IN a bid to boost sales in the real estate sector during the festive season, several developers have offered various incentives, including cashback deals or gold in exchange for a booking made during Diwali, to attract more customers. Many realtors said that following the implementation of the Goods and Services Tax (GST), they have seen a spurt in sales in the past couple of months, besides special offers too have garnered a lot of interest.
Siddha Developers for instance — which announced a 54-storey project in Kandivali (West) during Gudi Padwa in March — has offered a 3 per cent discount on the project cost for bookings made till the end of the month. “People are looking out for discount, which is fuelled by the competition among developers. While there is some apprehension among people because of GST, there is a fair amount of response and about 50 per cent of the inquiries we have received seem to be keen on purchasing,” said Bimala Prasanna Singh Roy, vice-president of corporate sales of Siddha Group. He added that buyers could avail of the discount in the form of gold or cash and the offer would be valid till the end of October.
Other developers like Sai Estates have come up with a variety of offers for their projects in Kandivali and Chembur. For instance, if buyers purchase three flats (of any size) in their project in Kandivali, one flat would be given free of cost. Another offer for the same project was to give 1 kg of gold free to buyers, who purchase five flats. Potential buyers of another project in Chembur could get a lifetime membership at a noted golf club.
Reiterating the growth in the sales of residential units in the city, Amit Wadhwani, director of Sai Estate Consultants, said: “Recently, Sai managed to sell 85 flats in less than 58 hours post RERA deadline and GST and also locked business of more than Rs 260 crore in a month. However, the major concern is still on affordability to the consumers and we can say that market will grow further by next year.”
Besides gold, some developers were offering discounts in terms of GST and flexible payment plans for potential buyers. The Sheth Group, for instance, has offered such discounts on six of its ongoing projects, of which three are in Thane, one each in Mulund, Kanjur Marg and Dahisar. The cost of such properties ranges between Rs 90-95 lakh and Rs 4.5 crore. “For the festive season, we are offering an incentive of GST cashback, which will range between 2-5 per cent upfront depending on the stage of the project. We also have a no floor rise offer in which the price of flats on all the floors will be the same instead of a higher price for flats on higher floors,” said Chintan Sheth, director of Sheth Group.
Other builders have also made offers of discounts by waiving off registration charges among others. Among them is Mirador Constructions, which offered to waive off stamp duty and registration charges on the first 100 bookings for their residential project in Shahpur. Aiming to attract government officials as buyers, they also have offers exclusively for employees of state and central government, among other agencies.
“We have a special offer for individuals working for the state and central government, armed forces and police personnel wherein we will give options of various electronic household appliances like washing machine, air conditioners, utensils and they can choose one of them as a gift from us,” said Vijay P Pawar, director of Mirador Constructions.