Makaan.com analyses the trends in the property market and discusses whether it is the best time to buy one's dream house.
The festive season, even past Navaratra, will continue for another couple of months. Generally, the property market experiences a boost as realtors offer attractive festive deals to cut down the inventory. The festive season from October to March is the most auspicious time to buy houses in the Indian real estate market as the prices stand largely in support of the buyers.
Real estate companies, developers, builders and brokers try to offload their inventory during this time to avoid big permanent price cuts and make maximum sales.
But what do these schemes signify? What should the buyers expect? Makaan.com has listed the reasons and the offerings of buying a property during the festive season for the benefit of the home buyers.
Festive season is the best time to buy a house; Why?
During the ongoing festive season, buyers are flocking to buy some of the best housing deals in most of the localities. As per Makaan.com’s research on Homebuyers’ Expectations this Festive Season the overall mood among home buyers is upbeat with majority of them being optimistic about purchasing a property during the festive season.
The desire to finalise a property seems to be more intense this year as the buyers are looking forward to support from the developers. One-third of developers’ sales happen during the festive period that starts from October and goes on till March; but why is there such deep significance around buying a home during the festive season?
Is it only about the freebies and schemes that the developers offer? Or is there more to it? Let us understand the reasons behind the traditional trend:
- Symbolizes security, prosperity and happiness
- Period of high religious sentiment
- Denotes putting down permanent roots as:
Diwali marks returning home of lord Ram
Ganesh Chaturthi marks the rebirth of lord Ganesha
Dussehra marks the victory of good over evil
Christmas marks the birth of Jesus
As a result:
The adults get a place for Golden Years
Children grow up in a secured environment
- Best time to plan the purchase of second home
- Higher disposable income as people save for the festivities
- More loan options as banks also bring out offers
- Developers’ support through offerings
Developers’ support through offerings:
Traditionally, these months see better property sales compared to the first five months of the financial year because they are considered auspicious for buying property. This year, the festive season offers in property market have increased considerably as the sector is experiencing high inventory levels with low sales throughout the country. Real estate companies are rushing in with cash discounts, freebies and schemes ahead of Diwali, a time that registers high volume of home sales in the country.