Track2Realty Exclusive: Gudi Padwa is considered to be an auspicious occasion as it marks the new beginning of the Hindu New year and brings new hopes to every body’s life. People traditionally make important decisions and investments on this day. They believe in luck and prosperity and prefer buying homes during Gudi Padwa. During this period, usually developers come up with new launches, special schemes and discounts. Mumbai property market always looks forward to bright days on this auspicious festival.
Gudi Padwa is specially considered an auspicious day in Maharashtra where it not only signifies new beginnings and is celebrated as start of the New Year, but it is considered to be sacred for purchasing property. Traditionally, home buyers finalize their decisions of purchasing property on this auspicious day.
Developers maintain their confidence level when they say that this year’s Gudi Padwa would be as good and no different from what it has traditionally been over the years. They anticipate a lot of enquiries and sale from prospective home buyers during this year’s Gudi Padwa.
Traditionally Gudi Padwa means birth of bhoomi and bhoomi is everybody’s shelter. Property market hopes and looks forward for bright days for real estate sector ahead with this auspicious festival.
The question is what are the expectations of real estate on Gudi Padwa this year? Atul Modak, Head of Kohinoor City says expectations in property market are obvious on this day. According to him, Gudi Padwa being an auspicious day, developers expect it to be a revival for them. This is one of the days in the year when people are keen on starting a new venture or investing in property. It marks the beginning of the Hindu New Year and the sentiment is that if a good beginning is made, the whole year too will go off well.
On being asked whether he thinks the revival indicators will translate into actual sales on auspicious day, Modak says, “Although most of the customers today are into wait and watch situation, the sentiment on such an auspicious day is high. Therefore, those who have already made up their minds will look to buy their dream home on Gudi Padwa.
Many believe Gudi Padwa has hold its charm over the years even though now the buyers are more pragmatic to not to get affected by mere sentiments? It is generally accepted in Maharashtra that people have strong religious sentiments and believe in looking for a good mahurat for occasions like marriages, starting a business or purchasing a flat. Auspicious days like Gudi Padwa will always have significance to most of the Indians.
Kruti Jain, Director, Kumar Urban Development asserts that the revival indicators will translate into actual sales on auspicious day. She believes 2013 has started off on good note, wherein the government has proposed various reforms for the real estate sector. Also, RBI has reduced key interest rates. These developments will augur well for the sector. There will definitely be an increase in sales on Gudi Padwa this year.
“Yes, Gudi Padwa has its own unique charm for those who believe in luck and prosperity in buying homes. Most people prefer to shift into their new houses or sign purchase agreements or perform poojas at their new homes on Gudi Padwa. Gudi Padwa holds more significance for first time home buyers as it is the beginning of New Year and everyone considers this is an auspicious time to buy homes. Some of them wait till such a day to come around to shift into their new homes,” says Kruti.
Diipesh Bhagtani, Executive Director, Jaycee Homes agrees that it is probably the best time for home buyers to buy their dream home. With property prices stable over the last few quarters, developers are willing to negotiate with home buyers.
“I think buyers should take advantage of the current market sentiments and buy instead of waiting for further fall in prices that may never happen. Home loans will now be easily available and accessible to the prospective buyers. So, yes, this year’s Gudi Padwa will usher in positive sentiments for one and all in the real estate sector,” says Bhagtani.
Manoj John, VP, Corporate Planning & Strategy at RNA Corp believes the developers go all the way out to make it an ideal time for the buyers. Gudi Padwa, a festival which marks new beginnings and new hopes to everybody’s life. The festival is widely celebrated in the state of Maharashtra.
“As for common people in India, a home is a priced possession and they do not sell and buy residential properties often. They wait for an auspicious date to such transactions. During the festive seasons, realtors put together the properties with attractive discounts and freebies. But with these factors only, nobody can lure customers today. They are more oriented towards the location of the property, the pricing and the quality of construction,” says John.
Property analysts maintain traditions still prevails in our society. Today, the new generation of home buyers is more knowledgeable and practical about property matters than the buyers of yesteryears. They make a detailed study about the market before taking a final decision. But at the same time, buyers, both young and old, are definitely influenced by a traditional festival like Gudi Padwa.
