Delhi NCR, India
Akshaya Tritiya is one of the most auspicious dates in the Hindu and Jain calendar. Associated with many Hindu religious beliefs and mythological stories, Akshaya Tritiya is considered to be a favourable occasion for Griha Pravesh and property purchases. Indians, driven by socio-religious value systems and climate, engage in property purchases on intensive levels, which brings a good acceleration in real estate activity during festive occasions.
Yash Miglani, Managing Director, Migsun Group, said, “Developers rejoice when festival seasons are around the corner. It revitalises the real estate markets and brings many new buyers to the forefront. Akshaya Tritiya, Dhanteras, and Diwali are some of India’s most intensive property-buying periods. The real estate sector also encashes on the positive demand overdrive and introduces attractive offers to allure end-users to invest in their projects.”
Akshaya Tritiya holds great religious relevance for Hindus and the Jain communities. The syncretic cultural roots and influences are still intact among Indian real estate buyers. Capitalising on the festive fears, financial institutions like banks offer cheaper home loans which inadvertently helps in augmenting residential real estate sales.
Amit Jain, Director, Mahagun Group, said, “Undoubtedly, Akshaya Tritiya is a crucial time for real estate investment. Real estate is a non-volatile and secure investment category which witnesses significant profitability highs during festive seasons. Freebies see a sizeable distribution to influence potential investors and buyers, for example, discount offers, flexible payment plans, reductions or waivers on maintenance and car parking fees for a time-bound period, etc. These are important factors that play a significant role in turbocharging investments during festive seasons like Akshaya Tritiya.”
Mr. Sanjay Sharma, Director, SKA Group, said, “With the auspicious occasion of Akshaya Tritiya around the corner people are estimated to buy and invest in real estate properties. Currently the buyers can benefit from the repo-rate pause, and numerous attractive offers in the market like inexpensive home loans, discounts being offered etc. With the socio-religious ideals, related to Akshaya Tritiya it is suitable to say, this is the best time to purchase property and grab exclusive home deals.”
Investments made during Akshaya Tritiya are classified as bringing good results and outcomes in future. Therefore, increased investments are recorded during this time of the year as it falls right after Chaitra Navratri, which also marks a significant upsurge in real estate investments.
Mr. Salil Kumar, Director – Marketing & Business Management, CRC Group, said, “Real estate has always been the preferred investment avenue during festive times. Gold is the second one. Akshaya Tritiya is a major Hindu festival that overrides the majoritarian shift towards property markets. There is a massive demand favouring the growth of all types of real estate formats and classes, be it commercial or residential.”
Bharat Kumar, Director, Spaze Group stated it would not be an incorrect observation if one says that homebuyers wait for festive occasions like Akshaya Tritiya, Dhanteras, and Navratri to invest in commercial and residential properties. Religious sentiments obviously play a significant role. Buyers think it is a portentous time that would bring luck and profitable returns for them in the near and distant future. But there are practical considerations equally responsible for a rise in investment during festive seasons. Developers announce many attractive discounts offers to influence property buyers’ sentiments. There is an investment uptick as buyers wish to take advantage of discounted flat and property prices, cheap home loans, and gainful offers to make fruitful investments.