It may not be raining discounts this Navratri 2024 but a few real estate developers are offering some payment plan schemes, apart from the usual gifts, such as a gold coin, phones, modular kitchens and international holidays. Having said that, realtors this festive season are mostly offering incentives in the affordable and mid segments where sales remained tepid in Q3 2024 to sweeten the deal. According to Santhosh Kumar, vice chairman, ANAROCK Group, if developers do go on to offer discounts and incentives, it would mostly be in the affordable and mid segments where sales remained tepid in Q3 2024.
“The luxury segment has been performing well in comparison to these two segments, so there is less reason to sweeten deals. Also, luxury housing buyers are not as attracted to such offers as those of affordable and mid-range housing,” he said. In the affordable and mid-segment, certain offers and waivers can cause cost-sensitive buyers to take a second look.
But they will focus more on the actual property and the project and may consider offers that make the property more affordable to them. All things considered - to say that offers other than hard discounts and statutory fees waivers reduce the time to sell properties would not be appropriate, he added. According to a report by Knight Frank, the share of affordable housing during the quarter ended September declined by 14% annually with Mumbai and Kolkata emerging as the outlier markets where sales in the segment grew in ye.