GURUGRAM DEVELOPERS ARE BETTING BIG ON THE FESTIVAL SEASON WITH IMPRESSIVE SCHEMES TO BOOST SALES. MAMTA SINHA WRITES
It is festival time again and like always, the realty sector – reeling under the impact of the Covid-19 pandemic for the last one and a half years – has started betting big on it.
More because this is an opportune time to recover most of the losses suffered during the Covid-induced lockdowns.
A recent report by CBRE shows housing sales across India’s Top 7 cities increased by 73% on a QoQ basis in Q4 2020, and the recovery continued in H1 2021, as housing sales recorded over 75% growth on a YoY basis.
“As we saw, with the 2nd Covid wave receding since June and localized restrictions being eased, residential activity in Gurugram picked momentum. Genuine buyers are back, exploring options. Developers have pulled out all the stops to attract buyers. They have rolled out innovative schemes for the festive season, many of which may result in an actual reduction in the overall cost of acquisition. These offers, however, come with an expiry date — when the housing market regains enough momentum, they will be withdrawn. Thus, most end users would want to use this period to their advantage. The prevailing lowest-best home loan interest rates are an added advantage,” Santhosh Kumar, vice-chairman of ANAROCK Group. says.
Some prominent deals and offers being rolled out most recently include attractive payment plans like “15:85“, “25:25:50“. and “40:60“, along with “No EMI till possession“, “gold vouchers and gold coins“, “discounts“, “modular kitchens“, “fully furnished homes“, etc.
Krisumi Corporation, for instance, has come up with a complimentary golf session at ITC’s Country Club & Resort, a gold voucher worth Rs 2 lakh’, and an ITC Gift Voucher on every booking for a limited period, to make the festive season even more special for their patrons.
“The festival season has undoubtedly lifted consumer sentiment in the residential sector. Our flagship project — Krisumi Waterfall Residences in Sector 36A, Gurugram, off NH-8- has witnessed a surge in inquiries and footfall in the past few weeks,” Ashok Kapur, chairman of Krisumi Corporation and Krishna Group, says.
“This festival season against the backdrop of the regaining momentum of economic activities augurs well for real estate. The economic fundamentals are already strong, marked by a swift revival in demand, aiding the recovery of some segments. We foresee the festive season to set the pace for buoyant demand in residential segment in the coming quarters. The initiatives by the industry will develop the road map for real estate growth. More over, the significance of homeownership against the insecurities of rented accommodation will drive demand for homes in the next few quarters,” Kapur said.
Industry experts say considering the present scenario, housing demand is likely to grow Further during the forth coming festival season, provided there is no resurgence of a 3rd Covid wave. Gurugram is one of the prominent regions of the NCR where housing demand is picking up fast.
Gurugram-based Mapsko Group also claims to have witnessed a significant increase in customer queries for their project — Mapsko Mount Ville. The group is organizing weekend Monsoon Fest at Mapsko Mountville, Sector 79, Gurugram, inviting homebuyers to buy ready-to-move-in apartments at Mountville with “On the Spot Surprise Offers”.
‘At Mapsko, we are all geared for the festive season and are willing to go the extra mile for our patrons to ensure a superior experience. We are offering discounts up to Rs 7 lakh, depending upon the property, a special discount on festive days, and spin the wheel on the spot discount for a limited period.” Rahul Singla, director of Mapsko Group. said.
“The festival season will pave the way for real estate growth. Most people consider it auspicious to buy a new home during this time. The revival in sentiment against the backdrop of accelerating economic activities makes this festival season more attractive,” Singla said.
Navdeep JP Sardinia, says: “This year, the festival season is expected to register an increased volume of end user and investor activity, backed by favourable market conditions for investment. The wide range of products in line with the current demands will steer the sector towards recovery”