From giving discounts of Rs 2 to Rs 5 lakh to sops such as gold coins, cars, scooties and even white goods, developers are going all out to woo customers this season, especially in areas where the unsold inventory is huge.
“Developers are struggling to push sales this festive season. Even though the interest rate cuts by the Apex bank, the increase in income and the fact that property prices have more or less remained stagnant for the last three years, the gap between affordability and real estate prices is huge. The current unsold inventory across India today stands at 10 lakh units. The unsold inventory in Mumbai is around 2.56 lakh units and Delhi NCR it is around 3 lakh units,” says Pankaj Kapoor, managing director of Liases Foras, a consultancy firm.
In Delhi NCR, Prateek Group is giving away Hyundai Grand i10 cars, scooties and refrigerators through a lucky draw for its township project Prateek Grand City located in Siddharth Vihar in Ghaziabad. Customers will also get a gift or gold voucher with every booking. The group is also offering I Phone 7 with every booking.
TDI Infratech Ltd, a real estate group active in Kundli, Sonepat region, is offering discounts of around 15% on the basic sales price for their project in TDI City, Kundli. For the project Tuscan Residency, the price of units has been slashed to Rs 36 lakh from Rs 40 lakh. For TDI affordable homes, the company is offering a special festival discount of Rs 75,000 on booking.
{{/usCountry}}TDI Infratech Ltd, a real estate group active in Kundli, Sonepat region, is offering discounts of around 15% on the basic sales price for their project in TDI City, Kundli. For the project Tuscan Residency, the price of units has been slashed to Rs 36 lakh from Rs 40 lakh. For TDI affordable homes, the company is offering a special festival discount of Rs 75,000 on booking.
{{/usCountry}}In Mumbai, developers are offering sops ranging from gold coins to luxury cars. Areas where units cost over a crore, some builders are offering BMW and Honda cars.
There is a lot of online activity as well. Snapdeal held The Unbox Diwali real estate sale from October 2 and October 6 featuring apartments from realty developers such as Prestige Group, Purvankara, Kolte Patil Developers, Provident Housing, Panchsheel Group, Sreejan Realty, Rohan Lifescapes etc.
The apartments on sale are available in Delhi/NCR, Mumbai, Bengaluru, Chennai, Hyderabad, Pune, Kolkata, Ahmedabad and Jaipur. The offers were available for 1BHK, 2BHK, 3BHK and 4BHK apartments ranging from Rs 30 lakh to Rs 5 crores per apartment.
Customers buying real estate on Snapdeal were able to avail home loans from State Bank of India (SBI) and availed of 10% discount on base selling process, 25:75 payment offer and discounts of upto Rs 6 lakh. They were also given freebies such as cars, iPhones 6 handsets, iPads, gold coins and more.