, and banks offer special deals. Hence, it becomes easy for people to buy a new home. This especially stands true for all those who have regular jobs as they get extra money as bonuses also during Diwali time. This extra money helps them buy spacious homes that bring in happiness and a reason to celebrate and a great chance to improve their lifestyle.
The special months of the festive season are a time when people buy and sell things and are willing to talk about lower rates. Developers would want to sell out those buildings and houses to finish faster deals. And people will take advantage of this situation leading to smart investment decisions. No matter whether people get gifts and deals at this time, however, people must not forget to check out the real money benefits of these offers. As a buyer, you must ensure the property you are buying should not have any sort of problems or debts attached to it before your money investment.
Apart from the above scenario, developers are also keen to introduce new projects and phases. Buyers get fresh options this time. Smart buyers keep an eye on market trends and consult with the experts if needed. They assess their financial situation accordingly and then make informed decisions about investments. In this manner, they get the most out of the festive season.
In the time of the Indian festive season, people tend to dream big like buying new homes or business places. Most of them believe to start something new in such special times leads to bringing good luck. Hence, many families and companies search for better places where they can move into or establish their shops, all this leading to more demand for houses and offices.
Favorable Market Conditions
On the arrival of this auspicious festive season, real estate market conditions become better and more favorable. People find it easy to buy property and builders and sellers often provide discounts or other benefits to attract buyers. In addition, home loans can be bought at lower interest rates making it easier and affordable for people to buy a new property
Festivals make people happier and more joyful. They get more positive feelings which later on spread in the real estate market. People get more excited about investing in property in these times and they believe it to be the best time that will bring them good fortune. This positive mindset activates the real estate market and hence it becomes livelier and more attractive for buyers.
NRI Investments
There are many Indians who stay abroad. These NRIs often miss their homeland and feel like investing in property during the festive season. Hence, they would want to invest in property and might buy homes for their families or even purchase commercial properties in that case. Based on this sentiment, the real estate sector gets a boost and opens doors to several opportunities both for buyers and NRIs.
Additional FAQs
Q. What types of properties are best for festive season investment?
A. Residential properties and commercial spaces near bustling shopping districts or tourist attractions tend to be excellent choices during the festive season.
Q. Can I buy property solely for rental income during the festive season?
A. Yes, purchasing a property for rental purposes during the festive season can yield good returns, especially in areas with high footfall.
Q. What should I consider before investing in a property in a different city?
A. Research the local market, growth prospects, and property management options to ensure your investment is well-managed even from a distance.
Q. What things should I consider before buying a house in any part of India?
A. There are various factors impacting your buying decision. However the most important ones are knowing the builder reputation, project location, your overall budget, amenities provided by developers, and expected future value of the property.
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