India is a nation that values tradition, and holidays are occasions to rejoice and make wise investments. When it comes to investments, most Indians first consider purchasing a home. Therefore the real estate market adjusts to these joyful times. This is not shocking, considering how heavily agriculture dominated India’s economy in the past. Indians continue to celebrate the bounty of abundance that a good harvest brings by making investments in wealth-generating and financially secure assets. The arrival of spring is a time for optimism and celebration, whether it is celebrated as Baisakhi in Punjab, Puthandu in Tamil Nadu, Yugadi in Andhra Pradesh, or Vishu in Kerala.
Real estate transactions have been brisk this season since many purchasers view Navratri and Diwali as good times to purchase a home. In addition, numerous additional factors increase real estate sales during this time of year. These festivals and celebrations are considered a time of good fortune and blessing for buying a house or starting new ventures. Developers and most business owners expect the market to pick up as the festival season starts; most are already back on track with their projects and assets.
To encourage consumers to purchase new homes and real estate, banks also offer their lowest loan rates during these occasions, which often range from 7% to less. Additionally, to sway potential customers, several real estate firms have unveiled new, more adaptable plans, including postpaid residences and variable rent rates to convince potential customers. The prices are already low, and customers will be able to make small financial savings. The bank has also eliminated the distinction between salaried and non-salaried borrowers and will not impose a processing fee. Developers also contribute by completing offers to assist customers in celebrating the holiday season by renting or purchasing real estate.
The first effects of COVID-19 on the residential real estate market were concerning, as they were for several other sectors. Still, the industry is already beginning to rebound as those who had been on the fence finally decided to buy their dream home. Builders are hoping that the holiday season will function as a stimulant for homebuyers thanks to a decrease in stamp duty rates, financing rates, and some ingenious plans by the developers. Homebuyers should exercise caution and only consider purchasing from reputable and trusted developers because the current situation will cause additional concentration in the real estate business. They must thoroughly investigate the developer’s reputation and track record and the project’s pricing and discounts instead of being enticed by reduced prices and discounts.
