Basket of offerings
Offerings that will get the best results this Navratra are those that translate into direct financial benefits, such as cash back offers, waived stamp duty and registration charges
Compared to the previous years, there’s not much noise around offers and discounts on realty projects during Navratra this year. While the impending elections could be a reason, the overall economic environment, t oo, might be putting a dampener on things. As for project launches, there are too few of them with statistics showing their numbers halving as compared to last year’s 57,000 units. Most developers this season are launching just about a new tower in an old project and naming it differently - new wine in an old bottle! Freebies, too, are sparse and include a ` 50 per sq ft discount to at best a gold coin.
Developers are not risking launching new projects because of the polls. They are concentrating on completing existing projects and selling units from the existing inventories.
“Traditionally, the festive season catalyzes a spurt i n residential property sales of between 20 to 25%. However, we expect a rise of between 10-15% this year, depending on city and micro-location. The slowdown dynamics currently ruling buyer sentiments will dampen but not extinguish the traditional festive boost to residential sales,” points out Santhosh Kumar, CEO - Operations, JLL India.
Developers are using freebies to offset this dynamic and these offerings will cause some sales ripples. However, what will get the best results are those that translate into direct financial benefits, such as free parking, and waived stamp duty and registration charges, he adds.
Developers are launching new payment plans, cashback offers such as 5% cash back on a booking, gold coins, white goods etc this season, says. Honey Katyal of Investors’ Clinic
Traditionally, property sales see an upsurge during Navratra, as making new investments and purchases during this period are considered auspicious. Companies, including real estate developers, come out with various freebies and discount offers to capitalise on this increased sales velocity.
“While a customer may base his/ her decision on buying lowvalue consumer durables based on festive discounts and special offers, when it comes to buying a house, factors like credibility of the developer, location of the project, amenities provided, construction specifications become the key drivers for property selection. Festive discounts can speed up the decision making process of a customer but is unlikely to affect his/ her choice of developer and project,” says P Sahel, vice chairman, Lotus Greens.
The Mahagun Group is offering its buyers a 10 gm gold coin on every booking made at its projects: Mahagun Mantra- 1 ( G r e at e r N o i d a We s t ) a n d Mahagun Mantra- 2 ( Greater Noida West).
Gaursons is offering different payment plans for most of its projects in Noida Extension and along Yamuna Expressway. “For all our projects in Noida Extension, Gaur Yamuna City and Saundaryam we are offering different plans such as the 40: 60 plan or the 30: 30: 40 plan depending on the stage of construction of the project. As far as new launches go, we have sold 1600 units of our newly launched 14th Avenue project that is part of Gaur City 2, Noida Extension. During Navratra, we will be launching new towers in 14th Avenue (approximately around 600 units). In Gaur City 1 we have launched one tower as part of First Avenue, in Saundaryam we are launching three towers and in Yamuna City we are launching six new towers that will have 1000 units. We are also planning to launch Gaur suites or commercial suites of 500 sq ft each for ` 30 lakh each,” reveals Manoj Gaur, MD, Gaursons.
The group also intends offering possession of 2500 units in Noida Extension from May onwards and 6000 units by next year.
Jaypee Greens is giving an additional 1% discount on booking and launching its first com- mercial offering in Wishtown in Sector 134 this weekend.
Assotech Realty has launched a new tower on construction linked plan in its business park project, Assotech Business Cresterra, that comes with attractive payment plans. “
KV Developers is offering a cash discount of ` 50 per sq ft during the Navratra. “We have got a good response for the offer and expect to attract more bookings out of this in the days to come,” says Aman Agarwal, director, KV Developers.
The Prateek group has announced a 15:85 scheme for its two projects – Prateek Stylome and Prateek Wisteria. As much as 15% of the amount is to be paid at the time of booking and the rest 85% on possession.