Builders wooing buyers with freebies like cash discounts and BMWs

With apartments in Mumbai costing nothing less than Rs 1 crore, builders are leaving no stone unturned to attract every possible buyer with lucrative offers.

To counter sluggish sales in the realty sector, builders at the latest edition of the Maharashtra Chamber of Housing Industry-Confederation of Real Estate Developers’ Associations of India (MCHI-CREDAI) exhibition are offering freebies galore to potential buyers. These sops range anywhere from gold coins to luxury cars, and even waivers on various state-implemented taxes.

Realty analysts expressed apprehension over the sops doled out, claiming that affordability still remains an issue. (HT FILE PHOTO)

Tejas Vyas, chairperson, MCHI-CREDAI exhibition committee, said, “Builders have unveiled their best deals and buyers must take full advantage. The market is improving and deals are taking place.”

But realty analysts expressed apprehension over the sops doled out, claiming that affordability still remains an issue.

Pankaj Kapoor, CEO, Liases Foras, a real estate research firm, said, “The prices still remain exorbitant and so, there is resistance from buyers. However, builders are doing their best to attract them. The government has hiked premiums and taxes heavily, which has constrained the builders’ ability to reduce rates.”

Going all out

With apartments in Mumbai costing nothing less than Rs1 crore, builders are leaving no stone unturned to attract every possible buyer with lucrative offers. For example, A & O Realty is offering high-end BMW and Honda cars to those booking 3BHK and 2BHK apartments in any of their 10 projects, prices for which start from Rs2.50 crore and Rs1.5 crore, respectively.

Similarly, Skyline Group is offering a discount of Rs25 lakh to buyers purchasing flats in its Ghatkopar (West) project. Here, the starting price for a 2BHK after a discount is Rs1.69 crore.