The property buying is never an easy task and to make it lucrative, the property developers, which have been hit hard by the Covid-19-induced lockdown, are doling out a slew of offers and cash discounts.
Besides cash discounts up to 10% on the gross value, many real estate developers are offering freebies that include EMI waivers, cashback schemes, flexible payment options, 5-gram gold coins and even a car on bookings of houses with a certain value among others across the country.
"There were discounts even during the pre-Covid-19 times. But these are abnormal times and builders have increased their discounts up to 10% on selected properties to clear their inventories," Rajani Sinha, Executive Director, Knight Frank India told DH.
According to her, realtors are also offering one-year exemption on clubhouse charges, free car parking area and even absorbing stamp duty and GST in some cases.
Sobha Limited is offering discounts to customers depending upon projects and locations, a company spokesperson said.
Brigade Enterprises Ltd is offering flexible payment options to its buyers. It is also not charging any penalty towards cancellation of bookings and making refunds for anyone who has lost jobs, said Rajendra Joshi, CEO - Residential, Brigade Enterprises.
Sarveshaa SB, Managing Director, Bhadra Group said, "Many property developers are facing huge cash crunch and by offering some discount they can improve their sales. We are offering discounts up to 5% mainly on the affordable housing segment."The company has also waived cancellation fee and giving 3% discount on properties at prime locations. “With interest rates coming down drastically and clubbed with discounts offered by builders, it is a right time to buy properties,” he added.
House of Hiranandani, a real estate conglomerate, has announced ‘Homes that Earn’ campaign that promises assured rentals across its properties in Bengaluru. With an average rental yield of 3%, the company is offering rentals for two years on any apartment purchased irrespective of its stage of construction and configuration. The company will help buyers to get a tenant as well under this scheme, Prashin Jhobalia, VP-Marketing Strategy, House of Hiranandani said.
“While it was difficult for developers to lower their project prices markedly, primarily on account of the rising cost of construction, they attempted to keep businesses running by coming up with various offers, ranging from discounts in ready projects to freebies, in order to attract new buyers and induce fence-sitters to take firm purchasing decisions,” Shrinivas Rao, CEO - APAC, Vestian Global Workplace Services Pvt Ltd said.
Some builders are also offering price protection plans where if the price falls, or quoted lower than the price at which the buyer had bought, the developer would pay back the difference amount to the buyer.
Even if prices decline in the forthcoming period owing to a prolonged Covid-19 crisis, the customer would be shielded from such market volatility, he said.