India 27 September 2016: In India, each year during the last quater of the calendar year after Pitrupaksha gets over, from Navratras till Diwali, real estate sector becomes extremely active. Prime reason being the religious sentiments of the public that drives them towards making the most important purchase; property. Buying a property is not an overnight decision and requires a lot of research and allocation of funds. Making the work easier for the buyers, developers across the country come out with various offers, schemes and discounts to lure the customers during the festive season. As this season is crucial from the buyers perspective, even the developers wait for these months throughout the calendar as maximum sales are witnessed during this time.
Right Time To Buy
At present, the real estate scenario has been on the rough side of the graph with not many buyers and takers of property across major realty regions of the country. Project launches declining and inventory getting piled up are two major parameters that prove this sector is reeling under tremendous pressure of performing well during the festive season. Thus, as a buyer this time of the year can yield the best results as the developers sit ready to negotiate and crack a deal that best suits their customers. “With sentiments running positive and buyers willing to make the purchase of their lifetime, festive season serves as the backbone for the real estate sector of our country each year. It is believed that buying a property during Navratras brings good luck in family, due to which real estate sector observes highest sales during the festive months. Developers are also seen proactive with respect to the deals they offer during this time as buyers will have a pool of options to choose from”, states Dhiraj Jain, Director, Mahagun Group. Adding further, Kushagr Ansal, Director of Ansal Housing says, “This time of the year is considered auspicious for purchases such as property, automobile, jewellery and others that are expensive in nature, and Indian buyers hold a belief that making purchases during such occasions can bring a good fortune. Industries and sectors across the country plan out big and offer the best deals during the nine days of Navratras and even Diwali, as revenue and sales are generated the most. Speaking about the real estate sector, developers take this time as a boom, since footfalls and conversions take place highest during these days.”
A Look At The Deals
With the onset of the festive season, developers in the NCR region are gearing up to offer their best during the festive season in order to generate highest sales. For instance, Gaursons India Ltd. has come out with a couple of offers for its customers. For its first offer, which is valid across 500 ready to move in flats in four of Gaursons projects namely, Gaur City and Gaur Saundaryam in Greater Noida West, Gaur Sports Wood in Sector 79 Noida and Gaur Cascades in Raj Nagar Extension; the company has offered six benefits that include, loan availability upto 90 percent (80+10), no registry charges, no service tax on select units, EMIs to begin from next financial year, 21 assured gifts and a customised payment plan. For the second offer, 21 - 21, which is valid only on Gaur Yamuna City, located along Yamuna Expressway, the company is providing benefits such as; booking amount of Rs. 21,000 to be paid for the first ten months and no EMIs till possession. Since this being Gaursons 21st anniversary year, the company is assuring 21 gifts and all the bookings made during this offer will qualify for a lucky draw to be held on Christmas Day this year, where the grand winner will get a brand new car. Manoj Gaur, President CREDAI-NCR & MD, Gaursons India Ltd. says, “For a property purchase decision, this is the best time in the market as developers offer the best deals which cannot be witnessed throughout the year apart from the festive months. As a result, buyer turnout tends to be more along with higher sales.”
On the other hand, NCR realty major Paramount Group has a bouquet of offers for its buyers interested in three of its ongoing projects namely; Paramount Floraville at Sector 137 Noida Expressway, Paramount Emotions at Greater Noida West and Paramount Golf Foreste at Greater Noida. Its bouquet of offers includes; free modular kitchen, 1 Air conditioner free (1.5 Ton), free wardrobes, price guarantee, double delayed penalty charges, 1 free car parking, no loan processing fee, free maintenance for 2 years, customised payment plan, first transfer fee free, free club membership and 1 KVA power back up free. “We have offered a variety of benefits for all of our prospective buyers across our three major ongoing projects. We are anticipating the market to perform strongly during the Navratras as sentiments are positive and most buyers prefer this time to invest in property”, shares Ashwani Prakash, Executive Director, Paramount Group.
With a huge list of ongoing projects, Ajnara India Ltd. has great deals in offer for nine of its projects namely; Ajnara Homes and Ajnara Le Garden at Greater Noida West, Ajnara Integrity in Raj Nagar Extension, Ajnara Gen X in Crossings Republik, Ajnara Ambrosia, Grand Ajnara Heritage and The Belvedere in Sectors 118, 74 and 79 Noida respectively, Ajnara Daffodil and Ajnara Elements in Sector 137 along Noida Expressway. The offer by Ajnara India Ltd. includes; free modular kitchen, free wardrobes, free club membership, no bank loan processing fee, free installation of electric meter, no first transfer fee, no price escalation, EEC & FFC charges waived off, booking at a cost of mere Rs. 50,000, referral benefit for new customers and customised payment plan. “Every year during this time, we witness a steep rise in footfall of the customers along with sales queries. By offering freebies and schemes, we intend to offer the best deal for the customers who prefer festive season for buying a property”, feels Ashok Gupta, CMD, Ajnara India Ltd.
