One of the most auspicious festivals in Maharashtra, Gudi Padwa represents the beginning of the New Year for Marathi and Konkani Hindus, marked by the harvest of new crops. Celebrated in other states as well, but with different names, the festivities denote hope, new beginnings, and prosperity, making it the ideal time for investments, especially regarding real estate.
Gudi Padwa denotes the birth of Bhoomi, which means making substantial capital investments brings a lot of fortune and success. Considered an auspicious time to invest, the holy day is one of the most important dates for realtors, with bookings for properties pouring in. As a country known for its spirituality, festivals are usually the ideal time to make big purchases.
The Gudi Padwa festival reflects an immensely favourable planetary position for real estate investment. The reason why many people postpone their decision to buy a property and wait for an auspicious Lunar month.
As buyers prefer to materialise their deals during the Marathi New Year, developers also take the initiative, offering various schemes and incentives. Hence, there are a wide array of choices for the customer, making it a win-win situation for both parties.
Nevertheless, let’s have a more in-depth understanding of why Gudi Padwa is an auspicious time to invest in real estate.
1. Exclusive offers and schemes
Over the years, we’ve witnessed a trend amongst home buyers during the time of Gudi Padwa, making it the perfect time for developers to lure customers with attractive incentives and discounts, offering the following.
- Booking discounts
- Deduction in stamp duty
- Spot bookings on white goods
- Aiding in the necessary documentation process
2. Auspicious time to launch new projects
Marked as a holy day for new beginnings, many developers announce their upcoming projects on this date as buyers queue up for further information, helping create a demand. Hence, one can expect top realtors to publicise their exciting assignments in the pipeline.
3. Developers offer to pay EMI
They are rare occurrences and exciting offers developers come up with, agreeing to foot some of the monthly installments of the buyer in case of a home loan. However, this is only for a specific time.
4. An awaited day in the real estate calendar
Given the optimistic nature of the day, Gudi Padwa has a long queue of buyers waiting to make their bookings. It is a perfect time for those looking for a new beginning in their lives. Therefore, as the date approaches, the queries increase by many folds.
5. Flexible payments plans, including low EMI offers
Playing to the gallery, not only do the developers provide exciting offers and incentives, but they also provide a sufficient window for the buyer to make their payments, given the considerable sum of capital involved, a prime example of this being lower interest rates or EMIs. Today, buyers have a lot of choices from the affordable to luxury, and compact home segments. There are many options to choose from, with developers having no choice but to lure the buyer with multiple schemes and offers, trying their best to offload the inventory.
6. Group discounts
Due to the great demand, realtors may offer discounts to buyers with multiple bookings. In this case, the principle of economies of scale comes into play, ultimately benefitting the consumers. At this time of the year, buyers could also avail of concession on stamp duty paid while buying or after the home's construction.
7. The option of buying on credit
Especially if you are on a tight budget, some offers could include the builder providing you with a home immediately, with an option to settle the payment over a while.
Undoubtedly, the festival of Gudi Padwa is the perfect time to invest in real estate. Nonetheless, the buyer must checkmark a couple of things.
- There is no rush: There is no need to get swayed by the attractive discounts and schemes in the market. Always choose a project that’s RERA-registered and a property that’s verified. No matter what, do your research and develop a plan of action.
- Check location and connectivity: There are many cases to suggest that buyers often get influenced by the superficial aspects of the property, ignoring surrounding factors like commuting and location. Consider all the crucial factors before investing in your dream home.
- Goodwill and public image of the builder: Check on the developer by visiting their official website and learning about their past projects, helping build trust in the builder.
While Gudi Padwa is the perfect day to invest in real estate, buyers should take their time and do their due diligence. Festivals are important to both the buyer and developer, while the former gets an outlet to invest in a new property, the developers get a high volume of bookings on this day.
