October 21: This festive season, the leading real estate developers in India to roll out unique offers that can scale up property sales by more than 55% as against the last quarter. The real estate experts have predicted a strong demand in the festive season as the affordability factors such as lower interest rates, flexible payment plans, and tax concessions will be coupled with the festive offers.
The property buyers respond well to the festive season as the property buying intent remains at its peak during this period. The main advantage that the homebuyer can get during the festive season is customized or flexible payment plans. It includes offers such as No EMIs till the possession and only 10% booking charges remaining at the time of possession. It impacts positively on the overall real estate sales in India.
Besides the flexible payment plans, developers also give offers such as No GST, Zero stamp duty, and upfront discounts. With these offers, the developers emphasize liquidating the unsold inventory considering the solid intent of the property buyers during the festive season.
“In the festive season, the number of property buyers visiting our digital real estate portal increases sharply. It highlights the strong intent of the buyers in this period. So, the developers are ready for flexible payment plans along with the other key offers. These offers not only to benefit the buyers but enable developers to capitalize the unsold inventory.” says Mangesh Jagtap, Regional Manager, HomeBazaar.com
The second wave of the covid19 pandemic harmed the home buying sentiment in the first and the second quarter of 2021. The primary reasons for this stagnant phase were the increased medical expenses and the lower on-site visits owing to the movement restrictions. It resulted in a decline in property sales in the top eight major cities. Further, this contributed to the higher unsold inventory in the first quarter that remained modest till June. Therefore, the upcoming festive season starting from September will provide a favourable ground to boost real estate in India.
“The festive season will be a game-changer for both property buyers and developers. From the buyer’s perspective, the conditions are favourable by getting unprecedented offers and discounts coupled with the lowest interest rates in the last fifteen years. The developers, on the other hand, can quickly raise their sales figures.” said Pravin Daud, Business Operations Head, HomeBazaar.com
In the real estate industry, the festive season triggers the maximum demand and property sales. Being a competitive market, the developers come up with unique offers that benefit the property buyers by improving the affordability factor.
Last year during the festive season, the buyer sentiment improved due to the active initiatives by the developers to bring affordability. In the eight major metro cities, property sales increased by 50% compared to the previous quarter. Similarly, this year the homebuyers can expect offers that will boost real estate sales.
HomeBazaar.com is known for its unique real estate solutions for efficient buying, selling, and renting properties online. The platform provides an entirely digitized experience of real estate projects through advanced tools & features like 360° street views, the tour via video chat and offers personalized end-to-end services based on accurate market insights at no cost to the buyers.