Builders capitalise on festive spirit

Oct 20, 2013, 03:23 IST | Varun Singh

From offering cars to reducing cost per square foot, they are trying all the tricks of the trade to rake in the moolah

It’s that time of the year again when builders pull all stops to lure buyers for their housing projects. From reducing nearly Rs 999 per square foot, to offering buyers the option to pay nearly 80 per cent of the total cost once they receive possession and giving Mercedes cars, builders are ensuring that they make maximum business this festive season. Not only that, they are also making tall claims that after two years they will buy back the same flats, at Rs 14,000 per square foot which they are now selling at Rs 11,000 per square foot.

Runwal Builders, for instance, is giving buyers an opportunity to make a down payment of 20 per cent while buying a flat and paying the rest after two years. Till then, consumers don’t have to take any loan or pay easy monthly installments (EMI). “It’s an incentive from our side to the buyer. It’s for a limited period and will help them buy flats easily. Such incentives compel us to finish the projects at the earliest as even we are in need of money,” said Runwal.

Real estate and infrastructure development company, Housing Development and Infrastructure Limited (HDIL), is offering Mercedes cars and cash to some lucky winners who would book their flats. A Thane builder is offering customers Rs 1,000 per square foot discount in his project.

Manohar Shroff, secretary of Maharashtra Chamber of Housing Industry (MCHI)-Navi Mumbai, said, “The economy is going through a bad phase. Liquidity is needed, so builders are trying to cash in by giving incentives to buyers.”  

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