Gudi Padwa- the time to buy your new home

The festival of Gudi Padwa typifying all new auspicious beginnings is earmarked by builders for launch of their respective projects. Particularly, this year the timing of the festival is well placed for project launches.

Talking about the buoyant feeling about increasing end user demand in the market, Ravi Ahuja, Executive Director, Development Services, India, Cushman & Wakefield says, “Given the fact that in the past few quarters the residential market has seen a revival and a steady rise in capital values, there has been some slowdown in demand for mid ranged and affordable housing segments in general; additionally in the early part of year, demand tends to slowdown, due to some economic structuring owing to the announcement of the budget, also coinciding with salary revision for the salaried sections. This year, the festival of Gudi Padwa is well timed, in terms of policy decisions by the national and state government, falling soon after the end of the financial year. This may be a catalyst for some end users to reconsider their purchase decisions”.

As per a report by Cushman & Wakefield, in the year 2010 the residential sector in Mumbai saw an improvement in demand. In comparison to the values of previous years, the mid range micro markets have amassed major recovery. The mid range housing segment in areas such as Andheri (w), Malad, Goregaon have witnessed huge gains thanks to large end user and investor demand. It is expected that in view of the large upcoming supply the values are expected to correct in markets such as Central Mumbai, North and Far-North Mumbai in spite of increasing demand and favourable economic sentiments.

Expressing the views of large realtors about the optimism brought about by Gudi Padwa, Mayur Shah, Chief – Sales of Ackruti City Limited says, “In India property buying is attached with lots of emotions and due to this emotional connect, property buying increases – in the past we have seen good response from Marathi clients on Gudi Padwa and we expect the same this year too. Developers also come up with attractive offers during festivals, which give further boost to this sentiment. We are launching phases of Ackruti Countrywoods in Pune. Also we have come up with a customer friendly scheme called 80:20, where the customer has to pay only 20 % of the sales value at the time of agreement and EMI would be borne by us till the time of possession.”

Suresh Haware, MD, Haware Builders, who are launching their two affordable housing projects Haware Citi at Ghodbundar Road, Thane and Nakshatra at Palghar (W) on eve of Gudi Padwa says, “All Maharashtrians celebrate Gudi Padwa as a most auspicious day as it is the beginning of New Year. People do prefer to buy property on the eve of Gudi Padwa and most do wait for this day. In Maharashtra such occasions are very important for purchasing of property. On a scale of 1 to 10, I would rate it as 10”.

“Even though buyers are in the wait and watch mode, Gudi Padwa could prove to be the turning point as we definitely see a spike in bookings around this time. Indians are traditional by nature and even younger buyers who are influenced by the older generation do believe in this being a good time to buy. There are new launches as everyone considers this an auspicious time to buy.” says Vivek Mohanani, Executive Director, Ekta World.

Even though buying a house is more of a financial decision than an emotional one, people prefer to make that during an auspicious time. With a festival like Gudi Padwa where all get together, it is felt that buying a property around the same time will be auspicious.

Manju Yagnik, Vice-Chairperson, Nahar Group, who are planning to offer their latest projects in Chandivali during Gudi Padwa, says “It has been our experience that customers prefer to shift to their new premises or to sign the buying agreements or to perform poojas at their new homes, placing utmost importance to Gudi Padwa; which according to information available, is expected to take place in large numbers this year. After visiting property shows for suitability and convenience, quality of construction, facilities and amenities, reputation of developers, availability of housing loan, comparison of rates the final buying decision is of course made if the selected property is within his budget.

Even though the buyer is not depending on the festival, Jayant Gehi, AVP – Business Development and Sales, Supreme Universal says that, “People do book on the day of Gudi Padwa on account of the shubh muhurat. There are clients who hold their decision and would like to do the booking on the auspicious day of the festival. Many of our clients have told us that they will give the token money on Gudi Padwa”.

All in all, people love to start their new year in a new home for a prosperous future.