By laksh5382 
Over 12,900 properties have been registered in Mumbai in October, a month filled with festivities, starting with Navratri and Dussehra and ending with Diwali.
According to state government data, it has earned over ₹1,200 crore in stamp duty revenue from the city alone.
The number of units registered shows a growth of 22 per cent year-on-year and 42 per cent rise from September, when part of the month was affected by the inauspicious Shraddha period during which people avoid making big purchases.
In the first 10 months of 2024, sales have increased by 13 percent to 1.19 lakh units.
In the Navratri period alone, 5199 units were registered, which is 13.2 percent more than last year.
With the festive season set to begin, real estate developers are making every possible effort to maintain the pace of launches and most of the frontline builders are witnessing strong sales. For example, Runwal Realty’s sales doubled during Navratri compared to the monthly average.
The Mumbai-based developer has launched new towers of Runwal 25 Hour Life and Runwal Lands in Thane for the rest of the year, while two projects are coming up in Walkeshwar and Worli.
It expects quarterly sales growth of 30 percent in the festive quarter.
Another builder Paranjape Scheme has launched three projects in the last two months and plans to launch 4.5 million sq ft in future in Mumbai, Thane and Pune.
Suraj Estate Developers is expecting to sell homes worth ₹850 crore in FY20, a growth of 75 per cent year-on-year. It plans to launch both residential and commercial projects in specific micro markets of Mumbai.
Builders are also offering attractive incentives to woo buyers, with special focus on financial assistance.
“While traditional incentives like gold coins and electronics were once popular, today’s buyers favor financial assistance,” said Saurabh Roonwal, director, Roonwal Realty.
“At our Thane projects, we offer customizable payment options to meet the needs of customers. Additionally, we partner with banks to offer preferential home loan rates, tailored incentives and loyalty programs for first-time buyers as well as customizable options that meet different buyer needs,” he said.
This view was echoed by Amit Paranjape, business development head, Paranjape Yojana, who said attractive financing options, festive discounts and new project launches were incentives.
Apart from the rebate, another option is to bear a part of the stamp duty and registration fee and provide the furniture.
Rahul Thomas, Whole-time Director, Suraj Estate Developers said, “We have created customized festive offers to suit the needs of our customers, including spot offers, discounts on stamp duty and registration fees, festive gold coins and attractive fully furnished homes. Incentives are involved.”
“To enhance the shopping journey of buyers, we offer flexible payment solutions,” he said.
Builders also tie up with banks and housing finance companies to make financing easier as well as payments more flexible.