Akshaya Tritiya

Why This Akshaya Tritiya Is More Auspicious For Investing In Property

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Why This Akshaya Tritiya Is More Auspicious For Investing In Property

Why This Akshaya Tritiya Is More Auspicious For Investing In Property
(Dreamtime/Yuliya Kushnerik)

The legends associated with the occasion are many, and so are the names related to them. While in our urban lives we know Akshaya Tritiya as an auspicious occasion for buying gold jewellery or making other such investments, there is much more to this day. A day that is considered auspicious for both charity and investment, Akshaya Tritiya is one of the three most religiously significant days in the Hindu calendar.

What is Akshaya Tritiya? 

Astrologically speaking, Akshay Tritiya is one of the three-and-a-half tithies (dates) 
in the Hindu calendar that are considered the most auspicious; the other two-and-a-half are the first  tithi the month of Chaitra, the 10th in the month of Ashwin (also known as Vijaya Dashmi), and half of the first tithi in the month of Kartik. 

The Sanskrit word Akshaya means something that never diminishes, while Tritiya implies the third tithi of a month. Hindus, as well as Jains, consider this day auspicious to make investments of all kinds, especially in gold and property. Legend has it that if you invest on this day, the worth of the asset would go up in the future — the day is considered even more auspicious if the tithi falls on a Monday in Rohini nakshatra or Aldebaran star—this year, it is falling on a Wednesday, on April 18. Falling in the Shukla Paksha (the bright fortnight) of the month of Vaishakh, the occasion is celebrated for agriculture and related festivals in many parts of the country. 

While the Hindu calendar is a lunisolar calendar, there is a difference between the traditions followed in different parts of the country with respect to the start of a month. While the southern and western states of India follow the Amavasyant tradition, the eastern and northern states follow the Purnimant tradition.

Why should you buy a home this Akshaya Tritiya?

If you have been holding your home-shopping plans all this while, here is why you should make your move this Akshaya Tritiya:

Rates did correct

The reformatory steps taken to purge the real estate sector adversely affected home sales numbers, to say the least. As buyers, who were already sitting on the fence, adopted a more cautious approach, developers struggled to sell after the launch of demonetisation, the real estate law, the goods and services tax and the insolvency code. In a record of sorts, rates of property in major cities of the country fell on average by three per cent in the second half of 2017, say reports by various property consultants. Genuine buyers would find it rewarding to go home shopping at a time like that.

Interest rates may go up

While the Reserve Bank of India (RBI) kept policy rates unchanged for the fourth time in a row on April 5 while announcing the first bi-monthly monetary policy review, banks have begun to hike interest rates. After hiking its marginal cost of funds-based lending (MCLR) rates by 20 basis points in March (several private banks followed suit), State Bank of India recently hiked the base rate and the benchmark prime lending rate (BPLR) by five basis points each. From April 1, India’s largest mortgage lender HDFC also hiked its retail prime lending rates by 20 basis points. This indicates a change in stance by banks---after hovering around record low levels, interest rates are moving towards higher trajectory. Costlier loans would mean costlier property.

"This year, the festival is well timed as several initiatives taken by the government over the last year has made it a buyer-friendly market. Also, home loan interest rates continue to be near all-time lows which will further act as a catalyst for end users to reconsider their purchase decisions. This will also bring back fence-sitters who were waiting for the perfect opportunity to invest in their dream home," said Surendra Hiranandani, CMD, House of Hiranandani.

Inventory factor will help you

While numbers differ, leading real estate advisory firms estimate India’s real estate developers are sitting on nearly 0.5 million units of unsold inventory in major cities. Apart from the fact that this gives buyers an opportunity to pick from a large collection, this inventory gives buyers a chance to pick ready-to-move-in units at comparatively affordable prices. As this unsold inventory is a cause of major worry for builders, they would be more willing to offer you a sweeter deal. The pressure to offload the inventory is immense since the income tax department plans to charge tax on the same.

- by Sunita Mishra
Source : PropTiger

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