Developers line up discounts this festive season
It’s discount time
With Navratra, the festive season begins and India puts on colours of festive season. From expensive cars to household items, everything seems to be on discount and the real estate industry is not falling far behind.
From Dussehra to Diwali – it is regarded the most auspicious time by most buyers and people are ready to invest in property during this time. This is the perfect time to offer discounts on houses and the mantra of the real estate players in the country seems to be to showcase incentives and offer discounts in order to attract buyers.
Perks of the season
The realty firms aim to woo possible customers with a series of discounts and freebies and the market is full of innovative strategies from developers and builders to attract customers. The builders across the country are enticing every potential buyer with free gold coins, silver Ganapati idols, free furnishing of homes, free parking, free club membership offers, waiver on registration charges and stamp duty, lucky draws, etc. Analysts say that the realtors know there would be no dearth of customers who finalise their flats after considering all the discount offers from the realty firms during the festive season and hence follows the discounts.
For example, the NCR-based Avalon Group is offering a 32-inch LCD television at the time of possession of its flats on new bookings made during the offer season. Customers can also avail a discount amounting to the price of the LCD television if they do not want to go for the TV.
The discounts include free registration and cash discount, accessories, free international tours – holiday and travel packages to various locations in European and Asian locations – innovative schemes to help in increasing enquiries and generating sales.
Discount strategies
While the discounts and freebies are city-centric, there is a distribution pattern of freebies and discounts across segments. Analysts say that freebies are directed more towards the luxury segment as there is more supply than demand. Such freebies hardly work for the mid and affordable segments,where buyers are more sensitive to price. In these segments,buyers are more interested in cash discounts than freebies.
Therefor, the developers are looking for pricing the projects rightly in this segment to sell them. For example, special cash discounts have been announced in projects like Gulmohur Greens in Mohan Nagar, Gulmohur Garden Phase II in Raj Nagar Extension and Gulmohur Residency in Indirapuram.
