Affordable offers push festive home sales up 15%

Home sales in Indian cities jumped up to 15% during the Dussehra and Diwali festive season as direct discounts offered by developers on affordable homes found a lot of buyers. 

According to industry insiders, housing sales increased 10%-15% year on year this festive season although the resale market is still waiting for any signal of an uptick. The growth, however, comes on a low base because the housing market had a dull festive season last year. 

"Discounts were available and that did work to prompt fence sitters to act," said Pankaj Kapoor, managing director at property research firm Liases Foras. "Affordability was the most important factor that worked for some developers and projects. In Mumbai, properties launched with price tag between Rs 1-2.5 crore gained the traction, while in extended suburbs across Mumbai metropolitan region Rs 30-70 lakh price category worked," he said. 

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