Real estate developers are offering discounts, gifts, assured rentals and flexible payment plans to woo homebuyers in Mumbai this festive season even as the Covid-19 pandemic has hit the sector hard.
Tata Housing has announced ‘Wow is Now’ scheme, which enables customers to pay only a 3.99% interest rate for one year. The rest of the interest is to be paid by Tata Housing. In addition, customers have been offered gift vouchers ranging from Rs 25,000 to Rs 8 lakh depending on the type of properties booked.
The Wadhwa Group has come up with the ‘Postpaid Homes Plus’ scheme which allows a buyer to pay 10%, move in with the builder paying EMIs for the first year.
The Runwal Group has come up with a bouquet of offers for its projects in Kanjurmarg and Mulund. The offers include zero GST, zero stamp duty, zero floor rise charges, and easy payment plans.
Navin Makhija, managing director, Wadhwa Group, said the schemes have been tailor-made to give respite to the customers. “The residential segment looks very promising in the current scenario of Covid-19 as many people including the younger generation are now looking to own a house rather than be dependent on rental accommodation. This festive season, we are providing an array of offers… which solve the customer’s current liquidity woes of paying everything upfront,” said Makhija.
Amit Parsuramka, senior vice president, Tata Realty & Infrastructure Limited, said these schemes were introduced to boost the demand among the homebuyers. “The schemes will certainly provide financial relief to homebuyers and make owning a home more attractive for first-time buyers as well as investors.”
Spenta Corporation is offering a two-year zero pre-EMI offer and booking at 5% of the amount for its newly launched tower at Chembur.
For years, Dussehra and Diwali have been the favourite and auspicious occasions for homebuyers to book their apartments. Realty experts said the festive season will offer an excellent opportunity to drive the sales volume.
Shveta Jain, managing director, Residential Services, Savills India, a real estate consultancy firm, said various incentives will accelerate the buying decision. “We expect a positive response from the end-users, especially from the first-time buyers due to the discounts and schemes being offered by the developers,” said Jain.
Abhinav Sharma, head of research, CBRE India, said attractive mortgage rates and stamp duty cuts will attract homebuyers and are expected to contribute to a strong recovery in the last quarter of 2020 and initial quarters of 2021.
The situation for the sector has improved with the sale of 7,635 housing units in July to September period compared to 2,687 in the first quarter. Between January to March, 15,959 housing units were sold, according to Knight Frank India, a real estate consultancy firm.