The real estate industry is gearing up to celebrate the 75th anniversary of independence in its own way, with developers offering various types of incentives and discounts to homebuyers on the eve of August 15.
Tata Housing will let homebuyers avail of an interest rate of 3.50 per cent for 12 months on nine of its projects across seven cities in the country. Also, homebuyers will get other benefits such as up to 1kg of customised silver coins with every booking, marking their home purchase in the auspicious year. To make the campaign a success, Tata housing has also roped in 2,000 channel partners to amplify their reach to the interested homebuyers.
Sanjay Dutt, MD and CEO, Tata Housing said, “Post the marginal rise in the repo rate, the home loan rates are on the rise which has impacted the home buying sentiment. The past 2 years have been a great example of the positive impact of lower interest rates, resulting in historic residential real estate sales month-on-month. With the festive season being around the corner, initiatives like this offer will present lucrative options to prospective customers.”
Meanwhile, Runwal Group has come up with another offer – Mega Freedom – under which buyers will get a one-year payment holiday.
Rajat Rastogi, Executive Director of Runwal Group said, “This Independence Day is a milestone for the country and for us as citizens. We believe owning your home gives the individual and the family true freedom from rents and uncertainty, and allows a person to live on his own terms. As part of our annual independence day celebrations, we've launched attractive promotions across all our projects and are already seeing an excellent response. As a company, we've witnessed the best month ever in July and are very positive that August will be even better.”
Several other developers are offering different types of discounts on home buying, limited to Independence Day.
Meanwhile, the Department of Registration & Stamps, (government of Maharashtra) recorded 2,551 property registration in Mumbai alone till August 8, earning revenue of approximately Rs 188.44 crore. The property sales registrations recorded in July stood at 11,000 in Mumbai – the highest property sales recorded in any July since 2012.