When it comes to home buying in India, the trend continues round the year but peaks significantly on the auspicious days. Recognizing the underlying importance of festive buying in India, the developers and their marketing teams plan well in advance. 

 

From launching a host of real estate projects to providing several deals, offers, and discounts to lure customers, builders adopt various tactics around the festive periods of Akshaya Tritiya, Ganesh Chaturthi, Gudi Padwa, and Diwali. Home buying in Pune has regained momentum too. Typically, the festive season is perceived as the ideal time for buying new things in India. Developers pull out all stops to attract buyers announcing schemes especially for the festive season- many of which result in an actual reduction of cost of acquisition.

 

Riding the wave, Pune developers too have come up with innovative schemes making the festive season the right time to buy luxury apartments in Pune/affordable or premium flats in Pune.

 

Why is Festive Season the best time for Home Buying?

Auspicious Time

It is believed that buying things on auspicious days will not only bring luck, but the new purchase will serve for a long period of time. The festive season is the most-awaited time of the year when the majority of the homebuyers make high-ticket purchases. The period is usually marked by new project launches along with a plethora of offers, rolled-out by the developers to entice the customers. The scenario of home buying in Pune is no different.

 

Abundance of offers

Commencing from Ganesh Chaturthi and culminating at Diwali, the period in between is considered to be the most auspicious time to invest in anything new, including real estate. The developers aggressively promote their projects, resulting in more deal closures. With the developers scrambling to outwit each other in the number’s game, several offers are rolled-out during the season to incentivize the prospective buyers. This leaves the masses spoilt for choices.

This period generally ranges from October-December. Acutely aware of the traditional market phenomenon, the buyers diligently wait for the festive season to set in to invest in a property and the developers plan their sales move accordingly. In case you are a homebuyer, you can expect a host of offers during this time, including brokerage discounts, cash discounts, benefits on registration and stamp duty payment, travel vouchers, free membership and home appliances, free accessories, free maintenance, and swap of your property. Generally, these offers come with an expiry date – when the market has regained its momentum they will be withdrawn. 

 

New project launches

Since the homebuyers are keen for new investments and purchases during the festive months, the developers, too, look forward to this time of the year to launch their projects. As a matter of fact, the number of projects launched during the festive season is much more than any other time of the year. So as a buyer you get an impressive portfolio of newly-launched projects to choose from.

 

Financial Viability

The working professionals generally get their mid-term appraisal and Diwali bonus at this time of the year. With increased liquidity, down payment becomes easy.

 

Interest rates

As the Reserve Bank of India has dropped the repo rate, consequently the rates on home loans are dropped considerably. As it has come at the opportune time, it will stimulate a big boost in the property market this season.

 

Stamp Duty reduction in Maharashtra

Maharashtra Govt. has reduced stamp duty in property registration for 7 months, up till March 2021. A 3% reduction is applicable from September 1, 2020, to December 31, 2020. And from January 1, 2021, to March 31, 2021, it will be 2%.

 

The prevailing lowest-best home loan interest rates coupled with limited-period government incentives such as reduced stamp duty and registration charges in markets like MMR have added fuel to the festive fervor. Before you miss the bus, book your abode now!