By Rohit Sharma
Gudi Padwa is one of the most auspicious occasions for purchases and has traditionally been preferred day for Indians to purchase their dream home. However, in recent times it has been seen people taking their buying decisions at times when they are ready to make a purchase and not being extremely particular of the time of the year.
Developers continue to create special offers and other alluring programmes to make a purchase in this period attractive for end users. The recent policies like GST, Tax benefits, etc have already boosted the real estate.
“Last year festive performance was lacklustre however on the back of aforesaid positive changes we expect buoyant festive season sales this time around”, said Parth Mehta, Managing Director, Paradigm Realty.
Gudi Padwa & Diwali is said to be two most favourite occasions for a homebuyer to purchase their home. It is said that approx 90% of developers come out with an attractive offer for buyers. The type of offer developers provide includes 100% cashback on stamp duty & registration charges, 0% GST, Free international trip, etc.
This time, the month of April could turn out to see some sales momentum, due to various other factors that are expected to boost demand. The most important being reduction in GST on under construction projects which could lead to a 6% to 7% reduction in the buyer’s payout. Residential sales have been stagnant for a while now due to potential buyers holding back their purchase decisions as they were expecting GST rates to be slashed. Another factor is a cut of 50 bps cut in the Repo rate since January 2019”, said Girish Shah, Executive Director, Residential Services at Knight Frank India.
According to Amit Wadhwani, Co-Founder, Sai Estate Consultants Chembur Pvt Ltd., “In the last one year, owing to price correction in the residential market space, the home buyer is not getting extremely influenced or waiting for the festive offering to make a purchase decision. Today’s home buyer is well informed and is looking at a mathematical value of total price per unit on a given day. However, this Gudi Padwa, with the recent meaningful interventions by the regulator and the government, we expect a potential spike in residential sales transactions.”