Ganeshotsav kicks off festive offers’ season for realty

The response has not been overwhelmingly positive, but it has boosted sales in the affordable and mid-segment categories.

Builders across the city are offering various schemes and offers to potential consumers, during the festive season, in an attempt to boost sales of their projects. Cash discounts, Europe tours, waiver of the goods and services tax (GST) and flexible payment schedules are on offer for booking flats.

The response has not been overwhelmingly positive, but it has boosted sales in the affordable and mid-segment categories. (HT FILE PHOTO)

The move is aimed at selling off the stock of inventory piled with builders as a result of a slowdown in the real estate sector. The response has not been overwhelmingly positive, but it has boosted sales in the affordable and mid-segment categories, experts said.

For instance, Spenta Corporation has introduced the ‘Ganesh Parv Offer’ for those who book an apartment in its Ocean Blue project in Matunga, wherein consumers can save up to ₹32 lakh and stand a chance to win an eight-day trip to Europe.

Sai Estate Consultants Chembur Private Limited is offering a 45% discount on apartments in their projects in Goregaon and Kurla.

Meanwhile, Ekta Builders has introduced a scheme wherein buyers have to pay only 5% of the total amount while booking a flat in Ekta Tripolis in Goregaon. Moreover, it has waived off GST for its project Ekta Parksville in Virar.

Wadhwa Builders, through its ‘vignaharta offer’, is also offering waivers on GST and floor-rise charges for five of its projects.

According to real estate consultant Sunil Bajaj, this is a marketing-driven initiative by real estate companies to boost sales. “Builders want to exploit every festival to drive their sales and cash in on auspicious sentiments,” said Bajaj.

Pankaj Kapoor, chief executive officer, Liases Foras, said there has been improvement in sales compared to the last few years. “We are witnessing sales due to the discounts and offers, compared to the last few years which were dull for the realty sector.”

Earlier, builders used to introduce various schemes only during Dussera, Diwali and Dhanteras. However, with sales dipping considerably, builders are leaving no stone unturned to woo the consumers.

In addition, builders are saddled with a huge pile of inventory and hence, are using festive occasions to reduce them.

Builders, however, say that schemes are designed in view of the festive season. “Homebuyers tend to purchase during the festive season and hence, we have tailor-made schemes for them during the month of September,” said Ashok Mohanani, chairman, Ekta World.