New Delhi: Confronted with hunch in housing gross sales as a result of COVID-19 pandemic, actual property builders are adopting varied advertising and marketing methods to lure potential homebuyers together with money reductions, waiver in stamp responsibility or GST, free automobile parking, enticing cost plans, assured rents and different freebies.
The money reductions have helped builders to some extent in promoting their inventories throughout this COVID-19 interval and they’re prone to proceed with such provides within the upcoming festive season, which accounts for optimum gross sales in a yr.
Within the first quarter of this monetary yr, Godrej Properties in all probability set the pattern by providing 10:90 scheme in its ongoing initiatives the place a potential purchaser must pay 10 per cent initially and the remaining 90 per cent on possession. This scheme helped the corporate loads in reaching over Rs 1,500 crore of gross sales bookings regardless of the pandemic.
Bengaluru-based Embassy Group can also be providing a 10:90 scheme (pay 10 per cent now and 90 per cent on possession) in addition to assured lease in a few of its residential initiatives.
Taking cue from the Maharashtra authorities’s choice to chop stamp responsibility until March subsequent yr, business physique NAREDCO’s Maharashtra chapter not too long ago introduced that it will bear stamp responsibility on behalf of the purchasers in virtually 1,000 initiatives being developed by its members.
Property advisor Anarock Chairman Anuj Puri stated the swathe of provides and schemes presently being supplied by the builders are fairly various in scope and method. “Our studying is that many of those schemes and provides are assembly with success to a point or the opposite,” he added.
With out naming the builders, the property advisor agency listed out varied provides out there out there; pay 10 per cent now and nothing for two years; pay solely down cost and transfer in, whereas EMI begins after 12 months from the date of reserving; pay 10 per now and 90 per cent at possession; 15 per cent particular low cost through the festive season.
Anarock stated that different incentives being supplied are ? e-book now and get free automobile parking on every reserving; get 7 per cent money low cost.
Within the Pune market, the builders are providing Rs 10-15 lakh money low cost ? money low cost of Rs 6.9 lakh and no GST influence of Rs 4.09 lakh.
A developer in Chennai is providing free registration and modular kitchen, if property is booked earlier than September 27, whereas one other is commiting an assured lease of Rs 25,000 per 30 days for one yr, based on Anarock.
Mani Rangarajan, chief working officer of Housing.Com and PropTiger.Com, stated plenty of builders roll out festive season provides to drive incremental gross sales yearly and 2020 isn’t an exception.
Gaurs Group stated it’s providing relaxed cost plan in certainly one of its business initiatives and free presents resembling laptop computer, washer, cell phone, microwave, video doorbell, fridge and chimney in some housing initiatives.
Ajnara India Ltd is providing differentiated cost plans to its prospects throughout varied initiatives. Mumbai-based Wadhwa Group is providing cost of 10 per cent now and the remaining later of their ready-to-move-in initiatives.
Vijay Khetan group in its challenge Krishna Residences at Andheri East, Mumbai, is asking homebuyer to simply pay Rs 1 as a token quantity together with two per cent stamp responsibility and the EMI will start after a yr.
In line with PropTiger information, gross sales of residential properties fell 52 per cent to 88,593 models throughout eight cities throughout January-June interval this yr.
Many builders have reported a revival in gross sales throughout July and August. Mumbai-based Lodha group offered properties value Rs 1,167 crore throughout July-August. M3M group reported gross sales bookings of Rs 1,150 crore within the final two months.
Traders Clinic founder Honeyy Katiyal stated, “The COVID-19 pandemic has hit the actual property sector badly. Nevertheless, business gamers have been modern sufficient to create alternatives through the pandemic scenario and stored the momentum rolling within the sector.”
He added that particular schemes have been launched to ignite the buying curiosity in customers. Katiyal stated the Property Swap scheme, which is aimed to revive funding of homebuyers in caught initiatives, has generated a complete sale of Rs 750 crore.