Trust the festive season to improve the mood of the real estate market. LAKSHMI KRUPA finds out about the deals on offer
Even as home buyers grapple with the eternal ‘to buy or not to buy’ question, builders are gearing up to make up for lost time in the upcoming festive season, with offers of cars, gold and even air-conditioners to customers.
A project in Perungalathur from StepsStone is offering a free modular kitchen and free registration for all spot bookings while Cee Dee Yes Infrastructure Development offers a free Hyundai Eon with a 3BHK flat and a Maruti Alto with a 2BHK.
The innovation does not stop here. If you don’t want a free car, the builder offers to give you rental returns upfront to the tune of Rs. 3.96 lakh for a 2 BHK apartment and Rs. 5.76 lakh for a 3BHK.
Besides this, there are offers of free car parking, registration, EB connections, sewage treatment plants, waiver of legal and documentation charges, and so on.
Says Advitiya Sharma, Co-founder and Marketing Head, Housing.com, “The unsold real estate inventory has been dampening the industry’s mood this year. Now, with the festive season around the corner, the market is likely to pick up again.” The other reason behind the freebies is the RBI’s clamp-down on schemes such as the 20:80 payment scheme. Builders are working hard to find alternative ways to attract buyers. One of these is to monetise the waiting period. Chennai-based XS Real, for instance, is offering a ‘No pre-EMI until possession deal’. Vikas Ramanathan, Manager - Sales, explains, “We have had a lot of enquiries and closed six deals in one day. Since the RBI has abolished the 20:80 scheme, we are offering a No Pre-EMI scheme. Here, upon an upfront payment by the customer we offer cheque payments to him or her for the EMIs until the property is handed over.” If you cannot bear rental and EMI expenses simultaneously, such offers are worth exploring.