Purchasing a new house requires not only financial readiness but also mental preparation on the part of the homebuyer. However, home buying in India goes beyond its capital value and also has an emotional factor associated with the country’s timeless traditional and cultural beliefs. Therefore, a majority of potential homebuyers here await the festive season – often the period between mid-October and mid-November – to invest in a new real estate property.
Historically, almost one-third of the real estate deals occurring in India are known to take place during this time of the year, because it is considered to be an auspicious duration for individuals to make investments in property or any other income-generating assets. In addition to that, the attractive schemes and offers offered by builders across the nation make it an even more apt time to finally buy the brand new home of your dreams! But as enticing as all these offers might seem, it is critical to have complete information about them before you finalise your deal and go ahead with the transactions.
During the festive months, developers try to clear as much of their unsold inventory of houses as they can. This is the reason why the real estate market all over India is replete with a plethora of options catering to different budget groups in this season. So whether it is someone thinking of buying a 1 BHK in Powai or someone looking for larger configurations, everyone can purchase the apartment of their choice during the festive season thanks to the generous inventory available.
Realtors try their best to attract prospective homebuyers during this time by providing them with a range of lucrative offers, deals and discounts. A few examples of these offers could include reduction of registration and stamp duty charges, payment plans like no EMI until flat possession, free gold coins on purchase, free car-parking facility, exemption of GST, etc. among several others.
The festive season is also the time when banks come up with affordable schemes on home loans which offer additional benefits. Some of the benefits that banks provide may consist of pre-approved digital loans, loans with zero increase in interest rates, a waiver on processing fees, etc. Banks try to amplify their home loan sales during the auspicious festive months because people often demonstrate a greater tendency to invest in a new home in this time period. Besides, getting a home loan interest rate which is lower than usual can prove to be quite profitable for homebuyers on a long-term basis.
Diwali bonus is a big salary perk that most people look forward to every year, particularly those belonging to the middle-income salary segment. Such festive bonuses contribute to an increase in disposable income of potential homebuyers, enabling them to make more profitable purchases than they can during the rest of the year.
Thus, if you are scouting for flats in Lower Parel, Mumbai, or apartments in other locations across India, you can be rest assured that the festive season is an excellent time to seal the property deal. But while investing in property, ensure to buy from a credible builder to derive all of the promised benefits on the festive offers and schemes they offer.
An abundance of inventory
Festive offers, discounts and deals
Profitable home loan schemes
Festive salary perks