According to the industry experts, this festive season, many realty developers are optimistic of clearing a huge portion of their inventory pile-up primarily by enticing buyers with freebies and discounts despite a tight situation on the declared prices. According to a top developer, what has led to the build-up of unsold units with developers in majority of the realty market over the last few quarters is the fact that higher interests and the overall slowdown. This trend is unpleasantly affecting cash flow and also new project launches.
To add on to that, it has been noted that things might get worse for developers what with RBI’s strict directives such as banning 80:20 scheme. It is believed that the period during September-December is the time when maximum launches and publicity of real estate projects takes place. Despite this fact, industry watchers opine that there might not be any price correction during the period.
An associate of a renowned developer opined that they don’t expect any price correction now. Majority of the projects have marginally gone up or have maintained the same price level. However, with the projects been factored in the slowdown, the developers intend to plan out their sales prudently.
The trend now in the realty market with regard to the festive season is such that the developers are in the likelihood of luring buyers through many gifts/discount schemes, which are usually in the form of gold coins, customization, cash-back on monthly rentals, free club facility and parking, upfront cash discounts, zero brokerage amongst many offers.
According to a realty portal, numerous freebies have been publicized by various developers in Delhi-NCR, Bangalore, Mumbai, Chennai, Pune, Kolkata and Hyderabad. Such attractive offers are likely to result in huge enquiries and footfalls during this festive season. This move may help create decent sales. The property reviews and ratings indicate this trend may entice the customers.
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