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Ahmedabad: Buying a car for Diwali? Go for a house & get it free!

Developers in A'bad are offering interest waiver, car and foreign trips on booking of residential units.

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The real-estate industry in Ahmedabad has turned out be a buyer’s market. At least this is what the recent market trends are suggesting.

Developers, to prep up demand and bring in sales, are luring customers with schemes like waiver in interest rates on home loans, a car on booking of a residential unit and even family holidays abroad for buyers and brokers booking more than one unit.

This clearly suggests the realty segment isn’t an exception to current overall slowdown in the economy. The sector has been reeling under pressure for about one-and-half years now, due to lack of customer support. “There was more negative news for the real-estate sector than positives, which has taken a toll on the bookings,” said one of the leading developers of the city.

Developers thus are finding newer trends to attract customers. They have moved beyond offering freebies like modular kitchens and two-wheelers.

For instance, one of the developers in South Bopal has announced discount in interest rate on home loans. An advertisement by the developer proclaims only 7% interest on home loans, while rest of the cost will be borne by the developer. “The buyer is free to take home loans from any of the banks. If the bank charges, say 10.5% interest, we will pay back 3.5% annual interest on the home loan amount to the customer,” said the developers. He said a higher interest rate might deter a customer from booking the unit, as paying high interest as well as rent might be a difficult task. “But relaxed interest loans will encourage the customer as he/she will have to a pay lower EMI,” added the developer.

Another developer, who has his scheme near Vaishnodevi Circle on SP Ring Road, has gone a step further and announced a car as gift on booking of a residential unit. The catch, however, is the buyer needs to pay the full amount within a few days of booking. 

The ‘offers’ are not only for buyers, but also for brokers. “Certain developers in Ahmedabad are offering foreign holiday tours to brokers selling two or more houses in the same scheme. The bulk buyers, too, get the same deal,” said Pravin Bavadia, CMD of City Estate Management – a realty consultancy firm.

Developers, however, aren’t ready to offer direct discounts by slashing rates and thus are enticing customers indirectly. “There is peer pressure to not cut rates, but we need to survive in the market. These lucrative schemes work in such scenario,” said another leading developer.

Realtors are also ready to negotiate on payment terms and conditions, apart from freebies.

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