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Thane builders slash rates

Thane seems to be emerging as a hotspot for homebuyers as builders are substantially lowering prices to suit individual budgets, reports Naresh Kamath.

india Updated: Jan 29, 2009 00:57 IST
Naresh Kamath

Thane seems to be emerging as a hotspot for homebuyers as builders are substantially lowering prices to suit individual budgets.

The realty slowdown, which has created liquidity crises for the builders, and the large number of projects coming up in the area, there is intense competition with developers offering heavy discounts to lure buyers.

Lodha Univas, a township of Lodha Builders, priced at Rs 2,997 per sq ft was a huge success as the Phase-I was completely sold out within a month.

However, buyers will

get possession of the flats only in 2011.

To counter such competition, Vijay Group is offering readymade flats for sale at Ghodbunder Road at the rate of Rs 3,300 per sq ft.

“It is one of the best prices and we are also offering ready possession of flats,” said Ajay Tiwari, business head, Better Homes, which is the marketing agency for the group. During the boom time last year, such flats were priced about Rs 5,500 per sq ft.

Similarly, Harmony Lifestyle group has started booking for the Phase-II of its project at the rate of Rs 3,160 per sq ft, which is far less than Rs 3,950 per sq ft which it had tagged for Phase-I last year.

“We reduced the rate to keep it attractive for buyers,” said Deepak Jain, chairman, Harmony. He also admitted that slowdown in realty sector had led to the price reduction.

Even Haware Builders, a well-known group in Navi Mumbai, also announced a project priced at Rs 2,500 per sq ft.

“We have always been price conscious of our project and tailored to suit the common man,” said Suresh Haware, Chairman, Haware Builders.

Similarly, Keystone has also launched a project, Rustomjee Unbarnia, at the Majhas area which is priced at Rs 3,500 per sq ft.

Realty experts attribute this to the large landholding being bought by the builders at cheaper rates decades ago.

“Builders can afford to give cheaper houses as the investment is very low,” said Ajay Chaturvedi, chief executive officer, Accommodation Times, a fortnightly magazine which tracks the realty market.

“Today there is huge demand for affordable low-cost housing which is being exploited by the builders,” he added.