Akshaya Tritiya, commonly referred to as Akha Teej or Akti, is a Hindu festival in the spring that symbolizes fresh starts. Akshaya stands for everlasting and Tritiya stands for the third day of the fortnight. Akshaya Tritiya occurs on May 10 this year. This day is believed to be lucky for individuals who are looking to invest in items like gold, home decorations, or real estate.
Why is Akshaya Tritiya important for the real estate market?
Buying a home is primarily driven by emotions, especially when it comes to people buying their first home. Experts say that real estate transactions often coincide with auspicious dates such as Akshaya Tritiya, as it is considered a highly auspicious day symbolizing new beginnings.
Anshuman Magazine, chairman and CEO of CBRE for India, South-East Asia, Middle East & Africa, mentions that a common pattern of heightened activity in the real estate sector during festive seasons can be observed, with Akshaya Tritiya being a prime instance. The day is traditionally seen as a good time for important purchases such as real estate and investments, sparking increased interest from buyers. During this time, individuals tend to show a greater interest in investing. Additionally, developers often offer appealing promotions like discounts, convenient payment options, or extra amenities to make their properties more enticing to potential buyers.
Ayushi Ashar, director of Ashar Group and member of the managing committee of MCHI-CREDAI, mentions that consumers start preparing well in advance for this special day when they make important purchases that are believed to bring blessings and prosperity. In the past, gold was the preferred choice, but nowadays, real estate has become a fundamental investment option because of its long-lasting value and reliability. For many people, buying real estate is a decision they only make once in their lifetime, and they prefer to complete property transactions on Akshaya Tritiya."
The housing industry has seen a significant increase in the past few years, and the upcoming Akshay Tritiya celebration is expected to promote this expansion even more. In the early months of 2024, there has been a huge increase in property registrations, with around 11,000, 12,000, and 14,150 registrations in January, February, and March. The festive event of Gudi Padwa saw a rise in property registrations this year, and it is predicted that the upcoming Akshay Tritiya will have a comparable impact.
Real estate offers on Akshaya Tritiya
Akshay Tritiya is a celebration that guarantees good fortune and prosperity in all endeavors launched on this day. "Akshay Tritiya, following Navratri, is the second optimal period in the year to purchase a house." This day holds emotional significance and spiritual importance, and its relevance in the real estate industry has continued to grow. Chintan Sheth, chairman and managing director of Sheth Realty, states that developers are providing special deals and incentives to increase sales during the festival season.
The packages offered by developers on Akshaya Tritiya include rewards like gold coins, fittings and fixtures, modular kitchen, iPhone 15, vouchers from e-commerce sites and home destinations, cash discount, waiver on stamp duty and registration charges, and more.
Himanshu Jain, VP of Sales, Marketing and CRM at Satellite Developers (SDPL), explains that Akshaya Tritiya is important in our culture, representing wealth and good starts. During this special event, Group Satellite introduces creative deals to capture the holiday atmosphere and offer our customers a rewarding experience. In the midst of changing market conditions and growing desires for owning a home, we think these efforts strongly connect with people looking to make educated choices.
Samyak Jain, director of Siddha Group, stated that they are thrilled to commemorate this special occasion with their potential buyers. Our holiday campaign aims to offer not just monetary advantages but also an enjoyable and fulfilling journey."
Types of realty activity expected in Akshaya Tritiya 2024
Industry reports indicate that commercial real estate is experiencing an increase in investments, although residential property remains the top choice during Akshaya Tritiya.
Founder & CEO of hBits, Shiv Parekh, states that investors are now shifting towards considering commercial real estate for increased stability and potential capital growth, marking a change from the past focus on residential properties. Investors need to remember that even though short-term profits may seem appealing, focusing on long-term gains is crucial when investing in real estate. Investors should evaluate various factors like property type, location, infrastructure development, demand-supply dynamics, etc., before making an investment in a property.
Parekh mentioned that investing in fractional ownership of commercial real estate offers regular income, asset protection, quick cash availability, tax benefits, and simplified ownership, making it a viable option for those interested in real estate investment this Akshay Tritiya.
Furthermore, there is a growing interest from buyers in investing in farm lands. As per Amit Porwal, director of Aranyakaa Farms, land and gold are key long-term investments in India, representing luck and wealth. Lately, there has been a growing interest in purchasing managed farmlands near Bangalore due to a high demand for agricultural land and the potential for significant future value appreciation. On this Akshaya Tritiya, there is anticipation of a rise in investments in these valuable assets made of genuine gold in India.
Aquire Acres.com POV
Festivals play a significant role in stimulating the demand for real estate. These provide favorable opportunities for homebuyers, along with offers that assist them in their significant investment.
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Ans 1. “Akshaya Tritiya” is considered one of the most auspicious days for Indians because it is believed that if you make an investment or purchase on this day, it will grow steadily and provide maximum returns for a more extended period. Most people believe that Akshaya Tritiya is the best day if you want to buy a house.
Ans 2. 5)Buying a house Akshaya Tritiya has been dedicated to the time when fresh starts are made, and a new, better phase of life begins, and for this very reason, the occasion is considered auspicious to invest in real estate.
Ans 3. Rajiv Singh Who is the richest real estate tycoon in India? The owner of DLF (Delhi Land and Finance), Rajiv Singh leads the list of the richest real estate developers in India with an overall wealth valuation of INR 61,220 crore according to the Grohe-Hurun India Real Estate List 2021.
Ans 4. Akshaya Tritiya is also considered an auspicious occasion for Griha Pravesh. The day signifies the start of something good and sacred. The best time to hold Griha Pravesh this year is between 05:33 am to 12:18 pm.
Ans 5. On this day, do not consume meat or alcohol, as it brings financial difficulties. Prosperity diminishes, and Goddess Lakshmi becomes displeased. Do not pluck Tulsi: On Akshaya Tritiya, the worship of Lord Vishnu along with Goddess Lakshmi is also performed.