Developers of Under Construction Apartment Projects are offering attractive Discounts and freebies to attract home buyers amid the Covid Crisis. Many IT Professionals having lost their jobs due to the pandemic, the home buying lot has reduced drastically and apartment developers who are not getting enough buyers for their ongoing/ready-to-move projects are doling out multiple goodies like EMI Waivers, cashback schemes, flexible payment options, gold coins and even a car on home booking to keep the sales going.
Rajani Sinha, Executive Driector at Knight Frank India states, “There were discounts even during the pre covid times. But there are abnormal times and builders have increased their discounts up to 10% on select properties to clear their inventories”. There are also offers like 1 year exemption from club house charges, free car parking area and even concession on stamp duty and GST.
Sobha Builders are offering different discounts based on location and projects, as told by company spokesperson.
Brigade Developers are offering multiple offers like flexible payment options, they are also not charging cancellation penalty on booking and making complete refunds in case the customer has lost her/his job, said Raghavendra Joshi, CEO (Residential), Brigade Enterprises.
“Many Property developers are facing a huge cash crunch and by offering some discount, they can improve their sales. We are offering discounts up to 5%, mainly in affordable housing segment”, quoted Bhadra Group Managing Director, Sarveshaa S B. The company has also waived off penalty on cancellation and is giving 3% discount on properties in prime locations.
House of Hiranandani VP (Marketing Strategy), Prashin Jhobalia stated that their company has announced a unique campaign named “Homes that Earn”, where they are offering rentals for 2 years on any apartment purchased irrespective of its stage of construction and configuration, with an average returns of 3%.
Some Builders are also offering price protection plan wherein if the price drops in future, the developer would pay back the difference amount to the buyer.
Source: Deccan Herald Newspaper
Dated: August 13, 2020
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