India is a country of myriad traditions and
festivals that are not only times of celebration but in many cases also major
investment decisions. As a result, many market segments are also aligned to
these periods. The GudiPadwa festive season is among the periods of intense
real estate market activity, because this period is traditionally seen as one
of renewal and forward planning.
GudiPadwa is a celebration of the coming of spring, during which nature once again delivers its gift of abundance after the largely barren winter months. In fact, this period is celebrated by almost every culture in the world in some form or the other. But probably nowhere with as much joy and fervour as in India, which is a country with very strong agrarian roots. It is no accident that GudiPadwa coincides with many festivals all over India, from Baisakhi in Punjab, Puthandu in Tamil Nadu, Yugadi in Andhra Pradesh and Vishu in Kerala.
The cross-linkage of GudiPadwa with real estate purchase is by no means a latter-day phenomenon – this trend has been in evidence since historical times. India is a country where certain times of the year as seen as very auspicious for any activity related to investment and wealth creation. A self-owned home is the biggest and most important investment for most Indian families, and the GudiPadwa festive period invariably sees significantly increased property purchase activity.
This year, GudiPadwa coincides with many other favourable market dynamics. Very much in keeping with the spirit of spring which GudiPadwa celebrates, India has emerged from a prolonged period of political uncertainty and economic doldrums. A strong and resolute government has taken charge, and the Indian economy is visibly reviving. Across the country, Indians have put job insecurity and indecisiveness about their future goals behind them. However, the property market has not yet picked up concurrent pace, resulting in a very favourable scenario for home seekers this GudiPadwa.
Depending on how the property market is behaving, developers roll out various offers and incentives to encourage buyers during the GudiPadwa season. This year, such offers are going to be plentiful, but a more important dynamic we will see is that many developers who had refrained from lowering their rates may do so selectively this year under the guise of festival discounts. Without a doubt, the tradition-fuelled upswing in buyer sentiments must be harnessed during GudiPadwa.
More than ever, home seekers intent on making their purchase this GudiPadwa need to be guided by the right fundamentals. It is important to understand that when it comes to freebies and offers, the real estate market is no different from any other kind of market – an attractive offer only makes sense if it is attached to the right product. Considering the magnitude of investment one makes into a home – and also the purpose of this investment – it is very important to ensure that one is buying what one really wants and needs.
One of the best ways to maintain a clear focus while buying a home in a festive season is to make a list of the merits and demerits of every option one has short-listed first. Given the specific nature of home purchase, sufficient weightage must be given to location, the reputation of the developer, the facilities and amenities available, and of course overall value for money. If all these check out positively and are backed by an attractive offer or discount, one is on the way to making a good choice.