This year the Akshaya Tritiya falls on May 7th; as the trend suggests the developers are very optimistic of this day. And why not, traditionally, this day is believed to be very auspicious for two reasons, for doing charity and for acquiring or investing in gold and property. Why does this happen!
What is Akshaya Tritiya
Before going further, let’s understand what Akshay Tritiya means and what makes this day so special. Astrologically, it is the third day of the Shukla Paksha of the month Vaisakha. It is on this day that both the Sun and the Moon are said to be at their planetary best. The word Akshaya in Sanskrit means immortal, something that remains forever. And therefore, it is believed that any activity done on this day continues and remains forever. Probably, this is the reason why people started doing charity on this day, and eventually, started investing in gold and properties.
Akshaya Tritiya and Real Estate
The Indian real estate market is primarily sentiment driven. Therefore, an occasion of such importance is bound to impact the sales of properties. As Mr. Prashin Jhobalia, Vice President – Marketing, House of Hiranandani rightly describes, ” Festivals and auspicious days have always been preferred for making important purchase decisions. Most homebuyers wait for such favorable days like Akshaya Tritiya to invest or buy their dream home. Several developers give out exclusive offers and flexible payment plans during this period that makes this occasion even better especially if you are an aspiring home buyer”.
Even the impulsive investors do wait for such occasions. The homebuyers who have finalized the properties but are into wait-and-watch mode also tend to make their decisions on this day. Mr. Abhinav Joshi, Head of Research, CBRE India, explains, “With the auspicious Akshaya Tritiya in the offing, developers are optimistic about increased inquiries and conversions for residential sales. With property prices remaining largely stable across metro cities, traction is expected from fence-sitting home buyers who may be looking at closures on an auspicious day. Developers, on the other hand, are leaving no stones unturned in extending festive discounts and offers to attract home buyers.”
Akshaya Tritiya: An Opportunity for First-Time Homebuyers
Not only the homebuyers, the developers too, wait for such occasions to lure the fence-sitters. Developers know there are buyers in the market, but will they lock-in their projects depends on what all schemes the developers offer to the buyers. In other words, occasions like Akshaya Tritiya allow the homebuyers to negotiate and strike the best deal with the developers. As per Mr. Rahul Grover, President sales & operations, Sai Estate Consultants, “In today’s vast residential market, most Indian buyers prefer an auspicious day to make a home purchase and hence several developers offer exclusive discounts and special schemes during this period. No floor rise charges, monetary gifts, tour trips, flexible payment options, no GST across properties are offered by leading developers, which make it the best time to invest. The sector is relatively stable currently, and we are hoping it will give a much-needed push to the industry ahead of the festive season”.
To encourage the fence-sitters and the first-time homebuyers, developers come up with lucrative schemes. What else a buyer wants! Once he has finalized the property basis his location and other requirements, an added discount is always a bonus. The House of Hiranandani has come up with various offers for their Chennai and Bangalore properties. As Mr. Prashin Jhobalia says, “We are pleased to join the celebrations and offer our customers a luxurious home in our properties in Chennai and Bangalore that provides a blissful lifestyle experience with higher savings. The various attractive offers include flexible payment options, saving on GST, rent and earn option, no floor rise charges among others and these offers vary across properties”. The Thapar Group, which is developing The Arthah in Vaishali, Ghaziabad, are also offering many schemes. Mr. Gautam Thapar, CEO – Thapar Builders says, “Akshaya Tritiya is regarded as a tremendously auspicious time to create wealth. People that were indecisive in the past are more inclined to invest in real estate. Hence, builders attract consumers through significant offers and discounts. We are offering ready to move in home with Occupancy Certificate (OC) at no GST price, one free covered car parking and option to take fittings such as modular kitchen/wardrobes/hob chimney in the price of the unit”.
Rustomjee Group, one of the leading developers in the Mumbai and Maharashtra region, is also offering a full rebate on GST on its project Rustomjee Urbania at Thane West, this Akshaya Tritiya. Buyers can save up to Rs 15 Lakhs by booking under their ‘0% GST’ offer which is valid for a very limited period on limited stock. Whereas, the Runwal Group, another known name in the real estate business, is offering an Assured Gold Voucher on booking at three of their projects. The projects are Runwal Bliss at Kanjurmarg East, Runwal Forests at Kanjurmarg West and Runwal Greens at Mulund West.
Buy your home this Akshay Tritiya
The selection and finalization of the dream home is a scientific process. It starts with identifying the requirements and preferences like location, size, amenities, surroundings, etc. One should always follow these steps first. However, one should not ignore the freebies and discounts as well. If you have selected the property you want to invest, this is the right time to go ahead with it. Talk to the developer and enquire about the offers and schemes for Akshaya Tritiya. You never know you might get the deal of your lifetime!