In order to support buying sentiment in the slumping real estate market, realtors are offering various freebies and offers to homebuyers during the festival of Ganesh Chaturthi.
A report by DNA India highlights how homebuyers, especially in Mumbai, are being lured with a wide range of offers like a Europe tour, or gold, or even benefits like rental schemes or upgrades to a higher floor at zero cost.
Builders hope that the freebies, along with the recent announcements made by the Reserve Bank of India (RBI) and the finance ministry, will lift market sentiment towards real estate investments.
Construction Company Spenta Corporation’s Farshid Cooper told DNA: “Recent RBI rate cut and steps proposed by the finance minister to revive the real estate sector should lead to renewed interest from homebuyers who would otherwise sit on the fence. The onset of the festive season, starting with Ganesh Chaturthi, will further incentivise many to take decisions regarding home purchases. In an effort to capitalise on this, developers are offering a number of attractive discounts to homebuyers in order to revive sentiment in the market.”
The report highlights that rental schemes have also become a new way to attract buyers. Ashok Mohanani, chairman of real estate firm Ekta World and vice-president of self-regulatory housing body NAREDCO (West), said: “We have announced a unique scheme under which buyers can book a home within our select project and get assured rental benefits until March 2022.”
Experts say that offering freebies is a way to pass on benefits to buyers since developers can’t slash prices in the middle of the project as some investors may already have been sold units at an old rate. So “limited period offers”, as they are called, help in cashing on the buyer interest without upsetting the existing investors.
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