Desperate builders offer juicy discounts

Builders across the city are offering holiday packages, lower rates, and on the spot discounts to attract buyers as the real estate market is heading southwards

Desperate builders offer juicy discounts

Builders across the city are offering holiday packages, lower rates, and on the spot discounts to attract buyers as the real estate market is heading southwards

Buying that elusive dream house in Mumbai has always been on the mind of the average Mumbaikar. And now seems to be just the right time to go for that deal.

With builders and realtors lowering their prices and offering juicy discounts to add to that, striking a deal for your first house or the second could be a profitable venture.

The desperate builders are ready to go to any extent for the sale of a flat because of the dire need of capital

The Sanghvi group has offered a special discount up to Rs 2 lakh for the first 25 bookings in its Mira Road project.

While a Karjat-based builder was offering international tours for new bookings last month. However, the offer doesn't exist any more but they are still offering attractive discounts.
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"If you can come and visit the office, the minimum discount that would be given to you would be nearly Rs 90,000 on the whole deal," says an executive from the sales department of the builder.u00a0

"Just get the buyer to our officer, we will manage the rest," this is what builders are telling us, says another broker from the western suburbs.

This shows the desperation among the builders, as they are ready to go to any extent for the sale of a flat because of the dire need of capital, he adds.

Prakah Rohera of Kkarma group says, "A builder in Khar was selling flats at Rs 22,500 per sqft. I called him and offered Rs 19,000 to which he readily agreed and promised to negotiate."

Not just in Mumbai, builders in Navi Mumbai are facing the same problem.

Manohar Shroff, secretary MCHI Navi Mumbai said, "The plot prices in Ulve once had gone up to Rs 65,000-70,000 per sqm, but now rates have come down to Rs 45,000. Land owners have realised that they have no other option but to lower the price to attract buyers."

Except for the prime locations of Vashi and Sanpada, the market in Navi Mumbai is facing a slack. A Vashi broker maintains, "Builders in Kharghar and other adjacent areas are also ready to reduce the rates by several hundred rupees per sq ft."

Even builders agree that they have no other option left than to give discounts. Paras Gundecha, president of Maharashtra Chamber of Housing and Industry, asserts, "Builders who need money have no other option except for giving discounts for the flats.
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The government is not passing any new building proposals and builders can't start anything without the capital. The market is a bit slow, but it would be wrong to say that there are no sales happening at all," said Gundecha.