In Indian culture and tradition, especially in terms of ‘muhurats’, Akshaya Tritiya (the third day of the Vaishakha month, as per the Hindu calendar) which falls on April 26 this year, is by far the most auspicious day. It is believed that anything purchased on the day of Akshaya Tritiya will ‘flourish and increase in value’. Therefore, it is considered as the perfect day for any investment in real estate.
For those of us, who are more pragmatic and logical in our approach, this is by far the perfect time to invest in a dream home. The Coronavirus pandemic has led to a lockdown and created an atmosphere of fear and uncertainty, all across. Nevertheless, for those who have been on the lookout for a home for a long period, this is the most opportune time to buy.
Advantages of investing in realty during COVID-19
The real estate market has been sluggish for the past four years and has been adjusting to the triple whammy of demonetisation, the Real Estate (Regulation and Development) Act (RERA) and the Goods and Services Tax (GST). The current COVID-19 crisis has contributed further, towards sweetening the value proposition in favour of the customers. It is undoubtedly a buyer’s market across all product segments, from affordable/budget housing to mid-segment and the premium/luxury segment.
Developers are offering special schemes to buyers, which range from subvention schemes and flexible payment plans to free parking and subsuming the cost of stamp duty and registration fees. Further, while buyers may have to pay a small deposit to book their dream home, most developers offer price protection and also provide buyers the option to opt out of the transaction with a full refund, within a window of 30 to 45 days after the lockdown ends. Further, with the RBI reducing the repo rate, the interest rates on home loans have now been adjusted downwards, by most housing finance companies and banks.
Why home seekers should invest during Akshaya Tritiya 2020
Well-designed virtual tours, walkthroughs and videos of the actual property, help the buyer in making an informed decision. There are numerous options to choose from, in terms of size, location, amenities and budget. For the risk-averse buyers, there are properties available at very advanced stages of construction, including ready-to-move-in apartments with Occupancy Certificate.
Let real estate be your go-to investment this Akshaya Tritiya and ensure that your ‘wealth always grows’!
(The writer is director, Rustomjee Group)