Even the most impulsive of buyers patiently wait for the right occasion before they start a new life in a new home. For most people, the Akshaya Tritiya is that perfect occasion, which is celebrated on May 7 2019.
Before we talk about the many monetary benefits homebuyers stand to gain if they buy an immovable asset this Akshaya Tritiya, it would be appropriate to find out more about the occasion and what lies behind its religious significance.
What is Akshaya Tritiya?
Astrologically speaking, Akshaya 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 in 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. 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.
A day that is considered auspicious for both charity and investment, Akshaya Tritiya is among the most religiously significant days in the Hindu calendar.
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:
Counting the monetary benefits
Rates are stable: Data available with PropTiger.com show property prices remained largely unchanged in major property markets of the country as developers struggled to sell unsold housing stock.
As the market stablises after getting over the shock caused by the launch of various tax and reformatory measures, rates might start to move upwards after the General Elections.
Interest rates at record low: By applying a cut twice in a row, the Reserve Bank of India (RBI) has brought down the repo rate, the rate at which it lends to scheduled banks, at six per cent. Following the RBI move, several banks, including the State Bank of India, have started reducing their marginal cost of funds-based lending rates. This would significantly lower the overall cost of property purchase.
There is still inventory: Data show inventory stock in nine key property markets declined 10 per cent in the fourth quarter of the financial year 2019. However, real estate developers in these cities are still sitting at an unsold housing stock of over eight lakh units. As they try to ease the burden, builders are offering great discounts on such ready-to-move-in units.
Developers have also come up with specific deals this Akshaya Tritiya this includes waivers on several charges apart from lucrative prizes.