Do occasions like Akshaya Tritiya have a substantial impact on the property market even in urban areas like Mumbai? Will this trend be witnessed in 2015 as well?
“To add to this, auspicious days, like Akshaya Tritiya, certainly impact the decisions made by first-time buyers (young buyers). In India, it has been a tradition to buy something new on this day and as property-buying is a big investment for most of us; we tend to wait for propitious days like such to make the deal.”
“Talking about numbers, according to the National Housing Bank (NHB) Residex Index, residential property prices presented an upward trend in the later part of 2014. Although, the start of last year saw a dip in the property market thanks to the weak rupee and high inflation, 2015 seems like a year of recovery for the market. Hopefully, we will see interest rates cut from the RBI that will help in creating more spending power amongst the consumers of the residential sector. The Ministry of Statistics Program and Implementation and PwC Analysis predict a growth of 8 to 9 per cent in the real estate market this year. Simultaneously, with the introduction of REITs, improved market sentiment, the Regulatory Real Estate Bill, Smart City initiative and the ‘Housing for All’ scheme, 2015 seems like a favorable year for this sector,” Tanuj opines.
Ganesh Vasudevan, CEO, IndiaProperty.com, points out that Akshaya Tritiya is believed to be an auspicious time for the creation of wealth and good fortune. Being an auspicious occasion, it motivates property seekers who are in the process of finalizing their property to take plunge.
“In 2015 the residential real estate market in India will continue to recover at a slow rate. The drastic increase in the number of enquiries over the past three quarters indicates positive market sentiments amongst buyers. In the past one year the government has introduced many buyer centric policies with the Real Estate Bill being the highlight. Also, the falling home loan interest rate is a positive indicator for buyers to return to the market.
Demand for mid segment homes with basic amenities will continue to rise in 2015. Project pricing will be the most critical aspect to attract home buyers this coming year,” Ganesh emphasises.
Commenting on Akshaya Tritiya property buying trends over the years, Ravi Ahuja, Executive Director, Cushman & Wakefield, concurs that Akshay Tritiya is considered an auspicious day for making new investments/starting new ventures and hence several people prefer booking a house on that day. “However, it must be remembered that these occasions are only relevant so far as formalizing a purchase is concerned; a buyer’s decision to purchase a house depends on his affordability, which is governed by confidence, interest rates and inflation,” he underlines.
- by Ganesh Vasudevan, Ravi Ahuja & Tanuj Shori
Source :- DNA
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