Word: diwali
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Dates: during 2000-2009
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...moon of the lunar month of Kartika marks Diwali, the Indian festival of lights, when Hindus across the country worship the goddess of wealth, Lakshmi. But divinities know full well the laws that govern finance, and Lakshmi may now be a little tight-fisted about circulating her riches amid the ongoing global credit crunch...
Indian tradition decrees that it is auspicious to make purchases in the days leading up to Diwali, which falls in October or November. With faith meshing so effortlessly with commerce, the season sees sellers, advertisers and marketers urging the devout to spend money with a religious fervor, as they hawk everything from chocolates and consumer durables to gold and houses. Buying a home is considered especially propitious. What better way to welcome the goddess of wealth into one's life than by inviting Lakshmi into a new abode? Thus, the period from just before Diwali through March is usually...
...this year. With just about a week to go until Diwali, the mood is decidedly downbeat. The demon of impending economic doom refuses to die, and as tightened liquidity makes people put off larger purchases, the real estate sector is facing the worst attack. "This time last year, I was selling 10 to 12 properties every day," says Alok Gupta, who runs Advanced Real Estate in the New Delhi suburb of Noida. "This time, I haven't sold a single property all month...
Shukla himself has branched out of real estate. He started selling insurance six months back "to pay the bills," he says. According to various estimates, sales in cities like Mumbai and Chennai are down 30% to 40%. Hoping to induce buyers during Diwali, realtors are advertising cash discounts of 5% to 10% for down payments, and as much as 25% discounts if buyers are willing to wait two to three years before taking possession of the property. "But there is no liquidity with the end user," says Arvind Nandan, director of consultancy at real estate company Cushman & Wakefield India. "Home...
Realtors like Shukla and Gupta may have little reason to light firecrackers this Diwali, but their prayers to Lakshmi, the goddess of wealth, will definitely be more fervent, especially as experts predict that things will get worse before they get any better. "This was a much-needed correction," says Nandan. "And it isn't complete yet. I expect the market to go down further, and it's hard to say when the recovery will begin...