Telugu people have a strong sentiment to begin new projects from Telugu New Year Day – Ugadi. Whether it is to buy a new house or to embark on a new business, the people of Telugu states feel it very auspicious to begin the work from Ugadi day. Did the real estate sales pick up after Ugadi? Will the increasing lending rates of interest and rising prices of properties cast their shadow on the Ugadi festival sales of the properties?
In spite of the real estate sector back on the rails, sales of the property evoked mixed response. The sale of the affordable houses and apartments is not encouraging while the up market luxury house sales improved manifold. It is pertinent to note here that the sale of the apartments in sky-rise towers has increased. The customer base of the reliable developers continues to expand further. The people of Maharashtra have sentiments to acquire new things for their auspicious festival of Gudiparwa. People prefer to buy property on the auspicious day or book property on that date. At the same time, the developers in the state attract the buyers with impressive sales offers. Generally, the developers offer concessions in stamp duty or exempt it totally as part of their offers to boost sales. They also prefer to launch their new project on this day. Those who have booked flats in their project were exempted from paying EMI for about a year since the builders would bear the EMI for the period.
Also, the builders offer reduced price per sft to attract customers. Some other builders offer free furnishing of the flat. That is why many people of Maharashtra make a beeline to various real estate projects to take advantage of Gudiparwa offers. The bankers also try to take advantage of the festival season. They also come out with various offers like reducing the lending rate of interest on loans, reduction of the processing fees or waiting of it. If the same offers are announced in Telangana too, more and more people will come forward to acquire properties. In the last quarter, the sale of properties was not phenomenal. But the builders say that the sales have picked up since Ugadi festival. Improving the sale of properties with the Telugu New Year is a welcome development.
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