MUMBAI: Gudi Padwa is considered as an auspicious time to invest in real estate, by Hindus. The festival signifies new beginnings and is usually earmarked for major purchase decisions including home buying, and holds a lot of prominence for developers in Maharashtra. Considered a time of renewal, it also coincides with Punjab’s Baisakhi, Tamil Nadu’s Puthandu, Andhra Pradesh’s Yugadi and Kerala’s Vishu.
Since a large cross-section of Indians tend to link property acquisition with auspicious dates, activity levels in the property market increase visibly during this period. Gaurav Shah, head marketing and sales, Ravi Group, says, “Gudi Padwa is not only considered favourable for the developers who are focused on selling their flats but it is also very encouraging for the buyers who will attach, not only their emotions but their lifetime savings to it. This festive period is considered to be the foundation of the new financial year and some prefer buying their houses during this time, believing it to be very sacred.”
Shailesh Puranik, managing director, Puranik Builders, who is very optimistic about the housing demand this year, says, “After the sluggishness in the real estate sector, we see the occasion of Gudi Padwa to revive the property market in the city. Gudi Padwa is considered as an apt time for making any good start. Buying a property or entering into a new house always happens during such auspicious occasions.” This year, Gudi Padwa will definitely be juxtaposed with some interesting market dynamics, shares Ramesh Nair, COO – business, JLL India. “The residential real estate market has been slowing down due to overpricing. Gudi Padwa may prove to be a turning point for developers who have been reluctant to realign their pricing with this negative market trend. Such developers are likely to address this season as an opportunity to enhance sales and offer lower prices under the guise of festival discounts. There is no doubt that the tradition-fuelled upswing in buyer sentiments, needs to be capitalised on. This year, Gudi Padwa may represent a spark of certainty in otherwise doubtful times.”
Hiral Sheth, director – marketing, Sheth Creators, confirms that “Indians are traditional by nature and even younger buyers who are influenced by the older generations, do believe in this being the best time to invest in property or moving into a new house. The real estate sector has stabilised in the recent past and there is a huge demand for residential property.” Though the festival is considered auspicious to invest in property, over the years, the decision to take the leap is no longer driven by discounts and special offers. Madhurima Basu, director – residential services, Cushman & Wakefield, says, “Most of the buyers are those who have already made up their minds to purchase their units on this festive occasion, so that their investment brings them good fortune. Any fence-sitter buying on this occasion will be the exception.” Yet, developers are expected to offer discounts and schemes to attract buyers this season. “The Gudi Padwa period could see a number of freebies being offered by developers such as waiver of stamp duty and registration charges along with some white goods or gold as gifts. In the upcoming festive season, we expect to see consecutive phases launched, along with a few new projects,” reveals Basu.
Manju Yagnik, vice-chairperson, Nahar Group, adds, “With signs of revival in the market, developers are encouraging home buyers to go ahead with their decision by offering lucrative offers.” Nayan Bheda, chairman and managing director, Neptune Group, shares, “Every developer is trying his best to provide best offers to attract buyers.”
Dhruv Jaywant, CMO, Ahuja Constructions, is of the view that “A festive spirit only adds to the buyer sentiments in the property market. The occasion of Gudi Padwa is perceived as an appropriate time, even by fence-sitters who are most likely to buy rather than prolong their wait. The added benefit is that with home loans being available at a cheaper rate, an aspirant home buyer will be able to go ahead with his decision to buy his dream house on this auspicious occasion.”