Festive offers are back from developers, from zero stamp duty, to paying 1 year EMI and some even waiving off maintenance for a year.
By Varun Singh
It’s festive season, and banking on the belief that homebuyer prefer to by during festivals, builders have many offers,
All these festive offers to lure homebuyers, so that at least one festival in this year can help them make sales.
Festive offers are for Navratri, Dusshera and in some cases extended up to Diwali too.
For example, Runwal in its select projects are offering Zero GST, and even Zero Stamp duty.
“Festivals play an important role for both buyers and developers. While buyers look for festive offers and schemes, developers try to maximize their sales during these auspicious times.”Rajat Rastogi, Executive Director, Runwal Group
Why builder give offers during festivals?
“Previous year trends suggest that housing sales across top cities in festive quarter (Oct.-Dec.) mostly saw an uptick – anywhere between 5-10% – over the preceding quarter. This is largely because the festive season is considered most auspicious for property buying in India and developers also roll out various schemes and offers to fuel the fervour,” said Santhosh Kumar, Vice Chairman – ANAROCK Property Consultants.
D Rathod, who is looking for a home for her paternal aunt, claimed that a builder in Tilak Nagar has offered them one year maintenance free.
“Apart from one year free maintenance the builder has even offered us a scheme where he will pay for the pipe gas for a year. This building already has received an OC too.”D Rathod, Homebuyer.
Another builder the Wadhwa Group is also has festive offers in the line up for its homebuyers.
In select projects of Wadhwa one can move in by paying just 10% on getting the home registered in the OC received project. The EMI of balance payment will be served by the developer for 1 year thereafter.
“This festive season we are providing an array of propositions on our under-construction as well as ready-to-move-in inventory with flexi-payment options; which also solves customer’s current liquidity woes of paying everything upfront”Navin Makhija, Managing Director, The Wadhwa Group
Why home sales may go up and buyers might come in the market again during festival season.
There are two main reasons behind this, firstly lower home loan interest rates and secondly the reduction in stamp duty.
The state government has reduced stamp duty by 3% till end of this year, and many developers are now offering a discount on this too.
Offers where stamp duty is waived by developer, no floor rise, and even no GST is charged would mean a homebuyer saves a lot of money.