New Delhi, May 11 (IANS): 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."