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The Indian real estate sector was looking forward to the recent festive season to witness a positive change, from piling-up inventory and many other issues. However, things did not happen as per their expectations and unsold properties continue to be an issue.
In this scenario, developers are leaving no stone unturned to bring more sales. What has resulted is quite expected, freebies, huge discounts etc. For instance, developers in Tier II cities are offering new schemes like 2 years rent back, free gold coins, discounts on amenity prices etc.
However, it is clear that the current scenario calls for other changes to be brought in immediately. The underlying reasons that led to massive level inventory pile-up of this kind are many. Many times, the offers were not widely marketed, and the number of ready-to-move-in properties was much below expectations.
Along with handling such issues, more attention towards NRI schemes would be another effective strategy. Tier 1 cities would benefit more from NRI involvement.
In Bangalore, which otherwise stayed calm despite the turbulence in the sector, also seems to be affected by the decrease in sales. Yet, the data from Bangalore looks much better as compared with other cities. Also, there has been an increase of 10 % in the prevailing prices in the city.
In this scenario, developers are leaving no stone unturned to bring more sales. What has resulted is quite expected, freebies, huge discounts etc. For instance, developers in Tier II cities are offering new schemes like 2 years rent back, free gold coins, discounts on amenity prices etc.
However, it is clear that the current scenario calls for other changes to be brought in immediately. The underlying reasons that led to massive level inventory pile-up of this kind are many. Many times, the offers were not widely marketed, and the number of ready-to-move-in properties was much below expectations.
Along with handling such issues, more attention towards NRI schemes would be another effective strategy. Tier 1 cities would benefit more from NRI involvement.
In Bangalore, which otherwise stayed calm despite the turbulence in the sector, also seems to be affected by the decrease in sales. Yet, the data from Bangalore looks much better as compared with other cities. Also, there has been an increase of 10 % in the prevailing prices in the city.
To know more about real estate industry in India visit Sovereign Developers Reviews blogs.
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