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Real estate developers hope that Navratras in North India and Gudi Padwa and Ugadi in western and southern parts may help buck up sales of homes.
New launches, which had witnessed a 40 per cent drop post demonetisation, too are picking up in the Mumbai Metropolitan Market.
Several key developers, who had put new launches on the bench, have timed their launch to coincide with the auspicious festival period.
Offers galore
A slew of offers, including brand new cars, flexible payment options, gold coin and waiver of stamp duty, are being used to woo prospective buyers.
Both Navratra (the nine-day run-up to Ram Navami) and Gudi Padwa fall on Tuesday.
Mumbai Metropolitan Region-based developers such as the Ruparel Realty are offering a brand new car on every booking for its houses starting ₹70 lakh, while the Oyster Group promises 10-20 gm of gold to buyers.
Players such as Sheth Corp, a luxury and mid-housing segment developer, have introduced flexi-payment scheme.
Maulik Sheth, Director, Sheth Corp, said, “Gudi Padwa is the season for home purchases and we want to give our customers the best possible options to choose from.”
Cash-back options
Developers such as Tata Housing, for instance, are welcoming the festival season with a cash-back blitzkrieg in the western region with offers to the tune of ₹10 lakh.
Rajeeb Dash, Head, Corporate Marketing,Tata Housing said, “Gudi Padwa signifies new beginnings, and with this special campaign we are hoping to help customers turn their home buying dreams into reality.”
Demonetisation impact
Real estate data analytics firm PropEquity in its report last month had said that post-demonetisation, new launches had fallen by 40 per cent as developers across cities are waiting to gauge the impact on real estate.
Ashish Puravankara, MD, Puravankara Ltd, said, “We are witnessing a healthy restoration of consumer confidence in the realty sector as a result of the positive measures taken by the government.
The industry has also taken note of these measures and are reinventing itself to push the Indian growth story.”
Shubika Bilkha, Business Head, Real Estate Management Institute said, “Developers have been seeing an improved outlook over the last month and the latter half of the year is expected to see increased activity.
Gudi Padwa has always been an interesting time for the real estate sector.”
A slew of offers, including brand new cars, flexible payment options, gold coin and waiver of stamp duty, are being used to woo prospective buyers.
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