Developers hopeful of boost in property sales
Among the most common is the no GST offer. The four-day property exhibition being held at the MMRDA grounds began on November 16.
Mumbai: Developers are expecting a boost in sales in the first property exhibition held after implementation of RERA (Real Estate Regulatory Authority). In a bid to attract home buyers, various offers are being presented to them.
Among the most common is the “no GST” offer. The four-day property exhibition being held at the MMRDA grounds began on November 16.
The real estate and housing sector had witnessed a slowdown after introduction of new rules with RERA and GST preceded by demonetisation. Thus, developers are hopeful of a boost in the market at the Maharashtra Chambers of Housing Industry (MCHI-CREDAI) exhibition.
“Since this is the first ever exhibition after RERA, we are expecting that more buyers will come because with RERA, people are more confident about purchasing flats,” said Shailesh Sanghvi, CMD, Sanghvi S3 group.
Developers are coming up with a variety of offers to woo home buyers, with exemption from GST the most common at every second booth of the exhibition. Other offers include free stamp duty and registration, an all-inclusive price and so on. At one booth, Acme Builders has introduced the concept of ‘One Price Advantage’ where there is one price and no hidden charges for the buyer.
“Three days have already passed and we are getting a good response from the buyers. Most people are opting for window shopping and hence, quality sales have not been achieved so far,” said a spokesperson for Acme Builders. However another group i.e. Rustomjee Builders, is satisfied with the response. “We are getting a good response and already, people have started calling up for details. We are trying to get some people on the site. A lot of our constructions have OC, so such projects are exempt from GST,” said Keval Thakkar, a spokesperson for Rustomjee.
Meanwhile, a few builders have also installed a “Wheel of Fortune” concept to woo home buyers, where several freebies are being offered along with the property including a trip to Dubai, 1 BHK flat free with 2 BHK flat and so on.