The freebies range from the usual free parking space to air-conditioners, furnishings and gold coins.
The real estate sector has been dull the last two years. There are fewer new projects, and buyer sentiment is low. According to a recent report by Knight Frank India, the current unsold inventory levels stand at over 7 lakh units and it would take over three years to exhaust it.
NCR-based Raheja Developers is offering a 30:70 payment plan under which 30 per cent of the cost of a flat can be paid within 180 days of the booking date, and the balance on offer of possession. “We are also offering free furnishings across projects in NCR,” a Raheja spokesperson.
Another builder, is running radio and outdoor campaigns to encourage people to “buy now and shift on Diwali.” Gaursons India MD Manoj Gaur said: “For three projects in NCR, we are encouraging buyers towards our ready-to-move-in properties. In addition, they can also avail of discounts up to ₹10 lakh on properties worth ₹70-80 lakh.” Since the last six months have been very lean for the sector, developers are banking on the festival season, Gaur said, adding that enquiries have picked up 15 per cent against last year.
According to industry estimates, in the festival season of 2014, around 90,000 primary sales were recorded in the top eight cities. This is a huge drop from the 1.5 lakh recorded in the same cities in the same period in 2010.
Samantak Das, Chief Economist and National Director – Research, Knight Frank India, said: “Even though reforms have been delayed, GDP growth is 7 per cent, inflation is under control and a rate cut is also expected. The fundamentals are showing improvement, which is a better booster compared to freebies for potential buyers.”
Buyers should also read the fine print carefully and not be carried away by the schemes offered during this period, Das added.