Gudi Padwa 2023: Festival benefits await home seekers

Gudi Padwa is just around the corner and preparations for the same are already underway. Marked on calendars as one of the most auspicious occasions for residential property transactions, its significance is more than evident from the activity visible at project site offices. Considered a time of renewal, Gudi Padwa is a preferred day for booking a new home or taking possession. Since a large cross-section of Indians tend to link property acquisition with auspicious dates, activity levels within the property market increase visibly in this period.

Several developers chose this day to launch their projects with attractive discounts and offers or give a special pricing for bookings done on this day. New project launches mean more options to choose from with lower introductory rates, which indicates definite scope for capital appreciation. Transactions are also facilitated with flexible payment plans and incentives like a waiver of stamp duty charges, gold coins, etc. Read on for views by real estate stakeholders on what home seekers can expect this year!

Pratik Kataria, Director, Sainath Developers and NAREDCO Maharashtra Committee Member

Gudi Padwa is a traditional Hindu festival that marks the beginning of the New Year as per the Hindu calendar. It is considered an auspicious time for new beginnings, and many people in Maharashtra and especially in Mumbai make important purchases during this time, including buying new homes, properties, car etc. Additionally, many individuals believe that investing in real estate during Gudi Padwa brings good luck and prosperity. Historically, Gudi Padwa has been considered an auspicious time for real estate transactions in Mumbai and is known to stimulate demand for real estate in Mumbai, as people are more inclined to make big-ticket purchases during this time of the year and this year would be no different. Developers would offer attractive deals, discounts and incentives to potential homebuyers, leading to a surge in property sales during this auspicious time of Gudi Padwa. With a surge in real estate transactions since the pandemic the buyers, nowadays, are more inclined towards developers who have a brilliant track record in terms of on time delivery of their dream homes. With new launches galore, homebuyers would have plenty of options to choose from and can look at buying a property at attractive rates in Mumbai.

Rishabh Siroya, Founder, Siroya Corp and President, NextGen Committee, NAREDCO, Maharashtra

Gudi Padwa is a major festival in Maharashtra and it is considered as one of the most auspicious times for purchase of real estate, gold, jewellery or a new car. Historically, the festival has been associated with starting new ventures, making new investments, and buying new assets, including property. During the Gudi Padwa season, the real estate market in Maharashtra tends to witness an increased demand from buyers and developers often offer attractive deals and discounts to attract buyers. The sentiment of the market is generally positive, and there is a sense of optimism among buyers, sellers, and developers alike.

Ashish Kukreja, Founder & CEO, Homesfy.in and MyMagnet.io

Buying a home during Gudi Padwa is not just a financially wise decision, but also holds immense cultural significance. It is believed to bring good luck and prosperity to the household, making it a perfect time for new beginnings. The real estate market's attractive deals and discounts offered during this festival save considerable money and make buying a home more reasonable. A few of the offers rolled out by developers include no EMI until possession, easy and customised payment plans, rewards on bookings like family holiday packages, free gold coins, appliances or furniture, cashback schemes, waivers on registration fees and stamp duty, no extra charges on floor rise, and many more. Surely, Gudi Padwa is an exceptional opportunity for homebuyers that shouldn't be missed due to its promising nature, emotional essence, and investment potential. However, it is essential to carefully evaluate your financial situation and ensure you can afford the purchase before making any decision.

Chetan Patel, Director, Gurukrupa Group

Going as per trends, realtors in Mumbai and the Mumbai Metropolitan Region (MMR) have always done a good volume business during Gudi Padwa to Akshya Tritiya. This period is considered auspicious by many for property buying or other expensive purchases. Thus, to encash this positive sentiment developers do come up with lucrative offers and discounts to attract more buyers, We at Gurukrupa group are offering 50% stamp duty discount at the Marina Enclave project, Malad west.

Ashwin Sheth, Chairman and Managing Director, Ashwin Sheth Group

We Indians always associate new and big decisions with auspicious times, and what's better than owning your new home this Gudi Padwa, which marks the new year for Maharashtrians. Post pandemic we all have understood the importance of owning a home which becomes a place for the family to relax, rejuvenate and work. This year would see more people fulfilling their dreams of owning their new home with Mumbai seeing a 4-5% property hike coming in premium real estate projects.