Expensive Gift Shop
Real Estate In Dumps, Developers Opened An Expensive Gift Shop To Drum Up Demand For Property
To Prop up the fall in real estate prices, developers in the Capital's outskirts have opened an expensive gift shop to drum up demand for property.
A set of duplex flats is being offered along with a BMW or even a Mercedes as bonus. Some others come with tickets to the Alps or a seven-day sojourn in London. And the most lucrative gift of them all? A flat free if you buy in bulk of five to 10.
Diwali has always brought free bies from the developer community. But this year's festivities have come with a liquidity crunch coupled with a drop in sales, builders told Newsline.
What's On Offer
Assured 12% return on Commercial Property
Discount @Rs 50-100 per sq ft on basic property rate
Construction linked plan: some developers seek 50% of total amount during construction of project; rest to made at the time of possession
Inaaugural discount of Rs 100 per sq ft or more at launch
A Gurgaon-based consultant said: "The National Capital Region (NCR) has emerged as a mature market over the last three years. Investors are finding it difficult to hold on to property for long. This would mean there are genuine buyers and end-users in the market. Developers are now trying to tap the more significant segment of end-users." Several property shows are on at the moment in the NCR region, where buyers can check out homes as well as the attractive schemes that come with it. Many developers are offering heavy discounts like assured returns, payments under construction-linked plans, or direct discount at the time of a project's launch.
Delhi-based Services (India) Pvt Ltd have fairs going on in Noida and Gurgaon till October 12. Nearly 25 big and small developers are presenting their projects, along with that something `extra'. Real estate company Omaxe has also pitched in this time -- its Home Loan Mela at Sector MU in Greater Noida is running to a packed house
Managing Director of Omaxe Ro htas Goel said: "We are inviting dealers, direct customers and prospective buyers to the event. Many bankers would be present for onthe-spot approval of loans. Looking at the overwhelming demand for all our projects, we have also decided to give gifts to our customers. At the moment, demand has shifted from investors to end-users, who do consider discounts when they decide to purchase a home. We hope to perk up sales with what is on offer." ING Vysya Bank, a prominent private sector bank, will hold a twoday Property Mart this weekend at Pragati Maidan. The properties on sale range from Rs 25 lakh to Rs 2.5 crore. The bank's country head (Retail Banking) Uday Sareen said: "We have noticed there is heavy demand from first-time home owners to buy property around this time." However, some developers are not telling the whole story. Many are not discussing these schemes openly. Noida-based consultant Rajiv Mehrotra said: "Projects which have a good saleability do not have schemes. These are selling at market rates. Developers who are not wellknown, or homes that are not conveniently located are offering schemes like assured returns."
To Prop up the fall in real estate prices, developers in the Capital's outskirts have opened an expensive gift shop to drum up demand for property.
A set of duplex flats is being offered along with a BMW or even a Mercedes as bonus. Some others come with tickets to the Alps or a seven-day sojourn in London. And the most lucrative gift of them all? A flat free if you buy in bulk of five to 10.
Diwali has always brought free bies from the developer community. But this year's festivities have come with a liquidity crunch coupled with a drop in sales, builders told Newsline.
What's On Offer
Assured 12% return on Commercial Property
Discount @Rs 50-100 per sq ft on basic property rate
Construction linked plan: some developers seek 50% of total amount during construction of project; rest to made at the time of possession
Inaaugural discount of Rs 100 per sq ft or more at launch
A Gurgaon-based consultant said: "The National Capital Region (NCR) has emerged as a mature market over the last three years. Investors are finding it difficult to hold on to property for long. This would mean there are genuine buyers and end-users in the market. Developers are now trying to tap the more significant segment of end-users." Several property shows are on at the moment in the NCR region, where buyers can check out homes as well as the attractive schemes that come with it. Many developers are offering heavy discounts like assured returns, payments under construction-linked plans, or direct discount at the time of a project's launch.
Delhi-based Services (India) Pvt Ltd have fairs going on in Noida and Gurgaon till October 12. Nearly 25 big and small developers are presenting their projects, along with that something `extra'. Real estate company Omaxe has also pitched in this time -- its Home Loan Mela at Sector MU in Greater Noida is running to a packed house
Managing Director of Omaxe Ro htas Goel said: "We are inviting dealers, direct customers and prospective buyers to the event. Many bankers would be present for onthe-spot approval of loans. Looking at the overwhelming demand for all our projects, we have also decided to give gifts to our customers. At the moment, demand has shifted from investors to end-users, who do consider discounts when they decide to purchase a home. We hope to perk up sales with what is on offer." ING Vysya Bank, a prominent private sector bank, will hold a twoday Property Mart this weekend at Pragati Maidan. The properties on sale range from Rs 25 lakh to Rs 2.5 crore. The bank's country head (Retail Banking) Uday Sareen said: "We have noticed there is heavy demand from first-time home owners to buy property around this time." However, some developers are not telling the whole story. Many are not discussing these schemes openly. Noida-based consultant Rajiv Mehrotra said: "Projects which have a good saleability do not have schemes. These are selling at market rates. Developers who are not wellknown, or homes that are not conveniently located are offering schemes like assured returns."