Akshaya Tritiya is considered to be an auspicious occasion for charity as well as for investments in gold or real estate. It is a prominent belief that any activity initiated on this day continues and remains there forever. This year, Akshaya Tritiya is falling on May 7, and the realty majors have already rolled out lucrative offers and freebies for homebuyers. Developers are expectant of improved market sentiment and enhanced vibrancy in the real estate sector during the festival season.
The word Akshaya refers to something that never diminishes, while Tritiya is the third tithi of the month. Consequently, Akshaya Tritiya is one of the three and a half tithies, which is considered to be auspicious as per the Hindu calendar. It is widely believed that if you invest in real estate on this day, the worth of the property will witness an upsurge in future. So is the case with investments in gold. As witnessed over the years, there has been a persistent demand for ready-to-move-in flats on this occasion. The developers roll out exclusive offers during the period to lure the homebuyers. These include flexible payment plans, rent and earn options, savings on Goods and Services Tax (GST), and discount of floor rise among others.
For example, EKTA World in Mumbai is offering a special payment plan for one of its projects in Goregaon. This includes five percent down payment, 80 percent bank loan and 15 percent payment at the time of possession with no floor-rise, no GST, and no EMI until possession. Similarly, Paradigm realty is offering zero percent GST offer for its project in Borivali and savings up to Rs 1 lakh for its project in Thane West. In Delhi, Arihant group is offering a lucrative deal on the occasion of Akshaya Tritiya which includes free registry for every booking and woodwork at one of the projects in Greater Noida West. In sync, Saya Homes in Ghaziabad is offering to book an apartment with just 10 percent initial payment. The remaining amount has to be paid post the possession of the flat. Another key player from Delhi NCR, Fairwealth, has introduced rental scheme at its project in Bhiwadi, Rajasthan, wherein, they are offering Rs 1,500 as the rent per month for 36 months on the booking of a 1 BHK fully-furnished apartment. Realty major Rustomjee, too, is offering savings up to Rs 15 lakh and zero percent GST as a limited period offer.
With waiver on several charges along with lucrative prizes, Akshaya Tritiya, this year too, is likely to spell success for the real estate sector. Here is what some of the major realty developers have to say:
Ashok Mohanani, Chairman EKTA World and Vice President, NAREDCO West
The velocity of sales is likely to witness new heights this year due to the reduction in the GST and RBI rates. Additionally, numerous deals have been rolled- out to woo the customers. Out of all, the millennials and the young couples are expected to derive the maximum advantage on the occasion of Akshay Tritiya because the market momentum, at present, is in favour of the homebuyers.
Girish Shah, Executive Director, Residential Sales, Knight Frank
Akshaya Tritiya is an occasion which provides a great opportunity for the homebuyers to take advantage of the attractive offers that the developers roll-out during the season. Though sales is expected to be muted during the first half of the year, the auspicious value attached to festivities such as Akshaya Tritiya will definitely induce the sales velocity in a particular period. Optimistically, we hope that the graph takes an upward curve by the second half of the year.
Abhinav Joshi, Head of Research, CBRE India
With the auspicious Akshaya Tritiya in the offing, developers are optimistic about increased enquiries and conversions for residential sales. With property prices remaining largely stable across metro cities, traction is expected from fence-sitting homebuyers who may be looking at closures on the auspicious day. The developers, on the other hand, are leaving no stones unturned in extending festive discounts and offers to attract the homebuyers.
Parth Mehta, Managing Director, Paradigm Realty
The sentiment of the homebuyers has already been boosted because of the changes in several government policies. These include revision in the GST rate, implementation of Real Estate Investment Trust (REIT), and the recent repo rate cut. Considering the increased attention of the homebuyers towards the affordable luxury and affordable housing markets, the developers in these categories are offering flexible payment options and freebies to the customers which can boost sales in the market.
Rohit Poddar, Managing Director, Poddar Housing and Development
The real estate market has been under duress for the last few years due to non-stop policy changes. But, the situation is now improving and therefore, the customers are more likely to take advantage of this auspicious date this year.
With several benefits attached to property investments during Akshaya Tritiya, it could be the perfect occasion to buy your dream home and bid adieu to the rented accommodations.