Festivals are an essential part of India’s culture, and people love to celebrate them with great fervor. This month Indians in different parts of the country are celebrating several festivals like Navratri, Ugadi, Ramadan, Navroz and so on. Developers across the country leverage the festive season by offering various discounts, deals, and promotions to attract potential homebuyers.
According to Akhil Saraf, founder and CEO of Reloy, a proptech startup, the trend is not limited to one city or region, this is common across the country. Free modular kitchen and furniture are the common gifts that developers are offering to home buyers.
This is also not the first time that such offers are there, but every year developers come with these offers to sweeten the deal.
Pradeep Aggarwal, Founder & Chairman, Signature Global (India) Ltd, agrees that the festive season is an excellent time for developers to launch their latest projects and offer attractive promotional deals to potential buyers.
“During the auspicious Navratri festive season, families often invest in buying property, and we at Signature Global are thrilled to offer our latest projects in Gurugram as part of our grand promotion. Our mission for 2023 includes offering a range of attractive promotional offers for our new independent floor projects and Shop-Cum-Office (SCO) plots in Gurugram. These include the Signature Global City 79 B in Sector 79 B and Signature Global City 92-2 in Sector 92, both of which are exceptional projects,” said Aggarwal.
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Echoing similar views, Rahul Purohit, National Sales Head, Square Yards, said, “Auspicious days like Navratri have ignited the homebuying binge in North India as Gudi Pawda and Ugadi in western and southern parts. Considered a good time to invest in assets for long term, such occasions witness enhanced buyer activity and property sales. Developers in these regions have once again coincided their launches with this festive period and clubbed their inventory offerings with attractive deals and offers to woo the potential homebuyers. While such festive offers are a ritualistic affair, developers want to make sure that the buying momentum stays alive amidst the surge in property prices.”
Many developers have come up with various offers and schemes to attract home buyers and cash in on the festive mood. These promotional offers include free modular kitchen, furniture, flexible payment plans, GST waivers, stamp duty waivers, gold coins, cars, and even foreign trips.
For instance, “to sweeten the deal, prospective homebuyers who book their dream home with Rs 1 lakh have a chance to win a brand new car worth Rs 5 lakh and gold coins worth Rs 50,000. Additionally, customers making bookings for Signature Global Shop-Cum-Office plots in Sector 37D will be eligible for a range of inaugural benefits and 50 gm gold worth Rs 3 lakh,” said Aggarwal.
With these offers developers are expecting to generate more demand by attracting home buyers sitting at fence. “All of these promotional offerings not only generate more demand during the Navratri festive season but also establish Signature Global as the top choice for both residential and commercial real estate property development in India. We are excited to provide an exceptional home-buying experience to our customers and invite them to take advantage of these exciting offers,” said Aggarwal.
“Developers are leaving no stone unturned to rein in maximum homebuyers and register bountiful property sales. Flexi pay plan schemes, assured gold vouchers and cars on booking, discounts on furniture, club memberships and even foreign trips are some of the offers rolled out by developers to fuel consumers’ home-buying spirit. Some realtors are also offering stamp duty and GST waivers to ease the financial burden of the buyers,” said Purohit.
Deal With Caution
While these offers may seem tempting, it is essential to exercise caution before making any purchase. “Before you get lured by the delightful offers, it is advisable to do due diligence before making a purchase. Checking the monetary value of the offer while taking cash benefits is crucial as developers often increase the base price of the property before offering a discount. Similarly, one must remember that freebies are not actually free and include 1-8% of the property cost. They generally act as superficial attraction and so one must consider whether freebies doled out by developers are adding any value to the property or provide any returns in future,” said Purohit
Furthermore, one should evaluate whether the flexible payment schemes on offer are time-bound or possession-bound. “It is advisable to choose the possession-bound option as it will provide buyers with a longer payment cycle. For the GST waiver offers, one must check whether the GST benefit offered is on an under-construction property as ready-to-move properties cannot be sold with a GST waiver. Buyers must also check whether the under-construction property has received an OC or not, and then compare pre and post OC prices to ascertain whether the GST discount has been extended to the buyer,” added Purohit.