Navratras have special importance for Indians. These nine days not only have tremendous religious importance for the believers. but people also wait for the Navratras to buy their dream home. Festive season Is also considered good as during this time of the year.
Builders try to cash In on buyer sentiment and role out a slew of offers and discounts to woo prospective buyers. The nine days of Navratras in – the Hindu calendar are much awaited to buy homes and make Investments, thanks to the spiritual and auspicious significance these days hold.
Talking about the significance of home buying during the festive season, Ritesh Mehta, senior director and head, West. residential services and developer initiatives, India, JLL. says. “The auspicious occasion of Navratrl where nine Incarnations of goddes Durga are worshipped for nine days, brings with it some of the best, reasons to invest. During Navratri not only the stars are in favourable positions, but the market Is a buyer friendly market. Navaratrl Is associated with the term ‘Shubh Mahurat’. and India being a sentimental market is highly driven by this holy concept. This period is a sign of prosperity and lucky to be starting a new venture of any nature.” Thus. Navaratri Is an apt time to plan real estate Investment.
Understanding this sentiment. real estate sector has quickly optimised this opportunity to utilise the demand surge during this period. They entirely revamp their selling strategy and bombard the market with attractive deals, discounts, gifts, rewards etc.
In fact, this period makes the buy-ers a king of the purchase—they get the benefit of offers or even augmented basic products and services.
Reduced interest rate
Financial firms and banks also offer reduced home loan rates. While some lower the interest rates. some waive off the processing and administration charges as well. Providing a much-needed boost to homebuyers leading banks have recently reduced rate of Interests for home loans ahead of the festive season.
Real Estate experts feel that these interest rate cuts could be a major factor In boosting the home sales this festive season. Anshuman Magazine, chairman and CEO. India. South-East Asia, ket. Middle East and Africa. CBRE. says. “Historically, the festive season In India has been an auspicious time for home purchase. aided by lucrative by developer-led schemes. With banks offering further reduced interest rates, the residential sector is expected to witness an uptick, along with infusing a lucrative demand for housing properties In the forthcoming festive season.”
Elaborating further. Ashwinder R Singh, CEO of a realty group, says, “Mid-October to November is considered the most profitable period for developers and Lhe real estate sector, the reason being India’s much awaited festive season. For the longest time. it has been ingrained in Indian minds to make big lifetime investments on auspicious days. Additionally, the festive season lifts everyone’s spirits. which also leads them to celebrate with a grand event – a big lifetime Investment. Thus, all these factors cause developers and marketers to come up with unbeliev-able and irresistible deals and offers to entice customers into investing In real estate.”