The new financial year has just begun and the festive season, too, is upon us, which is good news for the real estate sector, especially developers and homebuyers
— AK Tiwary and Mamta Sinha
Developers are expecting a spike in property sales while buyers are hoping for some lucrative offers and good deals during this auspicious period of Navaratra.
In India, most of the real estate transactions take place during auspicious periods like Navaratra and Diwali, as most buyers feel that this is an auspicious time to buy property.
“Developers also hope to maximize their sales in this season and launch special offers like gifts, easy payment schemes, etc, to lure homebuyers. Usually, developers offer heavy discounts on property prices during these specific days. On the other hand, banks offer lower interest rates, faster processing of loans, and reduce processing fee, among others, which help homebuyers buy property in this season,” says Amit Chawla, senior associate director (valuation and advisory services) at Colliers International India.
Industry experts say that this time buyers should expect better deals and discounts, as the sector has been facing a slowdown for some time now and many developers are offering aggressive discounts to boost sentiment and encourage buyers to purchase property.
Several developers are offering innovative schemes, rather than the usual discounts or freebies. This can be rewarding for homebuyers if they have the right developer and project in mind.
“The real estate sector is expecting a good start to the financial year with the beginning of Navaratra. These nine days are considered an ideal time to make property investments due to the belief that it brings good luck and prosperity. Elan Group is offering gold coins, international trips, and much more on every booking to our customers on this auspicious occasion. This will help in increasing demand for property and we expect sales to rise by 30%,” Ravish Kapoor, MD of Elan Group, said.
Most developers are expecting their sales to increase this festive season.
“Buyers prefer to finalize property deals during this festive season — from Navaratra and Gudi Padwa to Akshay Tritiya. Backed by multiple policy reforms, buyers are optimistic of good returns on their investment. Considering the present state of the market, we expect a turnaround through brisk sales,” Gaurav Mittal, MD of CHD Developers, said.
We expect property market to be in full swing during this Navaratra, as the number of inquiries and actual site visits have increased three-fold now, compared to last year. Based on customer response so far, we hope to see around 25% of the site visits converting into sales,” Amir Husain, president (sales and marketing) at Orris Infrastructure Pvt Ltd, said.
Dinesh Jain, MD of Exotica Housing, says, “Ready-to-move-in units in Noida, Greater Noida, and Noida Extension are a big attraction for homebuyers and with market conditions favourable, customers can lock their deals through smart negotiation.”
Thankfully, the dynamics of the real estate sector have changed in recent times. The Modi government has brought in several policies and reforms to make the business environment transparent and customer-centric like the real estate act, GST, and has given the much-needed push to the affordable housing segment through PMAY.
“Homebuyers should not fall for offers alone and must conduct a thorough research before making any buying decision. Also, builder’s reputation, project location, and specifications should be checked before zeroing in on any property,” says Chawla of Colliers International India.
Developers like ATS, Raheja, Gaursons, Supertech, RPS, ABA Corp, SG Estates, Prateek Group, Arihant Group, and Antriksh India have come up with special offers like free car parking, club membership, lease rent, modular kitchen, EEC, FFC, wardrobes in all rooms, LED TV, etc, with every booking in their projects.
ATS is offering buyers on-site guaranteed rewards on each booking. The ticket size varies across projects: Rs 35 lakh for an ATS Allure unit; Rs 65 lakh for a housing unit in Dolce; Rs 85 lakh for a unit at Le Grandiose; Rs 1.1 crore at Pristine 2; Rs 2.25 crore for a Triumph home, and Rs 6.25 crore for a lavish Pristine Golf villa.
Getamber Anand, CMD of ATS Group, says: “Customers can win brandnew cars as bumper prizes this Navaratra for purchase of a unit in our projects. These projects are Picturesque Reprieve and Le Grandiose in Noida, Pristine 2 and Pristine Golf Villas in Sector 152 and 150, Noida, Rhapsody and Dolce in Greater Noida, Allure on Yamuna Expressway, and Triumph and Marigold in Sectors 104 and 89 A, Gurgaon respectively.”
Gaursons Group has special offers on Navaratra which include 9 free gifts on each booking at Gaur Atulyam in Greater Noida West, 16th Parkview in Gaur Yamuna City and Gaur Spotswood in Sector 79, Noida. The free gifts are Laptop, I phone 6, washing machine, microwave, iron machine, video door bell, single-door refrigerator, chimney and hob, airconditioner, LED TV in one bedroom, and stainless steel gate.
Supertech offers gifts like special payment plans, home appliances, special discount up to 15% on every of flat during Navaratra.
Prateek Group is giving fully furnished home on a booking amount of Rs 1.5 lakh along with “no EMI till 12 months and one free car parking”. The free furnishings include a double bed, centre table, dining table, wardrobes in every bedroom, modular kitchen, RO, club membership, and 2KVA power backup in Prateek Grand City in Siddharth Vihar along NH-24.
Gulshan Homz has an exclusive scheme on booking a flat in Gulshan Bellina in Greater Noida West. Paramount Group offers free registry at its themebased villa project Golfforeste in Greater Noida West. Galaxy Group is offering assured lease rental plan for 9 years and 3 years at its commercial project, Galaxy Blue Sapphire Plaza, under construction in Greater Noida West, while SG Estates is offering possession in SG Oasis in Vasundhara.
RK Arora, CMD of Supertech Ltd, said: “The special offers see a significant rise in sales of homes. As much as 30-40% of annual sales are generated during this period itself. During the entire year people hunt for quality homes with good amenities and wait for good offer or deals. Navaratra period is considered auspicious for buying or investing.”
Raheja Developers is offering a flat discount of Rs 200 per sq ft on every booking in its residential and commercial projects in gurgaon. Navin Raheja, CMD of Raheja Developers, said: “Navaratra brings in the best days for the realty sector. Keeping in mind the demand for housing and the recent lowering the GST, we have come up with a lot of gift hampers, easy payment plans, and are offering possessions to homebuyers in many of our projects.”
Tulip Infratech is offering 5% discount on the listed price in all its projects located in Sectors 69 and 70, Gurgaon.
Parveen Jain, CMD of Tulip Infratech, says: “We are expecting to see more deals taking place this Navaratra and, hopefully, market will lift after this.”
Fairwealth Group offers unique rental scheme at its realty project, Fairwealth Breeze Homes in Bhiwadi. Under this, the group is offering Rs 15,000 rental per month for 36 months on booking 1- or 2BHK fully furnished apartments.
Source : TOI