Property markets to take a 16-day ‘break’
The span of 16 days from September 27 is the only one in the year when property transactions are minimal and virtually shunned, especially by the Hindus. The period known as pitrapaksh will end on October 12 this year.
Pitrapaksh, based on the Hindu calendar, starts from the full moon day of bhadrapad shukalpaksh and ends on amavasya (moonless night) of ashvin krishnapaksh. This is a period of austerities for the Hindus during which prayers are held, rituals performed and donations made by family members and loved ones for departed souls. It is believed that any good attained through these acts is transferred to the departed soul and ensures that the soul gains peace and liberation to be one with God. The departed soul in turn blesses the person who performs the prayers and rituals on its behalf.
Most Hindus do not buy anything new or launch projects in this phase. Associated with prayers and thoughts for the dead, pitrapaksh is a time for piety. New business transactions or purchases are put off and undertaken during the auspicious time of Navratra that begins when pitrapaksh ends. The same is true for land deals and property sales.
According t o real estate agents, people interested in buying properties make enquiries about selling and buying properties but they generally wait till the pitrapaksh period ends to finalise deals. There’s a fall in the number of general property queries too, making it a virtual holiday period for property dealers as hardly any serious business gets done.
Sales during the 16-day period are generally low, picking up only at the onset of the festive season, says a south Delhi-based property dealer. The origin of pitrapaksh dates back to the epic period. Pitra means ancestors and paksh stands for period. It is believed that after a person dies, the soul goes to pitralok, an area between earth and heaven. Three generations of souls of a person’s ancestors live in pitralok. After death, when a soul goes to pitralok, the soul of the first generation moves out of there. Prayers and good deeds performed for the sake of the soul during pitrapaksh helps the soul in its onward journey to heaven.