Real Estate

Discounts, waivers galore for home-buyers

Rashmi Pratap Mumbai | Updated on October 22, 2018 Published on October 19, 2018

Real estate developers are offering GST waiver, zero stamp duty, huge cash discounts and incentives for women buyers to clock sales this festive season.

With sales growth in single digit and high unsold inventory, developers are trying hard to sell stock, making it the right time for end users to take the plunge.

“It is a good time to buy homes for end users as developers are giving the best of offers. A lot of inventory, both complete and under construction, is available. With actual cash discounts, and cheaper property prices, fence sitters have more and enough going for them right now,” Pankaj Kapoor, Managing Director and founder of Liases Foras, realty consultancy, told BusinessLine.

While Paradigm Realty is giving spot cash discounts ranging from ₹3 lakh to ₹10 lakh across projects in Thane, Borivali and Oshiwara in Mumbai, Spenta Corporation is offering a 50 per cent discount on GST charges. With GST of 12 percent, it translates into a saving of ₹6 lakh on a ₹1-crore flat.

Cash cuts

“If the cost of the apartment goes down, it becomes the single largest motivator for potential customers. We offered discounts during the nine days of Navratri and will extend it till Deepawali in view of the tremendous response from buyers,” said Parth Mehta, Managing Director at Paradigm Realty. Many developers are offering subvention schemes, where the developer pays the interest on the bank loan while the project is under construction.

Amit Wadhwani, Managing Director of Sai Estate Consultants, said this festive season, his company is focusing on affordable housing this time around owing to the demand in this segment. “We are currently offering 45 percent off for our projects besides offers of 5 percent payment now and 95 percent on possession,” he said.

Another deal on offer is 20 discount for the Ana Avant Garde project in Mira Road by Tata Constructions along with cashback. “To empower women buyers during the festive season, we have a special offer of upto three percent discounts for any projects,” he added.

Unsold inventory

Pan-India unsold housing inventory is currently over 40 months and prices in most locations have not risen in the last three years. With developers under pressure to liquidate inventory, it is a good time for buyers to strike deals. “As we inch towards Deepawali, more discounts will come up. Some builders, who are desperate to sell are offering massive discounts,” said Sanjay Sharma, Managing Director of Gurgaon-based real estate consultancy QuBrex.

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Published on October 19, 2018
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