JAY JOSHI
Greetings everyone on Gudi Padwa. It’s the Hindu New Year. The day is significant in a number of ways. It marks the coronation of Lord Ram in Ayodhya after he returned following the defeat of Ravana. In historical terms, this day commemorates the defeat of the Hun invasion at the hands of Shalivahan, and the beginning of Shalivahana Saka calendar, which is also the national calender of India (We are presently in saka 1940) .
However, what’s perhaps most important is that Lord Brahma created universe and time on this day. Gudi Padwa is thus regarded as the birth of the Earth or land, and os considered an auspicious day to buy property or vehicles. Hence, flags aren’t just flying high on the Gudis in our homes, but also in the industry that builds and sells houses!
“The industry is currently recovering from a downturn as the slash in GST rate has caused a surge in demand” informed Sandeep Nigalye, head of Raj Group, Ponda. “A major trend emerging in Goa is that people are going for smaller flats of about 80-90 sq mts, costing below 50 lakh. Big houses aren’t the ‘in’ thing these days.” says Nigalye.
But even as the real estate is recovering from a slump, there are certain issues. DS Naik, a developer from Margao outlined: “With the fall in GST rates, and the arrival of Gudi Padwa, we are certainly witnessing a rise in demand, but builders are facing some issues regarding procurement of material. There are problems with availability of sand due to issues in delivery mechanism. Secondly, bureaucratic red tape has delayed lots of projects. As a result of this, builders aren’t able to deliver on time, and this has led customers to take advantage of the situation and bargain with the developers for lower costs.”
Another key sector that stands to gain from the festival is the automobile industry. Overall, the growth in this sector has been slow due to a number of factors. Mandatory long-term insurance and mandatory implementation of new safety measures has led to a rise in cost of ownership, along with the higher cost of retail finance. A slowdown in economic activity ahead of elections has also affected auto sales. The picture is not much different in Goa too.
Sources from the automobile industry spoke to TG Life on condition of anonymity, and elaborated on the outlook of the sector in Goa. “Goa witnesses an average of around 1200-1300 four-wheelers sales a month, and, we expect a handsome surge of around 20% during festive season” stated the source. “Traditionally, auto sales in Goa surge mainly during Ganesh Chaturthi. Gudi Padwa also witnesses smooth sales. Speaking of the auspicious occasion, payments and paperworks for Padwa sales have already been completed, and most people will only choose the occasion to accept the delivery of the vehicle.”
Both real estate and automobile sectors are looking at Padwa to provide them a lift as they attempt to recover from a slump, but whether the festive spirit help lift them out of gloom in the long run is something that remains to be seen.
