Sellers offer apartment buyers New Year discounts

The demand for apartments in the Rs 50-80 lakh bracket has gone up this season and builders are also keen to offer discounts on home purchases this new year.

Sellers are taking the discount route and attracting buyers in the Rs 40-70 lakh bracket too in Western Bengaluru, especially near Mysuru Road, said  Ravi A S, a builder.

“An apartment costing Rs 4,500 per sq feet is being sold at Rs 4,100 per sq feet. Some builders are selling homes for Rs 4,000 per sq feet and even below, at Rs 3,800 per sq feet. This is a good Rs 700 less than the actual cost. Christmas and New Year is the best time to sell off stock,” he said

Speaking to Deccan Herald, Suresh Hari, builder and secretary of the Confederation of Real Estate Developers Association of India (Credai) said that builders are seeing a high demand for apartments in the Rs 50-80 lakh range. 

“This is the middle sector where the pricing is neither too high nor too low. It is aligned with the income levels of the middle class and buyers are usually techies, either single or double income families. Typically, they pay the initial downpayment of Rs 20 lakh and go in for a loan of around Rs 60 lakh for the rest of the amount.”

Most purchases are in the IT corridor in and around Electronic City, Sarjapur, Whitefield and Marathahalli.

“In the last three years, there has been a boom in sale of apartments in the IT corridor and surrounding areas. People want to purchase homes within a three to seven kilometre
radius from their office. People who work in Whitefield and surrounding areas prefer to purchase homes in Hoskote and Mahadevapura,” Hari added. 

In North Bengaluru, areas in and around Hebbal, ORR, Hennur, Kammanahalli, Sanjaynagar and R T Nagar, sellers are offering mid-priced apartments with various amenities in the Rs 50-80 lakh bracket. “

There are over one lakh IT employees working in Manyata Tech Park who look for housing in the areas around Hebbal. The mid-priced apartments are selling faster than affordable and luxury apartments,” Ravi added.