Discounts, Freebies, And Deals In The Festive Season 2019

Discounts,Freebies And Deals

The  festive  season  in  India  is  traditionally  considered  very  auspicious for  wealth  creation  and  property  acquisition. It  commences  from  Navratri  and  extends  up  to  Xmas. Most  of  the  buyers  like  to wait  for  the festive  seasons  as  there  are  lots  of  discounts, freebies  and  deals  offered  in  the  market  to  lure  potential buyers. Sales  usually  pick up  during  the  festive  season  as  it  is  considered  as  an  auspicious  period  for  the  new  property purchase.

The  festive  season  is  one of  the  most  awaited  times  of  the  year  when  buyers  look  forward  to  investing  in  the  property  market  and  therefore  most  of  the  sales  transactions  happen during  this  period. It  is believed  that  close  to  25-30 percent  of  the  annual  sales  of  all  real  estate  market  is  generated  during  this  festive period. Some  discounts, freebies  and  deals  make  it  a  win-win  situation  for  both  developers  and  homebuyers. During  this  period  developers  offering  the  best  deals  and  exciting  offers  get  the  opportunity  to  interact  with  many  potential  homebuyers  across  the country.

To  cash  in  on  the  festive season,  lending  banks  and other  financial  institutes  provide  loans  to  the  borrowers on  easy  terms. The  influx  of  liquidity  in  the  banking  system  has  ensured  attractive  home  loan  rates. Moreover, the  sentiment  in  the  market  has  become  more  positive  after  the  introduction  of  the  repo  rate-linked  lending  rate  (RLLR)  home  loan  product  by  the  State  Bank  Of  India  and  thereafter  followed  by  some other  lending  banks. Additionally, they  also  offer  attractive  options  to  customers  keeping  in  mind  the  festive season. All  this  can  lead  to  usually  20-25 percent  more  sales  than  the  rest  of  the  year, during  the  season.

A  win-win  situation  for  both  developers and  homebuyers

Developers  try  to  cash  in  on  the  festival  fervor  by  lining  up  attractive  schemes  and  offer  to  attract  a  large number  of  potential  buyers. They make  every  effort  to  woo  customers  during  this  period  as  they  line  up  big  discounts, freebies,  and  various  payment  schemes  for  buyers. The  positive  effect  of  these  offers  and deals  by  the  builders  will  hopefully  turn  fence-sitters  into  buyers. This  certainly  helps  in  the  upsurge  of  the  demand for  residential  property  in  the  market.

This  year  more  innovative  offers  and  schemes  are  likely  to  be  witnessed  in  the  market  for  the  revival  of  the housing  market, particularly  given  the mounting  unsold  stock  of property. Developers  look  at  the  festive  season  as  an  opportunity  to  increased  property  buying  activities  in  the  market  wherein  their  inventories  can be  sold  in  large  numbers.

On  the  other  hand, customers  see  it  as  an  opportunity  to  buy  their  dream  homes  at  competitive  rates  and attractive  buying  schemes. Even  the  investors  are  driven  by  traditional  sentiments  and  consider  it as  an ideal opportunity  for wealth  creation.

Discounts, Freebies, And  Deals  In  The  Festive  Season 

The  trend  of  offering  lucrative  schemes, discounts  and  freebies  are  fast  catching  up  with  most  of  the  major builders. Moreover, the  special  price  and  other discounts  are  being  offered  during  the  festive  period  by  the developers  to  attract  potential  customers. They  put  out  some   big  hoardings, banners  and  also  full-page colour  advertisements  in  the  newspapers  to  attract  home  buyers. Besides, various  other  platforms  such  as  the Internet, mobile  marketing, and  social  networks  are  being  used  to  attract  customers.

Like  every  festive  season, this  time  too, the  real estate  market  has  been showering  offers  and  deals  to  lure  the  potential  homebuyers. Some developers  are  offering  freebies   such  as  LED TV, iPhone, iPad Car, Gold  coins, and  Armani  wristwatch,  etc. while  some  others  offer  a  foreign  travel  package  to  their  prospective  customers.

