Realtors line up to offer incentives to home buyers in Mumbai
WITH THE real estate sector in the city witnessing a slump for about five years, this Diwali, builders and developers are making a beeline to offer attractive incentives to home buyers — ranging from providing cash back, flexible payment options to free cars and fully furnished flats.
Every year, around Diwali and Dusshera, developers come up with offers and schemes to attract buyers, in the hope of propelling the sluggish real estate industry. Among the offers this festive season, Sanghvi Parrsssva Group has announced it will gift a car to each person who buys flats under its “ghar pe gaadi free” offer.
Ramesh Sanghvi, CMD of Sanghvi Parrsssva Group, said: “We are offering a vehicle to every homebuyer buying a flat in our projects. The offer will be valid till November 15. While for the purchase of 1RK, homebuyers will get a scooty, one who buys a 1BHK flat will get an Activa and for a 2BHK flat, a customer will get a car.” The group has two projects in Malad and Bhiwandi. Punit Agrawal, CEO of Nirvana Realty, said: “We are offering fully furnished flats.” Nirvana Realty has flats on sale in Dahanu.
Anuj Puri, Chairman of Anarock Property Consultants, said that this year, project launches have increased, offering schemes and discounts all year to attract home buyers. Some of the prominent offers include cash discounts, flexible payment plans, no registration or stamp duty fees, no EMIs till possession as well as free home appliances or gold coins among others.
“A lot is up for grabs and it is interesting to note the variations in festive discounts. Cash-starved developers are also coming up with some very innovative and attractive schemes,” he added.
However, housing experts are divided on whether the festive offers will be enough to lure home buyers and revive the real estate market. Housing expert Dr Sanjay Chaturvedi said that the market is not doing too well and the conditions are not very encouraging.
“This will be reflected even during the festive period… most home buyers, who aren’t sure how the job market will fare, won’t take the risk of investing in a property, especially with a home loan, immaterial of what benefits are being offered.”