Slow-Down Real Estate Market Made the Developers to Offer Deals

With the slowdown in sales, it seems like the property developers are offering deals in order to attract the buyers during the country’s festive season.

The recent survey by the National Housing Bank revealed that between April and June the residential property prices has experienced fall in 22 cities out of 26 cities in the country when compared to the previous quarter.

Anuj Puri, the Chairman and Country Head of Jones Lang LaSalle India said that the residential real estate markets has slowed down in many cities across the country and developers are offering customized gifts and schemes taking the festive season as an opportunity to sell their units.  If the idea of gifts and schemes did not work, then the developers have to reduce their prices in order to increase the sales, added Mr. Puri.

With developers offering gifts and many schemes to sell their units, let us take a look at some developers deal to attract buyers; HDIL a Mumbai based developer is offering cash discounts and free holidays to Malaysia and has also announced that buyers will get a chance to win a Mercedes for some of its properties in order to attract more buyers. Puranik Builders have announced holidays to Spain and Bali for some of its property purchase.

Few developers are offering cars, free gold coins, waiver in registration charges and stamp duty to attract more buyers.

Mr. Puri also said that most of the developers tend to offer freebies, new financial schemes, reduce property price, give waivers during the festive seasons in order to sell their unsold units and clear their inventory.

It’s not only the developers who are offering discounts, even lenders are also offering discounts to lure buyers, one among them is the LIC Housing Finance that has reduced it home loan rates by 0.25% as a festival offer.

Mr. Hariprakash Pandey, the vice-president of finance and investor relations at HDIL said that with the special offers and discounts, customers are willing to buy and the launching of offers, the company witness over 3,000+ phone calls, 300+ walk-ins to office and 30+ bookings.

It seems the festive season is the best time for buyers to buy their dream home and to enjoy special offers and discounts and for the and for developers a perfect time to clear their inventories.

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