Akshaya Tritiya: An Auspicious Day to Invest in Real Estate

Akshaya Tritiya, falling on May 10th, 2024, is revered as one of the most auspicious days in the Hindu calendar. Known for its significant mythological and astrological importance, this day is especially favoured for new beginnings and major financial decisions, including real estate investments.

Historical and Mythological Significance

The term "Akshaya" in Sanskrit means 'never diminishing' and symbolizes eternal prosperity. Tritiya refers to the third day after the new moon in the Hindu month of Vaishakh. Historically, it is the day when the Treta Yuga began, and it is said that Lord Ved Vyas started composing the Mahabharata with Lord Ganesha’s blessing. The day also marks the birth of Lord Parasurama, the sixth incarnation of Lord Vishnu, and the descent of the Ganges to earth from the heavens.

Akshaya Tritiya is unique because it is one of the few days when the sun and the moon are simultaneously at their peak of brightness, which is considered highly auspicious. This year, the celestial alignment on Akshaya Tritiya is believed to foster an environment of positivity, making it an excellent time for activities like purchasing property and beginning new ventures.

Why Akshaya Tritiya is an Auspicious Day To Invest in Real Estate

In India, where sentiments often drive the real estate market, Akshaya Tritiya becomes a pivotal moment. Homebuyers eagerly await this auspicious occasion to make significant purchase decisions, often regarding their dream homes. Developers capitalize on this sentiment by offering exclusive deals and flexible payment plans, creating a favorable environment for aspiring homebuyers. With special offers, market stability, long-term benefits, and tax advantages, investing in real estate on Akshaya Tritiya aligns with both financial goals and cultural beliefs. By seizing this opportune moment, investors can embark on a journey of prosperity and growth in the real estate market.

Favourable Planetary Alignments

The celestial alignment on Akshaya Tritiya, with both the sun and the moon at their planetary best, creates an atmosphere charged with positive energy. This alignment is believed to amplify the energies associated with prosperity, success, and new beginnings. As a result, investing in real estate on Akshaya Tritiya is thought to attract favorable outcomes and long-term benefits. The positivity surrounding this auspicious day influences the decision-making process of both Indian residents as well as NRI and infuses confidence in investors, assuring them of the auspiciousness of their investment choices. Harsh Modi, Zonal Channel Lead at Brigade Group ( Brigade Enterprises Ltd.) shares the same sentiment. He said, "Akshaya Tritiya traditionally acts as a catalyst for a surge in inquiries and property bookings within the Indian real estate sector mostly by Indians and NRIs. This can be attributed to the widespread belief that investments made on this auspicious day are imbued with blessings of prosperity and enduring value. Developers strategically leverage this sentiment and come up with enticing deals and discounts, potentially rendering it an opportune time for serious buyers to secure their dream property."

"However, it's crucial for prospective buyers to prioritize meticulous research and exercise due diligence over hasty decisions solely driven by this occasion. A property should demonstrably align with homebuyers long-term financial objectives and resonate with their evolving needs as well,” he further added.

Special Offers and Discounts

Taking advantage of the day's significance, real estate developers often present attractive offers to entice buyers. These may include discounts, easier financing options, and additional amenities. Such deals make it an opportune moment for buyers to secure valuable deals, potentially saving significant amounts and gaining better value for their investments.

Rituals and Traditions

Investing in real estate on Akshaya Tritiya goes beyond financial decisions, extending into spiritual consciousness. Many perform the Griha Pravesh ceremony on this day, a ritual to ensure the home is charged with positive energy. Others might start new construction or renovation projects, embedding their spaces with auspicious beginnings.

Tax Planning Opportunities:

Purchasing a home around Akshaya Tritiya, which typically falls in April or May, enables homebuyers to avail themselves of various tax benefits right from the beginning of the financial year. These benefits include deductions on home loan interest, principal repayment, registration fees, and stamp duties, thus providing a sound financial foundation for the investment. Additionally, some jurisdictions offer special schemes or tax breaks for real estate investments made on this auspicious day, such as reduced stamp duty rates or additional deductions for homebuyers.

Diverse Options and Competitive Market:

The period around Akshaya Tritiya sees a surge in the launch of new properties by developers. This abundance of options gives homebuyers a wider choice, leading to a more competitive market and potentially lower purchase prices across cities in India. It also allows buyers to select properties that best suit their preferences and requirements.

Rahul Poojary, Sales Head at Anand Builders & Developers.

“Since gold appreciates very quickly from last year, there could be possible corrections on the card. Property purchase in East & North is zooming. Demand for Apartments on Kanakapura road is skyrocketing. So developer's can expect a bumper sale on the day of Akshaya Tritiya this year, as Bengaluru property outlook is very positive this quarter.”

Favourable Timing:

Akshaya Tritiya usually falls during the springtime, a season symbolizing new beginnings and growth. This timing aligns well with the idea of investing in real estate as a way to start a journey toward future prosperity. By investing in property on Akshaya Tritiya, individuals are metaphorically planting seeds for financial growth and stability. Additionally, since Akshaya Tritiya occurs early in the financial year, it provides investors with an excellent opportunity to kickstart their financial plans and set themselves up for success in the months ahead.

 

Akshaya Tritiya a perfect time for other Stakeholders; Going beyond developers

Akshaya Tritiya, known for its auspicious significance in real estate investment, has a far-reaching impact on stakeholders within the construction industry beyond homebuyers and real estate agents. Contractors experience heightened demand for their services as the surge in property transactions leads to increased construction activity. This translates to more project opportunities, higher revenue, and business growth for contractors. Simultaneously, manufacturers of construction materials witness a positive impact as the heightened construction activity drives up demand for materials like cement, steel, and bricks. This surge in demand often results in increased production volumes, improved profitability, and expansion opportunities for manufacturers.

Divyam Shah, Director at Euro Panel Products Pvt. Ltd.

"Akshaya Tritiya is generally considered one of the most auspicious times of the year to invest in real estate as the day is believed to be a bringer of good luck and lasting happiness. For firms operating in the real estate, infrastructure and manufacturing sectors, this day brings in new business opportunities. It’s not just the sectoral businesses that witness an upsurge in sales, but also related sectors. For example, when individuals invest in real estate, it automatically means those constructions will include the latest technologies like Aluminium Composite Panels and others. Market sentiment like this is invaluable for sectoral growth as it drives businesses to touch new highs every year and we are confident that this year will not be any different."

Conclusion

Akshaya Tritiya presents a unique opportunity for homebuyers and investors. The combination of favorable astrological conditions, historical and mythological significance, and attractive market offers makes this an ideal time to make real estate investments. For those looking to invest in property, doing so on Akshaya Tritiya could align financial aspirations with celestial blessings, promising prosperity and happiness in their new homes.

Investing in property on Akshaya Tritiya not only adheres to cultural traditions but is also backed by the practical benefits of modern-day real estate offers. As we approach this auspicious day, potential buyers are encouraged to explore their options, seek expert advice, and prepare to make one of the most significant decisions in their lives under the most favourable circumstances.