Homebuyers will celebrate Ugadi with extra zeal and vigour as this time is also the best time to invest in one’s dream home. The year is about to begin on a very auspicious note, especially after a very positive Union Budget that has promoted affordable housing in an unprecedented manner. The realty sector is also reviving slowly post demonetisation as more and more buyers are again showing interest in investing in a new home. Ugadi marks the perfect timing for realtors to set the ball rolling once again.
The industry until recently, was reeling under a slowdown. Developers have been waiting eagerly for this occasion to increase their bookings. However, as already pointed out, the real estate market has been sluggish to say the least, after demonetisation. Bookings have come down by an average of 30-40 percent. However, real estate developers are also aware of the fact that Ugadi is the time when maximum first-time purchasers start looking for properties, rather than those who have been active in the market.
There are clear signs that the market is again regaining normalcy and is drifting towards a positive change. Developers are looking to cater to more potential buyers by building inexpensive and reasonable homes. Provisions such as 60-day clearance and conferring an infrastructure status to affordable projects have also increased buyer confidence. There has also been a marked improvement in demand for not only affordable but also premium projects. Moreover, home rates have not increased much in the past year.
Purchasing power of customers will go up as bank interest on home loans will go down soon. First-time homebuyers are jubilant after Indian Prime Minister Mr. Narendra Modi announced the Pradhan Mantri Awas Yojana scheme (PMAY). It has created a lot of affordability in the real estate market. This season, customers have the option to select from a plethora of property options and financing avenues. Home loan lenders in the big ticket size segment are also reportedly coming up with attractive schemes and offers on their home loans.
However, borrowers need to be careful and read the blueprint carefully to avoid getting duped. Homebuyers and investors have a deep emotional connect when it comes to having their dream home. This is why they choose auspicious occasions to invest. After all, they are giving away their lifetime savings on the house. What better time than Ugadi! Buyers also know that during this period, real estate developers will come up with new schemes. Experts believe that the current sluggishness in the real estate may actually be a good sign for buyers.
During this time of the year, developers do resort to a lot of offers to lure buyers, such as, gold coins, family holidays, free furniture, stamp duty borne by the developer, equipped kitchen, consumer durables and many more such deals. If one is looking to buy property during Ugadi, the buyer should consider only properties that are nearing possession or simply select a ready-to-move apartment. This way they will get the best deals possible, thanks to the festive offers.
Customised and easy payment schemes, low interest rates on loans, free lifestyle installations, and cash back offers among others are pretty common during Ugadi, writes ET Realty.