According to Maharashtra's real estate developers, the Gudi Padwa festival on April 9th is expected to boost the sales of new homes. A multitude of firms are rolling out discounts and alluring incentives to attract prospective buyers. These may include gold coins, adaptable payment plans and even exemptions from goods and services tax along with stamp duty, to encourage consumer engagement.
Gudi Padwa, coinciding with festivals such as Vishu in Kerala, Yugadi in Andhra Pradesh, Baisakhi in Punjab, and Puthandu in Tamil Nadu, represents a period of renewal and fresh starts. Real estate professionals point out a notable surge in property market activity during this auspicious time, as many Indians traditionally associate purchasing property with these dates.
According to Santosh Kumar, vice chairman of ANAROCK Group, as average property prices continue their ascent in the top seven cities, spurred by robust housing demand, now is undeniably an opportune moment to invest. Kumar added that leading developers are experiencing substantial sales in their projects; therefore, major price reductions are unlikely.
Reports suggest comparable patterns during the holiday quarter of October to December 2023, when developers offered minimal deals, particularly on projects with strong sales momentum. Incentives like complimentary gold coins and iPhones are now being extended to projects where additional sales impetus is required.
Anupam Varma, CEO of Rustomjee Urbania at Rustomjee Group, said that “we achieved 20 bookings during this fortunate event last year, 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.
Gudi Padwa Provisions
Vimalendra Singh, Chief Business Officer (Residential) at Mahindra Lifespace Developers, also stated that developers are providing flexible payment options, festive discounts, and incentives such as gold, silver, and even white goods during this period. The company reported selling over 20 homes in five days during last year’s Gudi Padwa, marking an almost 100% increase in sales.
Property registrations in the MMR region have notably increased over the first two months of 2024, surpassing 10,000 in January and 11,000 in February. Ajay Ashar, Chairman and Managing Director of Ashar Group, anticipates that Gudi Padwa will further boost housing sales. The company has also organized its annual Ashar Expo for this occasion.
Majnu Yagnik, Senior President of NAREDCO-Maharashtra and Vice Chairperson of the Nahar Group, mentioned that a variety of incentives are being offered, including cashback programs, waivers of registration and stamp duty fees, personalized payment plans, family vacation packages, and complimentary gold coins, appliances, furniture, or deferred interest payments until full possession.
Parth Mehta, CMD of Paradigm Realty, stated that “This Gudi Padwa, we expect strong sales traction. Sales this year are predicted to rise by 15-25%, making it a remarkable year overall. 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, centrally located in Mahim, features semi-furnished 2.5 BHK and 3 BHK apartments on higher floors, complete with modular kitchens fully equipped with white goods.
Tridhaatu Realty is offering IKEA gift cards for its 2BHK homes in the Tridhaatu Morya development in Chembur, alongside GST and stamp duty exemptions.
In Pune, Joyville Shapoorji Housing is providing 10 gm gold coins at Joyville Sensorium and gold vouchers worth 50K at Joyville Celestia. Joyville Virar is offering a multi-coupon offer with benefits of up to 2 lakh to attract potential buyers.