Builders offer price cuts, flexible payments at Mumbai exhibition to woo homebuyers

The four-day Maharashtra Chambers of Housing Industry (MCHI-CREDAI) exhibition, which started on Thursday, saw host of offers -- price cuts, no floor rise, exemption in goods and services tax (GST)

With the real estate market facing a slowdown, builders have come up with various measures such as price cuts, offers and sops to woo homebuyers.

The four-day Maharashtra Chambers of Housing Industry (MCHI-CREDAI) exhibition, which started on Thursday, saw host of offers -- price cuts, no floor rise, exemption in goods and services tax (GST), flexibility of payment schedules and lenient loans. (FILE)

The four-day Maharashtra Chambers of Housing Industry (MCHI-CREDAI) exhibition, which started on Thursday, saw host of offers -- price cuts, no floor rise, exemption in goods and services tax (GST), flexibility of payment schedules and lenient loans.

A case in point could be Rajesh Lifescapes, which introduced prices cuts in the range of Rs28 lakh to Rs1.4 crore for five projects. The company has reduced the price for a 2-BHK flat in its Kandivli project to Rs1.55 crore from Rs2crore, while 3-BHK apartments are priced at Rs4.30 crore from the earlier Rs5.7 crore in its Powai project.

Mayfair Builders has cut the price for a 3-BHK home in Kandivli project to Rs2.73 crore from Rs3.14 crore, and has reduced the price of 2-BHK flat in its Vikhroli project to Rs1.85 crore from Rs2.04 crore.

Pratik Patel, director, Rajesh Lifescapes, said price cuts are inevitable. “We have to introduce price cuts to maintain the momentum of sales. This is an attempt to make houses affordable,” said Patel.

There are offers in all segments. Moraj Builders, who priced their 1-BHK apartment at Khopoli at Rs26 lakh, demanded just Rs26,000 as booking amount, after which the buyer will get possession of houses. The buyer can start paying equated monthly installments (EMI) from January 2019.

Acme Builders has introduced the box price concept of ‘One Price Advantage’, where it charges an all-inclusive price where there is no hidden cost. The pricing includes all charges right from stamp duty, registration, GST, car parking, floor rise and society maintenance charges.

Manohar Shroff, vice-president, MCHI, Navi Mumbai, this is an ideal time to buy a property. “There are so many offers and the consumer is spoilt of choice. There are chances that serious buyers may get more concessions from builders if he negotiates,” said Shroff.