Less bang expected for real estate

Oct 20 2013, 10:46 IST
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The effect will be felt on fresh booking volumes as well. Reuters The effect will be felt on fresh booking volumes as well. Reuters
SummaryThe festive season for real estate developers is most likely to be dull this year.

its projects in Bangalore and in tier-II and III cities of Solapur, Pune and Gwalior.

“Most customers are preferring discounts over gold coins,” says Vishal Makhija, general manager, Mantri Realty.

Mumbai-based RNA Corp also has a unique offer under which the builder is promising the customer that if in 2016, a buyer feels that the property rate is not appreciating, he could contact RNA and the company will buy back the apartment for R3,000 extra per square foot, compared to what the customer paid in 2013. The offer is on till November 2, and will be valid for the first 100 customers who give a cheque of R5 lakh to book an apartment in its RNA Exotica project in western suburbs of Mumbai.

“The cheque is fully refundable in case the buyer decides not to go ahead with the purchase by November 2013, or is not in the first-100 list. We have not lowered the prices but, keeping in mind growing customer apprehensions regarding appreciation of property, we felt this was a good way of gaining their confidence,” says Surjit Singh, president (marketing), RNA Corp.

Delhi-based KV Developers, on the other hand, is offering free car parking, free club membership, etc, in its KVD WindPark in Greater Noida. “Residential sales have picked up only marginally in NCR region over the last three quarters. Against this backdrop, developers will use all means to cash in on the festive season,” says Santhosh Kumar, CEO (operations), Jones Lang LaSalle India.

Given the slowdown, Jasuja of PropEquity says that 2013 could be a year of much better deals. However, how successful all these attempts will be, only time will tell.

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