Tag Archives: Akshay Tritiya

An attractive market for first time homebuyers

Posted on by Track2Realty
Track2Realty Exclusive

News Point: For the first time homebuyers and end users, it is equal opportunity market in Mumbai.

Akshay Tritiya, Festival home buying, Real estate Exclusive news, Home purchase on Akshay Tritiya, India real estate news, Indian realty news, Indian property market, Track2Realty, NRI investmentRecently a homebuyer asked a very basic question to a consultant as to whether he should buy an apartment on Akshay Tritiya this year. The buyer, Dharmesh Verma, believes in the auspicious spirit of the festival but his question was more on the timing, keeping in mind price index which has time and again been projected to correct. Most of the homebuyers, especially the first timers, get confused between the reports of correction and the ground realities.

The answer that the homebuyer got was even more basic but that explains the ground realities of the housing market dynamics at any given point of time. It is even more true in case of Mumbai today where the property market is equally poised and the rental values are rising; thus making sense for property purchase now.

“If you are an end user do not give any other thought and buy it now. But if you are an investor the answer depends upon your investment horizon. As an end user the market may not be the same for you again in Mumbai,” was the suggestion.

“This is going to be my first property and hence lots of questions in my mind are quite natural. But I have been advised by a number of experts that for an end user who is looking for a house to stay, this is the best time to buy. Pricing index and its movement is something that should bother the investors and not the end users. Over a long period of time appreciation is quite natural since the price point is very attractive at this point of time across the Mumbai Metropolitan Region (MMR),” says Verma.

Opportunity cost & benefit

  • Mumbai property equal opportunity market on Akshay Tritiya
  • Price point attractive, near-completion & ready to move options available
  • Salary hike this month catalysts to drive property market
  • A price hike post Akshay Tritiya on the cards

The slow moving market and slow pace of appreciation across the MMR might deter the spirit of the investors who have invested in multiple of properties, but not to the first time homebuyers. As a matter of fact, for the end users this is an equal opportunity market in Mumbai today as many near completion and ready to move properties are on offer. The best part is that the price point is today so very balanced that it may not be so post the Akshay Tritiya, keeping in mind the demand & supply equilibrium and the improving macro economic outlook.

Most of the analysts tracking the city property market maintain that the way economy is now consolidating and the new launches are lesser due to policy ambiguities along with hike in Ready Reckoner rates, a price appreciation post Akshay Tritiya is very much 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 slowdown.

Manju Yagnik, Vice Chairperson of Nahar Group points out that the rates for the real estate have been quite stable for the last 18 months and this will remain unchanged for Akshay Tritiya. 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 high value purchase on Akshay Tritiya brings in good luck. The market is witness to a lot of important transaction, purchase and launches taking place during this period. Purchase of home, which is once in life time occasion in most of the cases, is preferred to be bought during Akshay Tritiya. Developers also prefer to launch new projects on Akshay Tritiya as it brings in good luck. Considering all these factors, a buyer gets several options and choice of projects along with the advantage of launch rates which are slightly lower than the normal rate. For people looking at moving into ready to move apartments, they can take the advantage of ready facilities without waiting and moving into their own house on this auspicious occasion,” 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 aspect in the minds of Indian consumers. Festivals are considered to be prosperous and promising time for investments, especially Akshay Tritiya.

“Indian property market in recent times have witnessed an upward trend in terms of enquires and sales. Since, Akshay 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 the festivals like Navratra, Diwali, Gudi Padwa and Akshay Tritiya have been powerful magnet to bring the homebuyers into the market. However, this time Akshay Tritiya makes even more sense because it is not only the festive spirit but the market momentum that is also poised to be in favour of the homebuyers. It is not something that Mumbai property market is always witness to, as the demand & supply dynamics more often than not keeps the market momentum tilted towards the sellers.

There is one more reason that promises to make this Akshay Tritiya count in Mumbai market. This year the salary appraisals have been quite decent in Mumbai and most of the industries have been witness to salary hike in the double digit. So, the newly found salary growth along with the luxury of choices in the property market makes it an ideal time for the prospective homebuyers to book an apartment now.

The catch here is the price point and the stage of construction of the properties across the MMR. The fundamentals are then proving to be catalyst to spurt the property transactions. Collectively, it looks like Akshay Tritiya this year might change the spell of slowdown in the Mumbai property market.

