Mumbai: Thinking of buying into a property in 2018? Well Askhaya Tritiya may be a good time to invest in upcoming real estate projects.
Jones Lang Lasalle (JLL), a real estate services firm, says that the upcoming festive season in April 2018 will be a good time for end users to make their purchase decisions. The month includes the Indian New Year (celebrated in various parts of the country) that falls on April 14 -15, followed by Akshay Tritiya, where traditionally people make significant purchases and investments.
At the same time, most micro-markets across key cities of India have been experiencing stable capital values over the last few quarters, which makes markets conducive. Also indicating that there is further no softening of values in general. The appreciation in capital values have remained in the range of 0-2% in 2017 over the previous year for most micro markets across India, especially the suburban and peripheral markets.
End users looking for homes have choices of locations as well as properties of varied price points across major cities. With RERA implemented in most states, entering the residential market at this time will be a good decision given that the investment is legally protected and pricing is right.
Ashutosh Limaye, Head Research at JLL India believes "the month of April 2018 has many traditional festivals and a period for making significant purchases."
He says, "Besides traditional festivals, even corporate India awards its employees with annual increments and performance bonuses in this month. Thus the sentiments in the market are positive. This will be a good time for buyers to make their pending residential purchases as capital values across most micro markets in key cities of India are at conducive rates."
During this festive seasons, some development companies make special offers, such as plan to introduce flexible payment schemes and interest subvention schemes. Some developers may also explore waiver the maintenance charges for a specific periods of time like 6 months to one year or offer free memberships to on campus facilities like club house etc. The aim is to help the buyer with a manageable cash outflow so that effective monetary benefits are experienced by the buyers.