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alisha | 28 Oct 2020

Festive Season: A Promising Time For The Developers & Homebuyers

Festive Season: A Promising Time For The Developers & Homebuyers

While the real estate sector in India has started showing signs of recovery, the arrival of the festive season is surely going to upscale the sales of housing units. A dull phase of around six months caused by the COVID-19 has resulted in huge unsold inventories and construction of projects on standstill. However, the festive season along with the promising Quarter 3 of this year is anticipated to positively impact the sales momentum.

The festive season is one of the best times for homebuyers

Home buying activity is a sentiment-driven decision and doing it during the festive season makes the deal even more significant. Real estate developers understand this sentiment and thereby come up with various special offers every year to make the most of homebuyers' purchase decisions.

Developers are ready with a host of festive offers and payment schemes to attract home seekers by offering discounts, lower interest rates, freebies, stamp duty waivers, and in some cases free maintenance as well. The industry experts seem to have left no stone unturned to push the sales and benefit homebuyers this season.

The other time of the year may not have such attractive deals on offer but the festive season is an opportune time for both developers and homebuyers. The festive mood of the prospective buyers to invest in properties help fast-track the decision-making process and various schemes boost the demand for properties.

Festive offers by some real estate developers

Real estate had its major share of downfall due to the Covid-19 pandemic till the second quarter of 2020. With government aid and ease on other guidelines, residential sales rose significantly, leading to a larger scope for growth. The interest rates have now fallen and affordable and mid-segment housing units are in maximum demand across top cities.

Mr. Prashant Solomon, Hon. Treasurer, CREDAI NCR said, “Cheer has already spread with the sector showing some recovery and developers are looking at boosting demand with various attractive schemes and offers”.

Paarth Infrabuild is giving special festive offers in its residential project, Paarth Aadyant such as a gold coin on every booking, free household appliances in each flat, and no GST*.

Bhutani Group is offering a 50:25:25 plan on all its commercial projects in Noida with an expectation to generate revenue of INR 1000 crore during the festival season.

Mr. Ram Raheja, Director, S Raheja Realty said, “The inclination of Indians to invest in tangible assets during such auspicious occasion is another key driver we are betting on. We saw a great response to our project launch during the lockdown and clocked sales worth Rs 50 crore in the pre-launch period itself. Overall, we expect a 20 percent rise in demand in luxury housing and are looking forward to a positive festive season".


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