Tata Housing has officially announced a scheme under which home buyers will have to pay 3.99% as the rate of interest on home loans for a year. The company will be bearing the remainder as part of its initiative to draw more prospective home loan borrowers. The scheme will have validity across 10 projects till the 20th of November, 2020.
Customers will get gift vouchers varying between Rs. 25,000 to Rs. 8 lakh, depending on the property, after the booking has been made. The voucher will be issued after paying 10% and property registration. The Managing Director and Chief Executive Officer at Tata Realty & Infrastructure, Sanjay Dutt, stated that the real estate sector has been the worst affected over the first few months during the pandemic although the recovery signs are now clearly visible. He added that the Government and Reserve Bank of India (RBI) has taken multiple steps for the realty industry all throughout the coronavirus pandemic and the private sector should now help buyers own their dream properties now.
Sales of housing units have usually been higher throughout the festive period and real estate developers have come up with several freebies and discounts along with attractive plans for payments to draw buyers. Kalpataru Limited, based in Mumbai, has come up with its new subvention plan where customers only pay 10% and nothing else for the coming two years. Zero stamp duty is also being provided for select real estate projects.
Wadhwa Group has already stated that customers can purchase ready to move units at select projects by paying just 10% currently and the remainder can be paid in installments that will start after a year. Experts have stated that buyers should tap festive offers, particularly if they generate higher savings on property costs. Several real estate players have also come up with festivals and other special schemes throughout major Indian cities. Principal Partner & Head, National Sales at Square Yards, Rahul Purohit, stated that the real estate market is presently filled with discounts and offers and a few older offers have now been replaced by newer ones. Taking the pandemic scenario into account, home buyers are seeking actual offers without looking at superficial ones. Realty players are coming up with actual property price discounts, stamp duty waivers and periods that are free from maintenance charges. Saya Homes is providing assured gift vouchers in Delhi-NCR which are worth Rs. 10 lakh upon bookings of shops at its Greater Noida based Saya South X project.
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Published Date: 19 October 2020
