Planning to buy a house? Is festive season a good time to invest in real estate
- The festive season of Dussehra and Diwali is considered auspicious for making real estate investments
Are you planning to move to your own house or buy a second one? Many homebuyers consider the festive season an auspicious time to buy a house. Real estate as an investment asset class has innumerable benefits if the right location, right developer and the design element are chosen. The festive season of Dussehra and Diwali is considered auspicious for making investments. Livemint spoke to real estate market experts regarding the good time to buy a second house.
Suren Goyal, Partner, RPS Group said buying properties during the festive season is mostly driven by three reasons: a) It is seen as an auspicious time to invest in something valuable; b) It is also a time when new building projects are launched; c) Real estate developers are known to roll out interesting offers and schemes to attract buyers to their projects.
But the biggest factor driving people to buy homes today is their experience during the Covid-19 pandemic and lockdown. It has made people rethink their priorities, and thus owning a home has gained importance as it spells comfort and security, added Suren Goyal.
Buying second home makes sense right now as developers give discounts and other exciting offers during the festive season.
Ankit Kansal (MD & Founder, Axon Developers) said in Maharashtra, already the second home markets in Panvel, Alibaug, Lonavala, etc. start witnessing momentous shift in demand with the Ganpati festival.
Meanwhile, other prominent markets such as Goa, Sindhudurg & Konkan, Nainital, Dehradun, etc. are also enjoying robust demand. In South markets like Ooty, Nandihills, Bannerghata, Vizag, etc are also witnessing pickup in demand, he said.
Overall the market for gated villas, second homes, farmhouses etc. are growing at a scorching pace.
“Developers and/or Financial Institutions work in tandem to come up with irresistible deals and offers that aid a lot of fence-sitters to close the deal as well as capitalize on the high demand to speed up sales. For the buyer, it becomes imperative that the objective of the investment is clear, as to whether the investment is for recurring rentals, appreciation, vacation stay or retirement home,” said Ashwinder R Singh, CEO Residential, Bhartiya Urban
Siraj Saiyed, Director, Arete Group said that real estate sector has made a tremendous comeback after the pandemic. This trend seems to continue gaining momentum during the upcoming festive season when buyers tend to invest in properties because it is considered to be an auspicious period for home buying.
“Another major factor driving people to buy homes today is their experience during the lockdown when we were restricted to staying within four walls. It made us rethink our priorities, and thus owning a home has gained importance as it spells comfort and security,” said Siraj Saiyed.
"Festive season is likewise when luxury properties come down to reasonable prices," said Anurag Goel, Director, Goel Ganga Developments.
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First Published:19 Sep 2022, 11:39 AM IST
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