India is witnessing another festive season in 2023, with several festivals like Navratri, Ramadan, Ugadi, and Navroz being observed throughout the country. Developers throughout India are now attracting homebuyers with several special promotions, offers, deals, and discounts. Many developers are offering furniture and modular kitchens as gifts for homebuyers. The festive period is a great time for developers to launch new projects while offering enticing promotional deals for customers. Families invest in property purchase during auspicious occasions like Navratri and others according to experts. Several developers are already offering promotional offers for new projects across locations.
The National Sales Head, Square Yards, Rahul Purohit, feels that auspicious occasions like Navratri lead to a major property-buying binge throughout Northern India, and the same trend is observed in Western and Southern India owing to Gudi Padwa and Ugadi. He outlines that festive periods are great times for investing in long-term assets and this leads to higher sales figures and buyer activity alike. Developers in these markets have again made sure that new launches coincide with these festive occasions, while clubbing inventory offerings with several enticing offers and deals for drawing buyers. He also feels that developers wish to maintain the sales momentum amidst an increase in real estate prices.
Several developers are offering various schemes including furniture, free modular kitchens, waivers on GST, flexible plans for payments, gold coins, stamp duty waivers, and foreign trips, along with cars. Potential home buyers at the Signature Global Shop-Cum-Office plots at Sector 37D can get several benefits including 50 grams of gold valued at Rs. 3 lakh. Several homebuyers are getting a chance to book their homes with Rs. 1 lakh, while getting an opportunity to win a Rs. 5 lakh car and gold coins valued at Rs. 50,000.
Developers are looking at scaling up demand especially by attracting more fence-sitters. Purohit also feels that developers are pulling out all the stops for attracting the highest number of homebuyers and registering handsome sales figures. Assured gold vouchers, flexi-pay schemes, cars, furniture discounts, foreign trips, and club membership are amongst offers provided by developers along with GST waiver and stamp duty cuts according to him.
He also states that while these offers may seem attractive, one should undertake due diligence before finalizing any real estate purchase. He advises that the offer’s monetary value should be ascertained, while opting for cash benefits, since developers may increase the property’s base value prior to giving discounts. He also advises buyers to note that freebies are not free in reality and will include approximately 1-8% of the cost of the property. He also advises buyers to consider whether these freebies are adding value to the investment or ensuring any future returns.
Purohit also states that buyers should go for the possession-linked choice, since it will give them a longer cycle of payments. Buyers should also check whether the GST waiver is on the under-construction property, since ready-to-move properties cannot be sold with accompanying GST waivers, according to him. Buyers should also check whether the under-construction property has got its OC and compare pre and post OC pricing for evaluating whether the GST discount has been given or not, according to Purohit.
For a detailed report on this read the articles we were featured in:
financialexpress – http://bit.ly/42JH3pZ
Published Date: March 28, 2023
