Builders increasing efforts to improve the bearish housing market in MMR

Q: What efforts are builders in MMR putting to improve the bearish residential market?

Bikram, Mumbai

2nd June 2015

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Replies (4)

At the same time, replying to the changing market moods, developers are launching residential projects to fit the demand of the customers. Builders are reducing the size of apartments to suit a large section of buyers.

Sandeep Mhatre, Mumbai

3rd June 2015

Comment

In some areas it is seen that builders are offering discounts up to 10 per cent on the base price of a property to buyers who are serious about making purchases. Other buyers can negotiate floor rise charges and can get them discount by the concerned authority.

anand modak, Pune

2nd June 2015

Comment

@Javed,
Then it will be a good news for those who are looking for property as rent. This could be a win-win situation for both the builder as well as the tenant. The rents from these apartments will reduce their financial burden very much. At the same time, it will be a new option for those who want apartments for a short period of time, but do not want to pay excessive prices.

Suresh,

2nd June 2015

Comment

Right Suresh,
And you know Suresh, if the cost of an apartment is Rs 2 crore, they will give it on a monthly rent of Rs 30000. The builder will start a full-fledged service for these apartments where the needs of the tenant will be taken care of by the company. Services such as necessary furniture, cleanliness, maintenance of the apartments, water and parking facilities will be provided by the builder to the residents.

pradyumanapte, Mumbai

2nd June 2015

@Pradyuman,
It has been seeing since a long time that buyers find the prices too high whereas the builders are holding on to their high prices and flooding the market with a flurry of new project launches, and trying to freshen their offers with several new schemes. With enquiries for residential property rising, builders hope the market would recover in the coming months. So, by offering discounts, freebies, waivers and attractive schemes to book orders.

Varun,

2nd June 2015

Marta Kya Na Karta Varun,
Several schemes are also being offered, specially in pre-launch project like 20:80, 30:70, 10:80:10 and 5:80:15. Such schemes remain popular with many buyers in spite of the fact that they have to pay higher base prices as compared to buyers who like to pay a large volume of the capital value right at the start.

Suresh,

2nd June 2015

Good Morning Bikram,
As we are seeing that dark clouds are still hanging over the residential property market which forced builders to rethink and come up with a new way to earn money now and repay their debts. Because of that they have now approached the Maharashtra government seeking changes in the Leave and Licence Agreement rules in a desperate bid to clear inventories.

Varun,

2nd June 2015

Comment

Very true Varun,
There are currently 5 lakh luxury homes unsold in the city. When these flats are not sold, builders are unable to repay banks and other financiers their loan amount. To get relief from the existing condition, builders have approached the government saying they want to rent out their flats as service apartments for which they want the Leave and Licence Agreement modified.

Javed,

2nd June 2015