The buzz is that the real estate industry is not doing well and the market is facing a downturn. According to reports, in an attempt to improve the situation, builders have started throwing parties for brokers, and showering brokers with expensive mobile phones and two per cent brokerage.
And if that wasn’t enough, just last week, a builder from south Mumbai offered brokers luxury cars in exchange for sales.
Realty sources tell MiD DAY that gifts and other methods to woo brokers will be seen in the coming few weeks owing to the surge in the passing of proposals from the civic body.
“The Brihanmumbai Municipal Corporation (BMC) hadn’t passed a single proposal in the past two years but ever since Sitaram Kunte took over as the new BMC commissioner, there has been an increase in the passing of building proposals. Builders now have projects to showcase,” said a broker.
But even though brokers are being dined and wooed, they claim that they aren’t falling for these perks. Prakkash Rohira of Kkarma realtors said, “We are affiliated with the most reputed developers in the city and recommend projects solely based on market perception and our study of the future. Right location and right price are of utmost importance. No genuine broker will risk his client’s entire investment for a meagre commission or any other such kind of incentive.”
Another broker claims that builders only seek their assistance when they are unable to generate sales on their own. “Many builders look at us as seasonal requirements, forgetting that this is our profession and over the last few decades we have provided significant contributions to the industry,” he said, adding, “Brokers do enjoy this attention in a slow market.” Mankodi Ramdas, another realtor added, “The investors are tired and hence, builders are looking for real buyers. If buyers shy away from the market, then in the next six months, there will be a drop in prices. Hence, builders are using these techniques to woo us as we are the best way to get buyers.”