With the real estate sector facing a slowdown, Gudi Padwa, the Maharashtrian New Year which will be celebrated on Friday, is unlikely to witness any significant new launches. Instead, builders plan to repackage their existing projects and offer schemes and sops to woo buyers.
Dharmesh Jain, president, Maharashtra Chambers of Housing Industry (MCHI), said, “There are a few launches, but not like before. Builders are offering various schemes and the response seems to be encouraging.”
A case in point could be Nirmal Lifestyle, which has launched a scheme where buyers can save Rs25 lakh to Rs85 lakh in their eight projects that are currently under construction in Mulund. The buyer will have to pay Rs1 lakh as the booking amount and the rest after possession. “We are actually giving them zero possession risk deal in this scheme,” said Jain, who is also the managing director, Nirmal Lifestyle.
The MCHI has organised a four-day realty exhibition for builders to display their projects.
Top Notch Ventures is waiving off the registration and stamp duty fee and also offering 10gm of gold free on Gudi Padwa. Acme Group is offering discounts amounting to Rs10 lakh on five of its projects in the city. Ajmera Builders is asking buyers to pay just 10% of the total amount and the rest 90% on possession.
Before the recession set in, Gudi Padwa used to get record sales. However in the past few years, the response has been subdued.
According to experts, pricing still remains the main factor that determines the sales. “The realty prices will be under stress and only those coming up with reduced prices will be able to sell their product,” said Pankaj Kapoor, CEO, Liases Foras, a real estate research firm. “We are now seeing builders coming up with smaller sized units with reduced prices, which are being sold,” said Kapoor. Tejas Vyas, director, Oyster Group, whose three projects recently witnessed good sales because of affordable pricing. “This is the best time for purchase as it is a buyers’ market and the prices have stabilised now,” said Vyas.
In the past few years, realty market has faced a massive slowdown because of various factors. Builders hiked their prices to unaffordable levels, forcing buyers to postpone their purchase plans. In addition, the government has also indiscriminately hiked the premiums and taxes, making it difficult for builders to reduce the prices.