In March, there's a lot of chatter about potential increases in stamp duty and ready reckoner rates, stirring up a fear of missing out among property buyers. Despite no official word from the government confirming these changes, the anticipation drives people to rush into property agreements before the end of the month. This fear is often fueled by the belief that delaying could lead to higher costs or missed opportunities.
It's worth noting that ready reckoner rates typically rise in April to discourage cash transactions in deals. However, the actual market rates tend to surpass these ready reckoner rates, meaning that end-user prices aren't significantly impacted. Nevertheless, developers sometimes seize the opportunity presented by the anticipation of rate increases to adjust their prices accordingly.
Overall, the combination of speculation about rate hikes, the fear of missing out, and potential developer tactics can create a sense of urgency in the property market, influencing buyer behavior in the short term.