Real Estate News
October 6, 2016
Make the most of the festive fervour and realise your realty dreams...
Dussehra is one such auspicious time when Mumbaikars do not want to miss the opportunity to invest, buy new assets or start new initiatives. It is an excellent time to book your property, negotiate with the developers and grab the discounts with both your hands. "As per historic data of the real estate market in Mumbai, it has always performed better in the festive season when compared to any other time of the year. Dussehra is one of the biggest festivals, not only in Mumbai but also all over India. Also, Dussehra marks the beginning of the festive season that lasts up to Diwali. A lot of people wait for a festive season like this one, for investments in property or gold. It's widely considered that the investment done on an auspicious day like Dussehra or any such festival always becomes a fruitful investment. For the first-time buyer, investment in a property is a very important decision of their life and they simply don't like to take any risk with regards to it. Even after searching for the right property, they wait for the right day and time for the booking," says Ravi Gurav, member, MCHI CREDAI and vice-president, marketing, Dheeraj Realty.
Dussehra heralds the start of the festive season and is considered as an auspicious period to move into a new home, so various offers are given to home-buyers during this period. Furthermore, it could also mark the recovery in the market sentiment, believe realty experts and analysts.
Factors that support the first-time home-buyers
Amit Goenka, MD, CEO, Nisus Finance points out, "Apart from tax benefits, there are a number of other factors that support the first-time home-buyers: A large availability of ready or nearly ready late stage projects where the completion date occurs within a year or two; A decrease in the overall cost of purchase through smaller-ticket homes, efficient home designs for maximum usable area within smaller sizes, discounts and schemes including assured rentals in case of a delay; Lowered cost of home finance of below 9.5 percent p.a, with the availability of subvention schemes in most projects; The proactive attempt by developers to provide information and assurance to home buyers."
Offers for home-buyers during this festive period :
The festive season is the only time where a home buyer can get more discount and offers. While during the festive season, the developers scramble to outwit each other in winning the home buyer's attention and eventually, investment, there are in fact, a lot of genuine promotional schemes that one can enjoy and indulge in.
The festival season has a lot of good offers in the market such as 10:90, 20:80 scheme, or one where the buyer doesn't need to commit to loan approvals at the beginning itself. There are others where the buyer has to pay only 10 percent at the booking stage and balance 90 percent at the time of possession, irrespective of taking a loan for the balance payment. Some developers are offering free home appliances and white goods to lure the home-buyers as well.
Important tips for the first-time home-buyers :
Ashish Raheja, managing director, Raheja Universal points out, "Before investing in a home, the buyer should not be taken in by the other frills and rather do a complete due-diligence. It is important to know about the social and civic infrastructure in and around the project and future developments. This helps to know the quality of life you can expect and the appreciation value of your home, going forward. The home-buyer should approach a bank for a home loan as well. This is important as it assures the home-buyer that it is safe to invest in this project." Experts suggest that typically, most schemes and offers tend to reduce the overall cost or add a benefit of 5-10 percent of the standard purchase price for first-time buyers during such festivals. In case of group buying or successful referrals, such discounts and benefits can be larger as well.
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