New home bookings sees annual lull as buyers stay away on account of Pitru Paksha

This year, Pitru Paksh is between September 29 and October 14, 2023, and during this time of the year, Hindus perform rituals for their ancestors.

While the real estate market in India is readying for the festive season that brings with it festive offers, there are many homebuyers who do not make any purchases during the Pitru Paksha period also known as Shradh. The period of Pitru Paksha goes on for a little over two weeks and is considered an inappropriate time for booking homes.

This year, Pitru Paksha is between September 29 and October 14, and during this time, Hindus perform rituals for their ancestors.

Why do people prefer not to book homes during this period?

"There is a belief wherein people do not do registrations or bookings during this period. However, there are verbal enquiries, but if we say closures they happen after Pitru Paksha. Many times, closures happen on the first day of Navratri, which is on October 15 this year," said a developer based in Mumbai not wishing to be named.

Another developer based in Pune, where 80 percent of the homebuyers are young techies said, "The trend of not purchasing or booking a house during Pitru Paksha is not that widely practiced among youngsters these days. However, purchasing a home is a big event in life, which youngsters generally do after consulting their parents or elders. Hence, the elders of the house ask youngsters to not close deals during this period."

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Mehul R Thakkar

Special Correspondent|Moneycontrol

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Also Read: This Shradh, real estate developers offer discounts; rebrand and launch new projects

Property registrations in Mumbai

As of September 29, around 10,500 properties were registered in Mumbai during September 2023, compared to 10,900 in August 2023. In the first half of October 2023, the number of registrations every year goes down due to Pitru Paksha, however, the same is covered in the second half with the arrivals of other festivals like Navratri, Durga pooja, and so on.

Also Read: Mumbai real estate update: 10,652 property registrations in September 2023, 23% YoY increase

Festive offers in the festive season

While starting with Navratri from October 15, the real estate market in the country is expected to see an uptick due to festive offers.