Estate agents lure buyers with freebies as loans get expensive – The New Indian Express

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Express press service

NEW DELHI: Amid rising interest rates on home loans, property developers are offering a slew of freebies ranging from gold coins, diamonds, iPhones to flexible payment terms to entice buyers. Companies are trying to entice their potential buyers with various sops, as many people consider buying a home auspicious during the holiday season.

Experts say three factors mainly influence people to buy properties during festival seasons – festivals are seen as a good time to invest in something, new construction projects launched during this time and property developers come up with deals. and interesting programs to attract buyers to their projects.

Range of offers
So what are these new offers? They range from deposit discounts, to easy EMIs, to e-gifts, and more. For example, the Gaurs Group offers buyers to take possession of their home on only 50% of the single payments. The offer is available if the reservation is made the day before Diwali. Buyers also get an easy 1.25% EMI for 36 months with no parking or maintenance fees, the automaker says.

Mahagun Group is offering one gold coin of up to 50 grams on every booking of 2-3 BHK apartments in their residential project, Mywoods, Sector 16 C, Greater Noida West, pledging possession by December 2023. The Realtor says that post-COVID, the need and demand for housing has increased and people are investing more in real estate than in other asset classes, even as interest rates have risen.

Real estate consultancy Axiom Landbase also offers a 10g gold coin, iPhone 14 Pro, MacBook, 65-inch 4K TV, depending on the property and segment, whether it’s land , a luxury apartment or a business.

Gurugram-based property consultancy InvestinPRO Realtech has promised buyers a gold coin for every booking. Dhaval Ajmera, Director of Ajmera Realty infra, says that these offers are not very big, but they give buyers the good feeling that they are getting something as a gift during the holiday season.

Spectrum Metro offers similar freebies when booking different plot sizes. A gold coin weighing 2 grams will be rewarded when booking space under 250 square feet, while a 10 gram gold coin will be offered when purchasing space up to 350 square feet. Mumbi-based estate agent Hiranandani Gardens, Powai offers zero pre-EMI for 3 years.

Spaze Group also announces the most attractive offers for the auspicious nine days of Navratri. The offer starts on the first day of the festival with a 20 gram gold coin and offers different offers every day. Even the last to invest, the last day, day 9, will have a gift voucher worth R1 lakh from Zara, as well as an opportunity to win a gift voucher for jewelry worth R5 lakh from Tanishq every day. Anarock Chairman Anuj Puri said home sales and new launch momentum remained strong across the top 7 cities in Q3 2022 despite major headwinds.

“The appetite for home ownership has not been deterred, with peak sales being driven by end users,” he adds. He expects the trend to continue through the current holiday season. To maintain sales momentum during the festive season, Puri says property developers have rolled out lucrative deals and these are being well received in the market.

Builders offer cash rebates and giveaways. Some of the players are also partly bearing home loan interest, GST and stamp duty to boost sales during the festive fourth quarter, considered the strongest of the calendar year.

Loan offers
Meanwhile, banks are offering various festive season deals for homebuyers. Bank of Baroda (BoB) launched its annual festive campaign, Khushiyon ka Tyohaar, on September 23, which features a number of benefits for customers as the festive season approaches. The bank offers home loans starting at 7.95% interest rate.

HDFC Bank offers a lower interest rate for top-up loans up to R 50 lakh, while property loans will have a flat processing fee of R 9,999 and there will be special processing fees for balance transfers . ICICI Bank has also announced “Festive Bonanza” under which a customer can avail a pre-approved home loan and pre-approved balance transfer with a processing fee of R1,100. Customers can get a 50% discount on home loan, balance transfer and home loan processing fees, the bank announced a week ago.

Look beyond the offers
While gold coins and electronic items as gifts are a good way to entice buyers, buyers need to understand that buying a home is a long-term responsibility, and they need to look beyond such offers and incentives.

“When investing in a property, buyers should not only consider attractive offers, but also consider the reputation of the developer and other factors such as location, ability to execute and amenities that the developer has to offer,” says Anjana Sastri, Director – Marketing. , Sterling Developers, a Bengaluru-based real estate company.

