Pitrapaksh is no Time for Relaxation

While sales take a dip during the Pitrapaksh, realty companies utilize the time to devise their marketing strategies and campaigns for the Navaratra, which is the most auspicious period for land purchases for the Hindus.

Those who think that all those attached to realty world take a long break during Pitrapaksha must wake up to the new reality.

Admittedly, while sales take a dip, realty companies make strategies to launch their marketing and other campaigns immediately after Pitrapaksh.

Pitrapaksha comes a fortnight before the Navaratra festival and is considered an inauspicious period in the Hindu religious calendar. Throughout the Hindu world, departed souls are remembered during Pitrapaksha. On each day of the fortnight, special offerings are made to ancestors whose lunar date of death corresponds to that particular day.

And once Pitrapaksh is over, Navaratra is considered the best time for the realty world. It is regarded as the most auspicious time for starting any new venture or buying anything new. Of course, Navaratra sees huge sale of properties. And in order to cash in upon the auspicious period, realty companies finalize their strategies to strike gold during Navaratra.

“We update our contact list in this period and also give final touches to our marketing strategies, so that by Navaratra we have inquiries pouring in and deals being finalized,” Ajay Singhal, director of Avalon Developers, says.

Realty companies avoid north Indians during Pitrapaksh; however, they are in talks with other communities, as well as non-Hindus, during this time and canvass their projects and products. “All the marketing guys of brokerage firms follow up on prospective customers. Thanks to the names and castes, they know whom they can and should contact during Pitrapaksh. While most people of this part of the country do not talk about buying flats during this period, others are not that fastidious,” Devinder Gupta, MD of Century 21 DGS, says.

It is not uncommon for people of all caste and religious denominations to hunt for their dream homes even during Pitrapaksha, but these people seal the deal only when this inauspicious period is over. “Currently, I am looking for a flat though I will not finalize the deal now. There would be a huge uproar in the house if I finalize the deal. My parents and wife will not allow me to enter the house,” Sajal Kalra, a pharmaceutical industry professional, says.

Realty players say that after a long lull in the market, things will improve during the festive session starting with Navaratras. While there is no dearth of possible buyers in the market, people expect the prices to go down. Sanjay Khanna, director of Kailash Nath Projects Pvt Ltd, says: “While it is true that the cost of flats have gone up over the years, buyers must not forget that the cost of construction has also been steadily increasing and developers need to factor this in while pricing their products. Land is a major component pushing up prices, followed by labour cost, and then iron, steel, and cement-none of which will come down in the foreseeable future.”

However, the cost of the product is not going to deter the genuine buyer, who is likely to return to the market as soon as the conditions are favourable. “I am sure end users cannot wait for very long to buy their flats. There are enough buyers in the market who are desperately keen to have a roof over their head despite the high cost of flats,” Sameer Jasuja of PropEquity says.

There is another view: prospective buyers are not firming up their deals due to the unprofessional conduct of a few realty firms. “Many firms do not hand over flats to their buyers and harass them on various pretexts, which puts off many more genuine buyers from the market,” D K Mandal, president of ILD Developers, says. In the light of this fact, realty firms too have to pull up their socks and keep their words.

Realty firms should seriously address the issues raised by customers in their complaints, as the National Consumer Helpline is getting a barrage of calls from harassed customers of flats and plots. The complaints are wide ranging and clearly indicate that all is not well with realty firms. They seem to look the other way as soon as their customers face some trouble. On an average, the National Consumer Helpline gets close to 75 complaints against the high-handed attitude of realty firms, daily.

The complaints are of various types: construction not completed within promised time, sale of disputed land or property, demand for extra money for various amenities, possession of flat withheld even after payment, promised area not given, not refunding money or cheque bounced, low-quality building material used, not giving the promised (booked plot or flat), builder stops work in between and asks for money for completion, taking deposit for booking and then cancelling the booking over various pretexts, etc.

On an aggregate, the demand in India’s six main markets has declined by around 40% in the past one year.

Quick Bites:

  • Realty companies avoid north Indians during Pitrapaksh; however, they are in talks with other communities, as well as non-Hindus, during this time and canvass their projects and products.
  • While most people of this part of the country do not talk about buying flats during this period, others are not that fastidious.

Source: Times of India (Property), September 2013
Buy Residential Properties in Ghaziabad, Email us or SMS: SAVIOUR at 53030.

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About Saviour Builders

Saviour Builders Pvt. Ltd. is one of the leading real estate developers in Delhi NCR. The Saviour Group is the tantamount to deliver contemporary quality amid excellence and diverse innovation. It has emerged as one of the prominent entities in the real estate sector of India and is into residential, commercial and township projects in and around Delhi NCR. The Group devotes its complete dedication to reach higher and build better. With its immense hard work and loyalty, Saviour has accomplished the dream of delivering various tremendous infrastructures round the city. We intend to provide you with affordable houses in the Delhi NCR region. Some of its significant projects like Saviour Greenisle, Saviour Park, Saviour Street, Gaur City -1, Gaur City -2 and many more have created a new benchmark within the trade. Today, we have our presence at Noida, Noida Extension, Greater Noida (West) and Ghaziabad. We, at Saviour, are building homes based on trust and you are invited to build your future with us. We help you live your dream of living in style.

Posted on September 21, 2013, in Real Estate and tagged , , , , , , , , . Bookmark the permalink. Leave a comment.

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