At a time when the severe second wave of Covid-19 and lockdowns have halted economic activities, developers expect that the traditional housing demand during ‘Akshaya Tritiya’ would somewhat lift the spirits in the market and improve sales.
The occasion is considered to be auspicious for buying homes.
Niranjan Hiranandani, President, National Real Estate Development Council (NAREDCO) said: “The festive day of Akshaya Tritiya traditionally, is an auspicious day for home buying. This year too we expect smart home buyers to take advantage of both aspects — the festive fervour and aspect of making one’s dream home a reality.”
He noted that the market conditions stand favourable for the home buyers as well as the investors in backdrop of low interest rates, lucrative deals from the developers, choices of apartments, flexi payment schemes from banks and financial institutions, attractive price points and other fiscal benefits to grab the right deal.
“The time is right for first time new age homebuyers to buy its safe nest and existing homebuyers to upgrade into spacious luxury ready to move homes conducive for new normal lifestyle in wake of pandemic,” Hiranandani said.
Aditya Kushwaha, CEO & Director at Axis Ecorp, said: “Days such as Akshaya Tritiya hold sentimental value for people and in this pandemic, people have started giving greater importance to these values. Traditionally, it is believed that if you invest in property on this day, its value will appreciate for sure in due course of time.”
Noting that the sales momentum has gone down amid the second wave of Covid, he said that although a significant spike in the sales is not expected, but people who had been holding off their decision to buy a house may use this opportunity to make the purchase.
“As real estate companies are offering lucrative schemes, this may incentivise people planning to buy a house to close transactions,” Kushwaha said.
Vinit Dungarwal, Director of AMs Project Consultant, was of the view that the Indian real estate has been grappling with many challenges for a very long time and the second wave of Covid-19 has further slowed down the recovery process for this industry.
“However, RBI’s decision to keep easy system liquidity and low interest will help in industry revival especially during festivals like — Akshaya Tritiya. The sales during this festival may not be as experienced before the pandemic struck but homebuyers can expect lucrative offers coming from real estate developers which will lead to some spike in the business,” he said.
Further, for major markets like Mumbai and Pune, in Maharashtra, after the discontinuation of stamp duty benefit by the state government, the real estate sector is now looking forward to ‘Akshaya Tritiya’ to keep the sales momentum going and have come up with offers to attract prospective home buyers.
Bhasker Jain, Head of Sales, Marketing & CRM at The Wadhwa Group said: “The real estate sector witnesses positive sentiments flowing in the market during the auspicious times like Akshaya Tritiya which further spike the demand for properties every year. Moreover, the lucrative and flexible festival deals offered by developers attract home buyers and lead to better sales during this period.”
No increase in fuel prices for 2nd consecutive day on Tuesday
Petrol and diesel prices remained unchanged for the second consecutive on Tuesday providing relief to consumers who have been facing a regular increase in fuel prices in the past few months taking the retail rates to historic high levels.
With no revision, the price of petrol in Delhi remained Rs 105.84 a litre and Rs 111.77 per litre in Mumbai, according to a price notification of state-owned fuel retailers. In Mumbai, diesel rates also remained static at Rs 102.52 a litre; while in Delhi it costs Rs 94.57, the same as on Sunday.
The price pause comes after the rates rose for four straight days when the rates of both petrol and diesel rose by Rs 1.40 paise per litre. There was no change in the rates also on October 12 and 13.
Diesel prices have increased on 19 out of the last 25 days taking up its retail price by Rs 5.95 per litre in Delhi.
With diesel prices rising sharply, the fuel is now available at over Rs 100 a litre in several parts of the country. This dubious distinction was earlier available to petrol that had crossed Rs 100 a litre-mark across the country a few months earlier.
Petrol prices had maintained stability since September 5, but oil companies finally raised the pump prices last week. Petrol prices have also risen on 16 of the previous 21 days taking up the pump price by Rs 4.65 per litre.
Crude prices have been on a surge rising over a three-year high level of over $ 85.7 a barrel now. It has softened a bit, falling below $ 85 a barrel now. Since September 5, when both petrol and diesel prices were revised, the price of petrol and diesel in the international market is higher by around $9-10 per barrel as compared to the average prices during August.
Markets open on a positive note
The 30-scrip Sensitive Index (Sensex) on Tuesday opened on a positive note during the morning trade.
The Sensex of the BSE opened at 62,156.48 points and touched a high of 62,159.29 points. The Sensex touched a low of 61,964.41 points.
On Monday, the Sensex closed at 61,765.59 points.
The Sensex is trading at 62,061.59 points, up by 296.00 points or 0.48 per cent.
On the other hand, the broader 50-scrip Nifty at National Stock Exchange (NSE) opened at lower note at 18,602.35 points after closing at 18,477.05 points.
The Nifty is trading at 18,549.55 points in the morning.
Petrol, diesel prices rise again, burn bigger holes in consumers’ pockets
Petrol and diesel price rose again on Friday taking its retail rates to record high levels across the country affecting consumers this festive season.
Accordingly, in the national capital, petrol and diesel prices increased by 35 paisa per litre to Rs 105.14 per litre and Rs 93.87 per litre, respectively.
In India’s financial capital of Mumbai, petrol became costlier by 34 paisa per litre to Rs 111.09 a litre on Friday, the highest across all the four metro cities. Diesel also costs Rs 101.77 for one litre in Mumbai.
The price hike on Friday is for a second consecutive day after the rates remained static on Tuesday and Wednesday.
Diesel prices now have increased on 17 out of the last 21 days taking up its retail price by Rs 5.25 per litre in Delhi.
With diesel price rising sharply, the fuel is now available at over Rs 100 a litre in several parts of the country. This dubious distinction was earlier available to petrol that had crossed Rs 100 a litre mark across the country a few months earlier.
Petrol prices had maintained stability since September 5 but oil companies finally raised its pump prices last week and this week given a spurt in the product prices lately. Petrol prices have also risen on 14 of the previous 17 days taking up its pump price by Rs 3.95 per litre.
OMCs had preferred to maintain their watch prices on global oil situation before making any revision in prices. This is the reason why petrol prices were not revised for last three weeks. But extreme volatility in global oil price movement has now pushed OMCs to effect the increase.
Crude price has been on a surge rising over three year high level of over $84.5 a barrel now. Since September 5 when both petrol and diesel prices were revised, the price of petrol and diesel in the international market is higher by around $9-10 per barrel as compared to average prices during August.
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