New Delhi: It seems like India's top property developers are trying their best to lure the home buyers by offering massive discounts and freebies.
A report in Economic Times said that builders in Delhi/NCR, Bangalore and Kolkata are offering a flash discount of nearly 25 per cent on per square feet rates.
Things like around 3 percentage point interest subvention on home loan rates, free studio apartments for those who buy top floors of a luxury residential block, free modular kitchens, air conditioners and even wardrobes, are being offered to prospective home buyers.
Home sales data is that rare economic indicator that's refusing to improve - 832.09 million sq ft of unsold inventory as on end-December and 8 per cent fall in sales for the quarter ending December, according to figures from property research firm Liases Foras.
Deepakh Parekh, chairman of HDFC Bank says that “it's a buyers' market now.” Expensive homes especially are not selling. That means, in the context of Mumbai, apartments over 1 crore are finding fewer buyers than those below it, he added.
Yashwant Dalal, president of Estate Agents Association of India, “In the kind of market lacking buyers, builders have no option but to lure buyers with incentives and offers.”
The ET report suggest that Tata Housing Development Company is offering subsidized home loans at 7.99 per cent while banks' home loan rates are around 10.5 per cent. Tata Housing's scheme applies to 25 projects in eight cities.
Lodha Group organised a one-day flash sale at its Lodha Grandezza project at Wagle Estate in Thane. Apartments were on offer for 8,406 per sq ft compared to the local market rate of 11,500 per sq ft.
In the National Capital Region, Supertech had thrown in studio apartments in Greater Noida free for buyers of its top floors in the Capetown project in Noida. In Gurgaon, builders are asking buyers to pay only a small amount upfront and pay the rest when they move in.
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