Property developers in the city are wooing investors with a string of festival offers in their bid to generate revenue.
While some developers offer plots facing the east, some promise spot registration facility and discount if the entire sum is paid immediately. This is in addition to those who lure investors with the promise of gold coins to customers who buy plots before the festival. They have also unveiled a campaign through advertisements in vernacular newspapers and television channels on the latest offers.
Freebies are offered mostly by businessmen who have ventures at Bapulapadu, Hanuman Junction, Ibrahimpatnam, Gollapudi, Poranki, Jaggaiahpet, Nuzvid and Kanchikacherla. “We have announced these offers to attract people, as most of them prefer buying new clothes, gold and property during the festival,” said Prasad from a city-based real estate firm.
According to him, plots measuring 130 to 500 square yards are sold for Rs. 3,000 to Rs. 9,000 a square yard, depending on the facilities provided. Some ventures have come up in the VGTM-VUDA area and a few others within the gram panchayat limits.
Meanwhile, Confederation of Real Estate Developers’ Associations of India (CREDAI) Vijayawada Chapter president Y.V. Ramana Rao said investors should be careful while buying land. “People should not fall into the trap of these freebies. They must examine in detail documents submitted by the developer and then decide on investing,” he added.
“Investors should seek legal opinion before paying the money. They have to collect encumbrance certificate and copies related to permission sanctioned by the Directorate of Town Planning and other offices concerned,” Mr. Rao said.
