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During Akshaya Tritiya people tend to invest their money in different classes of appreciating assets, as they believe that any investment done on this auspicious day, will grow manifold and bring them wealth and prosperity. Hence, it is also a time when developers come up with various offers, for home buyers and property investors. Amit Ruparel, managing director of Ruparel Realty, says that “Akshaya Tritiya has always been one of the most auspicious ‘muhurats’ to buy or invest in real estate. A large part of Indian home buyers, even today, are religiously inclined, when it comes to purchasing assets, especially real estate.”
Akshaya Tritiya 2019: Festival offers on real estate
Here are some of the active offers that developers are giving, during this Akshaya Tritiya:
- Waiver of the GST applicable on the property. Developers waive the GST, by bearing such taxes and home buyers of this burden.
- Discounts, in the range of 0.5-1%, on payment by debit/credit cards.
- Providing cars or two-wheeler, on the purchase of apartments.
- Gold coins and bars on purchase of apartments during Akshaya Tritiya.
- Foreign tour packages on property purchase.
- EMI payment by developers, till the possession of the property is given to the buyer.
- Some developers are offering to bear the interest component on home loans, till the property’s possession is given to the buyer.
- Cash discounts.
- Free car parking, if the property is bought on Akshaya Tritiya.
There may be other innovative offers too and buyers can utilise such opportunities, to save on the total cost of the house.
Akshaya Tritiya offers: Truth versus hype
Samyak Jain, director of the Siddha Group, points out that home buying is one of the crucial decisions that one has to take in their life and it is never an easy task. “Buyers should not get carried away by mere offers. One should always keep current financials and future goals in mind. The prime factor to be taken into consideration, while buying a home, is the budget. It is very important to buy a house that fits into the budget and buying capability of an individual,” says Jain.
Often, customers are lured into buying homes that are way out of their budget, by the marketing ploys that developers use, to clear their unsold inventory and earn higher margins. One also needs to watch out for lump sum cash discounts that are given by increasing the base price before the festival season. Customers need to keep track of the real estate prices, taxation policies and necessary approvals required.
Experts suggest that property buyers should focus on the cost of buying. If the festive offers help home buyers to reduce their cost of buying, or help to provide greater returns on the investment, only then are they worth considering.
5 mistakes to avoid, while buying a home during this Akshaya Tritiya