The significance of Akshay Tritiya for realty sector this year

The significance of Akshay Tritiya for realty sector this year

The third day of the first half of the month Vaishakh as per the Hindu calendar is Akshay Tritiya, a day symbolizing prosperity. It is also believed to be one of the most auspicious days during which people invest in property or other valuables.

”In India, home buying has always been favoured by the concept of auspicious occasions. And Akshay Tritiya is one of the most favoured days for investing in a property. People believe that if you invest money on this day, the value of the property ought to appreciate,” says Nayan Bheda, director of a city-based real estate company.

“Property prices have stagnated since the last several quarters and developers are offering decent discounts and freebies to attract home buyers,” added bheda on speaking why this is a good time to invest in a property.

Today’s is a consumer driven market, favourable for home buyers. Besides a slump in the demand, there is also a huge stock of unsold inventory. “The buyer today has a lot of options. Since the demand is very low, real estate agents have a lot of time in hand. They do not rush buyers allowing them the time to make a choice peacefully,” explains Yashwant Dalal, president of the Estate Agents Association of India.

Banks and other financial institutions are also offering home loans at attractive rates to lure customers into purchasing a property. Moreover, women borrowers are offered preferential rate of interest.

The depreciating Value of the Rupee, which has been hovering over 67 – 68 per USD, has influenced a lot of non-resident Indians to invest in the country’s real estate.

Considering the piling unsold inventory, a fall in demand, decrease in the rate of interest on home loans and a fast approaching auspicious day, we hope that Akshay tritiya helps boost sales and brings some optimism to the sector.