Mumbai real estate developers anticipate that Gudi Padwa will boost home sales

Maharashtra real estate developers believe that April 9th’s Gudi Padwa festival will boost sales of new homes. Many companies provide discounts and attractive incentives, such as gold coins, flexible payment plans, and even exemptions from goods and services tax and stamp duty, to entice customers to provide more information.  

Gudi Paadwa, which falls on the same dates as Kerala’s Vishu, Andhra Pradesh’s Yugadi, Punjab’s Baisakhi, and Tamil Nadu’s Puthandu, is celebrated as a time of renewal. Real estate experts say that during this time, there is a noticeable increase in activity in the property market because many Indians associate purchasing a property with auspicious dates.  

“As average property prices rise in the top seven cities, where housing demand is still very high, this is unquestionably the right time to buy. Santosh Kumar, vice  chairman of ANAROCK Group, stated, “Big and leading developers are seeing significant  sales in their projects, so one should not look for major offers and discounts.” 

According to him, comparable patterns were seen during the holiday quarter (October-December 2023), when developers hardly offered any deals or discounts, especially for projects with strong sales. Offers, such as freebies like gold coins and iPhones, are being made to initiatives requiring an extra push to boost sales. 

During this fortunate event last year, “we  achieved 20 bookings, accounting for approximately 25% of our monthly business.” Strong buyer sentiment in the real estate market typically presents an excellent opportunity for consumers to buy homes, according to Anupam Varma, CEO of Rustomjee Urbania at Rustomjee Group. 

Gudi Padwa provides.

Mahindra Lifespace Developers’ Chief Business Officer (Residential), Vimalendra Singh, stated that during this period, developers provided flexible payment options, festive discounts, and other incentives like gold, silver, or even white goods. The company sold over 20 homes in five days on Gudi Padwa last year, an almost 100% increase in sales. 

Demand for real estate has increased dramatically in the first two months of 2024, particularly in the MMR region, where property registrations surpassed 10,000 in January and 11,000 in February.  “We anticipate that Gudi Padwa will contribute to an increase in housing sales volume,” Ashar Group Chairman and Managing Director Ajay Ashar stated. On this occasion, the company has arranged its yearly Ashar Expo. 

Majnu Yagnik, Senior President of NAREDCO-Maharashtra and Vice Chairperson of the Nahar Group, stated that a variety of incentives are available, including cashback programs, waivers of registration and stamp duty fees, personalized payment plans, family vacation packages, free gold coins, appliances, or furniture, and deferred interest payments until full possession. 

This Gudi Padwa, we expect strong sales traction. Sales this year are predicted to rise by 15-25%, making it a remarkable year overall. Parth Mehta, CMD of Paradigm Realty, stated, “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.” 

The Person Midtown Bay project, situated in the center of Mahim, offers semi-furnished 2.5 BHK and 3 BHK apartments on higher floors with a modular kitchen fully equipped with white goods. 

For its 2BHK homes in the Tridhaatu Morya development in Chembur, Tridhaatu Realty is giving away IKEA gift cards. GST and stamp duty exemptions are also provided. 

In Pune, Joyville Shapoorji Housing offers 10 gm gold coins at Joyville Sensorium and 50K worth of gold vouchers at Joyville Celestia. To entice fence-sitters, Joyville Virar is providing a multi-coupon offer with benefits of up to 2 lakh. 

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