As Maharashtra enters a ‘semi-lockdown’ situation, amid record-high Coronavirus infections nationwide, the construction sector is also facing an impact. Developers are once again dependent on virtual marketing efforts and serious home buyers are keen on getting discounts, timely delivery of the project and expecting greater scope for negotiation. With COVID-19 hampering the festive season around Gudi Padwa 2021, real estate developers are trying to ensure that there is no dearth of offers, deals and discounts.
Gudi Padwa 2021 offers for home buyers
Following the second wave of COVID-19, the impact on the real estate sector seems unavoidable. The stamp duty benefit offered by the Maharashtra government ended on March 31, 2021. The concession resulted in a quick revival of the sector, especially in the last two quarters. Now, to keep the sales momentum going, a number of builders have decided to extend the offer till Gudi Padwa, for the benefit of the buyers.
- For Runwal Bliss, Runwal Pinnacle and Runwal Forests projects, the developer is cutting down on stamp duty by 2% till Gudi Padwa. Apart from this, a zero-floor-rise offer is available on select projects. For its Dombivli project, the Runwal Group is offering zero stamp duty and assured gifts on every booking till April 13, 2021.
See also: All about Stamp Duty in Maharashtra
- The Wadhwa Group is providing a ‘zero stamp duty’ offer and flexi-payment plan for higher floor inventories in their projects Wadhwa Pristine at Matunga West, TW Gardens at Kandivali East and Dukes Horizon at Chembur.
“The residential segment looks very promising in the current scenario of COVID-19, as customers have realised the importance of a well-planned, well-designed and a well-ventilated. We are seeing a lot of traction for our projects, as they are built on the philosophy of ample height, light and air,” said Bhasker Jain, head – sales, marketing and CRM, The Wadhwa Group.
- Krishna Residences by Vijay Khetan Group located in Andheri (E), is offering an EMI holiday for 12 months along with no GST on their fully-furnished apartments. The offers are applicable till Akshaya Tritiya.
- For Group Satellite’s Aarambh project, the builder is waiving stamp duty, floor rise rate and the GST. A customer can pay 10% now (on or before Gudi Padwa) and no further payment needs to be made till December 2021. The offer is valid till Gudi Padwa.
- Tridhaatu is offering a zero stamp duty across all their projects, if a person buys a property on or before Gudi Padwa. To ease the financial burden of the buyer, the developer is also offering a subvention scheme in their projects in Chembur and Matunga.
Gudi Padwa 2021: Is it the right time to invest in real estate?
Looking at the present market scenario, here’s why investing now could turn out to be an opportunity for you:
- Currently, a large pool of inventory is available to choose from. Through virtual reality tools, home buyers can view and imagine the spaces like never before.
- Property prices across key real estate markets have undergone a correction in the past few months, owing to the COVID-19 pandemic.
- With more potential buyers in the market, you never know when the property prices will start to rise substantially. This could be a perfect time for you for taking advantage of the current market scenario.
- Home loan interest rates are at their lowest. This would be a perfect time for home buyers to take the plunge and lock the loan at a cheaper cost.
“Gudi Padwa being an auspicious occasion for home buying sentiments, the real estate market will see an enhanced consumer confidence. It is the right time for muted investment in real estate to return, as the external market conditions are conducive for domestic, as well as NRI investors, in the backdrop of favorable policies by the regulatory bodies, innovative payment schemes by financial institutions, low home loans interest rates and liquidity infusion by the government in the form of fiscal impetus to improve the economic climate. Amid the resurgence of the COVID-19 pandemic, home-buying with branded developers offering quality, timely delivery and ready-to-move-in options to save GST, should be a priority for all the discerning home seekers in this festive period,” maintains Niranjan Hiranandani, national president – NAREDCO and MD – Hiranandani Group.
Can Gudi Padwa 2019 give the realty market the sentiment boost it needs?
Purnima Goswami Sharma
With Gudi Padwa 2019 coming soon after the union budget and a cut in GST rates for real estate, we look at the impact of this festival on the real estate market and whether it makes sense for home buyers to proceed with their property investment during this auspicious time
April 6, 2019: Gudi Padwa marks the beginning of the New Year, as it is the first day of the Chaitra month according to the Hindu calendar. It signifies hope, new beginnings and prosperity. Gudi Padwa, hence, is considered as an auspicious time, to buy or book a home. Owing to the emotional connect that home buyers have with the purchase of property, the Indian property market is likely to witness an upsurge in real estate sales, transactions and property inquiries, during festivals.
In the Indian property market, home buyers and investors don’t just consider the property’s total cost, value and returns but also give importance to the time of the purchase, the occasion, how auspicious it is and much more, points out Aditya Kedia, managing director of Transcon Developers. “Home buying in India is not just limited to the process of making investments but is also associated with a whole lot of rituals,” he says.
Gudi Padwa 2019: Impact of the GST rate cut and policy changes on realty
The residential real estate market in India has exhibited slow growth, following the various policy changes that were introduced by the government. Nevertheless, structural modifications and policy changes, such as demonetisation, the Real Estate (Regulation and Development) Act (RERA), real estate investment trusts (REITs) and the Goods and Services Tax (GST), augur well for the long-term stability of the Indian real estate sector. “Currently, the sector is on a revival mode, thanks to the attractive home loan interest rates which are now quite low, the vast residential options available to home buyers to choose from and the government’s interest subsidy to meet its objective of ‘Housing for All by 2022’. The affordable housing segment is witnessing growth in sales. With the infrastructure status granted to this segment, various developers have come up with budget homes and second homes catering to the mid-income buyers. The Pradhan Mantri Awas Yojana has also given a huge advantage to first-time home buyers. Moreover, this year’s Gudi Padwa comes just after the announcement of the union budget and a reduction in the GST rates for under-construction properties. Gudi Padwa 2019, hence, is likely to bring the required uptick for realty sales and prove to be a turning point for the entire sector,” adds Kedia.
Girish Shah, executive director – residential sales, Knight Frank India, expresses hope that demand will start to grow after April 1, 2019, when the new GST rates come into effect. “The reduction in GST can potentially reduce the buyer’s pay-out by 6-7% on the overall purchase, depending on the category. The consequent accelerating sales will bring down unsold inventory, which has long been afflicting the real estate sector,” Shah elaborates.
Gudi Padwa discounts and freebies: What can home buyers expect during auspicious dates?
According to Hiral Sheth, head of marketing, Sheth Creators, developers are looking forward to an upsurge in sales, with a significant decline in the unsold inventory levels in the coming days. During Gudi Padwa, a number of developers offer attractive pricing on properties, discounts and gifts, to encourage sales.
“Additional offers like customised and easy payment schemes, free gold coins, family holiday packages, free furniture, fully-furnished kitchens, offers to bear the GST or stamp duty charges, low interest rates on loans and cash-backs, are often clubbed with conventional discounts. All this can help the prospective buyers to save a huge amount, on the total value of the property. On the back of all the sops and the revival in residential demand, we expect a considerable improvement in property sales this Gudi Padwa. It is the right time for end-users, who were sitting on the fence, to invest in the market,” concludes Sheth.