Festivals are the most important part of Indian culture and are considered auspicious. People wait for such times to make any major financial decision in their lives. And what could be the biggest decision in terms of money than purchasing/selling a property in India. Right, isn’t it? There is no denying in the fact that buying a home is one of the most important decisions that an individual could make in his lifetime as it involves huge amount of capital and a lot of planning.
In India, the period from October till January generally witnesses a robust growth in housing sales as the homebuyers try to close on lucrative deals. Besides this, various banks and lending institutes also offer concessional interest rates on home loans around the festive season, thus making finance cheaper for buyers. All these factors lead to the reduction of average property-buying period, which is an advantage for sellers, who may see deals conclude faster than usual.
Hence, if you are looking to selling your property, now is the time.
What you can expect from the market?
During the festive season, property transactions, on average, rise by around 20 to 25%, Year-on-Year (YoY) basis. If you have a good understanding of local market, this period is the perfect opportunity for you to consider putting your house up for sale. And if you don’t know about the industry, it is better to take the help of a trusted real estate agent.
Overall, there could not be a better time to list out your property than a festive season as the number of home buyers increases during this time.
Are there any downsides of selling a property during festivals?
While the festive season is perfect to selling a real estate asset in India, the only obstacle you might face is the stringent competition in the market. You should know that real estate market is full of options for a buyer. If you don’t offer a fair price deal to the buyer, he could easily find somebody else.
Apart from the sellers in your vicinity, real estate developers can also pose some threat to you as most of the builders plan to launch their new residential projects around festivals. You will have to contend with their discount schemes, such as benefits on stamp duty and property registration, cash discounts, free club membership, car parking, and appliances, such as smartphones, washing machines and ACs etc. In the modern era, the developers are also providing other attractive deals to lure the buyers like travel vouchers and what not. Some of the luxury housing projects also come down to affordable prices in this season.
Therefore, you have to be very careful and need to consider all the factors before selling your property, even during the auspicious days.
Conclusion
The festival season in India is the most-awaited time for all types of buyers and almost every working professional plans to invest in something big during such times for the obvious reasons – special discounts, lower interest rates, new launches. To sum it up, the upcoming months of festivals can prove to be much beneficial for you, if you are planning to put your house on sale.