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Mumbai: Builders hope festive season will offset slump

As downturn hits property market, developers dole out sops

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With the real estate market not doing very well currently, builders and property developers are hoping that the festive season will provide it with the boost it needs. Every year, around the Dussehra-Diwali period, developers come up with offers and schemes to attract buyers, in the hope that they’d give a leg up to slow sales. However, experts are still divided on whether the offers actually make people invest in property.

Anuj Puri, chairman, Anarock Property Consultants, says launches have increased this year, and many builders are offering schemes, freebies and discounts all year long. “If we analyse the trends, customised payment plans and schemes assuring good rentals were the most prominent incentives,” he says.

However, with the market condition not being very good, housing expert Dr Sanjay Chaturvedi says this will reflect during the festive period. Especially buyers unsure about movement in the job market may choose to stay away from risking the property market, he says.

That hasn’t deterred a lot of developers though. “The festive season is considered an auspicious time to invest in property, so developers look forward to this. Prices are attractive, and there are further gifts/offers that are also doled out,” says Deepak Goradia, vice-chairman and managing director, Dosti Realty.

Some of the other prominent offers include cash discounts, flexi-payment plans, no registration or stamp duty fees, no EMIs till possession, free home appliances, gold coins, etc. Some builders even offer air-conditioners, modular kitchens, furniture, home appliances, etc. But should these be enough to buy a house? “If one has already decided about buying a house and has identified the right property, it’s worth shaking off the paralysis for the festive season. But it shouldn’t be the offers that force one’s hand, but the property itself. The best offers are of no avail if the property itself doesn’t tick the right boxes,” Puri says.

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