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Frustrated Builders Look Out for Schemes to Attract Buyers
With real estate prices continuing to fall, builders have been forced to come up with innovative schemes in order to woo buyers. Price guarantee scheme is one such sop being offered by the builders. This scheme — being offered by the members of Confederation of Real Estate Developers’ Association of India (CREDAI), Karnataka — is unique as it benefits the buyers and not sellers. As per the scheme, the buyer would get back the difference amount if the builder sells the apartment at a lower price than the amount received from the former.
Here’s how it works: A buyer buys a 2BHK flat for Rs 24 lakh at an apartment complex consisting of 50 units. If the builder of the complex sells the remaining units for less than Rs 24 lakh (per unit), the buyer who bought the flat at Rs 24 lakh will get back the difference. S Suresh Hari, Secretary, CREDAI , Karnataka, said that most of their members were implementing the price guarantee scheme. “This way the buyer does not feel cheated by the builder.” CREDAI members are not the only people who are implementing the scheme. There are non-CREDAI members who offer the same scheme.
While a few of them honour the price guarantee scheme, others (fly-by- night builders) never bother to refund the difference. Suresh Hari wanted buyers to approach a reputed builder as they can address the problems which are bound to arise in future. “If a buyer, who books a flat from our members, has any difficulty in occupying the property, we will take up the issue with the concerned builder,” said Hari.
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