Festivals are normally an occasion that play well into the hands of the city's developers looking to leverage them to log sales. Especially in a market like this, where sales are difficult to make, developers turn to every enticement to make transactions.
On the occasion of Ganesh Chaturthi, homebuyers evidently have a range of freebies on offer: from a tour of Europe, to higher floor at zero cost, to modular kitchen and even gold.
The glittering offers have been known to be made during festivals like Dussehra, Diwali or Gudi Padwa. But of late, the slumping market has forced developers to expand the repertory of festivals when the goodies would be offered. It now includes Independence Day, Akshay Tritiya and Ganeshotsav.
ALL BUT THE MOON
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- Trip to Europe
- No cost for floor rise
- Gold
- Modular kitchen
- Rental benefits
- Discounts
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The inducements dovetail with the recent announcements made by the central bank and the finance ministry to lift market sentiment.
“Recent RBI rate cut and steps proposed by the finance minister to revive the real estate sector should lead to renewed interest from homebuyers who would otherwise sit on the fence. The onset of the festive season, starting with Ganesh Chaturthi, will further incentivise many to take decisions regarding home purchases. In an effort to capitalise on this, developers are offering a number of attractive discounts to homebuyers in order to revive sentiment in the market,” said Farshid Cooper of construction company Spenta Corporation.
Some developers are even offering benefits like rental schemes to buyers.
Ashok Mohanani, chairman of real estate firm Ekta World and vice-president of self-regulatory housing body NAREDCO (West), said that while opportunities and opinions could differ, many people still believed in investing in realty. Turn to P4
This is because real estate remains one of those rare assets that appreciates with time.
Predicting an upsurge in the overall consumer sentiment with the ongoing and upcoming celebrations, he said: “To further support home buying sentiment and facilitate purchases during the auspicious Ganesh Chaturthi, we have announced a unique scheme under which buyers can book a home within the our select project and get assured rental benefits until March 2022.”
Other builders are offering the yellow metal to perk up the prospects of purchasing an apartment. Spenta Corporation is among them.
In the Mumbai metropolitan region, there are around 2.20 lakh unsold units just waiting to be lapped up. But many prospective homebuyers have been deferring the decision for a host of reasons, not the least of which is a correction in the astronomical Mumbai realty.
