Navaratri 2023: This holiday season, are you planning to purchase a home? In Hindu culture, Navratri is regarded as a lucky time. It is thought that investing in real estate during this nine-day festival can bring you blessings. Builders frequently release tempting offers and discounts during this time to entice potential customers.
Experts predict that demand would boost up at the start of the festival season because the repo rate has not increased in the Reserve Bank of India’s (RBI) last four policy announcements. Navaratri 2023
The demand typically remains high because individuals like to move into their new homes throughout the holiday season and because developers announce fresh launches and new offers with freebies during these months. Customers will additionally benefit from no increase in home loan EMIs. Homebuyers’ holiday joy would undoubtedly be increased by this, according to Rahul Mehrotra, MD & CEO of Religare Housing Development Finance Corporation Limited (RHDFCL).
Reasons to purchase a home this holiday season
1. The 6.5% repo rate remains unchanged
The RBI’s decision to maintain the repo rate at a consistent 6.5% offers homebuyers this holiday season a favorable chance.
According to Pramod Kathuria, founder and CEO of Easiloan, “the unchanged repo rate is a festive bonanza for homebuyers, as it gives them another chance to buy homes at optimal costs.”
This holiday season is the perfect time to become a homeowner because, despite short-term volatility, the real estate market has historically trended upward, according to Kamaljeet Rastogi, Chief Executive Officer, SahiBnk, Powered by Manipal Business Solutions.
2. Stable economic expansion
Despite rising EMI rates, India’s house loan market is expanding thanks to strong economic development, increased urbanization, and government incentives. Home loan demand is anticipated to increase owing to the holiday season, despite EMIs becoming more expensive. “The demand for affordable homes is anticipated to remain strong over the holiday season. According to Pramod Kathuria, this is the result of developers concentrating on inexpensive housing developments and government subsidies for such housing.
Kamaljeet Rastogi, Chief Executive Officer, SahiBnk, Powered by Manipal Business Solutions, stated that government initiatives like the Pradhan Mantri Awas Yojana (PMAY) and other programs will also encourage affordable homes, supporting the strong demand.
3. Over the holiday season, there are new programs and deals.
Personal finance experts believe that during the holiday season, banks and developers frequently give special deals and discounts that can help homebuyers save money.
4. beneficial market trends
According to Pramod Kathuria, the consumer market appears to be pretty strong in terms of housing markets, which gives the impression that the economy is in good shape.
5. Holiday bonuses
Rahul Mehrotra claims that staff holiday incentives will increase your disposable money.
