Diwali, the dazzling festival of lights is round the corner. One of the most widely celebrated festivals in India, Diwali is considered the most pious time for most Indians to make high-ticket purchases. It is believed that any major purchases like jewellery, real estate or automobiles made during the festival of Diwali will not only bring luck, but the new purchase will serve for a long period. As many consumers are inclined to make purchases in real estate during this season, developers, marketers and dealers come up with various discount offers, gifts, and freebies that aren’t available at any other time of the year to lure property buyers during this festival. Let’s try to deconstruct as to why it makes sense to buy real estate this Diwali:
Auspicious day
The festive period around Diwali is considered to bring prosperity and wealth across the country. People see it as a festival of joy and a new beginning in life. To enhance the experience of the new beginning, people prefer to buy properties during this time. It is believed that the investments made on this day will bring in good returns in the future.
Discounts and freebies galore
With a view to cash on the festive spirit, a lot of developers and real estate firms offer discounts and freebies to convert potential enquiries into sales. During the festive season, the developers tend to provide huge discounts on property bookings, free gifts, gold coins, stamp duty waivers, club memberships, free parking, etc., to persuade buyers to make a purchase.
New project launches
Starting up new projects during the festive season has been an old age tradition in India. Thus Diwali marks the time when a lot of new project launches are scheduled. In order to build high-velocity sales, the developers open inventory, which is prime and fresh. Investing in new projects also allows buyers to take advantage of the lower prices of the property which can yield higher returns in the future.
Offers from the banks
During the festival of Diwali, not only developers have several offers for the home buyers but the banks themselves encourage people to buy home by offering several other schemes. These schemes include better interest rates that end up making the housing loans cheaper, waiver on processing fees which can sometimes leads to faster processing of the home loan process.
Financial viability
Festive season witnesses working professionals getting bonuses and mid-term appraisal which can result in greater availability of funds in hand. This often prompts people to invest in real estate. With the greater availability of fund, it becomes easier for buyers to make down payments.
Good weather for site visits
The festival of Diwali usually aligns with winter. Weather is quite pleasant. This, therefore, makes a great time to plan site visits for properties and to meet and discuss the prospects of buying the property.
Investing in property during Diwali comes with a variety of lucrative schemes. The Indian sentiments of festivity and several attractive discounts floating around make real estate investment more attractive and lucrative. Availing these attractive discounts and offers can help prospective buyers save a great deal of money. However, such decisions should not be impulsive but well researched and considered. It is important to consider a few factors before planning to buy a home this Diwali:
Decision to own a property should be backed by sound financial planning. Having a budget will also help you with managing your money effectively and avoiding debt.
As Builders look forward to taking the optimum advantage of the Diwali festival, they offer several discounts and freebies. Thus it is important to analyse the discounts and try to monetise them as well. You should ask your developer to give you the value of the freebies like discounts on the property and if the offered price is reasonable then only you accept the offer.
While choosing a builder, conduct a thorough research and background checks of the builder and his previous projects before finalizing.