Let sentiments not play the main role in property buying today. Mindfully analyze the actual festive benefits before taking the final call. And don’t forget to buffer in for those hidden charges
Sagar Sharma, a North-Delhi based businessman is of the opinion that Akshay Tritiya is the best day to seal a property deal and as we chat, he pulls out a chequebook and hands over the token amount to the broker whose office is brimming with activity and the phone doesn't seem to stop ringing.
His phone has been ringing since 0345 am this morning and he expects the calls to continue until the wee hours (0129 am to be precise) until Thursday, the time the Tritiya tithi ends.
Incidentally, Sharma decided to buy the properties two months back but has been waiting for Akshay Tritiya day to hand over the advance amount and sign the deal on the day. “I feel it will bring my family good luck. I had invested in property on Akhshay Tritiya day earlier and the investment had brought in good returns”, he tells Moneycontrol.
Real estate brokers also point out that people prefer to invest in property on Akshay Tritiya as they feel it would be lucky and prosperous for them. Akshay in Sanskrit means imperishable or that never diminishes. It is felt that investments made during this time be it land or property flourishes and grows.
Astrologers also say that Akshay Tritiya is a greatly revered day and is considered one of the most auspicious times of the year. It marks the birthday of Lord Vishnu’s sixth incarnation Parshuram. It was also on this day that Lord Ganesh started writing the Mahabharat as sage Ved Vyas dictated it. It was on this day Goddess Annapoorna was born.
Akshay Tritiya was the day when Kuber got his position and wealth after praying to Lord Shiva. Many happy and benefic events mentioned in the epics have taken place on this day. Over a period Akshay Tritiya has become synonymous with good luck and good fortune.
Freebies developers are offering this season
All houses registered in the name of women can avail an additional five percent discount. This is a unique scheme being offered by Sai Estate Consultants Pvt Ltd.
“SAI estate consultants is offering a unique offer on the occasion of Akshay Tritiya. They have associated with Pinkathon and as a result want to do their bit to further empower women. All houses registered in the name of women can avail an additional 5 % discount on stamp duty. The offer can be availed across properties in Mumbai, Thane and Navi Mumbai,” says Amit Wadhwani, Director Sai Estate Consultants Pvt Ltd.
There are various offers at hand this season. These include no EMI until possession, cash discounts, home appliances, offers on free homes via lucky draw to amenities like free car parking, free club memberships to free annual maintenance etc.
Ekta World is offering a scheme under which the buyer gets to pay 5 percent now and rest 95 percent payment on possession for Ekta Tripolis Goregaon. In addition to that, Ekta is launching Regent Park at EKTA Parksville, Virar a new project during the festive season of Akshaya Tritiya. There can be an upward movement in the sale on the occasion especially in Mumbai and suburbs with no increase in the RR rates and with the vision of completing of the PMAY target by 2022, says Ashok Mohanani, Vice President NAREDCO West, Chairman EKTA World.
Mahindra Lifespaces is offering a 10 gm gold coin for its affordable housing project Happinest Palghar on the purchase of a 2 BHK home. For its premium residential project located in Hyderabad, Ashvita, it is giving away free furniture vouchers worth Rs 10 lakh and a home loan offer at 4 percent (terms and conditions apply) for its project titled Luminare located in Gurgaon.
Things buyers should keep in mind before signing the deal
“Buyers should stick to the basics of home buying by looking for properties that suit their budget which they can afford. It is important not to make the schemes and discounts offered as the basis of the decision to buy especially given today’s market scenario which is completely buyer-centric.
Sentiments do play a key role in most of our high-value investments, but again, it’s important to keep in mind the fact that these auspicious days and festivals are cyclical and so if the right deal doesn’t click in time, there will soon be another auspicious day. Let sentiments not play the main role in property buying. Home buyers should mindfully analyze the actual festive benefits they are getting before taking the final call,” says Divya Seth Maggu, Associate Director, Valuation & Advisory (Mumbai) at Colliers International India.
Consider all the tax incentives which may be claimed and/or burdens that it may bring along. The prospective buyers need to be abreast of the various tax implications of buying a new property. For starters, a buyer is required to deduct tax at the rate of 1% of the sale consideration if it is above Rs 50 lakh and deposit the same with the revenue department through a return cum challan, says a tax expert.
Also consider the add-on charges that you may have to pay – maintenance cost as per the size of the apartment that you plan to buy, create a buffer for the amount that you may also have to shell out for registration of the property etc.
Having said that, if you have in any case identified a property that suits your pocket, get off the fence now. Keep your primary objective in mind - that of owning a property that serves both as a home and the most reliable and rewarding investment for the future.
And last but not the least. If you are hoping to purchase at the lowest possible entry point, then this is a not a game that retail property buyers should play. Such an approach is best suited for professional investors with diversified portfolios who can bear the potential loss of erroneous firstname.lastname@example.orgGet access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.