Real estate players expect Gudi Padwa to boost home sales momentum in Mumbai, Pune

Real estate players expect Gudi Padwa, the spring festival marking the new calendar year for Hindus in Maharashtra, to boost home sales in the key cities of Mumbai and Pune. The festival is being observed on Tuesday, April 9, this year.

Sachin Bandhari, the CEO of VTP Realty, which has a significant presence in the real estate market of Pune, told a newspaper that homebuyers who are looking to buy properties will rush on this “auspicious” date to finalise their deals.

A rise in the number of home bookings and registrations is expected on this Gudi Padwa, Ranjit Naiknavare, president of Pune chapter of Credai, was reported as saying by the Times of India. While property registration offices are to remain closed in Pune today on account of the festival, documents would be processed if any developer body requests, a senior official told the publication.

Gudi Padwa offers for homebuyers

In Mumbai, considered as the country’s financial and real estate capital, builders are rolling out offers to lure homebuyers on the occasion. Prescon Group is offering buyers a complimentary modular home kitchen for the flats they book at its Mahim-based project, Mumbai Live reported. Similarly, Tridhaatu Morya is reportedly offering buyers IKEA coupons worth ₹5 lakh for every unit of home booked at their Chembur-based project, the report added.

Siddha Group is offering spot incentives for instant booking of flats at its upcoming residential complex in Sion, whereas Group Satellite is offering ‘scratch-n-win’ offers for prospective buyers at its Malad-based project, the website further reported. The offers include prize such as iPhone 15, Amazon vouchers worth ₹10,000-₹15,000, washing machine and electric bike, among others, it added.

As per the recently released data by real estate consultancy group Anarock, Mumbai and Pune emerged as key real estate markets in the fourth quarter (January-March) of FY24.

Also Read: Housing sales jump 14% in India’s top 7 cities in January-March 2024, Mumbai tops list: Anarock

Mumbai clocked total sales of 42,920 units during the period under review. This is 24% higher from an estimated total of 34,690 units sold in the January-March quarter of 2023, Anarock said in a recent report. Pune saw around 22,990 units sold in Q4 FY24, increasing by 15% over the year-ago period, it added.