With the festive season approaching, real estate developers across the country are hoping to regain the lost sales due to the COVID-19 pandemic and the subsequent nationwide lockdown which has hit the economy hard.
However, with the relaxing of restrictions, the housing sales improved and India’s eight prime residential markets saw an increase of 85 percent in the residential sales at more than 35,000 units in the July-September quarter as against the performance in the April-June quarter in the current calendar year.
ANAROCK Property Consultants expects housing sales in the December quarter to rise by 35 percent over the previous quarter boosted by festive demand amid reduced cost of acquisition.
The prevailing low home loan interest rates coupled with limited-period government incentives such as reduced stamp duty and registration charges in certain markets may fuel demand as the homebuyers look to take the most advantage of the festive offers and sops given by the developers.
“Festivals play an important role for both buyers and developers. While buyers look for festive offers and schemes, developers try to maximize their sales during these auspicious times. Also, the current time is best to buy a property with home loan interest rates at an all time low along with reduced stamp duty and developers providing flexibility to potential homebuyers by deferring payments due to the uncertainty of the pandemic,” said Rajat Rastogi, Executive Director, Runwal Group.
For its 115 acre township Runwal Gardens at Dombivli East, the developer is providing Zero Stamp Duty, Zero Floor Rise and assured gift on every booking.
Ram Raheja – Director, S Raheja Realty is of the view that the pandemic has brought about a paradigm shift in home-buying preferences, especially in metro cities. After witnessing volatility, people are now looking for reliability as a major factor before investing in real estate. This has created a need-state for branded developers in Mumbai as they are backed by years of credibility in the ecosystem, he said.
Raheja further added that they have witnessed an inclined demand for luxury homes regardless of the current economic conditions.
Nahar Group, at its residential project named Olivia in Powai, Mumbai is offering a bank subvention scheme at no extra cost. The homebuyer pays 10 percent now at the time of booking and balance on possession and also no pre-EMI till possession.
Azlo Realty – real estate vertical of conglomerate Raveshia Group, is offering discounts starting Rs 7 lakh on their upcoming commercial project in Mumbai. The prospect can pay Rs 45,000 and register before the launch at the pre launch price starting at 1.08 crore. This is a part of their offer for the festive season under the Expression of Interest (EOI) phase to tap into the reviving demand for real estate.
Spenta Corporation is offering a two year 0 Pre EMI offer and booking at 5 percent of the amount for the newly launched tower ‘Elara’ at its Atlavista Project, Chembur Mumbai.
House of Hiranandani is providing rentals of two years for any apartment purchased in Bengaluru. Consumer durables, home furnishings are among other festive offerings for project in Chennai.
Migsun Group has come up with a unique ‘Possession Proof Homes’ offer where they are giving an assured 1 percent penalty per month in case of delayed possession. Under this offer, the buyers need to pay 10 percent now and rest 90 percent on the offer of possession. The offer is for Migsun Roof (Raj Nagar Extension, Ghaziabad) where possession will be soon and Migsun Vilaasa (Greater Noida) where possession is scheduled for December 2023.
Pacific Group, at its Dehradun project Pacific Golf Estate, is offering Rs 100 off on every per sqft in 1, 2, 3 BHK Units & Penthouses.
Meanwhile, Mahagun Group celebrates its silver jubilee year. Under its festive offer buyers will get a multitude of discounts in the form of 25-gram gold, pay 25 percent now and the rest later, waiver of 25 months’ maintenance, 25 percent of on stamp duty, and compensation of 25 percent in case of delay in project. The offer is valid in across various projects in Noida and Greater Noida.
Deals also poured in for commercial properties. Gaur Group, at its Gaur World SmartStreet in Noida, is offering an easy payment plan with 10 percent down payment within 30 days, 40 per cent with one year, and the rest 50 percent at the time of delivery.
Similarly, Bhumika Group is offering an assured gift, and 12 percent assured return on every booking during the Navratris at Urban Square Mall, Udaipur.
Ashish Bhutani, CEO & MD Bhutani Infra feels that this festival season would be better than earlier years. It has come up with a unique offer where the buyers can get the annual return in advance after making the down payment. The mega offer will work on their 50:25:25 plan and will be available on all its commercial projects in Noida.
(Source: CNBC TV18)
