How was Akshaya Tritiya for the Mumbai realty market and beyond?

2 min read

How was Akshaya Tritiya for the Mumbai realty market and beyond?

Akshaya Tritiya 2019 was a highly auspicious occasion and special day for purchasing valuables like gold and other jewellery along with real estate. This is one occasion when people usually look to invest in property and the Indian realty industry usually responds to the same with the very best offers, deals and other incentives for homebuyers.

Realty industry commemorates Akshaya Tritiya with a bevy of offers

Real estate developers in the country came out with innumerable offers and incentives for homebuyers this Akshaya Tritiya. Developers released several buying schemes which include almost everything from flexible options for payments and rent and earn choices along with GST savings in tandem with zero floor rise charges and gold vouchers among other deals.

During Akshaya Tritiya 2019, people throughout India look to purchase gold and also homes. The realty industry has responded suitably to the occasion with multiple offers and deals.

Here’s taking a look at some of the industry trends on Akshaya Tritiya 2019:

  • Rustomjee Group, one of the top real estate players in Mumbai came up with a deal which offered savings up to Rs. 15 lakhs along with 0% GST on buying housing units at the Rustomjee Urbania Thane (West) project. There were 2 BHK homes with balconies offered at Rs. 1.26 crore plus taxes and the offer was valid only upon the Azziano E wing.
  • The Runwal Group, another leading developer, offered a gold voucher for buyers at three projects, namely Runwal Forests in Kanjurmarg West, Runwal Bliss in Kanjurmarg East and also Runwal Greens in Mulund West.
  • Ruparel Realty also celebrated Akshaya Tritiya by offering a convenient booking amount of INR 1 lakh with the remaining amount to be paid during fit-outs for its Ruparel Pride project located at Kurla East. Other incentives included up to Rs. 15,000 of cashback on purchases done through credit and debit cards and also zero GST. In case of the Ruparel Optima project, there was a fully furnished apartment on offer along with a two-wheeler upon registration.
  • There were several real estate developers offering 50 or 100 grams of gold upon booking homes or commercial spaces at projects.
  • Arihant Group, one of the top realty players in Delhi-NCR, offered a really enticing deal of free registry for every booking with woodwork at the Arihant Arden project located at Greater Noida West.
  • Saya Homes, another top realty firm in the National Capital Region (NCR), offered payment plans of 10% in the beginning and the remainder upon possession while booking a housing unit. This offer was applicable for Saya Gold Avenue which is situated at Indirapuram in Ghaziabad.
  • There were 20 gram gold coins offered upon shop bookings for units priced above Rs. 50 lakhs at Spectrum Metro, a Sector-75 based high-street retail venture. There were 10 gram gold coins offered on bookings up to Rs. 50 lakhs.
  • Fairwealth, a Delhi-NCR based real estate company, offered rental schemes for its Fairwealth Breeze Homes situated at Bhiwadi in Rajasthan. They offered rentals of Rs. 15,000 every month for a total period of 36 months upon booking a 1 BHK fully furnished apartment. The project had 1 and 2 BHK semi furnished housing units at prices of Rs. 26 lakhs and Rs. 38 lakhs respectively.
  • Ansal Housing offered incentives at its project named Ansal Town in Alwar. These include LED TVs, air conditioners and ceiling fans for G+2 housing units.
  • The House of Hiranandani also offered greater savings on its projects located in Bangalore and Chennai. Some of the offers included GST savings, flexible options for payment, rent and earn options and zero floor rise charges.

Why homebuyers showed higher interest in buying property

Homebuyers in Mumbai and other major cities showed higher interest in purchasing real estate on Akshaya Tritiya this year on account of the favourable market conditions and several Government incentives courtesy the Pradhan Mantri Awas Yojana (PMAY) under the mission of Housing for all by 2022 blueprint. PMAY interest subsidies and the cut in GST rates from 12% to 5% and from 8% to 1% on under-construction properties and affordable housing units respectively, were major game changers in the realty space. These measures encouraged several buyers to invest in property this Akshaya Tritiya.

The Union Budget for 2019-20 also came up with several incentives for homebuyers. These included zero taxation on notional rent assumption for self-occupied second homes and also the increase in the TDS threshold to Rs. 2.4 lakhs from Rs. 1.8 lakhs. Additionally, there was capital gains exemptions for two housing units up to Rs. 2 crore once in a lifetime. These were major reasons behind the renewed demand in the Indian realty space over the last few months, particularly on special occasions like Akshaya Tritiya. After all, occasions like these always encourage us to lighten our heartstrings!

Resident Editor