Sunil Dewali, Co- CEO, Andromeda Sales & Distribution
The last few months of the year, encompassing festivals like Ganesh Chaturthi, Navratri, Diwali, Christmas, and New Year, hold a special significance for prospective property buyers. During this auspicious period, many individuals embark on property purchases , leading to surge in property transactions .Festive season offers several advantages for buying property.
Auspicious Time for Investment:
One of the primary reasons for the surge in property transactions during the festive season is the auspiciousness associated with this period.Families often come together, making decision-making more seamless. Additionally, festive holidays provide extra time for property visits and consultations, facilitating a well-considered investment.
A Plethora of Options:
Developers keenly observe the heightened interest from potential homebuyers during the festive season. Consequently, they launch new projects during this period. This influx of fresh projects translates to a wider array of options for homebuyers. They have the flexibility to choose properties based on their preferred floor, direction, layout plans, and other specifications. Projects that have been in the market or launched for an extended period tend to have limited inventory. This can result in a reduced availability of properties that match specific preferences of home buyers . On the other hand newly launched projects offer variety, ensuring that buyers can find a property that perfectly aligns with their needs and preferences.
Better Negotiation Opportunities:
In the case of newly launched projects, developers are often more open to negotiations in order to expedite sales. Contrary to this when a significant portion of units have been already sold, leaving limited inventory, developers face less risk and are therefore more inclined to hold on their pricing. They understand that as the project nears completion, demand is likely to surge, even allowing them to command premium prices. From a buyer’s perspective, the window for negotiations is typically more favourable in the initial stages of a project.
Attractive Discounts and Freebies:
Recognizing that many prospective buyers have already made up their mind to invest in a property, developers seize the opportunity to sweeten the deal. They roll out a range of offers and schemes designed to enhance the value proposition for buyers. These may include discounts on the property price, registration fee waiver, modular kitchen, complimentary furnishings, and more. Such offers can lead to substantial savings for homebuyers.
Enhanced Lending Offers:
The festive season isn’t just a bustling time for developers; lending institutions also see a surge in business opportunities. Banks and financial institutions often introduce special schemes to entice potential borrowers. These may include speedy loan processing, processing fees waiver , and even limited-period lower interest rate schemes. Buyers can capitalize on these offerings to secure the most favourable financing for their property purchase.
By capitalizing on these benefits, individuals can make a well-informed and financially savvy investment in their dream home. So, if you’re considering a property purchase, festive time is a better time to embark on this exciting journey.
Things to remember
Before embarking on your home-buying journey, it’s crucial to have a clear understanding of your preferred location, the type of property you desire, your budget constraints, and a basic comprehension of the developer and property acquisition process.
Additionally, thorough research on how to secure the down payment and arranging the necessary funds is imperative. It’s advisable to apply for a home loan and obtain a pre-approval from the lending institution, indicating the amount they are willing to lend you. These steps collectively empower you with the knowledge and resources necessary for informed decision-making and seamless execution of your purchase, ensuring a hassle-free experience