NEW DELHI|MUMBAI|BANGALORE: Buying a house this festive season might take you on a holiday to Singapore, may be get you a car or even some gold.
Developers are trying to use the general upbeat mood during the festivities to push sales by offering freebies and discounts of up to 20% to homebuyers. For the last few quarters, home sales have languished and inventories have piled up across cities.
According to property research firm Liases Foras, Mumbai currently has over 108 million sq ft of unsold stock while the national capital region has close to 220 million sq ft. The top six cities combined have unsold stock of over 503 million sq ft, roughly the size of Manhattan island in New York.
Sunil Mantri Realty recent is planning to offer a holiday offer for two in Malaysia or Singapore on booking a flat at the exhibition. "Customers have noticed that prices have not gone down so far. And in the backdrop of rising interest rates, rather than giving interest subvention, we are offering some relief to customers by taking care of stamp duty and registration that works out to 5% of cost and also offering foreign tours and furnished flats," says Sunil Mantri, chairman, Sunil Mantri Realty.
In the last few weeks, some developers have launched new projects in Mumbai at lower than market price to garner sales. Ackruti City has launched a premium residential project called Hillcrest in Andheri, Mumbai at Rs 10,900 per sq ft compared to the current market rate in the area of Rs 12,500 per sq ft.
In the national capital region, buying a house with SG Estates in Ghaziabad's Raj Nagar Extension area will get you a car. The developer has tied up with car dealers in the area to offer a Tata Nano with a 2-bedroom flat and a Chevrolet Beat Diesel with a 4-bedroom flat.
"The car works out to be 10-15% of the cost of the home. This has helped push sales by at least 20%," says Gaurav Gupta, director, SG Estates. The company also offers an iPad and an iPhone 4 with homes in another project in Vasundhara.
For some developers, the festive season is a good time to clear their inventory. Gaursons, which has projects in Indirapuram and Ghaziabad, has close to 5-6 completed projects where they have about 20% unsold inventory.
With its ready to move-in penthouses in Indirapuram, they are offering full furnishings and interiors worth Rs 10 lakh along with free parking and power backup. "This works out to a 10-15% discount for a customer. For us, it is a chance to clear our inventory," says Manoj Gaur, managing director, Gaursons India.
Developers are trying to use the general upbeat mood during the festivities to push sales by offering freebies and discounts of up to 20% to homebuyers. For the last few quarters, home sales have languished and inventories have piled up across cities.
According to property research firm Liases Foras, Mumbai currently has over 108 million sq ft of unsold stock while the national capital region has close to 220 million sq ft. The top six cities combined have unsold stock of over 503 million sq ft, roughly the size of Manhattan island in New York.
Sunil Mantri Realty recent is planning to offer a holiday offer for two in Malaysia or Singapore on booking a flat at the exhibition. "Customers have noticed that prices have not gone down so far. And in the backdrop of rising interest rates, rather than giving interest subvention, we are offering some relief to customers by taking care of stamp duty and registration that works out to 5% of cost and also offering foreign tours and furnished flats," says Sunil Mantri, chairman, Sunil Mantri Realty.
In the last few weeks, some developers have launched new projects in Mumbai at lower than market price to garner sales. Ackruti City has launched a premium residential project called Hillcrest in Andheri, Mumbai at Rs 10,900 per sq ft compared to the current market rate in the area of Rs 12,500 per sq ft.
In the national capital region, buying a house with SG Estates in Ghaziabad's Raj Nagar Extension area will get you a car. The developer has tied up with car dealers in the area to offer a Tata Nano with a 2-bedroom flat and a Chevrolet Beat Diesel with a 4-bedroom flat.
"The car works out to be 10-15% of the cost of the home. This has helped push sales by at least 20%," says Gaurav Gupta, director, SG Estates. The company also offers an iPad and an iPhone 4 with homes in another project in Vasundhara.
For some developers, the festive season is a good time to clear their inventory. Gaursons, which has projects in Indirapuram and Ghaziabad, has close to 5-6 completed projects where they have about 20% unsold inventory.
With its ready to move-in penthouses in Indirapuram, they are offering full furnishings and interiors worth Rs 10 lakh along with free parking and power backup. "This works out to a 10-15% discount for a customer. For us, it is a chance to clear our inventory," says Manoj Gaur, managing director, Gaursons India.
ANIMA SINHA
PGDM 3rd Sem
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