By: Ravi Sinha
When 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. Isnâ€™t it? â€śWell, 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,â€ť 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 oneâ€™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 donâ€™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. â€śSince the day is considered prosperous, it becomes of sentimental importance to me. I want to buy my house with the blessing of god,â€ť 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, â€śWhile people look for an auspicious day to book the property, I feel todayâ€™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.â€ť Does it make any difference from business standpoint of developers? â€śYes, it does,â€ť adds Modak. â€śYou 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,â€ť he says.
Now comes the most important question on everyoneâ€™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? â€śPrice correction across the city is a myth,â€ť says Amar Kapoor, Director of Urban Heights. â€śReal 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,â€ť he adds.
Roshan Abbas, a prospective home buyer echoes the industry voice expressed by Amar Kapoor. â€śI 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,â€ť 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.