Realtors try to woo buyers with offers before festival

Mumbai: With Gudi Padwa nearing, realtors have seized the opportunity to boost flat sales by announcing a plethora of offers for homebuyers — from attractive discounts to give-aways. In the wake of the implementation of the Real Estate Regulatory Authority (RERA) and the goods and services tax (GST), the real estate business has been suffering losses. Now, developers are expecting a spurt in the sales, as most Hindus prefer buying property on Gudi Padwa as they consider it an auspicious day. 

“Last year, Gudi Padwa real estate sales were largely affected due to post-demonetisation ‘sluggishness’ in the market. Gudi Padwa is also known to mobilise ‘first-time’ homebuyers to a large extent. This year, Gudi Padwa is likely to see the benefits offered by Pradhan Mantri Awas Yojana (PMAY) to the first time homebuyers. This will create a lot of positive movement in the affordable housing segment,’ said Rohit Poddar, managing director, Poddar Housing and Development Ltd. Developers are wooing homebuyers with discounts, waiver of stamp duty and GST, motorcycle and home appliances on purchase of flats and gold coins. 

“This year, we aim to propound a special experience to our Altavista buyers at Chembur by offering 20gm, 40gm and 60gm of gold for the purchase of 1BHK, 2BHK and 3BHK houses respectively,” said Farshid Cooper, managing director, Spenta Corporation.  

The developers hope that the festive season will be a turning point for the real estate business, which had witnessed a slowdown last year. “The Central government has introduced vital implications like RERA, GST and PMAY, which give a push to the housing sector, boosting customers’ sentiments at large. With the overall market moving towards ease of doing business, this Gudi Padwa we are expecting an encouraging response from buyers. The market is changing. Now is the best time to buy a house in terms of pricing, as from now on the prices are going to go high. When you offer the right product at the right price, buyers are willing to pay for it, especially on auspicious occasions like Gudi Padwa,” said Amit Ruparel, MD, Ruparel Realty.