The month of August marks the start of the festival season in India. The celebrations start from the Rakshabandhan and go on until Pongal. During this period of 4-5 months, homebuyers and shoppers experience the best deals and discounts on their purchases, making it the perfect opportunity to invest or buy a new home. A survey by YouGov revealed that roughly 35% of the urban population aged between 25 and 44 plans to invest in real estate from October to November. (source: YouGov)
Let’s explore all the reasons that make the festival season the perfect time for you to buy a property.
New Project Launches
The festival season is the perfect time to buy property, with new projects launching and great deals to be had. Developers eye up the season to intensify the launch of their new projects to meet the demand of the upcoming festive season. The release of new projects in major cities like Bengaluru and Mumbai rise by almost 20%. Hyderabad continues to dominate the market with a 29% increase in the last quarter of 2021.
Lower Property Prices
If you’re looking to purchase a property, the festival season may be the best time to do so. Prices for properties are typically lower because of an array of new launches; old properties are offered at discounted prices to fight the competition that offers new amenities. It’s an excellent opportunity to snag a deal on a property you may have otherwise been priced out of.
Real Estate developers in Hyderabad offer discounts on the launch prices and lower down payments during the festive season to move up their inventory. More launches mean better deals for customers as the developers fight the competition to provide a better package to their customers to fill up their new apartments. Thus, it is the perfect time to take advantage of the situation and buy a property you have been eyeing.
So, if you have been thinking about buying property, make sure to do it during the festival season. You can take advantage of great deals and positive energy in the air.
Low-Interest Rates
It’s no secret that interest rates are at historic lows right now. The Reserve Bank of India has dropped the repo rate, which keeps the home loan rates unchanged at a record low. If you’re considering buying property, now is a great time to take advantage of these low rates.
These low rates make it an ideal time to buy property, whether you’re looking for a new home or an investment opportunity. If you’re on the fence about whether the right time is now or not, consider speaking with a mortgage lender to explore your options.
Developer Offers and Discounts
As festival season approaches, many developers offer attractive discounts and exclusive deals, i.e. cashback, freebies, and other innovative schemes like free modular kitchens, Italian marbled floors, etc., on property purchases. This is the perfect time to buy a property, as you can take advantage of these offers and get a great deal.
Do your research and compare different properties before making a decision. Once you find the right property, make an offer and negotiate with the developer. With some effort, you can get a great property at a great price during the festival season.
Better Regulation
The Real Estate Regulatory Authority, formed under the Regulation and Development Act, 2016, is not only operational but a tremendous asset to the consumers. The government has provided consumers much-needed protection and surety, boosting investments into residential and commercial projects.
Homebuyers can invest in their dream projects, whether completed or off-plan. The introduction of RERA has made investing in real estate equally safe and sound to invest.
Now is the time when you should cash out on a new home and make your fantasies a part of your reality by buying that property that you’ve long been dreaming of. Aurobindo Realty is the best real estate company in Hyderabad that offers you premium apartments in prime locations through its projects- The Regent and The Kohinoor. Check out the project details and keep updated on the festive season offers coming your way.
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