Monsoon Discounts: A Boost to Residential Sales
Typically, the monsoon season is considered a sluggish period for real estate sales. The inclement weather, coupled with the inauspicious period of Shraadh or Pitrapaksh, deters buyers from purchasing properties. As a result, developers are keen to offer monsoon discounts to stimulate sales.
The Developer's Dilemma
During these months, many potential buyers postpone their purchasing decisions, contributing to the existing inventory of real estate developers. To alleviate this burden, developers aim to clear their inventory to pave the way for new projects in the upcoming festival season. Moreover, they require liquid cash for these new ventures.
Discounts: A City-Specific Phenomenon
Although only a few developers explicitly advertise monsoon discounts, many are willing to negotiate lower rates with serious buyers. The significance of these discounts varies across cities, depending on the severity of the monsoon's impact. For instance:
- Mumbai and Kolkata: Expect higher discounts, ranging from 10-20%, due to the severe monsoon conditions.
- Delhi and Chennai: Discounts are likely to be lower, as these cities are less affected by the monsoon.
Additional Incentives
Buyers can also capitalize on monsoon special offers on home loans from banks, making this an opportune time to invest in residential real estate.