Real Estate: Planning to buy a home this festive season? Navratri is considered an auspicious period in Hindu culture. It is believed that buying a house or property during this 9-day festival can bring you auspicious results or blessings. In order to attract potential buyers, builders often come up with attractive offers and discounts during this period. Since the Reserve Bank of India (rbi) There has been no increase in the repo rate in the last four policy announcements. Therefore, experts believe that demand will start increasing at the beginning of the festive season. As people like to move into their new homes during the festive season, developers announce new launches and new offers with freebies during these months. However, except during the Covid period, demand is generally high every year. On the other hand, the additional benefit for customers will be that there will be no increase in home loan EMI. Rahul Mehrotra, MD and CEO, Religare Housing Development Finance Corporation Limited (RHDFCL), said that this will definitely add to the festive cheer for home buyers.
Reasons to buy a house this festive season
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Repo rate stable at 6.5%
The RBI’s decision to keep the repo rate steady at 6.5% presents a profitable opportunity for home buyers this festive season. Pramod Kathuria, Founder and CEO, EasyLoan, said the unchanged repo rate is a festive gift for home buyers, as it gives them another opportunity to buy a home at the optimal cost. Kamaljeet Rastogi, chief executive officer, Sahibank, points out that despite short-term volatility, the real estate market is historically on an upward trend, which means buying a home now can be a good investment for the future. This festive season is best for buying a house.
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strong economic growth
Despite rising EMI costs, strong economic growth, increasing urbanization and government incentives are driving growth in India’s home loan market. Despite EMI being expensive, the demand for home loans is expected to increase due to the festive season. Demand for affordable housing is also expected to remain strong during the festive season. This is because developers are focusing on affordable housing projects, and the government is also providing incentives for affordable housing. Kamaljit Rastogi, chief executive officer, Sahibbank, operated by Manipal Business Solutions, said government initiatives like Pradhan Mantri Awas Yojana (PMAY) and other schemes will also promote affordable housing, which will support strong demand.
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New schemes and offers during festive season
Personal finance experts are of the opinion that during the festive season, developers and banks often come up with festive offers and discounts, which can help home buyers save money.
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favorable market trends
The retail sector market appears quite positive for consumers. Which gives an impression of the prosperous health of the economy. In such a situation, you will not have to face any problem in investing money to buy a house.
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festive season bonus
It is said that the festive season bonus for employees will boost disposable income. In such a situation, if the bonus amount has been received properly, it can be used for the down payment to buy a house.
Apartment sales grew 21 percent in January-September in top seven cities: JLL
Apartment sales increased by 21 percent year-on-year to 1,96,227 units during January-September this year in seven major cities of the country. Property consultant JLL India gave this information. In the same period last year, this figure was 1,61,575 units. Apartment sales in January-September this year have already reached 91 percent of the total sales for the year 2022. JLL India said that with the beginning of the festive season, strong sales are expected in the coming quarter. The cities included in this survey include Delhi-NCR, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad and Pune. JLL’s India head (housing) Shiv Krishnan said sales from branded developers were good in all seven cities. Apart from this, keeping the policy rate repo unchanged for the fourth consecutive time by the Reserve Bank will also have a positive impact on housing sales.
Disclaimer: The views expressed in the news are those of individual analysts. We advise investors to consult experts before taking any investment decision.