Here's Why You Should Invest In Property This Akshaya Tritiya
Akshaya Tritiya is considered to be an auspicious day to perform charity and make an investment in gold or real estate. The occasion is also perfect to perform the Griha Pravesh ceremony. In 2019, Akshaya Tritiya will be celebrated on May 7 (Tuesday).
Benefits of homebuying on Akshaya Tritiya
This year, the sentiment in the real estate market is positive after the recent cut in Goods and Services Tax (GST) rate and repo rate. Consequently, developers and banks have started passing on the benefit to buyers.
"The GST Council in its meeting held recently had come up with new rates for under construction houses. This will benefit homebuyers in a big way and will help developers clear their unsold stocks. Additionally, banks have also lowered their interest rates. All these factors will make this Akshaya Tritiya an ideal time to invest in real estate," said Pune-based Vascon Engineers Managing Director Siddharth Vasudevan.
The developers are also going the extra mile to attract buyers by offering freebies and discounts on their projects. Here is a list of offers that homebuyers can avail of when buying a home on Akshaya Tritiya also known as Akha Teej:
Assured rental schemes: Many developers across the country are offering up to 36-month rent guarantee scheme under which buyers can earn up to Rs 15,000 per month. On the other hand, some developers have come up with no-EMI-till-possession schemes and flexible payment options.
Fee waiver: Few developers have waived off preferential location charges (PLC), internal and external development charges (IDC/EDC) for a certain period of time. This also includes savings on GST under which the developer is offering a discount on the tax cost.
Free goodies: Modular kitchen, electrical appliances, woodwork furnishing, gold coin, vehicle, etc., are some of the freebies offered by the developers depending on the ticket size.
Free stamp duty and registration fee: Such offers can be widely availed of in Maharashtra. The six per cent stamp duty and one per cent registration fee is being discounted for homebuyers.
Discounted base price: Developers are also offering a discount of up to 20 per cent on the base price of the property.
Gold v/s property investment on Akshaya Tritiya
Earlier, people used to invest in gold on this day as it marks the beginning of unending prosperity. However, with the growing financial capacity, people are investing more in real estate, which also attracts tax benefits. What fares better?
Attracts capital gain tax
Offers tax benefits, income tax exemption on home loan repayment
Easy to liquidate
Not easy to liquidate
Ideal for short-term investment
Ideal for long-term investment, can generate regular income
Small investment possible
Relatively larger investments required