One of the liveliest periods in the Hindu Calendar, the country experiences an auspicious and colorful set of festivals with the celebrations of Navratri & Diwali from September – November. During these festivals, the volume of residential property sales escalates exponentially. As a result, the real estate sector experiences a massive boom.
While this trend is a recurrent activity recorded every year, the majority of the people aren’t aware of the force responsible for driving this temporary market activity. This is precisely the crux of this article. While it is fairly evident that the government offers various lucrative offerings in the form of lowered interest loans, faster loan processing, and similar financial deals during this period, this piece highlights the emotional sentiments (& rationale) motivating this interesting purchasing trend in the first place.
Let’s unlock the cultural beliefs first:
Navratri, meaning Nine Nights is an important festival in the Hindu Calendar. Diwali, another major festival in the country is celebrated to honour Lord Rama’s victory over Raavana. These colorful festivals are the beginnings to a new start (& a new year) that is welcomed with seeking the blessings of the deity along with dancing, singing, and eating special food with family.
How do these beliefs encourage real estate purchases?
While there are multiple rationales attached to celebrating the same festival in different parts of India, the underlying justification is the same: To celebrate the Victory of the Good! These auspicious times introduce a new start filled with positivity, success, wealth, and happiness.
One of the ways to celebrate these festivals is by purchasing new wealth … And what better wealth can there be for someone than engraving the home keys to your name; by registering an apartment under your own name?
This is precisely the reason why the sector records a huge spurt of property transactions. The ancient scriptures talk about the importance of acquiring new wealth for new beginnings. These reverend beliefs stand strong even in the 21st century, whether it be for the older generations or the millennials.
It takes a lifelong of sweat & effort to build a strong base to purchase a property, irrespective of the underlying size. And if our cultures encourage us to sign such deals under these blessed periods of divine forces, do we really need any other strong motivation?