Importance of Akshaya Tritya for homebuyers

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Akshaya Tritiya, a widely celebrated festival in India, is considered to be one of the most auspicious days for new beginnings. It falls on the third lunar day of Shukla Paksha of Vaishakha month and is also believed to be the birthday of Lord Rama. People from every nook and corner of India plan huge investments and make their purchase decision on this day since it not only carries a religious significance but also has a cultural significance to it.

It is said that the occasion brings bliss, grace and prosperity to those who perform holy rites, rituals, and ceremonies on this day. While some couples willingly choose the day to tie their knot and commence a life full of fortunes, others prefer purchasing gold as it is the symbol of wealth and growth. For others, it is the day when they make big purchases; from starting new ventures to entering into homes.

Festivals such as Gudi Padwa and Diwali are considered auspicious for purchasing new homes due to which there is generally a high demand for properties on such occasions. Similarly, purchasing a home on Akshaya Tritiya has a religious value attached to it. People prefer this time to make important decisions involving their money because of which, most sellers get the best prices and offers. As for the buyers, getting the same property in their favourite localities at a cheaper price is a dream come true.

Many builders, realtors and agents offer exclusive deals and flexible payment options to boost housing sales. Hence, the festive spirit as well as the real estate market momentum, both make gains from this festival.

The introduction of the Real Estate (Regulation and Development) Act (RERA) and Goods and Services Tax (GST) has also brought in the much-needed transparency and accountability in the sector, making sure that buyers make the most of the deal than otherwise. The year 2019 is perfect, and with this festival just around the corner, now is the time for fence-sitters and potential homebuyers to take the plunge.

Let us have a look at some more factors that makes Akshaya Tritiya an ideal occasion for buying a home:

  • If one makes a gold purchase instead, there are higher chances that the money is at a higher risk due to the high volatility of gold and its dependence on the market.
  • Real estate is a lifetime investment; once made it can turn into a parallel source of income in the form of rent.
  • When there is a need, property shall reap more benefits than gold.
  • The most important of all, prices of property are relatively stable right now, and genuine realtors are even helping customers locate the best properties at the best prices.

Currently, the National Capital Region (NCR) market is showing a rapid growth in migration as well as residential development. Potential homebuyers and investors can make the most of this opportunity by negotiating hard with the builder. However, prospective homebuyers must consider investing, basis their level of risk and expected returns.

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