By Varun Singh

The real estate market has already seen a sudden boom in the past few months. A strong revival in the country’s economic growth in the current fiscal, historical low interest rates on home loans and lucrative festive offers by developers as well as financial institutions will be the major drivers of housing demand this Diwali. As property prices have stabilized now, income levels are rising, interest rates have dropped and property registrations are at an all-time high; it is expected to be a great Diwali for the real estate sector.

Several developers have come out with innovative festive offers and payment schemes in a bid to lure the prospective home buyers and give a boost to property sales this Diwali. Here are a few offers from developers to look out for:

Runwal Group 
This Diwali, Runwal Group has come up with multiple festive offers at their various residential properties across the city. At the Kanjurmarg East located projects, Runwal Bliss & Runwal Avenue, they are providing the customers with flexi payment plans and zero stamp duty and at Runwal Forests in Kanjurmarg West, they are offering a deferred payment plan in which you can pay just 5 lacs now and nothing till Dec 2022. For Runwal Pinnacle in Mulund, they have specially curated festive offers on their 2BHK homes, in addition to an easy pay plan where one has to pay just 10% now and nothing till Jan 2024. Lastly, at Runwal Gardens in Dombivli, Runwal Group has launched new inventory apart from offering zero stamp duty and zero floor rise and other festive benefits.

Rajat Rastogi, Executive Director, Runwal Group said, “Post-pandemic, with every passing month the market has witnessed growth across the country. We have been getting extremely good traction at all our projects consistently. The response has become even better during the festive season, backed by all-time low interest rates. Our festive offers are a further sweetener for the home buyers, giving them an incentive to make their purchase. We are looking forward to stellar sales numbers this quarter.”

CR Realty
CR Realty is providing Flexi Payment Plan and Zero Stamp Duty offer on their project Primo in Bhandup throughout the festive season this year.

Cherag Ramakrishnan, Managing Director, CR Realty said, “During Diwali, people are keen to explore new investment opportunities and developers too offer lucrative schemes in the market. An upward movement is anticipated during the festivities, a development that has given builders a reason to believe that the sector may bounce back to business-as-usual by the end of 2021. Low-interest rates by leading banks and various discount offers by developers are believed to be the key reasons behind the revival in consumer sentiments in these markets. Combined together, such factors are helping real estate sales to return back to pre-Covid levels or even more than that.”

Prescon Group
This Diwali Prescon Group is extending an exciting festive offer for its flagship project in Mahim. Poised to be the tallest tower in the region with 25+ amenities, this is a project that will mark the skyline of Mumbai. This Diwali, buyers can get 50 gm gold for spot booking an apartment. The developer is also offering various easy payment plans like subvention and EMI holiday till possession.

Vedanshu Kedia, Director, Prescon Groupsaid “This is a never seen before period in the Mumbai property market, we are seeing a great uptick of enquiries in the festive season as people have realised the importance of homes during the pandemic. However, to ensure that our customers can purchase their dream home in this festive season we have created attractive finance schemes as the public at large is still coming to terms with the post-pandemic economy. We anticipate Diwali to establish the rhythm for home-buying in the coming quarters.”

Tridhaatu Realty
This Diwali, Tridhaatu Realty has come up with an attractive offer for its projects in Chembur. The offer includes zero stamp duty on their various residential complexes, Tridhaatu Aum, Morya, and Prarambh. Each property is designed to maximize the usage of space for the present and future needs of your family and aligned with the buyer’s needs of today.

Pritam Chivukula, Co-Founder & Director, Tridhaatu Realty, and Hon. Secretary, CREDAI MCHI said, “The lucrative offers, all-time low interests of the home loans offered by banks and stamp duty cut will positively give monetary alleviation to homebuyers and make claiming a home more alluring for first-time purchasers just as investors. This festive season, we are providing an offer that solves the customer’s current liquidity woes of paying everything upfront. We expect a positive and effective response from the end-users, especially from the first-time buyers. The Discounts and schemes being offered by the developers are offering ease and comfort of easy payments and low prices to attract more and more buyers to make the purchase.”

Also Read: In 4 days of launch this builder Sold Homes Worth ₹787 Crore

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By Varun Singh

October heat is what October is known for however, October 2021 is also going to be known for breaking reality records.

Till Monday evening Mumbai city had witnessed more than 6400 sales, which is way higher than the sales recorded in the month of October 2019.

in the year 2020 October month had registered 7928 sales but the main reason behind it was the stamp duty discount.

Last year the government of Maharashtra scheme of the stamp duty discount be home buyers registering their home purchase between September 1 till December 31, 2020 when given at 3% discount whereas home is being registered between January 1 to March 31, 2021 received a 2% discount on stamp duty.

Last October it was this stamp duty discount that made a bumper sale registration in the city of Mumbai.

In October 2019 the total sales registered in Mumbai city stood at 5811. However, this month till Monday evening the sales had already crossed the 6400 mark.

So what is it that is aiding the realty sales in the month of October in Mumbai, obviously it is not the stamp duty discount because there exist none.

The main reason is the pent-up demand which came out due to festive discounts.

The second wave of COVID-19 had put people on a back foot who wanted to invest in real estate because the primary focus was on health and the medical expenses.

However, with with the number of patients going town and government relaxing the restrictions people have started coming out.

Attract these fence sitters, the real estate community came up with lots of discounts during this festival season.

Normally, home buyers also expect a lot of discounts during festival seasons and many people invest in real estate in this period only.

Apart from discounts the interest rates are at the lowest at present in the country banks are also offering various offers to homebuyers.

The pent-up demand when amalgamates with the festive offer as well as the low interest rates home buyers who have been wanting to invest in real estate have come out and started buying homes which reflects in the registration figures of Mumbai city.

while there is still one week for the registrations for the month of October in Mumbai already October sales have crossed the October 2019 mark and seems like it may be close to or probably more than what October 2020 had registered in the city of Mumbai.

Good number of sales means good news for the real estate industry because the real estate industry was one of the worst affected industry during the Covid 19 led pandemic.

Many developers are giving various discounts which also is attracting homebuyers.

Developers if want to continue with this festive bonanza sales they will have to stick to the prices because no rise in home prices is one of the main reason why homebuyers are investing in real estate.

Also Read: No Stamp Duty to Vouchers worth Lacs Builders offer festive discounts to lure homebuyers

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