Gudi Padwa which falls on March 28, is New Year's Day for Maharashtrians, and is considered an auspicious occasion to buy a home. Suraj Uchil gauges the mood in real estate this festive season
Traditions and culture matter a lot to a Indian home buyers. A lot of thought is always given to time, phase and delivery when it comes to us Indians. 'Shubh Muhurat' or auspicious time is very critical. Most of the buyers wait for months for that auspicious time to invest or take possession of their property. One such occasion is Gudi Padwa, which is celebrated on the first day of the Chaitra month.This year, Gudi Padwa will be celebrated on March 28 and the real estate market is already abuzz with enquiries around that date.
Rahul Panvelkar, MD, Panvelkar Group explains that in Mumbai nearly 60% of the home buyers are still Maharashtrians. Hence, Gudi Padwa becomes an all the more important date for them to invest in new properties or shift into a new place. "The importance of Gudi Padwa cannot be described enough. Every year around this time, there is a soar in inquiries and bookings. People feel that this period is very auspicious and is considered the right time to book a property," he explains.
Real good time
Amit Karkanis, a working professional from Mulund adds, "It is an age old tradition that we also believe and follow. There are very good vibes during these festivals and Gudi Padwa in fact is celebrated as the New Year for us. What better way to start the New Year than to invest in a property or shifting into a new house?"
This year, there is a lot of buzz for the economical housing section. Properties between the price range of Rs 30 to 50 lakh are getting a lot of attention. Since these kind of rates are only prevalent in the outskirts of the city, places like Badlapur, Ambernath Vangani, Shilphata are getting a lot of attention. One of the prime reason for this can be attributed to the demonetisation drive that happened in the last part of 2016. Due to the move, premium housing projects took a big hit and the economical housing projects have taken a leap forward.
"Since the payment procedure has now eliminated the cash part of the transactions and the housing finance also getting better with the interest rates coming down, people are now able to afford houses which were earlier not fitting into their budget. This also has led to an increase in bookings for Gudi Padwa", cites Rahul.
The trend of home buying during Gudi Padwa isn’t limited to just the Maharashtrians any more says Manohar Shroff ,Vice President ,MCHI-Navi Mumbai Unit. He explains that with the passing of time, many of the Sindhi, Punjabi families are buying properties in this festive period. A reason for that is that many of the developers come out with discount schemes during this period.
"We are selling a project in the Shilphata area, where for this festive time we are selling the flats are the price of Rs 2500/sqft which is almost half of the prevalent rate in the market right now. These kind of discounts help attract a lot of buyers and also help boost the sales. Festive times like Gudi Padwa are a good time to generate leads and convert them to sales as people who are out to buy properties get interested on seeing the discounts and other offers on hand," explains Manohar Shroff.
While some offer heavy discounts on rate cards, others come up with ultra affordable houses. The Panvelkar Group has come up with a 1 room kitchen housing township in Badlapur for just Rs 14 lakh inclusive of stamp duty and registration and also with up to 99% financing on the project. These kind of discounts and incentives play a major role in attracting buyers and generating sales. Coupled with the auspicious time at hand, the sales during the month of Gudi Padwa tend to be on a much higher side than compared to the rest of the year.
So, if you are looking for a new apartment or a place to invest, now would be a very good time to look around the real estate market and take the plunge.