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Real Estate · October 31, 2019

The perfect occasion to book your own home

Real estate players are playing smart with the buyers ‘emotions by clicking on the opportunities of the festivals. Indian customers are wanting to invest in expensive assets be it a house or a car, during auspicious occasions. It’s a common practice followed by Indian buyers who would invest a huge sum and consider festivals as auspicious days that would bring in peace and prosperity. It is this time of the year that real estate players are bringing out their ground work into play. In other words, developers and builders across metropolitan cities like Mumbai, Chennai, and Hyderabad are offering discounts and deals during the festive season. They understand how the buyer market works. It is only during the festive season they come up with different offers when booked during a given period. They are trying to capitalize on this key season that would generate them higher sales.

Gudi Parwa is one of the festivals that marks the beginning of new year for the Maharastrains. People consider this as an auspicious day for booking a new property. Similarly, people of other communities also follow a similar trend. Thus, builders and developers offer special discounts during this time of the year to grab maximum residents.

What to expect during festival season?

It’s a common sight in Mumbai during the festive season that builders come up with real estate exhibitions or special discounts which is applicable on the basis of per square feet. For example, real estate builders in Hyderabad offer 1 BHK apartments for sale in Hi-tech city Hyderabad, sized 600 sq. ft. to 700 sq. ft. for 40 lakhs to 60 lakhs whereas 3 bhk flats for sale in Hyderabad will be priced 95 lakhs to around a crore which will be an area size of about 860sq ft. to 950 sq. ft.

Builders also come up with special discounts if they book within a given time frame. This time frame could either be a launch period or a festival time. These are attractive deals which they can avail only when they book immediately and not after the given period. Thus advance booking or down payment in such a case will generate higher profits when the property has completed construction.

Seasonal discounts by builders also offer complimentary furniture or gadgets that would be useful for your home. Such discounts include free installation of chimney, free modular kitchen, or even gold coins. Some developers do offer a genuine deal which would not cost them a huge sum. These mini gifts seem to attract many customers and it also seems a valuable deal for the builders that giving away a straight u discount of cash to the buyers.

Few developers also offer interest schemes as they consider your given money as a responsibility of utilizing for construction. Thus schemes are charged keeping the basic rate of interest in mind or current bank interest rate. During the subvention period they offer a lesser rate compared to that of the bank. Such a scheme allows developers to attract buyers and raise funds at the same time. Thus they successfully attract money at a lesser rate than borrowing from other financial institutions.

Aim of builders to target festive season

Builders aim to attract more buyers during the festive season especially if a new project. They set up a sample house on the site along with their office on the construction site for buyers to view the project status and the house sample model. This can save you a huge amount of money when you book during their initial phases. However a special price can also be availed if you book flats of given floors or blocks.

Buyers need not pay the full amount during booking. Only a down payment or advance booking will keep the flat booked on their name. This allows builders to generate cash flow that would help them keep the ground work going. It also allows them to arrange room for more cash.

Festive season is all about raining discounts on the real estate sector. Before buying you need to evaluate various factors. Builders, developers, time of completion, location, developments near by the locations are few such factors that will determine the price of the property after completion. If the locality like malls, metros or schools will be developed by the end of the project, the prices are sure to hike up. You do gain a decent profit margin on the asset purchased.