Gudi Padwa: An Auspicious Time To Buy Property
Homebuyers see the festive season as an auspicious time to make a property purchase. Keeping in mind the mood, the developers are now coming up with special offers for the homebuyers planning to invest in real estate on the day that marks the beginning of the Hindu New Year. The day is celebrated as Gudi Padwa across the state of Maharashtra, as Baisakhi in Punjab and Haryana, as Bihu in Assam and as Ugadi in the states of Karnataka, Telangana and Andhra Pradesh.
“Homebuying in India is not just about investing money but also promotes the sentiment of owning a dream home. So, homebuying on this auspicious day picks up pace. The festive season is considered to be the right time for the homebuyers to fructify their decision of buying or enter their new home,” says Co-founder and Managing Director of Hiranandani Group Niranjan Hiranandani.
“This festive season the expectations for sales generation is high with recent home-buyer-centric policies such as lowering of GST, tax benefits to middle class with tax exemptions on income up to Rs 5 lakh as well as successive rate cuts. These factors together are making the homebuying sentiment positive coupled with offers in the market such as no floor rise or no stamp duty or benefits such as a complete modular kitchen or all white goods included in price, etc.,” Managing Director of Paradigm Realty Parth Mehta added.
What’s on offer?
- Maharashtra-based builders are rolling out special offers for the festival that will be celebrated on April 6 in 2019. Paradigm Realty is offering Rs 1-lakh discount for those buying 1BHK units, Rs 2-lakh discount for 2BHK units and a Rs 3-lakh discount on luxury units. These offers are for those who opt for spot booking of the developer’s Ariana, Signora and Zenith projects.
- Another prominent Maharashtra-based developer Siddha Group is offering the homebuyers to get floor-rise discount and fully-air conditioned apartments in Siddha Seabrook at Kandivali West, when booked during Gudi Padwa.
- Spenta Corporation is offering GST savings of up to Rs 38 lakh along with an assured family trip to Europe for homebuyers who invest in their Matunga-based project Medius. For their Chembur-based project Altavista, the developer will ofer savings of up to Rs 16 lakh along with a chance to win a couple’s trip to Dubai, Maldives or Europe. For their project Outsmart at Thane, the homebuyers are being offered free 100 grams of gold and attractive subvention schemes.
- Runwal Group is offering a zero-GST plan wherein a buyer can save up to Rs 15 lakh on the purchase of a flat. This is applicable only on their Runwal Bliss and Runwal Forests projects.
- Those homebuyers who invest in JP North at Mira Road by JP Infra Mumbai, they would get Godrej Interio vouchers and modular kitchens on every booking.
- Sheth Creators is offering attractive deals for a client reference along with pay 10 per cent and nothing else till possession offer.
- Puranik Builders is offering 3.99 per cent home loan rate for a limited period for their Thane-based projects, Puraniks Tokyo Bay and Puraniks City Reserva. For their Neral-based project, Puraniks City, homebuyers get 10-gram gold coins for free.
Why should you invest?
Looking at the present market scenario, one who invests is set to gain. Here are some reasons why should you be investing in real estate now.
- A large pool of inventory to choose from.
- Developer's readiness to settle for a correct price. “Readiness to bargain with genuine buyers has helped increase sales velocity,” says Amit Enterprises Housing Limited CMD Kishor Pate.
- Property prices across key real estate markets have undergone a correction in the past few months. There has been no steep rise in prices across the country in the past two years. So, if you were planning to buy and waiting for an opportune time, it is now.
- You are under the protective ambit of the Real Estate Regulatory Bill that would guard your consumer interest.
- With more potential buyers in the market, you never know when the property prices start to rise substantially. However, if you buy now, you are taking advantage of the current market scenario.
Keep in mind
However, experts suggest that just the deals shouldn't drive your decision. “A cautious and informed buyer is not dependent on deals and discounts but yes, everybody likes something extra,” says broker at Garud Properties Ravi Bhushan. So a gold coin or a car with a flat can only act as motivators and not decision making tools. The real inclination to buy always remains the budget, location, connectivity and infrastructure.
"The recent policy changes impacting real estate by the Government in just the first three months of the year, i.e., both budget and the most recent cut in the GST rates on under construction properties will further enhance numbers of home sales. Although, the impending elections could lend a speculative mood but largely we will see good sales numbers," said Ashok Mohanani, Chairman, EKTA World, vice president, NAREDCO Maharashtra.