There are over 12,900 properties registered in Mumbai in October, a month full of festivals starting with Navratri and Dussehra and ending with Diwali.
According to state government data, the city alone earns over Rs 1,200 crore in stamp duty.
The number of registered homes rose 22% year-on-year and 42% from September, but fell for part of the month due to the inauspicious Schradh period, a time when people avoid buying expensive tickets.
In the first 10 months of 2024, sales increased by 13% to 1.19 million units.
During the Navratri period alone, 5,199 vehicles were registered, an increase of 13.2% from last year’s Navratri.
With the festival season just beginning, real estate developers are doing everything in their power to maintain the launch momentum and most of the frontline builders are recording strong sales. For example, Runwal Realty saw double sales during Navratri compared to the monthly average.
The Mumbai-based developer has launches planned for the rest of this year, including Ranwal 25 Hour Life in Thane and a new tower in Ranwal Land, with two projects coming up in Walkswar and Worli.
We expect quarterly sales to increase 30% in the festival quarter.
Another builder, Paranjape Scheme, has launched three projects in the last two months and plans to launch 4.5 million sq ft projects across Mumbai, Thane and Pune.
Suraj Estate Developers expects to sell homes worth Rs 850 crore in FY25, which is a 75% year-on-year increase. It plans to launch both residential and commercial projects in selected micro-markets of Mumbai.
To attract buyers, builders are also offering attractive incentives, with a particular emphasis on financial assistance.
“While traditional incentives like gold coins and electronics were once popular, today’s buyers increasingly prefer financial assistance,” said Saurabh Ranwal, Director, Ranwal Realty. Masu.
“At our Thane project, we offer customizable payment options to meet the needs of our customers. Additionally, we partner with banks to offer preferential rates on home loans, customized payment options for first-time buyers, and more. “We offer competitive incentives, loyalty programs, and customizable options to meet the needs of a variety of buyers,” he added.
Amit Paranjape, Head of Business Development, Paranjape Scheme, echoed this view, saying attractive financing options, festive discounts and new project launches are incentives.
Apart from the discount, there is also the option of absorbing some of the stamp duty and registration fees and providing the furniture.
“We have created festive offers tailored to the needs of our customers, including spot offers, attractive incentives such as discounts on stamp duty and registration fees, festive gold coins, fully furnished homes, etc.” Suraj -Rahul Thomas, Whole Time Director, Estate Developers.
“To improve the purchasing process for our buyers, we offer flexible payment solutions,” he added.
Builders also partner with banks and mortgage companies to make financing easier and payments more flexible.
