Real estate developers expect Gudi Padwa to fuel housing sales in Mumbai - Hindustan Times

Real estate developers expect Gudi Padwa to fuel housing sales in Mumbai

Apr 09, 2024 05:21 PM IST

Many real estate developers are offering discounts, flexible payment plans and even exemptions on GST and stamp duty to attract buyers this Gudi Padwa

Real estate developers in Maharashtra are hoping that Gudi Padwa, being celebrated on April 9, will help fuel housing sales. Many of them are offering discounts and lucrative incentives such as gold coins, flexible payment plans and even exemptions on Goods and Services tax and stamp duty in an attempt to attract more buyers.

Maharashtrians across the country enthusiastically observe the festival of Gudi Padwa, marking the beginning of the traditional Hindu New Year(AP)
Maharashtrians across the country enthusiastically observe the festival of Gudi Padwa, marking the beginning of the traditional Hindu New Year(AP)

Gudi Padwa is considered a time of renewal and coincides with Punjab’s Baisakhi, Tamil Nadu’s Puthandu, Andhra Pradesh’s Yugadi and Kerala’s Vishu. Since a large cross-section of Indians tend to link property acquisition with auspicious dates, activity levels in the property market tend to increase visibly during this period, say real estate experts.

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“Given that housing demand remains significantly high across the top seven cities, average property prices are also heading north so definitely if one is looking to make a purchase, now is the time. Large and leading developers are seeing significant sales in their projects, so one should not look for major offers and discounts in their projects,” said Santhosh Kumar, vice chairman - ANAROCK Group.

He said that similar trends were witnessed in the festive quarter (Oct-Dec. 2023) when there were very few offers and discounts rolled out by the developers, particularly in projects that recorded high sales. Offers – including freebies like gold coins, iPhones are being extended in projects that need an extra shot in the arm to increase sales, he said.

Also Read: Mumbai records over 14,400 property sale registrations in March 2024, up 10% YoY

Last year, on this auspicious occasion, “we achieved 20 bookings, accounting for about 25% of our monthly business. The real estate industry generally experiences a strong buyer sentiment, making it an ideal opportunity for customers to purchase homes,” said Anupam Verma, CEO, Rustomjee Urbania at Rustomjee Group.

Gudi Padwa offers

Vimalendra Singh, Chief Business Officer (Residential), Mahindra Lifespace Developers, said that developers offer festive discounts, flexible payment options, and other incentives like gold, silver, or even white goods during this time. Last year, on the day of Gudi Padwa, the company sold more than 20 homes in five days, which is a surge of almost 100% percent.

The beginning of 2024 has seen a remarkable surge in real estate demand, especially in the MMR region, with property registrations exceeding 10,000 and 11,000 in January and February, respectively. “We are hoping that Gudi Padwa will further fuel housing sales,” said Ajay Ashar, Chairman and Managing Director at Ashar Group. The company has organized its annual Ashar Expo on the occasion.

Also Read: Mumbai is now among the world's top 10 luxury real estate markets: Knight Frank Wealth Report 2024

Vice Chairperson of Nahar Group and Senior Vice President of NAREDCO- Maharashtra,. Manju Yagnik said that various incentives are on offer, ranging from deferred interest payments until possession to personalized payment plans, family vacation packages, free gold coins, appliances, or furniture, along with cashback programs, waivers of registration and stamp duty fees among others.

“We are anticipating a robust sales traction this Gudi Padwa. With expectations of a 15-20 percent increase in sales, this year promises to be exceptional. We are offering 10gm gold coin plus 0% SDR along with a spot discount upon booking a flat at our 71 Midtown and Paradigm Alaya project,” said Parth Mehta, CMD, Paradigm Realty.

Buyers can avail of semi-furnished 2.5 BHK and 3 BHK apartments located on higher floors that come with a modular kitchen complete with white goods in a project called Prescon Midtown Bay, located in the heart of Mahim.

Also Read: Luxury homes priced above 50 crore and above witness a 1.5X y-o-y increase; Mumbai dominates demand

Tridhaatu Realty is offering IKEA vouchers for its 2BHK housing units located in the Tridhaatu Morya project in Chembur. It is also offering GST and stamp duty waivers.

Joyville Shapoorji Housing is offering 50K worth gold vouchers at Joyville Celestia and 10 gm gold coins at Joyville Sensorium in Pune. At Joyville Virar, the company is offering a multi-coupon offer with benefits worth up to 2 lakh to encourage fence sitters.

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