It is a classic middle-class convention to go for big purchases on the auspicious days. It is believed that buying things on the auspicious days will not only bring luck, but the new purchase will serve for a long period of time. Born out of an a typical middle-class thinking, this thought, though we have gone through a massive economical and social transformation, is still prevalent in the Indian families.
So what are the auspicious days? Well, it’s the festive season mostly. Festivals like Dussehra and Diwali are considered extremely auspicious. And people prefer to buy gold, electronic goods and properties on the festive occasions.
Let’s try to deconstruct as to why people prefer to buy real estate in the festive season.
Good time to buy: As discussed above the festive time is considered very auspicious, and people are willing to buy new things. So much so that all the planning and arrangements are done beforehand to reap full advantage of this season. The buyer mentality is to buy the product than just to weigh the options.
Financial viability: As the working professionals, which constitutes for the majority of the population, get their mid-term appraisal and Diwali bonus at this time of the year. It becomes quite easy to invest in real estate.
Lots of offers: As Builders and Developers in Pune and all over look forward to taking the optimum advantage of the festive season. They are more than willing to shell out offers, discounts and tax exemptions to induce the buyer.
Interest rates: As Reserve Bank of India has dropped the repo rate, consequently the rates on home loans are dropped considerably. As it has come at the opportune time, it will stimulate a big boost in the property market this season.
Good weather: Weather in winter is quite pleasant. It’s easy to plan site visits and to meet and discuss the prospects of buying the property.
So, it will be safe to say, taking into account the current market situation, that Diwali will be the most rewarding festival for both the buyers and the sellers.