• News by Month

  Select Month February 2012 January 2012 December 2011 November 2011 October 2011 September 2011 August 2011 July 2011 June 2011 May 2011 April 2011 March 2011 February 2011 January 2011 December 2010 November 2010 October 2010 September 2010 August 2010 July 2010 May 2010 April 2010 March 2010 February 2010 January 2010 December 2009 November 2009 October 2009 September 2009 August 2009 July 2009 June 2009 May 2009 April 2009 March 2009 February 2009 January 2009 December 2008 November 2008 October 2008 September 2008 August 2008 July 2008 June 2008 May 2008 April 2008 March 2008 February 2008 January 2008 December 2007 November 2007 October 2007 September 2007 August 2007 July 2007 June 2007 May 2007 April 2007 March 2007 February 2007 January 2007 December 2006 November 2006 October 2006 September 2006

• News by City

  • Bangalore
  • Chennai
  • Delhi
  • Faridabad
  • Gurgaon
  • Hyderabad
  • Kolkata
  • Mumbai
  • Noida
  • Pune

• News by Category

  • NRI
  • FDI
  • Home Loans
  • Real Estate India
  • Banking and Finance
  • Real Estate Developers

« DLF Demands Decline in home loan rates | Home | SBI to Lower Rate this Week »

Diwali Boom for Home Buyers

With the festive season of Diwali just past us, developers are going hammer and tongs at wooing prospective homebuyers with more and more special offers. However, if sources are to be believed, these discounts and gifts have only come about because the real estate market is heading for correction in a big way. Sources say developers are finding themselves stuck in a liquidity crunch and are therefore offloading some spaces at lower margins.

On the one hand, most of the big names in the real estate industry today are putting up a brave front. This is because they feel nothing will change significantly because of the year-long slowdown in the market that has been brought about due to a meltdown global finance, the US subprime crisis and the crash on the Indian stock market. On the other hand, right from global property consultants to local estate agents, talk about the correction occurring at ground level has led to a reduction in transactions, an increase in lucrative offers and discounts negotiated with those who are ready to deal in this rough weather. Some unusual offers by a few developers have made ripples in the market.

Some stunning new offers from around Mumbai have started to make earlier offers — such as free parking and waiver of stamp duty – fade in comparison. One offer claims: “Buy a house and get a car free”. Swastik Group offers 12 months of free stay for home buyers as they will have to pay neither rentals nor maintenance for that period. Earlier, the group was also offering discounted home loan interest. Property rates at Navi Mumbai have also plunged by a couple of thousand rupees per square foot.

Mantri Realty has now offered a buy-back scheme for their clients. After a minimum lock-in period of three years, homebuyers can now give back their flats and get back their buying price if the market value of the flats has gone below the purchase price at that time. At Mira Road, on the outskirts of the island city, prices have reportedly fallen by Rs 1,000 per square foot. But an offer by Cosmos Group for its projects at Thane beats them all – “Buy one, get one free”. And it’s not about a pair of jeans that we’re talking about here. We are referring to a 2-BHK flat. The deal says that if one buys a two-and-a-half BHK flat, you get a 1-BHK flat free. If one opts for a 2-BHK apartment, you get a one-room-kitchen unit at no cost.

News Published Under:   Real Estate India | No Comments »

Comments

Name (required)   

Mail (required)      

URL