Festive Offers : Real Estate Developers Prioritize Financial Incentives Over Freebies

In 2022, the majority of the offerings were freebies like gold coins, phones, modular kitchens, and so on, but this year's offers are focused on financial and flexible payment systems.

Several real estate developers are giving out freebies such as modular kitchens and gold coins this holiday season, in contrast to last year when they gave away freebies like modular kitchens and gold coins.

There are also fewer seasonal deals available because demand is strong, according to real estate experts, who said that branded developers, who are likely to unveil new projects this season, may avoid offering incentives due to the strong demand.

According to Anshuman Magazine, Chairman and CEO of CBRE for India, South-East Asia, the Middle East, and Africa, a considerable number of first-time homebuyers may enter the market this season. "A growing number of people on the fence are likely to make a decision based on enticing festive season offers and discounts extended by developers.

"The luxury real estate parts( Rs 2- 4 crore and over) are set to crop as largely sought-after investment options, particularly among high net-worth individualities ( HNIs) and non-resident Indians (NRIs) looking to cover their investments in the face of prevailing global macroeconomic misgivings," said Mr. Singh. 

Previous patterns

Prior to COVID, the majority of the offerings throughout the holiday season featured various subvention plans and freebies such as free gold, modular kitchens, and so on. However, following COVID in 2020 and 2021, developers offered stamp duty or GST waivers and incentives in addition to subvention plans. Gold coins, phones, modular kitchens, and other goodies were available in 2022. Surprisingly, many of the projects that generated strong sales had few offers.

"We expect similar trends this year because housing demand is strong, and when demand is strong, there are fewer festive offers." Furthermore, given that the major launches will be carried out by well-known and respectable developers, they will refrain from making any offers because they are currently experiencing good house sales. Thus, holiday offers this year will be determined by supply and demand. Even so, now is a good moment to buy because prices are expected to rise further. It makes sense to take advantage of the holiday deals and close the sale before that happens, according to Anuj Puri, Chairman of the ANAROCK Group.

According to a recent JLL report, residential sales in the top seven cities totaled 196,220 units during the first nine months of 2023 - Sales are likely to exceed 215,000 units by the end of the year, representing almost 91 percent of last year's sales.