Real Estate Goes 'Carnival' Way To Woo Buyers
It is a fact that demonetisation and banning of high-value currency notes made buyers wary of investing in the property market due to a shortage of liquidity in the economy. While the positives and negatives of currency ban are still to be estimated, real estate stakeholders have taken the centre stage to woo buyers who postponed their real estate buying in a hope that real estate prices might crumble. Here's what builders, banks and real estate portals are up to-
Minimal down payments
In order to clear their existing stock, big and prominent developers are taking the carnival way to create a hype and offer attractive discounts and offers. This includes customised payment plans, subvention schemes, no interest till possession schemes etc. The down payments are as low as 5 per cent while customers are being assured of the routine site visit, construction updates and timely delivery which have been received very well, according to the developer.
Navin Makhija, Managing Director, Wadhwa Group said, “With demonetisation causing a temporary disruption in the market, this home carnival is an apt platform to showcase our projects to our target customers.We are pleased to receive such an overwhelming response from our customers which reinforces our belief that there is a demand for the right product at the right price point.”
Zero processing fee
Not just the developer's community, banking and non-banking finance companies are coming up with attractive offers to please home buyers. As demonetisation has resulted in increased liquidity in the market, Reserve Bank of India has directed the finance companies to pass on the benefits to home buyers. While banks are making good use of the opportunity, they are roping in private developers for exclusive tie-ups for making the wholesome deal for the buyer, even more attractive. Recently PNB housing organised Home Expo and invited almost 25 developers to offer a specialised discount for walk-in customers. Apart from this, loans are being offered for as low as 8.5% with no processing fees.
Price Protection
One of the India's top property portals- Proptiger.com has come out with an innovative plan for home buyers where the company is offering price protection guarantee. According to this plan, buy a home now and if the prices fall, a home buyer can get the difference back. Complete details here.
While only prominent and reputed developers have tied up with Proptiger for price protection scheme, it is already a hit amongst interested home buyers.
Also read: How To Choose The Right Floor Plan