Festive offers by real estate sector
The sector is witnessing lucrative offerings, discounts, freebies, and attractive payment schemes
Realty Market is gearing up to take most of the benefit from ongoing festive season and overcome the adverse impact of lockdown. The sector is witnessing lucrative offerings, discounts, freebies, and attractive payment schemes by various leading developers this festive season. Here are the quotes on festive season along with attached detailed offerings by some renowned developers & consultants.
Dhruv Agarwala, Group CEO, Housing.com, Makaan.com and Proptiger.com
The excitement in the residential real estate sector is palpable this festival season; this optimism can be attributed to the recovery in residential real estate over the last few months. According to the recent Proptiger.com report, residential home sales aggregated to 35,132 units during Q3, an increase of 85% over the previous quarter. Unsold stock in the top eight residential markets was at 7,23,060 units, a reduction of 12% year on year,. The expectation that sales would see some buoyancy during the festival season, can be ascribed to the fact that people have started realising the importance of owning a home post COVID-19. Additionally, people are considering upgrades to their existing homes because of the new phenomenon of work-from-home.
A majority of the developers have come out with lucrative offers; apart from regular offers some developers are offering silver coins to every visitor to their project sites and some are giving gifts to channel partners to achieve a certain sales target. Our group's listings platform, Housing.com has launched an online festival, Housing Mega Home Utsav, from October 7 to November 14 to cater to the expected increase in demand during the festival season. Builders from the ten major cities are participating and showcasing their projects to festival buyers and giving discounts and special offers.
In the last six months technological adoption in the real estate sector has reached new heights. A demonstration of that fact can be seen on our own platform, Housing.com, which has witnessed a 60 percent organic traffic surge from pre-COVID-levels. In addition to that, Housing.com’s Virtual Residential Demand Index shows that the demand from small cities saw a significant spike in August 2020, owing to more people coming online. Overshadowing the metros, the index jumped to 210 points for 'shadow cities’ or Tier 2 cities, compared to 150 for the metros, post the nation entering into Unlock Phase 4.0. Some of these cities are Amritsar, Chandigarh, Vadodara, Nagpur, Vijayawada and Coimbatore.
Manoj Gaur, MD, Gaurs Group and Chairman, Affordable Housing Committee, CREDAI (National)
Definitely, the growth trajectory in the few months is a clear indication that the pandemic had a positive impact on the market, which is opposite to what many were expecting. The first three months were good, and the festival season has already started at a positive note. The trust in real estate asset is back in the market, and it will go a long way in charting a path of faster revival. At Gaur World SmartStreet we have 'Mauke pe Chauka' that makes owning a commercial property an easy affair by offering an easy payment plan with 10 percent down payment within 30 days, 40 per cent with one year, and the rest 50 per cent at the time of delivery. We are also running a campaign “FESTIVAL OFFER 2020” which includes 9 gifts for Gaur Siddhartham and Gaur City (14TH Avenue & 7th Avenue).
Abhishek Bansal, ED, Pacific Group
“Definitely, the growth trajectory in the few months is a clear indication that the pandemic had a positive impact on the market, which is opposite to what many were expecting. The first three months were good, and the festival season has already started at a positive note. The trust in real estate asset is back in the market, and it will go a long way in charting a path of faster revival. This festive season, we have come up with special Navratri offer at our Dehradun project Pacific Golf Estate. Under this offering, we are availing Rs 100 off on every per sqft in 1, 2, 3 BHK Units & Penthouses.”
Amit Jain, MD, Mahagun Group
With favorable policies for affordable housing, buyers are surely going to benefit. If the project is good, then every month is a festival for real estate, but then people wait for the auspicious festival season to buy a property. I want to stress here that one should not only concentrate on offers but the quality of the project. We have exciting offers as this is our silver jubilee also, under the offer buyers will get multitude of discounts in the form of 25 gram gold, pay 25 per cent now and the rest later, waiver of 25 months’ maintenance, 25 per cent of on stamp duty, and compensation of 25 per cent in case of delay in project. The offer is valid in projects – Manorial (Secor 128, Noida), Mahagun Mezzaria (Sector 78, Noida), Mahagun Meadows (Sector 150, Noida), Mahagun Mirabella (Sector 79, Noida), Mahagun Mywoods (Greater Noida West), Mahagun Mantra (Greater Noida West), Mahagun Montage (Crossing Republik, Ghaziabad), Mahagun Marina Wwalk (Greater Noida West).
Uddhav Poddar, Managing Director, Bhumika Group
As the market is picking up pace, it makes more sense to invest in commercial real estate. The returns that it offers are unmatchable; in the current pandemic situation, people should invest in properties that can give them extra income or an assured appreciation. Urban Square Mall is turning out to be the hot property as it attracted brands even during the lockdown times. It is because of the positive image that we were able to close some new leases during lockdown.
Bhumika Group is offering an assured gift, and 12 per cent assured return on every booking during the Navratris at Urban Square Mall, Udaipur. The gifts include Apple Macbook Air, iPhone 11 Pro, Samsung TV, Samsung Galaxy A21s, OnePlus Nord 5G, and Lenovo Ideapad. Urban Square is a 1.8 million sq ft mixed-use project being developed in two phases, which also has a mall positioned as an ‘All Under One Roof’ with lifestyle retail, along with a food court, a state-of-the-art multiplex, gaming zone, a bowling alley, and many more entertainment options. The development also includes Grade-A commercial office space, commercial serviced suites, and a 5-star hotel.
Ashish Bhutani, CEO & MD Bhutani Infra
The figures were encouraging after the lockdown was over, and we are sure the festival season would be better than earlier years. We saw a considerable increase in the number of inquiries regarding various projects and hope that these inquiries will convert into sales in the next few months. We have also noticed that the buyers have become more aware, they keep looking for the right project and do not base their decision on offers alone as we have been saying all along that the steps taken by the government will bear fruit and the next one year will see a gradual rise in the real estate market.We have come up with a unique offer where the buyers can get the annual return in advance after making the down payment.The mega offer will work on their 50:25:25 plan and will be available on all our commercial projects in Noida.
Yash Miglani, MD, Migsun Group
The figures were encouraging after the lockdown was over, and we are sure the festival season would be better than earlier years. We saw a considerable increase in the number of inquiries and hope that these inquiries will convert into sales in the next few months. We have also noticed that the buyers have become more aware, they keep looking for the right project and do not base their decision on offers alone as we have been saying all along that the steps taken by the government will bear fruit and the next one year will see a gradual rise in the real estate market. Migsun Group has come up with unique ‘Possession Proof Homes’ offer where they are giving assured 1 percent penalty per month in case of delayed possession. Under this offer, the buyers need to pay 10 percent now and rest 90 percent on offer of possession. The offer is for Migsun Roof (Raj Nagar Extension, Ghaziabad) where possession will be soon and Migsun Vilaasa (Greater Noida) where possession is scheduled for December 2023.