Navratri and the herald of all auspicious buying
September 27, 2019
The Indian market will soon be awash with festivities. The end of September is the harbinger of one such auspicious time. Shardiya Navratri – nine autumnal days – are marked with good omens. All things personal and professional are coloured by these sentiments. This period of Navratri is specifically considered auspicious to buy new assets – homes, offices, cars, capital goods and so on.
During Navratri, the real estate market witnesses a surge in Navratri purchases property are believed to bring success and prosperity. Real estate developers offer attractive deals on square foot rates, stamp duty, etc. Some developers also add alluring benefits like lavish gifts or gold coins to home buyers.
This is also the time for commercial real estate fraternity to launch new projects - construction of new malls, retail stores, amusement zones and the like.
Buyers create demand for lucrative offers on real estate. Buyers expect lucrative offers on real estate. It is a common practice to even make the first instalment or pay a “token amount” to book an apartment under construction, a home awaiting completion or a commercial space. Even rental deposits are made on Dussera day to give way to a longstanding deal between landlord and tenant.
Banks and financial institutions further encourage property purchases during these festivities. Several schemes and offers like lower interest rates, waiver on processing fees and faster expedited loans and such are launched to make property buying an attractive deal.