Akshaya Tritiya, also known as Akha Teej, Akti is a Hindu spring festival that denotes new beginnings. Akshaya means eternal and Tritiya means the third day of the fortnight. This year Akshaya Tritiya falls on May 10. This day is considered auspicious for people investing in anything be it gold, home décor or even home.
Why is Akshaya Tritiya important for the real estate market?
Home buying is a deeply sentiment driven activity, especially for first time buyers. It is largely done by seeing auspicious dates etc. According to experts, since Akshaya Tritiya is a very auspicious day and symbolises the start of anything new, a lot of activity in the real estate segment is seen around this time.
Anshuman Magazine, chairman and CEO – India, South-East Asia, Middle East & Africa, CBRE, says, “There’s a general trend of increased activity around festivals in the real estate market, and Akshaya Tritiya is one such example. The day is considered traditionally an auspicious time for significant purchases like property and investments, leading to a rise in buyer interest. People are usually more inclined to invest during this period. Moreover, developers usually roll out attractive deals such as reduced prices, easy payment plans, or additional features, making them more tempting for buyers.”
Adds Ayushi Ashar – director, Ashar Group and member of managing committee of MCHI-CREDAI, “Preparation begins well ahead as consumers eagerly anticipate this auspicious day for making significant purchases, which are believed to bring blessings and prosperity. Traditionally, gold was favoured, but today, real estate has emerged as a cornerstone investment due to its enduring value and stability. Real estate, for many, is a once-in-a-lifetime purchase, and they choose Akshaya Tritiya to finalise property transactions.”
“The real estate market has experienced a remarkable surge in recent years, and the upcoming Akshay Tritiya festival is anticipated to fuel this growth further. The first quarter of 2024 has already witnessed a staggering number of property registrations, with January, February, and March recording nearly 11,000, 12,000, and 14,150 registrations, respectively. The auspicious occasion of Gudi Padwa earlier this year spurred an increase in property registrations, and the forthcoming Akshay Tritiya is expected to have a similar stimulating effect on real estate transactions,” she added.
Real estate offers on Akshaya Tritiya
Akshay Tritiya is a festival which promises good luck and success, in all the projects and ventures that one begins on this day. “Akshay Tritiya is the second-best time of the year, after Navratri, to buy a home. This is a day of sentimental value and religious beliefs and over the years, the importance of this day, vis-à-vis real estate, has only increased. Developers support this trend with special offers and incentives to help boost sales on and around the festival dates,” says Chintan Sheth, chairman and managing director, Sheth Realty.
The Akshaya Tritiya offers provided by developers include prizes such as gold coins, fittings and fixtures, modular kitchen, iPhone 15, vouchers from e-commerce sites and home destinations, cash discount, waiver on stamp duty and registration charges etc.
Himanshu Jain, vice president – sales, marketing and CRM at Satellite Developers (SDPL), says, “Akshaya Tritiya holds profound significance in our culture symbolising prosperity and auspicious beginnings. On this auspicious occasion, Group Satellite presents innovative offers, tapping into the festive spirit and to provide our customers with an enriching experience. Amidst evolving market dynamics and increasing aspirations for homeownership, we believe such initiatives resonate deeply with individuals seeking to make informed decisions.”
According to Samyak Jain, director, Siddha Group, “We are excited to celebrate this auspicious occasion with our prospective homeowners. Our festive campaign is designed to provide not only financial benefits but also a fun and rewarding experience.”
Types of realty activity expected in Akshaya Tritiya 2024
While residential property has definitely been the number one choice in investments during Akshaya Tritiya, commercial realty is also seeing some surge in investments, according to industry reports.
According to Shiv Parekh, founder & CEO, hBits, “Unlike traditional times when the focus was primarily on residential properties, we are witnessing a paradigm shift among investors as they now consider investments in commercial real estate to offer enhanced stability and promise capital appreciation. Investors should keep in mind that while short term gains might look attractive, prioritising long term gains is of prime importance when investing in real estate. Before investing in a property, investors must assess factors such as type of property, location, infrastructure development, demand-supply dynamics etc. before finalising an investment.”
Parekh added that fractional ownership of commercial real estate allows consistent income, asset security, liquidity, tax advantages, and ease of ownership, and can be a good alternative for individuals looking to make an investment in real estate this Akshay Tritiya.
Also, farm lands are seeing some interest in buyer investments. According to Amit Porwal, director, Aranyakaa Farms, “Land and gold are prime long-term investments in India, symbolising auspiciousness and prosperity. Recently, demand for agricultural land near Bangalore has surged, with many investing in managed farmlands for significant future appreciation. This Akshaya Tritiya, we expect a spike in investments in these “real gold” assets of India.”
Housing.com POV
Festivals are an important factor that can boost real estate demand. These offer auspicious times for homebuyers that are clubbed with deals that add a helping hand in the big investment that they make.
| Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at jhumur.ghosh1@housing.com |
