Make way for divine bless­ings

What you buy on Di­wali is be­lieved to bring you luck

HT Estates - - Front Page - Arati Bhar­gava

o will a big bang Di­wali brighten up things in the real es­tate mar­ket in Delhi NCR de­spite the gloomy eco­nomic sce­nario, ris­ing in­fla­tion and the Re­serve Bank of In­dia’s cau­tious ap­proach to low­er­ing in­ter­est rates?

Don’t ex­pect much. The only move­ment likely is expected from the in­vestors, who will be more than keen to pick up the sig­nif­i­cant un­sold in­ven­tory that de­vel­op­ers will fo­cus on dis­pos­ing of in most In­dian cities. When com­pared to last year, this also ex­plains the rel­a­tively fewer launches this fes­tive sea­son. Real es­tate ex­perts say most launches across seg­ments in Gur­gaon and Noida have been com­pletely lapped up by in­vestors as sup­ply of com-

Real es­tate buy­ing and sell­ing peaks around Di­wali time as those who had not fi­nalised a deal dur­ing the navra­tras try to do so now for bet­ter luck and pros­per­ity.

Di­wali, which sig­ni­fies vic­tory of good over evil, and ush­er­ing in of light to dis­si­pate dark­ness, is thought to be a time when any­thing new is aus­pi­cious. It also marks the be­gin­ning of the Hindu cal­en­dar year. Many peo­ple wait to fi­nalise their prop­erty pur­chases dur­ing this time.

A re­puted South Delhi prop­erty agent says that some of the buy­ers pre­fer to set­tle the prop­erty deal on dhanteras, which is cel­e­brated two days be­fore Di­wali. Real es­tate agents said that spe­cial fes­ti­val dis­counts for prop­erty pur­chases are pub­li­cised by sell­ers to at­tract buy­ers.

When it comes to prime prop­erty sales, how­ever, don’t ex­pect any dis­counts. Buy­ers in these seg­ments will ob­vi­ously be on the look­out for grab­bing good bar­gains, but as sell­ers are fully aware that this is an aus­pi­cious time for real es­tate transactions they rarely bring down prices. Not sur­pris­ingly many even raise the prices hop­ing they’ll be able to tempt some gullible buyer. The Di­wali puja in­volves in­vok­ing the God­dess of wealth — Lak­shmi and the de­ity that sym­bol­ises luck and wis­dom — Ganesh. So the be­lief is that what is bought now will be aus­pi­cious and make you pros­per­ous. Prop­erty and gold are high on the list of pur­chases, es­pe­cially for the well-heeled. Busi­ness­man Rahul Sharma (name changed) says his fam­ily had se­lected some farm­land and de­cided that they would fi­nalise the deal on dhanteras. “We iden­ti­fied the place about six weeks back but have been wait­ing for dhanteras to hand over the ad­vance money for it... We felt that the prop­erty will be lucky for us if we buy it now,” adds Sharma.

In­ter­est­ingly, peo­ple gen­er­ally do not want to start any­thing new on an amavasya (no moon), but Di­wali is ex­cep­tional. One has ac­cess to divine bless­ings. Buy­ers and sell­ers both want to make the most of it.

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