Property developers in Mumbai strategise to entice buyers amid festive season

In the past, majority of homebuyers booked apartments during the Diwali and Dussehra festivals

Chhatrapati Shivaji Terminus (Victoria Terminus) illuminated with multi-coloured lights during the Diwali Festival. PeteBurana/Shutterstock

In hopes to further boost real estate sales, developers in Mumbai have decided to introduce flexible payment plans, assured rentals, discounts, gifts and other incentives during the Diwali and Dussehra festivals that has proven to increase consumer sentiment in the past, reported The Hindustan Times.

Real estate firm Tata Housing, for instance, has just announced the ‘Wow is Now’ scheme, where customers will be eligible to only pay 3.99 percent interest rate for one year, whilst the firm will assume the difference. Customers will also be given gift vouchers valued between INR25,000 to INR800,000.

Runwal Group, on the other hand, has several offers for its Mulund and Kanjurmarg projects, from easy payment plans and zero floor rise charges to zero Goods and Service Tax and zero stamp duty.

Meanwhile, the Wadhwa Group’s ‘Postpaid Homes Plus’ enables buyers to move in by only paying 10 percent and the company will shoulder the equated monthly installments for the first year.

More: Demand for rental homes in India’s major cities gradually spiked as lockdown restrictions eased

Wadhwa Group managing director Navin Makhija explained that they have adjusted these schemes to offer relief to consumers. “The residential segment looks very promising in the current scenario of COVID-19 as many people including the younger generation are now looking to own a house rather than be dependent on rental accommodation,” said Makhija.

“This festive season, we are providing an array of offers… which solve the customer’s current liquidity woes of paying everything up front,” he added.

Shveta Jain, the managing director of residential services at real estate consultancy firm Savills India, said that the wide array of incentives introduced could spur more property purchases.

“We expect a positive response from the end-users, especially from the first-time buyers due to the discounts and schemes being offered by the developers,” said Jain.