Several real estate developers in Mumbai are offering alluring deals on projects this Diwali in a bid to generate higher sales volumes and attract more customers. Several real estate developers like Sai Estates are offering premium deals on apartments. Sai Estates is offering one flat absolutely free of cost in case the buyer purchases three flats (any size) at its projects in Chembur and Kandivali. Many real estate developers are offering gold or cashback to customers on every booking.
Siddha Developers has already launched its new project spanning 54 storeys at Kandivali West. The project launch took place during Gudi Padwa in March, 2017. The company is offering discounts of 3% on the cost of the project for all bookings that are made till month end. According to the vice president, corporate sales, Siddha Group, Bimala Prasanna Singh Roy, people seek out discounts and this trend is backed by growing competition amongst real estate developers. While GST has definitely brought in apprehension amongst many buyers, there are positive responses and approximately 50% of inquiries received are for people who are keen on buying property according to him. He also stated that buyers can get these discounts by way of cash or gold and the offer will remain valid till October-end.
Sai Estates is also offering 1 kg of gold absolutely free of cost to buyers who pick five flats. Buyers at another Chembur project can also get lifetime membership at a premium golf club. According to the director at Sai Estate Consultants, the company successfully sold 85 apartments in less than 58 hours after the passing of the RERA deadline and also notched up business volumes exceeding Rs.260 crore every month. Affordability is the major concern and the market is expected to witness further growth by 2018.
Some developers are also offering flexible payment plans and GST-based discounts. The Sheth Group is offering discounts on 6 on-going projects. 3 of these projects are located in Thane while there is one project each at Kanjurmarg, Mulund and Dahisar. The cost of the properties range between Rs.90-95 lakhs and between Rs.4-5 crore. GST cashback incentives are being offered by the Sheth Group for the festive season and this ranges between 2-5% up-front, based on the project stage. There is a no floor rise offer for customers where all flat prices will stay the same irrespective of the floor. This has been confirmed by the director of the Sheth Group, Chintan Sheth.
Other developers are also giving freebies like waiver on the registration charges. Mirador Constructions has already announced a waiver of registration charges and stamp duty for the first 100 bookings for its Shahpur residential project. The company is targeting government officials and has launched exclusive offers for central and state government employees. According to the director at Mirador Constructions, Vijay P Pawar, there is a special offer for central and state government employees and police and armed forces personnel where they can choose from several household appliances including air conditioners, washing machines and utensils as gifts.