Gudi Padwa, the first day of the New Year, is one of the most important and widely celebrated festivals in Maharashtra. This festival, which falls on April 9, 2024, is celebrated as Ugadi, Yugadi, Cheti Chand, Samvatsar Padvo, etc., in Karnataka, Andhra Pradesh, Telangana and Goa.
Why is Gudi Padwa important for the real estate segment?
As it is an auspicious day that symbolises new beginnings, experts traditionally see a positive upswing in India’s real estate market. According to Anshuman Magazine, chairman & CEO – India, South-East Asia, Middle East & Africa, CBRE, “This phenomenon reflects a confluence of cultural beliefs and auspicious timing. According to Indian customs, the concept of muhurat is a significant consideration for various undertakings, particularly momentous events such as real estate transactions. Gudi Padwa is widely regarded as one of the most auspicious occasions to embark on new endeavours, including property deals. Prospective homebuyers are often motivated by the encouraging sentiment associated with the festival. Capitalising on this, developers typically launch new projects and offer attractive deals during this period.”
Prashant Sharma, president, Naredco Maharashtra, said, “The auspicious occasion of Gudi Padwa, heralds the advent of the New Year and fresh beginnings. We believe it will have a positive impact on the resilient and robust real estate markets of Mumbai and Pune. The past year has been a testament to the unwavering demand in both Mumbai and Pune’s real estate sectors, driven by favourable market conditions, proactive government policies and a strong appetite for quality housing and commercial spaces.”
“As we step into the New Year, our outlook for the real estate market in Mumbai and Pune remains optimistic. We anticipate a continued surge in demand, spurred by the ongoing infrastructural developments, the attractive interest rate environment, and the growing trend of homebuyers seeking better lifestyle options. The introduction of new projects, coupled with innovative offerings by developers to meet the evolving needs of customers, is expected to further buoy the market,” Sharma added.
Gudi Padwa festive offers
During this festive season, developers offer savings on projects, flexible payment options, fittings, fixtures and modular kitchen for the property, gold and silver coins, waiver on stamp duty, waiver on GST, home furnishing shop vouchers, etc.
Gudi Padwa: Impact on real estate market
Trends suggest that people look forward to making important and big purchases during the Gudi Padwa period for the luck, good wishes, positivity and success it brings along.
Also, beyond cultural influence, festive seasons like Gudi Padwa are traditionally associated with increased consumer confidence. “This translates to a rise in decision-making and transactions within the real estate sector. In essence, festivals serve as catalysts for market momentum, fostering a positive atmosphere for property transactions and significantly impacting overall market performance,” said Magazine.
Bhavik Bhandari, chief sales and marketing officer at Ashwin Sheth Group, said, “As we immerse ourselves in the essence of Gudi Padwa, an auspicious day that marks the beginning of a new year, we invite homebuyers to join us on this transformative journey towards homeownership. Promising substantial savings and unparalleled value, we aspire to not just build homes but to cultivate dreams and foster enduring legacies.”
Samyak Jain, director, Siddha Group, said, “Historical data indicates a significant increase in sales during this festival in Mumbai, compared to other times of the year. With this trend in mind, we’re anticipating a rise in sales this Gudi Padwa.
Elaborating on it, Vimalendra Singh, chief business officer (residential), Mahindra Lifespace Developers, said, “The real estate market gears up for a surge in activity and enthusiasm during the festive season, witnessing increased interest in property purchases, driven by auspicious beliefs and attractive offers from developers. This trend reflects a cultural inclination towards significant investments during celebratory periods. Last year, on the day of Gudi Padwa, we sold about 20+ homes in five days, which is a surge of almost 100% over normal.”
Anupam Varma, CEO, Rustomjee Urbania at Rustomjee Group, said, “Typically, the real estate industry witnesses a notable surge in sales, as homebuyers are offered incentives such as discounted pricing and complimentary white goods upon booking a house. Last year, on this auspicious occasion, we achieved 20 bookings, accounting for about 25% of our monthly business. This festive season, the real estate industry generally experiences a strong buyer sentiment, making it an ideal opportunity for customers to purchase their dream house and enjoy a luxurious lifestyle at an affordable price within the city limits.”
Gudi Padwa is one of the 3.5 muhurat for all auspicious deeds and beginnings, including a new home purchase and griha pravesh. “We have some of the best residential project options across Pune in both the premium and the luxe segments, and we expect to start a new financial year on a high note. We are also preparing to arrange griha pravesh for 400+ families on this Gudi Padwa bringing joy and happiness in their lives”, said Sachin Bhandari, executive director and CEO, VTP Realty.
Housing.com POV
Festivals are a good time for property purchase as with them come positive vibes and greater offers and discounts. People who have studied the market and are planning on buying real estate soon can capitalise on this festive season, make informed decisions and very well use this golden period.
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With 16+ years of experience in various sectors, of which more than ten years in real estate, Anuradha Ramamirtham excels in tracking property trends and simplifying housing-related topics such as Rera, housing lottery, etc. Her diverse background includes roles at Times Property, Tech Target India, Indiantelevision.com and ITNation. Anuradha holds a PG Diploma degree in Journalism from KC College and has done BSc (IT) from SIES. In her leisure time, she enjoys singing and travelling.
Email: [email protected]
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