Make way for divine blessings
What you buy on Diwali is believed to bring you luck
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.