Realtors and first time buyers upbeat on Akshay Tritiya

Posted on by Track2Realty

By: Ravi Sinha

Akshay Tritiya, Mumbai Skyline, mumbai property prices, mumbai real estate prices, MCHI, Maharashtra Chamber of Housing Industry, Delhi NCR real estate, Bangalore Real Estate, Track2Media, Track2Realty, ravi sinha, india realty news, india real estate news, real estate news india, realty news india, india property news, property news india, ndtv.com, ndtv, aajtak, zee news, india news, property news, real estate news, 99acres.com, 99 acres, indianrealtynews.com, indianrealestateforum.com, Mumbai Real Estate, India PropertyWhen Rishi Patil bought his first property in Mumbai a decade back, he followed the advice of family astrologer and deliberately waited for 7 months to book the flat on the day of Akshay Tritiya. Looking back his belief in the significance of shubh muhurats and certainly Akshaya Tritiya a day in which every single moment is considered auspicious, has only increased. And why not? After all, the property valuation since then has appreciated beyond his belief. Every year his family buys gold, if not property, on Akshay Tritiya.

Interestingly this year he is looking for the second property and with Akshay Tritiya around, the choice to book the flat should automatically be the day of Akshay Tritiya only. Isn’t it? “Well, at a spiritual and emotional level I would love to book the flat on Akshay Tritiya. But the problem is that I am yet to finalise the property and if I could not finalise by the auspicious day, I doubt whether it would be advisable to wait for one more year,” he says.

Rishi Patil is not alone in having an over cautious approach to prepone or postpone property purchase on Akshay Tritiya day itself. The real estate market in the last three years has taught everyone a lesson that unlike gold that witnesses a record sale during Akshay Tritiya, property market has a different dynamics with stakes much higher. It is often a question of investing one’s hard earner money of lifetime.

Does it mean that Akshay Tritiya has lost its significance now for the real estate market? Analysts in the property market don’t think so. Most of them believe that the volatile property market may have turned the customers a bit over cautious, come Akshay Tritiya and suddenly the market is stirring with new realty projects and even a higher number of buyer ratio. After all, realty buying is always favoured by the concept mahurats and this day is certainly one of the days, which Indians look forward to when it comes to realty buying.

Interestingly, Akshay Tritiya holds more significance for first time property buyers who are in no hurry to invest in the property market and rather prefer to wait for the right moment. Narmada More is one such lady who has postponed the booking for the last five months and will give the down payment only on the day of Akshay Tritiya. “Since the day is considered prosperous, it becomes of sentimental importance to me. I want to buy my house with the blessing of god,” she says.

Real Estate developers too agree that while the days of long wait of an auspicious day like Akshay Tritiya may be over, it still adds a fitting zing to the realty action in the forthcoming festival of Akshaya Tritiya. Says Atul Modak, Head of Kohinoor City, “While people look for an auspicious day to book the property, I feel today’s generation will not let a particular day be decisive in their quest to have a property. Of course, people prepone or postpone a bit if an auspicious day is around.” Does it make any difference from business standpoint of developers? “Yes, it does,” adds Modak. “You will find very many project launches on Akshay Tritiya. The day may not affect real estate market as such, but certainly there is upward movement,” he says.

Now comes the most important question on everyone’s mind-with the kind of price correction in Mumbai being projected by the realty consultants and thinktanks, will this Akshay Tritiya be under its influence? “Price correction across the city is a myth,” says Amar Kapoor, Director of Urban Heights. “Real estate movement predominantly happens in micro markets and the price pattern is never the same across the city. I personally feel that this Akshay Tritiya will see more robust business in real estate as the marketing strategy around the festival has always been to offer discount on property and register more bookings,” he adds.

Roshan Abbas, a prospective home buyer echoes the industry voice expressed by Amar Kapoor. “I am on the look out for a flat for the last 8-10 month and price correction is something that I find in media reports since then. However, my property hunt is witness to the fact that prices have only marginally gone up. I will definitely book my home this Akshay Tritiya,” he says.

Akshaya Tritiya is a festival which promises good luck and success in all the projects and ventures one invests in on this day. Akshay Tritiya is the second best time of the year after the Navratri to buy your homes. This is a day of sentimental value and religious connect and over the years the importance of this day to real estate has only increased. Realtors are hoping for a booking windfall, something that will prove to be the beginning of realty market coming right on track after a couple of years of gloom.