Offers during any festival are quite common, attracting buyers with various promotions ranging from clothing to home appliances. These offers are not new in real estate either. Recently, developers in Pune have announced several offers for Diwali. Plans like zero stamp duty and “no EMI until possession” are gaining traction. It is noteworthy that such offers are being introduced for the first time since the pandemic. The Pune real estate market faced challenges from 2015 to 2019.
However, after COVID-19, the hybrid work culture emerged, leading to an increased demand for larger apartments in Pune. During that time, developers did not offer any promotions. But now, with sales gradually slowing down, developers are rolling out offers to attract buyers. After the COVID-19 pandemic, several developers from Mumbai and Bengaluru have entered the Pune real estate market. Notable names include Lodha, Dosti Realty, Adani Realty, Puravankara, and Prestige Group.
In this context, they have announced special offers for the current festive season, particularly gaining popularity with zero stamp duty and “no EMI for up to 24 months.” Some companies state that there is no need to pay EMIs until the plot is delivered.
Sales of apartments priced over Rs 2 crores have been affected due to a slowdown in the IT sector, leading to a decline in their sales. However, the impact on sales in the affordable price range has not been as significant due to lower supply. Analysing sales in the third quarter of this year, it has been observed that sales in Pune, Bengaluru, and Hyderabad have decreased. Real estate experts attribute this decline to the slowdown in the IT sector.
On an annual basis, approximately 80,000 to 90,000 units are sold in Pune’s metropolitan region, with more than 50% of these units purchased by IT professionals. However, in Pune, housing sales declined by 13% from July to September, reaching 18,749 units. During this period, the value of sold units decreased by 8%, amounting to Rs 13,788 crores.
The flow of offers continues in Delhi as well. Free gifts range from gold coins to Lamborghini luxury cars. Additionally, offers like international trips, free modular kitchens, and mobile phones are being announced. Along with flexible payment plans, developers are providing EV charging ports, home automation, and solar geysers in all flats during this festive season.
One ultra-luxury housing project in Noida stated that it would offer a free Lamborghini car to every villa buyer, with each villa priced at a minimum of Rs 26 crores. Notably, a company called Signature Global in Gurugram recently organized the “Jo Sabki Bolti Band Kar De” (Let’s Silence Everyone) campaign as part of its Best of All-Time Realty Fest. They announced a 15% discount for homebuyers, along with free club memberships, parking, a Rado watch pair, and a lucky draw. Three buyers won luxury BMW cars valued at Rs 60 lakhs each.
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