When it comes to the real estate industry, history shows a substantial increase in sales during the festive season. Why do you ask? Mostly because people consider this time of the year to be very auspicious. Hence, many buyers and investors wait for September to roll in as it brings good luck and fortune.
However, the best builders in Chennai will tell you that there is more to it. The period between Ganesh Chaturthi and New Year, with its pinnacle being Diwali, is the time when new real estate projects are promoted aggressively. The result is more closed deals. At this time of the year, builders and developers have cut-throat competitions as they try to outwit each other. With abundant offers and incentives, prospective buyers have great deals and choices.
Let us take a closer look at some more reasons to invest in real estate during the festive season-
Great offers, deals, and discounts
The months from September to December are when the best builders in Chennai shell out offers, great discounts, and tax cuts. Developers plan and map out their sales move keeping in mind the traditional market events. Buyers wait patiently to invest in properties. If you are a buyer, expect a cohort of offers, discounts in brokerage, cash discounts, and rebates on the registration fee, travel vouchers, free membership, and even home appliances.
Launching new projects
Apart from luring prospective buyers with great deals, buyers will also find new flats for sale in Ayanambakkam. Developers choose the festive months to launch their projects over any other time of the year. If you are a builder or developer, you can consider investing in new projects. Prospective homeowners will have great options to choose from in your impressive portfolio.
Home loan interest rates
One of the biggest reasons that push homeowners to buy a property during the festive season is the current home loan rates. At present, you can apply for home loans at an annual interest of 6.50% while receiving a rebate in income tax which goes up to Rs 5 lakhs over the amount of loan to be repaid. People are taking advantage of this favourable market.
Experts say that this festive season will be a gala time for borrowers of home loans and the interests are at a record low. Banks are also competing with each other and offering attractive interest rates. Thus, the best builders in Chennai are also taking advantage of the festive season in order to sell their projects.
If you are a first-time homeowner, this is the right time to check out the flats for sale in Mogappair! Low interest rates have increased consumer eligibility.
Take a look at how low interest rates have been a game-changer for home buyers. Previously, the rate of interest was 8% leading to an EMI of Rs 50,000 on the loan amount of Rs 60 lakhs. At present, with the same EMI, the total loan amount has increased to Rs 66 lakhs while interest rates have dropped to 6.7%
Leading banks like HDFC, ICICI, and SBI are offering home loans with the anticipation that prospective homebuyers who were on the fence for so long will finally make the move.
Should I invest in real estate in the post-pandemic market?
Although the monetary crisis is still prevalent in the country, mid-scale builders, as well as best builders in Chennai, are not hesitant to launch lucrative discounts in order to increase the number of sales. In fact, research shows that there has been a significant shift in the psyche of Indian buyers. They have become more cautious and smart. People are calculating their moves and planning their strategy before investing in real estate.
As per the market research, this festive season is most likely to bring an end to uncertainties that have been dominating for more than a year for the pandemic. Customers have renewed confidence and with the vaccination drives, attention has been drawn to the importance of owning a house. This will become a key to enabling a boost in the residential real estate segment in the next couple of months.
In fact, the millennials, known for being the renting generation, are taking the plunge. While the death toll kept climbing in the country, the lack of control over things slipped away. This pushed people to rethink their decisions. With the constant lockdowns and ‘stay at home’ orders, homes became the safety nets. It was within the four walls of our homes that we could exercise some kind of control and keep our families safe.
People were reminded of the importance of owning a home in 2020-2021. With the slow but steady revival of the job market, housing demands are also growing in India.
Sustainable revival or a flash sale?
It is difficult to predict whether this rate of growth in the real estate sector will continue in the upcoming year. It will take some more time for the normal market laws to be functional.