Also known as Akti and Akha Teej, Akshay Tritiya is an annual Hindu and Jain festival. Considered one of the most auspicious days, all activities performed on this day hope to bring the desired results. Any activity or event that began on this day is indestructible and eventually flourishes with time, according to popular beliefs. Hence, the day is considered holy for starting a new project or buying a fixed asset. It is a custom for many to fund an expansion or development of a business. Purchasing gold on this day symbolises wealth and prosperity, which only grows with time and never fails to provide a profit, especially on resale.
The third day of Shukla Paksha in the month of Vaisakha, the word Akshay Tritiya denotes anything that is immortal or lasts forever in Sanskrit. Both the Sun and Moon are believed to be at their planetary best on this day. As a result, any event or activity that begins on this day is deemed to last forever. One of the prime reasons individuals start doing charity and begin investing in gold and real estate.
Understanding the significance of real estate on Akshay Tritiya
It's no secret that tradition and culture are greatly valued in our country, with people driven by emotions and sentiments. As a result, festivals like Akshay Tritiya are the perfect time to invest in real estate. As home buyers mark this date on their calendars, developers indulge in attractive offers and flexible payment plans, making it a tempting opportunity, especially for first-time buyers. Individuals who have already moved into their new homes also look forward to offers on this day, looking to make a wise investment. Nonetheless, listed below are some reasons that make Akshay Tritiya the best occasion to buy a home.
1. The holy nature of the day
One of the primary reasons individuals prefer to invest in real estate on the day of Akshay Tritiya is its sanctity. A rare day in the Hindu calendar when an individual need not search for a special muhurat, helping you save time and resources in hiring consulting services. Therefore, for residential or commercial purposes, the auspicious occasion is a significant day for realty developers.
2. Assuring desired results
With the belief that any event or activity performed on this day will bring flourishing results, Akshay Tritiya is a favourable time to invest in real estate, given there is no need for a special muhurat day. There is no doubt buying a home requires a hefty sum of capital, making the annual Hindu/Jain festival the ideal time to make such a purchase.
3. Ensuring eternal wealth
Investing or purchasing an item on the day of Akshay Tritiya assures to add to an individual's overall wealth. By this means, buying a property on this occasion will contribute to your eternal wealth. Thus, those considering diversifying their investment portfolio can mark their calendars on this day.
4. Properties on sale for lower prices
The celebrations of Akshay Tritiya mark a unique time for real estate buyers. Property prices are comparatively lower, and the market is less volatile, especially concerning other financial assets like gold and stocks. The rates rise consistently, making it a double bonanza for buyers and sellers.
5. Steady source of income
With a narrative that any investment made on this day is resistant to any losses, promising flourishing results, parking your money in real estate via leasing out can help you generate a steady source of income with no hiccups while receiving the rent.
6. Tax Benefits
Investing in real estate provides many tax benefits, such as structural, with a definite capital appreciation. There is an availability of numerous financing options and home loan concessions. Sometimes, the developers even waive GST or agree to pay the EMIs till the possession of the property, shielding the buyers from such burdens.
7. Special incentives
Many developers, banks, and HFCs introduce a variety of special incentives to encourage investments, especially to encourage first-time home buyers. These include discounts ranging between 0.5-1% on payments made by debit/credit cards, cash discounts, special car parking privileges, waiving off any floor charges, and more.
Five mistakes to avoid while buying a home during Akshay Tritiya
- Do not make impulsive decisions.
- Avoid getting swayed away by misleading festive offers.
- Non-cash discounts are to be avoided when compared to cash discounts. While some freebies may be appealing, you may not find them helpful in the long run.
- Avoid availing of any freebies when comparing properties based on amenities and quality.
- Ensure all assurances are in writing, and avoid verbal promises.
Conclusion
In a nutshell, Akshay Tritiya is the perfect time to invest in real estate, primarily residential, given the auspicious nature of the day and its promise to bring prosperity.