Saya Group has come out with two separate offers for two of its projects, Saya Gold Avenue in Indirapuram and Saya Zion in Greater Noida West. For Saya Gold Avenue, there is a special payment plan (40:20:30:10) in offer where, 10 percent amount needs to be paid on booking, 30 percent within 45 days, 20 percent on casting of 16th floor, 30 percent on casting of top floor and 10 percent remaining at the time of offer of possession. For Saya Zion, an exclusive flat rate of Rs. 3,599 per sq. ft./ Rs. 38,740 per sq. mtr. is on offer that will include everything barring, electric meter, power back up, IFMS, club development fee along with lease rent. “We understand and value our customers’ hard earned money, and it is extremely vital that spending is worth the cost. Most buyers wait for this time of the year to make their property purchase and it is imperative that the market should respond equally well. Keeping this in mind, we have offered schemes that should either help buyers looking for flexibility of payments or those who are looking for a budget housing in developing regions of NCR”, avers Vikas Bhasin, MD, Saya Group.
“With the government bringing changes to promote the market sentiments in the form of flexibility towards affordable and rental housing during the budget speech and implementation of RERA, buyers queries have started to increase significantly as they feel more secured towards transacting. This added with developers offering unique payment plans and freebies will help the market to bounce back this year. This time we are predicting 5-10 percent growth in NCR’s realty market’s sales numbers against last year’s festive season which will help the market to gain back the lost momentum”, elucidates Deepak Kapoor, President CREDAI-Western U.P. & Director, Gulshan Homz. Gulshan Homz has introduced a subvention scheme on their ongoing project Gulshan Bellina, located at Greater Noida West. The offer will allow buyers to pay just 10 percent as the booking amount and rest at the time of possession.
Airwil Infra Ltd. has come out with an offer that will assure all the customers of its project Conac, located in Sector 113 Noida with an exciting deal. The project offers 180 villas and thus, all the 180 customers will be the winners from a lucky draw. Each customer will be a part of one of the three lucky draw deals. First lucky draw will announce 40 winners, where 2 winners will get 90 percent discount, 80 percent discount for 3 winners, 70 percent for 4 winners, 60 percent for 5 winners, 50 percent for 6 winners and 20 percent for 20 winners. The next set of draw will declare 100 winners, where 30 will get Audi A4 car, next 30 will get Audi A3 and remaining 40 will get Mercedes B Class. The final set of draw will see the remaining 40 customers getting fully furnished villas. The total amount to be spent on this entire festive season deal will cost the company, more than Rs. 100 crores. “By coming out with such a deal we wanted all our customers of our project Conac to have a memorable festive season this year. All the 180 villas in the project will see 180 winners. Sentiments are positive during festive season and buyers prefer this time of the year for property purchase and if they get the desired deal, they buy the property without giving a second thought”, explains Vikash Bhagat, Director, Airwil Infra Ltd.
Antriksh India has come out with an interesting offer during this festive season where the company is offering fully furnished/loaded apartments for its project, Antriksh Grand View, located at Sector 150 along Noida Expressway. The apartments will come loaded with air conditioners in all rooms, electrical fittings, lights, modular kitchen and woodwork. “Rather than offering a property, we want to gift a home to all our customers willing to make a purchase at Antriksh Grand View. By offering a fully furnished home, the property will welcome the buyers rather than the buyers welcoming the property. Like every year, we are expecting the market to perform better than other months in the calendar year and real estate sector of NCR is sure to reap out the benefits in the upcoming few months”, enlightens Rakesh Yadav, Chairman, Antriksh India.
Possessions Getting Lined Up
Festive season is a time when people not only plan property purchase, but those who have ready units, take possession or conduct house warming. Considering this aspect of the festive season, developers across the NCR region are fast pacing their construction and are making sure to deliver flats in the next couple of months. “Festive season is not only about higher sales, but also a time when ready units observe their rightful owners taking possession. Here also, we are planning to bring smiles as we will have around 4,000 units to be offered for possession in the next couple of months during the festive season, for our project Gaur City”, adds Manoj Gaur.
Ajnara India Ltd. has plans to offer possession of about 5,000 units in the next few months across its several projects, riding strong on the festive season. “We and our customers will have a lot of reasons to smile as not only will we witness better sales, but a lot of homes will lit up this festive season”, shares Ashok Gupta. On the basis of a report and almost a dozen projects to get completion certificates, Manoj Gaur stated that almost 15,000-20,000 units across Noida and Greater Noida are expected to see possession by Diwali this year. Adding further, Deepak Kapoor has recently shared that almost 45,000 units across Noida and Greater Noida might get possessed by this financial year closing, i.e. March 2017. Thus, with so much in pipeline, real estate scenario is sure to see the bright side as the current festive season advances.