Recently, a home-buyer inquired about a very basic query to a con sultant: is the market conducive to buy an apartment on Akshaya Tritiya this year? The buyer, Dharmesh Verma, believes in the auspicious spirit of the festival but his question was more inclined towards the timing of the event, keeping in mind the price index, which has time and again been projected to `correct'. Most of the homebuyers, especially the firsttimers, get confused between the reports of a correction and ground realities.
“If you are an end-user, do not give any other thought and buy a property now. But if you are an investor, the answer depends on your investment horizon,“ was the consultant's suggestion.
“This is going to be my first property and hence, a lot of questions are plaguing my mind.But I have been advised by a number of experts that for an end-user looking for a house to stay in, this is indeed the best time to buy. The pricing index and its movement are factors that should bother the investors and not end-users. Over a long period of time, appreciation is quite obvious since the price point is very attractive at this point of time across the Mumbai Metropolitan Region (MMR),“ says Verma.
The slow moving market and the slower pace of appreciation across the MMR, might deter the spirit of the investors who have invested in multiple properties, but not the first-time home-buyers. As a matter of fact, for the end-users, it is an equal opportunity market, as many near-completion and ready-to-move-in properties are on offer. The price point today is very balanced and that may not be the case, post Akshaya Tritiya, keeping in mind the demand and supply equilibrium and the improving macroeconomic outlook.
Most of the analysts tracking the city's property market maintain that due to the way the economy is now consolidating and new launches, which are lesser as a result of policy ambiguities along with a hike in the Ready Reckoner rates, a price appreciation, post Akshaya Tritiya, is surely on the cards. The developers, on their part, have ignored the market signals and kept the price hike on hold since they have weathered a long spell of a slowdown.
Manju Yagnik, vice-chairperson of Nahar Group points out that the rates for the real estate sector has been quite stable for the last 18 months and this will remain unchanged during Akshaya Tritiya as well. Of course, in most of the cases, the revision has happened, post Gudi Padwa.However, developers usually come up with schemes and short-term incentives, which are time-bound to facilitate the buyers during this period.
“It is a strong belief that a high-value purchase on Akshaya Tritiya brings good luck. The market is witness to a lot of im portant transactions, purchases and launches. The purchase of a home, which is a once-in-a-lifetime investment in most of the cases, is preferred to be bought during Akshaya Tritiya. Developers also prefer to launch new projects on Akshaya Tritiya, as it brings in good luck. Considering all these factors, a buyer gets several options to pick from along with the added advantage of leveraging the launch rates, which are slightly lower than the usual ones. People looking at moving into ready-to-move-in apartments, can capitalise upon the ready facilities without waiting and move into their house on this auspicious day,“ says Yagnik.
Dibyendu Banerjea, director of Nouam, feels that home-buying is a very important decision as it involves an emotional as well as a rational bent. Festivals are considered to be prosperous and promising times for investments, especially Akshaya Tritiya. “The Indian property market, in the recent times, has witnessed an upward trend in terms of enquires and sales. Since Akshaya Tritiya is considered as an auspicious occasion for wealth-creation and good fortune, developers at this time, seek to capitalise on these festive sentiments via increased marketing efforts. In that respect, festivals like Akshaya Tritiya can act as a powerful market force,“ says Banerjea.
Historically, festivals such as Navratra, Diwali, Gudi Padwa and Akshaya Tritiya have been powerful magnets to bring the home-buyers into the market.However, this time, Akshay Tritiya makes even more sense because it is not only the festive spirit, but also the market momentum that is poised to be in favour of the home-buyers. It is not something that Mumbai's property market is always witness to, as the demand and supply dynamics more often than not, keep the market momentum tilted towards the sellers.
There is one more reason that promises to make this Akshaya Tritiya count in Mumbai's market. This year, the appraisals have been quite favourable in Mumbai Inc and most of the industries have been witness to a salary hike in double digits. So, the newly-found salary growth along with the luxury of choices in the property market, make it an ideal time for the prospective home-buyers to book an apartment now. Collectively, it looks like Akshaya Tritiya this year, might change the spell of the slowdown in Mumbai's property market.
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Contact Us :
Address :
201, Prestige Precinct, Near Nitin Casting, Almeida Road, Panchpakhadi, Thane (W), Mumbai – 400601.
Telephone : 91-22-25985951–55
Email : prescon@prescon.in
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