News & Views on Indian Real Estate

Tuesday, October 14, 2008

Good News For Buyers - Realtors Cut Home Prices Up To 25%

To buy your new home, this festival season maybe a good time as developers are offering interesting discounts. Many realtors are already advertising cash discounts of 5-10 percent on upfront payment and buyers can get up to 25 percent discount if they book properties and are willing to wait for two to three years until possession. According to consultants, developers may even give 15-20 percent discount on the price as they are eager to clear inventories. Usually, the October to December period accounts for 60 percent of the home sales. The main cause of concern this year is that home sales have halved because of high interest rates and a sharp rise in the monthly loan payouts of borrowers. Considering this, the Maharashtra Chamber of Housing and Industry (MCHI), a trade body of realtors has already advised its members to bear the stamp duty charges and pay a part of the interest cost on loans to improve declining sales. Though big developers such as DLF, Ansal API, Parsvnath Developers have not advertised discounts, they are launching their new projects, mostly in the mid-income segment. However, some developers and consultants said the discounts and offers would not help in increasing the sales since home loan rates are high and property prices are out of reach of buyers.

Pawan said...

Builders have cut prices only for homes which will be ready for possession two to three years later. But buying anything which is not ready for immediate possession is very very dangerous. The builder may take your money and then shut shop or go bankrupt. People must stay away from these fraud schemes.

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