Royal Palms India has cut commercial real estate prices by 25 per cent to woo more buyers and investors into its 240- acre estate.
The company has offered to sell commercial realty at Rs 2,999 per sq ft as against the previous offer price of Rs 3,999 per sq ft, a discount of 25 per cent. Possibly this is the biggest discount offered by any realtor in India.
Royal Palms is offering offices in the sizes ranging from 400 sq ft to 200,000 sq ft in ready possession buildings as well as in some buildings which are under construction.
These are located inside Royal Palms estate in Mumbai’s western suburb of Goregaon East.
“The land on which these properties are located was acquired over 26 years ago at negligible cost and hence even at these rates we will make reasonably good profits”, said Dilawar Nensey, joint MD Royal Palms India.
Nencey said his basic aim was to attain critical mass and bring a balance between residential and commercial development so that all projects become sustainable.