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

The post Diwali is here & this is what Mumbai Builders are offering appeared first on Square Feat India.

By Varun Singh

Diwali 2020 has bought a lot of cheer to the real estate industry. In the 18 days of November 2020 Mumbai’s real estate industry witnessed a total sales of 5936 units.

In entire November 2019, the sales stood at 5574 units. In November 2018, the sales stood at 5190 units.

Diwali 2020 has been the best season for the real estate industry in terms of sales.

According to data available from the Department of Registration & Stamps Diwali 2020 saw the highest sales since November 2018.

The figures hold significance because the year 2020 has witnessed one of the worse period in terms of business,

Firstly the Coronavirus led pandemic engulfed the entire nation and then the lockdown which forced business shut for a long period.

More than half year of the 2020 has seen many industries including real estate sector suffer because of the lockdown.

However, the sales have picked up since September. This comes mostly in the wake of the stamp duty cut announced by the state government.

However, there’s another system in play, which is barter. A city based real estate contractor said, “In the last six months of the five or six projects ( picked up developers in three projects have offered me to work on barter system.”

The reason behind this is lack of sufficient liquidity in the market, which has forced developers to take up this stand.

Yashika Rohiira of Karma Realtors claims that the registration figures include, of new sales, old un registered documents, contractor barter registrations, and in some cases financial institutions converting finance transaction to sales.

“Many are asking advance of the low stamp duty benefit.”

Yashik Rohiira Karma Realtors

Before Diwali, even October month fared better, a total of 7929 sales were registered in October 2020 in Mumbai.

Along with Diwali the festive offers offered by the developers, who even absorbed the 2% stamp duty has helped the real estate sector register large sales volume.

The pent up demand that had accumulated during the lockdown is slowly releasing. The stamp duty cut of 3% till December 2020 and 2% till March 2021 has had its impact too.

Many developers during the Diwali festive period offered discounts to home buyers too along with freebies. This has also enabled many of them to register growth in sales.

In November 2017, the sales figures crossed the 6,000 mark, with 11 more days left for the month it is expected that November 2020 will breach 2017 figures too.

Also Read: Carmichael Road Flat Sold For Rs 1.22 Lakh Per Sq Ft

The post Diwali 2020 Best For Mumbai’s Real Estate Since 2018 appeared first on Square Feat India.