With the real estate sector witnessing robust demand, realtors are doling out freebies and offering a slew of attractive schemes to lure potential customers this festival season.
“Developers are providing Amazon vouchers that go up to Rs 1 lakh, iPads, and flexible payment plans that propel customer excitement,” said Angad Bedi, managing director at real estate company BCD Group.
Bedi said customers have a mindset to go for a change during the festival season, and developers see it as an opportunity to combine it with long-term and practical offers that drive buyers to close in on a deal during this period.
BCD Group is offering guaranteed rental options for homebuyers at 7 per cent for two years.
Mangalam Group introduced a loyalty customer incentive, with a minimum purchase of Rs 25 lakh or more, and customers are being gifted a gold coin.
The Prestige Group has introduced a 25:75 flexible payment plan for some of its properties where the homebuyer needs to pay only 25 per cent of the amount in advance, with the rest to be paid after they move in.
Real estate consultancy Anarock Group said the first nine months of 2023 witnessed housing sales of over 3.49 lakh units across the top 7 cities.
This came despite a rise in interest rates and housing prices.
Anarock is confident about the prospects this festival season as well.
Anarock launched 93,000 units across the top 7 cities in the October to December quarter last year.
“Going by the current trends in the housing market, this year we may expect at least 25-30 per cent yearly growth in housing sales in Q4 2023, as against the corresponding period in 2022.
"Last year, the top 7 cities saw total sales of nearly 92,180 units in the festive quarter of Q4 2022,” said Anuj Puri, Anarock Group chairman.
The festival season provides a major thrust to residential real estate activity in India, according to real estate consultancy Colliers India.
Home buying remains an emotive concept and the perks of home ownership cannot be overemphasised, especially after the pandemic, it added.