Besides, developers  are  offering  fully  or  semi-furnished  apartments  including  air  conditioners, free  modular kitchen, appliances, furniture, car  parking, club  membership, registry, stamp  duty, power  backup, chimney, etc.  at their  respective  projects.

Various  payment  schemes will  allow  you  to  buy  the  property  by  making  only  part  payments.  To  attract buyers  in  the  NCR housing  market,  developers  are   offering  possession-linked  payment  plans  for  homebuyers under  which  buyers  can  book  the  units  at  30 percent  of  the  property  value, the  remaining  amount  can  be paid  at  the  time  of  receiving  occupancy   certificate  and  possession. Some  developers  are  also  offering  better payment  plans  such  as  a  GST waiver

Here  are  some  tips  on  discounts, freebies, and offers:

Now, if  you  are  planning  to  buy  a  property  in  this  festive  season, you  need  to keep  your  eyes  open  and  evaluate  the  deals  before  finalizing  it. Don’t  rush  for  unrealistic  festive  offers  even  if  the  offers  may  be  tempting.  While  making  up  your  mind  about  an  offer, you  must  assess  the  finer  details  of  a  discount  offer  and  do  your   due  diligence  before  opting  for  them. There’s  nothing  wrong  with  availing  discounts  and freebies  but  don’t  fall  for  them  blindly. Focus  on  your  requirements  and  try  to  understand  whether  you  are  saving  big  with  the  deal.

Free  car  parking, modular  kitchen, maintenance  cost, stamp  duty, and registration  charges  waiver, are  some  of the  offers  that  you  should  look  out  for. You  will  have  to  estimate  the  overall  cost  of  the  freebies  and  see how  much  impact  it  will  make  in  bringing  down  the  overall  cost  of  the  home.

Registration  and  Stamp  Duty: A  waiver  of  registration  and  stamp  duty  can  reduce  overall  costs substantially. At  the  time  of  registration, the  owner  has  to  pay  stamp  duty  as  well  as  registration  charges. The  calculation  of  stamp  duty  varies  from  state  to  state  while  the  registration  charges  and  other  surcharges range  somewhere  from  5 percent  to  10 percent.

Club  membership, parking  charges, etc: Water  connection, electricity  meter  installation, power  backup, club  membership, parking  charges  are  one-time  charges  and  when  waived  will  add  to  the  overall  discount.

GST  waiver: Some  developers  in  the  national  capital  region  have  waived  the  goods  and  services  tax (GST)  on  the  home purchases  during  the  festive  season. GST  adds  a  five  percent  burden  on  the  buyers  but  it  will  not  apply  to  them  if  the  project  has  received  the  occupancy  certificate  (OC). Therefore, the  builder  is  not allowed  to  charge  it  from  the  buyers. However, an  under-construction  project  attracts  GST  and  therefore  a  waiver  on  it  by  the  builder  may  be  considered.

However, look  for  the  properties  that  offer  a  great  location, features  and amenities, quality  of  construction, development  of  the  infrastructure  at  the  desired  locality, social  amenities  and, of  course, big  discounts  during the  festive  season. You  must  look  to  invest  in  projects  of   the  reputed  developers  with  strong  execution  and financial  capabilities. They  are  better  equipped  and  positioned  to   comply  with  new  guidelines  of  RERA. This will  give  buyers  the  scope  for  the  price  appreciation  of  their  home  as  well  as  timely  delivery. If  the  project meets  all  these  parameters, only  then  offers  and  freebies  make  sense. Therefore, you  should  not  base  your buying  decision  solely  on  the  offers  and  deals  during  the  festive  season.

Also  read: Big Discounts  And  Offers  For  Buyers  In  The  Festive  Season

Discounts, Freebies,  And  Deals  In  The  Festive  Season  2019

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