As Ganesh Chaturthi 2024 heralds the onset of the festive season, Mumbai’s real estate market is witnessing a notable shift in promotional strategies. While traditional discounts and offers have been a staple in past years, this festive season is characterised by a rising trend in “Buy Now, Pay Later” (BNPL) schemes.
Real estate developers and brokers are capitalising on the festive spirit to attract homebuyers with flexible payment plans, a move designed to lower the entry barriers for prospective investors. This strategy aims to entice more buyers by allowing them to secure properties with minimal initial outlay, making real estate investment more accessible during this period of high consumer activity.
According to industry experts, BNPL schemes were gaining traction during last year’s Ganesh Chaturthi and have since become increasingly popular. This year, the trend has gained significant momentum, with prominent developers adopting these flexible payment options to appeal to a broader audience. The shift reflects a broader industry trend towards accommodating evolving consumer preferences for financial flexibility. Property consultants note that these schemes are not just a marketing gimmick but a calculated response to the market’s demand for affordable entry points into real estate. By offering BNPL options, developers hope to stimulate sales and maintain competitive edge during the festive season, a traditionally busy time for property transactions.
In contrast to previous years, when upfront discounts and offers were the main draw, this year’s emphasis on BNPL reflects a growing recognition of the financial constraints faced by many buyers. This approach not only makes property investments more feasible but also aligns with the broader economic climate, where flexible financing solutions are becoming increasingly sought after. Overall, the focus on BNPL schemes underscores a shift towards more consumer-centric strategies in Mumbai’s real estate market, marking a departure from conventional promotional tactics. As the festive season progresses, it will be interesting to observe how these schemes influence buyer behaviour and overall market dynamics.
