Gudi Padwa 2025: Buy Now, Pay Later schemes remain the flavour of Mumbai’s real estate market

Gudi Padwa 2025, a spring festival that marks the beginning of the New Year for Marathi and Konkani Hindus, is when many real estate developers in Maharashtra traditionally offer discounts to attract homebuyers. This year, the Mumbai real estate market follows suit, maintaining its typical trend.

Flexi payment plans, also known as subvention schemes or “buy now, pay later” options, continue to be the preferred choice for developers during Gudi Padwa 2025. With each month, more developers are adopting these schemes, which have gained popularity since Diwali 2023.

Several Mumbai Metropolitan Region (MMR) developers, including Rustomjee Group, Hiranandani Group, Raymond Realty, Arkade Developers, and Kalpataru, offer flexible payment plans to potential buyers.

In addition to the usual offers, such as gold coins and zero stamp duty, developers provide incentives to attract a larger pool of homebuyers. For instance, Omkar Developers is offering discounts of up to ₹6 lakh on bookings made before Gudi Padwa 2025. Mumbai-based Runwal Realty is adjusting its pricing ahead of the anticipated rise in ready reckoner rates, or circle rates, in Maharashtra, effective April 1.

“Gudi Padwa has always been a time of new beginnings, and at Runwal Realty, we are making it even more rewarding with exclusive offers for both homebuyers and channel partners. With inventory prices set to rise post-March 31st, we are further enhancing the opportunity by covering any ready reckoner rate increase for bookings made before this date,” said Jitendra Singh, Chief Sales Officer, Runwal Realty.

While many developers offer flexible payment plans, a few claim that they do not find it necessary to float some schemes as their product is in high demand.

Also Read: Diwali 2024: Pune real estate developers offer festive deals for the first time after Covid-19

“We offer 1 and 2 BHK apartments in Dadar’s Shivaji Park area. After a long hiatus, a developer has finally launched a project with 1 BHK apartments in the heart of the city, and we are witnessing strong demand for them. Out of the 16 available 1 BHK units, we’ve already sold several in just 10 days since the launch,” said Priyanka Jindal Gupta, advisor at Viyara Realty.

“The product is in high demand; given this, we do not require a flexible payment plan. Instead, we’ve focused on offering gold for Gudi Padwa, as it’s considered auspicious, rather than bundling it with a flexible payment scheme,” Jindal Gupta added.

Also Read: Ganesh Chaturthi 2024: Buy now, pay later scheme takes centrestage this festive season in Mumbai real estate market

Are Mumbai real estate sales slowing down?

Housing sales across nine cities, including Mumbai, are projected to decline by at least 23%, with supply falling by 34% in the first quarter of 2025 (January to March). According to a report by data analytics firm PropEquity released on March 23, this decline is attributed to subdued demand, driven by high real estate prices and a cautious approach from investors amid ongoing geopolitical developments.

According to the report, housing sales in the first quarter of the 2025 calendar year are projected to decline to 1,05,791 units from 1,36,702 units in the same period last year. Among nine major cities, only Delhi-NCR and Bengaluru are expected to see an increase in sales this quarter.

Also Read: Are Mumbai real estate prices moderating, giving homebuyers more room to negotiate?

Due to the slowdown in sales, several developers have been offering subvention or flexible payment schemes in the Mumbai real estate market since Diwali 2023.

https://www.hindustantimes.com/real-estate/are-mumbai-real-estate-prices-moderating-giving-homebuyers-more-room-to-negotiate-101741063145289.html