Gudi Padwa, marks the beginning of the Hindu New Year and is considered to be an auspicious day for new beginnings. The new year is expected to bring fresh positive sentiments and boost sales in the property and jewellery markets.
“We are expecting good sales this Gudi Padwa, especially in gold jewellery as it is a big occasion for Maharashtrians & considered to be an auspicious day for buying gold. Also, there is pent up demand & money squeeze of Demonetization has come to an end. Besides gold coins & bullions, we are expecting antique gold jewellery & temple jewellery to be more popular this Gudi Padwa,” says Ishu Datwani, founder, ANMOL.
Jewellers are expecting rise in sales to the tune of 20 to 30%. Aditya Pethe, Director, WHP Jewellers said, "This is an auspicious day for Maharashtrians, it`s the New Year. We are expecting 20 to 30% growth on Gudi Padwa this year. Jewellery business has been subdued over the last 2 years because of excise/demonetization. So we feel that the worst is behind us and from this Gudi Padwa Day, we are expect that the New Year will be very good for substantial business growth."
With the marriage season around the corner and the effects of demonitisation waning, jewellers are expecting higher footfalls resulting in higher sales. Samir Sagar, Director, Manubhai Jewellers said, "Gudi Padwa, the advent of a New Year with new hopes and new goals has us at Manubhai Jewellers all excited. The shopping atmosphere is already quite electric with festive excitement. We are hopeful of a good buying season this year too. With several marriages and Akshaya Tritiya around the corner, we are looking at an increase of 15 - 20 % footfalls beginning this season.
Gudi Padwa is also expected to bring in positive sentiment into the property market. Maharashtra Chief Minister has approved the Real Estate (Regulation and Development) Act (RERA), which will go a long way to protect the interests of the consumers. At the same time the housing loan rates at at its lowest level and the sentiments on consumers is rising. The Union budget too has offered sops to the affordable housing segment, which will further boost demand.
Gopal Sarda, Group CEO, Kolte-Patil Developers Ltd said, “The market is now brimming with confidence and with the impending festive season of GudiPadwa and Akshay Trithiya, we think this is the right time to reach out to prospective home buyers, build the positive sentiments and confidence amongst them and to finally help them to choose their dream home.”
“We are witnessing a healthy restoration of consumer confidence in the realty sector. This seems to be a result of the positive measures taken by the government and RBI now allowing the Banks to drop their home loan interest rates. With the auspicious festival Gudi Padwa is round the corner, we expect very positive consumer sentiment in the high growing state like Maharashtra as compared to last year and believe this trend will swing upwards. This is the best time to buy and invest in real estate,” said Ashish Puravankara, MD, Puravankara Ltd.
Tata Housing has recently launched a Cashback Revolution campaign across projects in the western region. Rajeeb Dash, Head, Corporate Marketing, said, “Gudi Padwa signifies new beginnings, and with this special campaign we are excited to help customers turn their home buying dreams into reality. We believe it is the ideal time and environment to buy a home, whether a first home in lively Mumbai or a holiday home in Goa.”