With the festive season of Navratri 2024 approaching, prospective homebuyers may not find the widespread discounts they hoped for. However, some real estate developers are sweetening the deal by offering innovative payment plans and festive gifts such as gold coins, smartphones, modular kitchens, and even international holidays. Despite this, experts highlight that these incentives are largely confined to the affordable and mid-range segments, where sales have been slower in recent months.

Incentives Largely Focused on Affordable and Mid-Segment Homes

While the luxury housing segment has continued to perform well, the affordable and mid-tier markets have struggled. “The luxury segment has seen steady demand, so developers are less likely to offer big discounts. Buyers in this category aren’t as motivated by festive offers as those looking at affordable or mid-range homes,” noted a real estate expert. For the affordable and mid-tier segments, however, certain offers may help attract cost-conscious buyers who are focused on price and project value.

A report by Knight Frank indicated a 14% year-on-year decline in affordable housing sales in the quarter ending September 2024, with only markets like Mumbai and Kolkata showing growth. Similarly, the mid-segment, which includes homes priced between ₹50 lakh and ₹1 crore, saw a 13% drop in sales during the same period. The slowdown is attributed to rising home loan rates and increased property prices. However, as per market analysts, the festive season could see a recovery, with more interest expected in the coming months.

New Launches and Festive Schemes: What’s on Offer?

Several developers are taking advantage of the festive season to launch new projects and introduce attractive offers. For example, spme are rolling out luxury designer apartments in Gurugram, while a few are more focused on township development, Other developers are offering unique schemes to entice buyers.

For instance, a few developers has introduced a lucky draw for customers, with a chance to win a luxury car worth ₹15 lakh. Some Realtors are offering high-end buyers a ₹6 lakh debit note for larger properties, along with complimentary kitchen appliances for all sizes. Similarly, in Mumbai a developer is offering a payment plan for its project, with just 10% down payment required initially, plus festive perks such as a gold coin and modular kitchen.

However, buyers should be cautious and evaluate whether these festive offers align with their actual needs and provide real value.

Festive Deals: A Closer Look at the Real Value

While gifts like gold coins, air conditioners, and holiday packages can be tempting, experts advise buyers to focus on the long-term value of such offers. “If a buyer already owns or doesn’t need an offered freebie, it’s better to negotiate for a discount instead,” suggested an industry insider. Buyers should prioritize offers that provide direct financial savings, such as waived stamp duty, free parking, or reduced registration fees.

Additionally, while ready-to-move-in properties offer security and immediate possession, under-construction properties by reputable developers may also present good investment opportunities. However, buyers should not expect immediate capital gains from residential investments and may want to consider leased commercial real estate as a viable alternative.

This festive season, while the offers may look attractive, it’s crucial for homebuyers to assess the actual value and make informed decisions that suit their financial goals and needs.