Developers are offering special festive discounts to buyers only after they have decided to buy an apartment. The festival season is here. Navarathri has begun which would be followed by Durga Pooja, Dasara and Diwali. And the festive season continues till the end of the year. This period is considered auspicious for new projects, including purchase of property. However, not many developers have announced the usual festival discounts in a big way.
“Usually, developers, banks and housing loan companies announce Dasara-Diwali discounts. But this time though developers are giving a special price, they are not making big announcements about it with the usual fanfare,’’ states Srihari Rangachari, senior consultant, Mirazze Builders and Land Developers.
So far Bangalore has not witnessed the `gift yourself a home this festival season: special prices’ slogans. In fact, the real estate promos are noticeably absent. However, those who are offering discounts for this season are doing so without the usual special advertisements, flyers and hoardings.
Industry observers attribute this to caution and the general subdued mood.
“Other than those who have a few unsold apartments in a project, most developers continue to be cautious,’’ observes Ranjan Das, a freelance realty consultant with sales and marketing tie-ups with several developers.
“Even though the market has witnessed a steady increase in sales since mid-August 2013, developers are still planning on coming up with special offers for the unsold inventory. Thus, few are proactively promoting festival discounts.’’
In fact several of the leading developers said they were `still planning the details’.
“Prices are at an all time low. What usually happens is that genuine buyers expect a further discount, over and above the ones that have been announced as part of the ad-blitz. And this is something the developers can ill afford today. Hence, though the buyer is getting a slightly reduced price as part of the festival discount, they are more on a one-to-one basis,’’ states Das.
Banks and housing finance companies too, are yet to announce their festive loan schemes.
“Several developers are in talks with banks and organisations like the LIC to come up with special schemes in the near future. They are still at the negotiation stage, as even banks are being cautious and are focused on the fine print that these offers commit to,’’ observes Rangachari.
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Source : http://content.magicbricks.com/festival-discounts-only-for-genuine-buyers-say-developers/
