Prospective property buyers in Bengaluru looking to lock down their dream homes this festive season can anticipate a host of new options hitting the real estate market over the next three months, however, they may not be accompanied with the blockbuster deals and discounts traditionally available around this time of the year. As opposed to offering festive discounts and incentives - ranging from gold coins to holiday packages, complementary white goods and flexible payments plans - realty players in Bengaluru are channeling their focus into strategic launches amid record sales observed in 2023 and so far In 2024. “The reason is, there is no pressure to sell.
Discounts are usually given when they want to sell and dispose of a lot of inventory. The developers know that the prices will appreciate much faster now in coming years, so even if they don't sell, they're sitting on good hefty profits holding on to the inventory,” explained Bhavesh Kothari, founder and CEO of Property First Realty LLP. Also Read: Diwali 2024: Do festive discounts matter to Mumbai’s crorepati homebuyers? “Interestingly, last year there were very minimal offers and discounts as housing sales were fairly strong,” pointed out Prashant Thakur, Regional Director and Head – Research, ANAROCK Group.
As per Anarock Research, the unsold inventory in Bengaluru stood at approximately 46,315 units at the end of the third quarter of 2024, 6% lower compared to the same period last year i.e. 49,345 units as.