Why Diwali is such a big deal
Myths and beliefs blend to give this season a special flavour
Just as property and land sales dip during the Shraddh fortnight each year, Diwali witnesses the busiest time for both real estate agents and those keen to clinch good deals.
Diwali festivities include five days dedicated to different gods and goddesses, each day having its own special significance. Diwali is on the last day of the waning moon fortnight of the Hindu month Kartik which this year is on October 26. The day marks the return of Lord Ram to Ayodhya after 14 years of exile. It is also believed that Goddess Lakshmi was reborn on the new moon day of the Kartik month. The day preceding Diwali is said to be the time when Lord Krishna killed the demon king Narkasur and rescued 16000 women captured by him, later accepting them as his wives to save them from public dishonour. According to the epic Mahabharata, people also lit earthen lamps when in Kartik amavasya the Pandavas returned after 12 years of exile. Krishna devotees also observe the day after Diwali as Govardhan puja day. The following day is bhai dooj.
Reputed real estate agent Harish Taneja of Inerclub in Greater Kailash II says that this is the time also when several non resident Indians (NRIs) visit. Since this is also an auspicious period, many of them invest in property, which in most cases are fully furnished studio apartments in the NCR region that cost Rs 15 lakh upwards. “NRIs seem to prefer to invest in real estate here as they get good returns by renting out the apartments. As term deposits in banks in US and Canada fetch low returns property investments here are popular with them. The best time to vacation here is in Diwali, when the festival fervour is at its peak, the year is ending and the weather is good,” said Taneja.
The flip side of this peak season for real estate transactions is that property owners tend to spike up the prices. Those on the lookout for a bargain need to wait and watch. If the property remains unsold for some time and the owner cannot hold on to it any longer, they can close in for the kill with a reasonable offer.