To increase property sales in this slump period, city-based developers have started offering gold coins, fridges, foreign tours, free club memberships.
To increase property sales in this slump period, city-based developers have started offering gold coins, fridges, foreign tours, free club memberships, and 10-15% direct discount on across-the-table bookings to allure buyers. This is an indication that developers are desperate to dispose of ready flats against the reduced demand.
The real estate market sale is down by almost 50%. There are hardly any bookings taking place, and this is a cause of concern for developers. They are yet to resort to measures like slashing property rates drastically. However, to sustain bookings and to tempt buyers, developers are using different marketing techniques to attract consumers.
Tata Housing is offering 24 caret 8gm gold coins, while Pranjee Garden City is offering 265-litre refrigerators against bookings of 2BHK flats. Some developers are offering to pay the stamp duty and registration fee, while a few are offering 10-15% discounts on cross-table bookings.
Sources said that developers are giving brokers a margin of 4-5%, against the 2% given earlier. “In 2008 and 2009, the real estate market went through a similar phase because of the economic recession. At that time, most developers reduced prices by 25-30%. They jacked up prices in 2010, saying that the market had recovered and there was a huge demand for houses. Now, things have gone beyond the common man’s reach. There are no affordable houses either in the city or on the outskirts. A buyer has to pay at least Rs50 lakh for a 1BHK flat at a decent location in the suburbs,” a broker said.
Pankaj Kapoor, managing director of Liases and Foras, a real estate rating firm, said that house prices are so high that buyers are not even thinking of buying a house. As a result, there is an absolute slump in the real estate market. People have stopped making enquiries about flats. They have decided to wait and watch the market till the property rates come down.
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