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National: Builders made sales by offering discounts

With few launches, high property prices and a lot of unsold inventories, some builders have adopted a strategy of availing discounts and reducing the sizes of apartments on offer. A few examples of huge property sales in the recent past include Emaar MGF Gurgaon Greens and Godrej Summit in the Gurgaon real estate market and Emerald Isle by L&T Realty and Lodha Blue Moon in Mumbai realty market respectively.

 

By selling property at the base selling price of Rs 6000 per square feet instead of Rs 7000 per square feet, Emaar MGF was able to sell nearly 250 apartments in a short duration of one week. Buyers in Mumbai too couldn’t believe their luck and jumped on the opportunity when L&T Realty was ready to charge Rs 15000 per square feet instead of Rs 17000 per square feet. The successful sale of Godrej Summit too was marked by the same strategy. In addition, considering the project is based in the suburb which may be classified by the Dwarka Expressway, it was a win-win situation for investors. For more information on the significance of Dwarka Expressway click here: http://www.favista.com/cms/blogs/2012/11/07. Lodha Group was able to sell its entire inventory with respect to its project Lodha Blue Moon in a matter of 10 days by giving a discount of 18% over the market rate.

 

Favista’s view: Although this strategy has helped some builders sell their inventories, there is no surety that all developers are going to adapt a similar strategy. Currently, with few new launches, sale of property at resale prices is turning out to be more profitable for some investors, considering their deals managed well. Our brokerage has experts who can help investors and home buyers get great deals on resale property.

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