October home sales soar in Mumbai; Builders to keep the frenzy going

Over 12,900 properties have been registered in Mumbai in October, a month marked by festivities, starting with Navratri and Dussehra and ending with Diwali.

According to state government data, it has garnered revenue of over ₹1,200 crore as stamp duty from the city alone.

The number of units registered represent a 22 per cent growth on year and 42 per cent growth from September, when part of the month fell was influenced by the inauspicious shraadh period, during which people avoid making big ticket purchases.

In the first 10 months of 2024 sales have risen 13 per cent to 1.19 lakh units.

The Navratri period alone saw registrations of 5199 units, a 13.2 per cent rise from last year’s Navratri.

With the festival season just started, real estate developers have been pulling out all stops to keep the launch momentum going and most of the frontline builders have been seeing robust sales. Runwal Realty, for instance, saw sales doubling during Navratri compared to its monthly average.

The Mumbai-based developer has launches lined up for the rest of the year such as new towers of Runwal 25 Hour Life and Runwal Lands in Thane, while there are two projects coming up in Walkeswar and Worli.

It is expecting quarterly sales growth of 30 per cent in the festival quarter.

Another builder Paranjape Scheme’s has launched three projects in the last two months and future launches of 4.5 million square feet, across Mumbai, Thane and Pune.

Suraj Estate Developers is expecting to sell houses worth ₹850 crore in FY25, a 75 per cent growth on year. It is planning to launch both residential and commercial projects in specific micro-markets of Mumbai.

In order to lure buyers, builders are also offering attractive incentives, with special focus being paid to financial assistance.

“While traditional incentives like gold coins and electronics were once popular, today’s buyers increasingly favor financial assistance,” said Saurabh Runwal, Director, Runwal Realty.

“In our Thane projects, we offer customizable payment options to meet customer needs. Additionally, we partner with banks to provide preferential home loan rates, tailored incentives for first-time buyers, and loyalty programs, along with customizable options that cater to diverse buyer needs,” he added.

This view was echoed by Paranjape Scheme’s head of business development, Amit Paranjape, who said that attractive financing options, couple with festive discounts and new project launches were incentives.

Apart from discounts another option is to absorb some part of stamp duty and registration charges and provide furniture.

“We have crafted customized festive offers tailored to our customer’s needs, including spot offers, discounts on stamp duty and registration fees, festive gold coins, and enticing incentives like fully furnished homes,” said Rahul Thomas, Wholetime Director, Suraj Estate Developers.

“To improve the buyers purchase journey, we provide flexible payment solutions,” he added.

Builders also tie up with banks and housing finance companies to make financing easier as well as make payments more flexible.