Cars, gold & international trips: Hyderabad developers roll out big Diwali bonanza | Hyderabad News
Hyderabad: Amid a sluggish real estate market, developers in Hyderabad are pulling out all the stops to turn this Diwali into a season of revival for home sales. From 10-gram gold coins and 50-gram silver coins to a brand-new car, the recently launched iPhone 18 Pro Max and even Dubai air tickets, developers are rolling out an array of festive gifts, offers and discounts to woo prospective homebuyers.If these freebies are not tempting enough, some developers are taking their promotional campaigns a step further with lucky draws, offering buyers a chance to win an additional property under a ‘buy one, get one free’ scheme. Moving beyond conventional discounts, price benefits and waived registration charges, realtors are increasingly using high-value gifts and extravagant incentives to grab buyers’ attention and convert enquiries into bookings.For instance, a developer marketing a project near Yapral is offering a car worth Rs 10 lakh as part of its Diwali promotion. Another developer is offering 10-gram gold coins to buyers and 100-gram silver coins for referrals for 2 BHK flats at a project in Narapally, along the Hyderabad-Warangal highway, where prices start at Rs 52 lakh.“These freebies are marginal compared to the overall value of the property being sold. Even if a developer offers 1 kg of silver, worth a little over Rs 2 lakh, on the purchase of a Rs 1 crore flat, the incentive accounts for barely 2% of the property’s value. Such promotional expenses are unlikely to dent developers’ margins. Rather than directly reducing apartment prices, some prefer to offer gifts and incentives during festive seasons as a marketing strategy to create excitement around projects, attract prospective buyers and push sales,” said Ch Ramchandra Reddy, MD of RV Nirmaan.However, despite the glittering offers and aggressive marketing campaigns, developers say the festive season has failed to generate the usual buzz in the residential property market. Growing job uncertainty, layoffs and persistent inflation have dampened buyer sentiment, making this one of the more subdued Diwali seasons for the real estate sector.“Unlike previous years, when Diwali traditionally witnessed a surge in home bookings and property registrations, the expected rush of buyers is conspicuously missing. Even though property purchases are considered auspicious during the festive period, prospective homebuyers are reluctant to commit to major financial investments, preferring to adopt a wait-and-watch approach amid concerns over job security and rising inflation. The slowdown is not limited to Hyderabad but is reflected across major metropolitan markets in the country,” said an office-bearer of CREDAI Hyderabad.
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