Mumbai: The season of sales and discounts has returned to Mumbai’s real estate industry, with developers offering a slew of incentives to attract homebuyers. This time, not only are developers promoting these schemes, but their umbrella association, CREDAI-MCHI, is also actively involved, aiming to draw visitors to its upcoming weekend exhibition at the Bandra Kurla Complex (BKC). Industry insiders note that such offers are typically rolled out when sales begin to slow.
The incentives on offer range from gold coins to discounts of up to ₹18 lakh, along with an additional ₹2 lakh discount for first-time women homebuyers. The exhibition is set to feature around 100 developers, alongside 50 financial institutions and allied sectors. “We’ll have exclusive deals such as no stamp duty and GST, discounts up to ₹18 lakh, ₹5 lakh spot booking discounts, flexible payment plans, zero club charges, and giveaways like mobile phones, modular kitchens, and two- and four-wheelers,” said Dhaval Ajmera, secretary of CREDAI-MCHI. He added, “On Sunday alone, all developers will offer an additional ₹2 lakh discount to first-time women buyers, provided the booking is completed by March-end.”
While developers maintain that housing sales remain robust—citing an 11% year-on-year increase in Mumbai’s housing sales between 2023 and 2024—industry observers paint a different picture. “Supply has expanded significantly, but sales are showing a slowdown post-launch,” said Pankaj Kapoor, managing director of Liases Foras, a real estate rating and research firm. “The aggregate numbers may appear to be growing due to a surge in new launches, but sales per project are experiencing a decline.”
A striking example of creative marketing is a project in Mira Road East, where a developer is offering a unique exchange scheme titled “Juna flat do, naya lo” (“Exchange your old flat for a new one”). Upon investigation, Hindustan Times discovered that the developer, through a network of channel partners, assists buyers in selling their existing properties to facilitate new purchases.
However, some industry insiders claim that sales data often presents an overly optimistic view. A channel partner, speaking anonymously, suggested that reports from international consultancy firms, which showcase a robust market, often fail to disclose critical details. “The monthly property sales data highlights price brackets but does not distinguish between actual sale agreements and other types of registrations, such as gift deeds or redevelopment agreements,” the source explained.
The insider also noted that sales traditionally taper from January until Ganesh Chaturthi. “In India, most festivals fall between August and December, which is when developers align their marketing efforts with auspicious occasions. During the off-peak period, such as now, developers introduce schemes to maintain cash flow,” the person added.
