THANE: The real estate market has witnessed a major slump in the recent past. Builders are now trying to woo buyers on Gudi Padwa as it is considered to be an auspicious day for purchasing property. Many developers are offering discounts and household products to attract customers.
Big developers like Rustomjee, who has started a project in the city, are offering buyers two years rent. Even, Lodha Group, who is coming up with their Palava project at Kalyan-Shil road, has offered to pay rent for 18 months. Puranik Group, too, plans to pay 3.5 lakh to those who purchase flats in their Rumah Bali project that is coming up at Ghodbunder Road. Cosmos group, on the other hand, is offering to pay the stamp duty and registration charges on behalf of home buyer. Many local builders are also making similar offers to woo buyers.
Developers also feel that there will be a price hike after March 31. ''Last year, the scene was much better, but this year, we have managed to sell approximately 20 flats. This is the scene not only with me but all the other brokers as well,'' said a broker who runs an estate agency in Ghodbunder Road.
Some developers have also started offering discounts of up to 5% on property prices. Even those who were reluctant to restructure prices have started offering incentives. Kalpataru and Runwal group had set a target of selling 300 apartments in their two new projects and they have almost managed to meet their target.
Kalpataru, in fact, is all set to launch another project in erstwhile Color Chem property in Thane city by April. Another well-known developer is also launching a new marketing campaign 15 days after Gudi Padwa , (in the first week of April 2014)
and plans to woo consumers with innovative incentives.
Even though developers are wooing customers with incentives, there are not many takers. There is a noticeable trend towards smaller-sized units, obviously meant to catch the tail-end of demand, say property analysts.
Jitendra Mehta, secretary of MCHI-Thane, said, ''Though the festive spirit has increased interest among buyers, they are feeling the pinch because of high rates. But, what can we do? The last was not good and
Some buyers are under pressure to settle bank dues with the financial year ending. So, there are not many who can reduce rates,'' Mehta said.
However, some experts feel that it is better to buy property now. "Post Gudi Padwa, some developers may hike prices citing increased input costs,'' an analyst said.