Mumbai: Developers offer discounts, gold coins to attract homebuyers ahead of festive season

Number of housing sales falls drastically after old stamp duty rates restored

Sweety Adimulam | Updated on: Sunday, April 11, 2021, 12:38 AM IST


To encourage homebuyers, developers are offering various types of discounts on stamp duty and gifts like gold coins amongst others on the eve of Gudi Padwa festive season. Usually every year on this day, people make investments including property buying. The real estate sector records promising housing sale on this day especially. Besides affordability, existing lower home loan interest rate and prevailing favourable market conditions will also play a significant role in home buying decision this year, believe realty experts.

Like for instance, a leading real estate developer --Ashwin Sheth Group has launched a Gudi Padwa Special offer for homebuyers giving a straight two per cent stamp duty waiver valid from April 13th to April 30th. Similarly, Poddar Housing real estate company is giving 5 grams of gold coin on every house booking. Rohit Poddar, Managing Director, Poddar Housing and Development LTD on the offer commented, "Gudi Padwa is a very auspicious occasion to purchase dream home. This year is a special year with very low home loan rates, great prices on homes and our self belief in human resilience. Prices are going up due to inflation and increased input prices so homebuyers should use this great opportunity to buy dream home."

Besides, luring homebuyers with concession on stamp duty and giving gold coin on booking of flats, Vijay Khetan Group is giving EMI holiday facility. "The offers are provided to relieve the stress of execution on the end-user to deal with contractors and cost overruns during these testing times and the lockdown. With the EMI holiday for 12 months on Ready to move in apartments, we have relaxed the burden of Home Loan EMI's for a year making customers rationalize during these hard times and just focus on the well-being of their families. Buying a home at auspicious times like Gudi Padwa is believed to bring prosperity and opulence for life. Therefore, homebuyers planning to invest wait for this time of the year and also look forward to lucrative deals and schemes in the market," said Anuj Khetan, Director, Vijay Khetan Group.

As builders offering discounts on home buying, the old stamp duty rates that came into effect from April 1st, 2021 has declined housing sales. According to the state stamp duty department only 3,444 houses have been sold out in last 10 days. The sales have drastically reduced due to the five per cent stamp duty. Meanwhile, the real estate industry is urging Mahavikas Aghadi Government to reconsider its decision to provide the concession on stamp duty to continue the momentum in the industry.

Besides, the Builders' Association of India (BAI) has also requested CM Uddhav Thackeray to revise the Standard Operating Procedure made for the industry. Wherein, it has urged to allow builders sale office to remain open on festive days --Gudi Padwa and Akshay Trithya so the business remains unaffected.

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Published on: Sunday, April 11, 2021, 12:38 AM IST