Why Di­wali is such a big deal

Myths and be­liefs blend to give this sea­son a spe­cial flavour

HT Estates - - Front Page - Arati Bhar­gava

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.

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