New Delhi, Oct 22 : As the pandemic and the lockdowns brought housing demand to a halt, festivities seemed just apt for real estate developers to attract buyer interest and sell off inventory.
Builders across the country have come up with easy payment plans, subvented interest rates, construction allowance, and staggered payment among others.
Niranjan Hiranandani, President of the National Real Estate Development Council (NAREDCO), was of the view that this festive season will also attract a lot of NRI home buyers to make a dream home either for end use or investment purpose which will also uplift the festive demand.
According to Honeyy Katiyal, Founder of Investors Clinic, developers would come out with price protection plans, innovative payment schemes and flat discounts on the prices of properties.
The Tata Housing Development Company (THDC) recently announced its plan of launching 'WOW is NOW' scheme this festive season wherein customers will have to pay only 3.99 per cent flat interest rate on their home loan for a period of 1 year, with the rest being borne by Tata Housing.
Tata Housing said that the move has been considered taking a 7 per cent rate of interest per annum from the bank as the maximum limit for the offer. Further the company has also created a 'WOW is NOW Zone' on site, where the customer will receive a gift voucher ranging from Rs 25,000-Rs 8 lakh depending on the property, post the booking. The scheme will be applicable till November 20.
Sanjay Dutt, MD & CEO, Tata Realty & Infrastructure Ltd, said: "We have been paying attention to the needs of our customers and we understand that they are looking at benefits which reduce their down payment as well as scouting for festive offers with big discounts." Ashish Bhutani, CEO & MD Bhutani Infra, told IANS that the company has witnessed a considerable increase in the number of inquiries regarding various projects and he is hopeful that the inquiries will convert into sales in the next few months.
Bhutani Infra has come up with an offer where the buyers can get the annual return in advance after making the down payment.
"The offer will work on their 50:25:25 plan and will be available on all our commercial projects in Noida," Bhutani said.
DLF is offering construction allowance and staggered payment option among other offers.
"Two of the biggest learnings would be - promises made must not just be kept but over-delivered to build consumer confidence in this sector and increase investment in this asset class. Secondly, do not devalue your product, instead offer high value proposition. For example instead of offering discounts, we are offering more value in form of construction allowance, staggered payment options, etc," said a DLF spokesperson.
NCR-based Gaurs Group, along with other offers, is running a campaign "FESTIVAL OFFER 2020" which includes 9 gifts for Gaur Siddhartham and Gaur City (14th Avenue and 7th Avenue).
Gaurs Group MD, Manoj Gaur noted that the growth trajectory in the few months is a clear indication that the pandemic had a positive impact on the market, which is opposite to what many were expecting.
"At Gaur World Smart Street we have 'Mauke pe Chauka' that makes owning a commercial property an easy affair by offering an easy payment plan with 10 percent down payment within 30 days, 40 per cent with one year, and the rest 50 per cent at the time of delivery." Arjun Aggarwal, Managing Director of Bhartiya Urban, said that festive season is always considered auspicious for making any important investment decisions as the buyers often associate it with security and prosperity.
"The pent-up demands of the customers due to the stringent lockdown norms are expected to witness a revival during this festive season as the homebuyers will prefer going ahead with their purchase decisions as planned earlier. This will also be backed by exciting offers introduced during this period," he said.
Tech-driven construction, renovation, interiors and home maintenance company Housejoy, has come up with an offer wherein for construction projects, customers won't have to pay anything till footing up front other than Rs 1 lakh design fee.
"We are also providing furnishing options worth up to Rs 2 lakh depending on the project scope. Free furnishings worth Rs 50,000 apart from floor addition or renovation with Rs 100 off per square feet saving on the total cost," said Sanchit Gaurav, Founder & CEO, Housejoy.
The company is also offering flat 15 per cent off on interiors from the total value of any project.
Properties shows too would be back in the scene this festive season.
Consultancy firm Investors Clinic will be organising a property show during festival season to bring today 15 major developers, with an aim to achieve Rs 200-300 crore worth of deals.