Apartment sales are taking a new hue as slowdown hits the staying power of property developers. Employees of well-known corporate houses are being offered special prices and sweet schemes meant for suburbs are being offered in downtown areas of Mumbai and Delhi.
Employees of the Anil Dhirubhai Ambani Group (ADAG) companies have been flooded with offers to buy flats at rates which property dealers say are 15 to 20 per cent below quoted market rates.
For example, Harmony Lifestyle has made offers at 15 per cent discount at its under construction project Harmony Horizons at Ghodbunder Road, Thane, offering possession in a year’s time.
Similarly, houses are being offered at Rs 2,200 per sq ft at Sanskriti Apartments at Indirapuram near Ghaziabad across the Yamuna from Delhi at a rate seen below prevailing market rates for the neighbourhood. However, a lot also depends on the possession date, since a delayed possession makes the discount less attractive.
“In the coming days there will be more such offerings for corporates. In today’s market the offered price has to be attractive and bulk sales help developers to kickstart projects,” said Ansuman Magazine, South Asia managing director at CB Richard Ellis.
Mumbai’s Lodha Developer, for instance, has made offers to several corporate houses including employees of a leading media house for its project Univis at Ghodbunder Road.