NEW DELHI: Amid rising interest rates on home loans, property developers are offering a slew of freebies ranging from gold coins, diamonds, iPhones to flexible payment terms to entice buyers. Companies are trying to entice their potential buyers with various sops, as many people consider buying a home auspicious during the holiday season. Experts say three factors mainly influence people to buy properties during festival seasons – festivals are seen as a good time to invest in something, new construction projects launched during this time and property developers come up with deals. and interesting programs to attract buyers to their projects. Range of offers So what are these new offers? They range from deposit discounts, to easy EMIs, to e-gifts, and more. For example, the Gaurs Group offers buyers to take possession of their home on only 50% of the single payments. The offer is available if the reservation is made the day before Diwali. Buyers also get an easy 1.25% EMI for 36 months with no parking or maintenance fees, the automaker says. Mahagun Group is offering one gold coin of up to 50 grams on every booking of 2-3 BHK apartments in their residential project, Mywoods, Sector 16 C, Greater Noida West, pledging possession by December 2023. The Realtor says that post-COVID, the need and demand for housing has increased and people are investing more in real estate than in other asset classes, even as interest rates have risen. Real estate consultancy Axiom Landbase also offers a 10g gold coin, iPhone 14 Pro, MacBook, 65-inch 4K TV, depending on the property and segment, whether it’s land , a luxury apartment or a business. Gurugram-based property consultancy InvestinPRO Realtech has promised buyers a gold coin for every booking. Dhaval Ajmera, Director of Ajmera Realty infra, says that these offers are not very big, but they give buyers the good feeling that they are getting something as a gift during the holiday season. Spectrum Metro offers similar freebies when booking different plot sizes. A gold coin weighing 2 grams will be rewarded when booking space under 250 square feet, while a 10 gram gold coin will be offered when purchasing space up to 350 square feet. Mumbi-based estate agent Hiranandani Gardens, Powai offers zero pre-EMI for 3 years. Spaze Group also announces the most attractive offers for the auspicious nine days of Navratri. The offer starts on the first day of the festival with a 20 gram gold coin and offers different offers every day. Even the last to invest, the last day, day 9, will have a gift voucher worth R1 lakh from Zara, as well as an opportunity to win a gift voucher for jewelry worth R5 lakh from Tanishq every day. Anarock Chairman Anuj Puri said home sales and new launch momentum remained strong across the top 7 cities in Q3 2022 despite major headwinds. “The appetite for home ownership has not been deterred, with peak sales being driven by end users,” he adds. He expects the trend to continue through the current holiday season. To maintain sales momentum during the festive season, Puri says property developers have rolled out lucrative deals and these are being well received in the market. Builders offer cash rebates and giveaways. Some of the players are also partly bearing home loan interest, GST and stamp duty to boost sales during the festive fourth quarter, considered the strongest of the calendar year. Loan Deals Meanwhile, banks are offering various holiday sops for homebuyers. Bank of Baroda (BoB) launched its annual festive campaign, Khushiyon ka Tyohaar, on September 23, which features a number of benefits for customers as the festive season approaches. The bank offers home loans starting at 7.95% interest rate. HDFC Bank offers a lower interest rate for top-up loans up to R 50 lakh, while property loans will have a flat processing fee of R 9,999 and there will be special processing fees for balance transfers . ICICI Bank has also announced “Festive Bonanza” under which a customer can avail a pre-approved home loan and pre-approved balance transfer with a processing fee of R1,100. Customers can get a 50% discount on home loan, balance transfer and home loan processing fees, the bank announced a week ago. Look Beyond Offers While gold coins and electronics as gifts are a great way to entice buyers, buyers need to understand that buying a home is a long-term responsibility, and they must look beyond these offers and incentives. “When investing in a property, buyers should not only consider attractive offers, but also consider the reputation of the developer and other factors such as location, ability to execute and amenities that the developer has to offer,” says Anjana Sastri, Director – Marketing. , Sterling Developers, a Bengaluru-based real estate company.

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