Industry experts say that during the festive season Real Estate
developers hopefully will clear a large portion of their housing inventory by offering
discounts and freebies, even as they sit tight on declared prices.
Over the past few quarters developers are facing major issues with realty
markets. It is due to high interest rates there is overall slowdown which leads
to build up of unsold units. Banning the 80:20 schemes by RBI’s stringent
directives is expected to make difficult for developers. During the period of
September-December there will be maximum launches and publicity of real estate
projects.
During the period industry watchers are not expecting any price
correction.
Most of the projects are marginally maintained. They say that they are
not expecting any price correction now. Developers are going to plan their
sales cautiously because already they are facing slowdown.
To increase the sales developers are attracting buyers by providing them
with several discounts, gifts/schemes, and the gift may be gold coins, cash
back on monthly rentals, free parking, customization, club facility, zero
brokerage and most of cash discounts.
This is all to clear the housing inventory.
According to few realty portals developers in metros like
Mumbai, Delhi-NCR, Bangalore, Kolkata, Pune, Chennai and Hyderabad have already
announced various freebies to attract customers.
Due to such offering and schemes there is likely a result in
increase of sales. In spite of slowdown and high interest still there will be demand
from primary buyers. Therefore there is a slowdown but still they believe that
sales will happen during festive seasons. There will some offers and discounts
but which is not a major. In Mumbai region many developers are facing major
drop in sales from quite some time. For the overcome of sales they have already
announced various discounts. One of the developers in Mumbai have offered Rs 2
lakh discount for on the spot booking.
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