KOLKATA| MUMBAI: While thousands of residential units lie unsold across metros in the country , builders are quickly rustling up offers to make the most of the upcoming festive season. From freebies to home loan installment reliefs to international holidays, offers are coming in all shapes and sizes, depending on the ticket size of the apartment one chooses.
DLF, for instance, has launched down payment rebates and subvention schemes for some of its ready-to-move-in, or close-to-possession projects.
Kolkata-based Jain Group is running a festive offer called `Appify your home', where if a buyer buys a unit in their Dream One project at New Town that costs above Rs 1 crore, the company will offer Apple accessories such as a phone, a laptop and others that come coordinated with the home's decor like a door, window and for which the company has spent nearly Rs 2 lakh per unit. "Though this doesn't guarantee a closing deal, it definitely pushes sale," said Rishi Jain, ED, Jain Group.
Experts are predicting more aggressive marketing in the days ahead, given the lull in sales of residential units across the nation. "Given the last two years' experience, developers have not waited for the festive season to offer discounts and incentives. But this festive season, they are expected to get more aggressive and innovative to get fence sitters into the market. In Gurgaon and Mumbai, some developers would get as innovative as offering ready-to-move-in apartment with a certain part of the price being allowed to be paid in 18-24 monthly installments," said Ashwinder Raj Singh, CEO, residential services, JLL India.
The real estate market has been in the doldrums for nearly three years, as buyers have shied away in the hope of a price correction, if not a crash. High interest on loans and an indifferent job market made things worse. However, developers and brokers believe that improvement in business sentiment and better job prospects will revive the real estate market, and these offers can act as a catalyst to spur demand.
So, builders have kicked off their offerings with Ganesh Chaturthi in Western India and Onam in Kerala, and are targeting Dussera, Durga Puja and Diwali later this year.
Noida's SCC Builders is offering a three-night, four-day international holiday for booking a 3BHK apartment at projects in Ghaziabad along with a gold coin."Customers who book apartments in any of our projects across Noida, Greater Noida, Ghaziabad, Gurgaon or Meerut will get nine EMIs (equated monthly installments) free for the nine days of Navratra," said RK Arora, CMD, Supertech Group.
Another Kolkata-based builder Realtech Nirman has come up with an offer where buyers at its Rajarhat project will get a rent of . 8,000 and ` Rs 4,000 worth Big Bazaar vouchers for 24 months.
Mumbai's Rustomjee Developers, however, has kept its offers limited to discounts. In one of its wings at its Thane's Urbania township, Rustomjee is offering units at discounted price of Rs 1.20 crore plus government taxes, with a guaranteed date of possession as against normal price of . 1.53 crore excluding govern` ment taxes.