Diwali 2024: Are Festive Discounts Significant for Mumbai's High-End Homebuyers?
The Mumbai real estate market has observed a 10% drop in property registrations during the Ganesh festival. New projects priced above ₹5 crore are being launched, and luxury homebuyers show a unique approach towards festive offers.
Mumbai Real EstateLuxury HomebuyersFestive OffersDiwali 2024Property RegistrationsReal Estate MumbaiOct 27, 2024
Luxury homebuyers in Mumbai believe in booking or registering apartments during the festive season, considering it auspicious. However, they are not influenced by promotional festive offers. 'Festive offers are not a priority for them,' says Ashish Dhami, Chief of Sales, Marketing, and Product Design at K Raheja Corp Homes. Festive periods, recognized for their auspicious timing, see a surge in home buying activity, especially for 3 BHK and 4 BHK apartments, with prices ranging from ₹3 crore to ₹50 crore across various markets.
What matters to luxury homebuyers is the quality, reputation, and the overall purchasing experience. Sharan Babani, Promoter of Satguru Builders, emphasizes, 'We do not believe in festive offers. These are required in case of mid-income or affordable projects. If your product is good, homebuyers do not need offers to purchase, especially in the above ₹10 crore price range.' Satguru Builders is offering apartments priced at ₹30 crore, where festive offers do not matter to such buyers.
Crorepati buyers appreciate a curated experience and tailor-made offers. Rakesh Setia, President of Sales and Marketing at Rustomjee Group, which sells homes in the range of ₹1 crore to ₹100 crore, notes that even homebuyers who purchase apartments above ₹5 crore expect festive offers. 'While the traditional discounts may not be as enticing, premium homebuyers appreciate tailor-made offers, such as luxury interiors, high-end furnishings, or high-end electronics. Additionally, luxury holidays or exclusive experiences sometimes act as key incentives. However, the ultimate priority remains the quality and value of the apartment, which is a major investment.'
Festive offers can significantly impact deals in the affordable and mid-segment housing sales. 'For luxury apartments, value addition and taste play a big role in closing transactions irrespective of the festive season. However, in the mid-segment and affordable segment, festive offers can make or break the deal,' says Deepak Singh, Founder of 3 Qubes, a real estate advisory firm based in Mumbai. Financial offers such as subvention or flex payments work best for affordable and mid-segment housing. For the affordable segment, festive offers like gold coins and free stamp duty are particularly effective.
Several new projects priced above ₹5 crore have recently been launched in Mumbai. Runwal Group has launched a project named 7 Mahalaxmi in the Mahalaxmi area, offering 3 BHK apartments for around ₹6 crore. Another project by JM Group, named Atlantis on Peddar Road in South Mumbai, is offering 3 BHK units worth ₹18 crore. L&T Realty has also launched a project named Island Cove in Mahim with 3 BHK units priced above ₹5 crore.
Frequently Asked Questions
Do luxury homebuyers in Mumbai care about festive offers?
No, luxury homebuyers in Mumbai are not influenced by festive offers. They prioritize quality, reputation, and the overall purchasing experience.
What types of offers do luxury homebuyers appreciate?
Luxury homebuyers appreciate tailor-made offers such as luxury interiors, high-end furnishings, or high-end electronics. Exclusive experiences like luxury holidays can also be significant incentives.
How do festive offers impact the mid-segment and affordable housing markets?
Festive offers can make or break deals in the mid-segment and affordable housing markets. Financial offers like subvention or flex payments and spot offers like gold coins and free stamp duty are particularly effective.
What are some new project launches in Mumbai above ₹5 crore?
Recent projects include 7 Mahalaxmi by Runwal Group in Mahalaxmi (3 BHK apartments for around ₹6 crore), Atlantis by JM Group on Peddar Road (3 BHK units worth ₹18 crore), and Island Cove by L&T Realty in Mahim (3 BHK units priced above ₹5 crore).
What is the significance of the festive season in the real estate market?
The festive season is considered auspicious for booking or registering apartments, leading to a surge in home buying activity. This is particularly true for luxury homebuyers who believe in the positive timing of the festive period.
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