Navratri 2023: Five reasons to buy a house this festive season. Know here
Experts list out reasons to buy your dream house this Navratri 2023
Planning to buy a house this festive season? Navratri is considered an auspicious period in Hindu culture. It is believed that buying a house/property during this 9-day festival can bring blessings to you. To attract potential buyers, builders often come out with lucrative offers and discounts during this period.
Since there has been no increase in the repo rate in the last four policy announcements by the Reserve Bank of India (RBI), experts feel demand will start picking up at the beginning of the festival season.
“With people preferring to move into their new houses during the festive season and developers announcing new launches and new offers with freebies during these months, the demand usually remains high. The added benefit for customers would be no rise in home loan EMIs. This would definitely enhance the joy of festivities for homebuyers,” said Rahul Mehrotra, MD & CEO, of Religare Housing Development Finance Corporation Limited (RHDFCL).
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Reasons to buy a house this festive season
1)The unchanged repo rate at 6.5%
The RBI’s decision to keep the repo rate at a steady 6.5% presents a beneficial opportunity for home buyers this festive season.
“The unchanged repo rate is a festive bonanza for homebuyers, as it gives them another chance to buy homes at optimal costs,” said Pramod Kathuria, Founder and CEO of Easiloan.
“Despite short-term volatility, the real estate market has historically trended upwards, which means that buying a house now could be a good investment for the future, making this festive season ideal for homeownership,” said Kamaljeet Rastogi, Chief Executive Officer, SahiBnk, Powered by Manipal Business Solutions.
2) Strong economic growth
Strong economic growth, rising urbanisation, and government incentives are driving growth in India’s home loan market, despite rising EMI costs. Despite EMIs getting costlier, home loan demand is expected to accelerate due to the festive season. “The demand for affordable housing is also expected to stay robust during the festive season. This is because developers are focusing on affordable housing projects, and the government is also providing incentives for affordable housing,” said Pramod Kathuria.
“Government initiatives such as the Pradhan Mantri Awas Yojana (PMAY) and other schemes will also promote affordable housing, further supporting robust demand,” said Kamaljeet Rastogi, Chief Executive Officer, SahiBnk, Powered by Manipal Business Solutions.
3) New schemes, and offers during the festive season
Personal Finance experts are of the opinion that developers and banks often come up with festive offers and discounts during the festive season, which can help homebuyers save money.
4) Favorable market trends
According to Pramod Kathuria, the market for consumers appears quite positive with respect to housing markets, which gives an impression of the economy’s prosperous health.
5) Festive season bonuses
As per Rahul Mehrotra, festive season bonuses for employees will boost your disposable income.
Disclaimer: The views and recommendations made above are those of individual analysts, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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First Published:16 Oct 2023, 02:43 PM IST
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