Builders now tempting buyers with free homes !
Stock markets are hitting record low closing points this days , builders in Mumbai, Thane and Navi Mumbai are coming up with the most extraordinary offers —- buy a house and get a free car, or buy back offers, and now, even another flat for free!
Cosmos group project
They are trying to recover their all investments in their real estae project which completed but still wating for customers due to record low closing of all the share markets in the world.
This letest downfall of share markets are causing great loss to real estate companies.
Following add proves this:
an advertisement of the Cosmos group, known for their lifestyle projects in Thane, reads, ‘Ghar sobat ek ghar mofat’ (Buy one house, get one free) for four of their projects, three near Ghodbunder Road in Thane and one in Lonavala.
This sceme is valid on two and a half BHK, a 2 BHK flat or a bungalow. On a 2 and a half BHK or the bungalow, the offer is that of a 1 BHK flat and for a 2 BHK flat, the offer is that of a one room kitchen,” said Mahesh Patil of the Cosmos Group.
Another major name in the property circuit, Sunil Mantri Realty, has introduced a new ‘buy-back offer’ for their projects in Mumbai. If the property price falls below the purchase value, Sunil Mantri Realty will buy it back at the same price. For this, the buyer has to keep possession of the flat for three year.
In Navi Mumbai too, realty rates have come down from Rs 6,000 to Rs 9,000 six months ago to Rs 4,000 to Rs 5,000 today. Palm Beach Road, an upscale area in Navi Mumbai, has also seen rates decrease for new projects. In the western suburbs too, the Wadhwa Group has lowered rates on 1BHK, 2BHK flats and duplexes in their projects at Goregaon.
Said property consultant Kevin Fernandes, “All over, the real estate market is depressed. People are choosing to wait. In the case of Thane, if realty rates witness a slump, Ghodbunder Road, which is far away from the station, will be the first to see people shying away. However, the ‘buy a house, get another one free’ offer is really tempting and may entice a lot of buyers,”
Individual projects apart, property exhibitions are also proving that present times call for desperate measures. At a recent property exhibition on MMRDA grounds in Bandra Kurla Complex, 85 developers had put on display over 800 properties with offers ranging from stamp duty waiver (five per cent of the cost of the flat) to a discount on interest on home loans.
The four-day exhibition saw over 85,000 visitors, but the conversion of visits into sale of flats was less than 10%.“The deals are drying up and the volumes of transaction are going down by 60 to 70 per cent from what they were last year. It shows a clear reduction in demand.
The other main reason behind this is the liquidity crunch that has affected the market. Major banks are shying away from giving loans, or extending financial support to developers. As a result, to start new projects, developers have to unlock liquidity and have to reduce property prices. This situation had prevailed in Mumbai even before the global meltdown. At the moment, however, it is not hinting at a crash but referring to a correction. Once the correction comes into effect, there will be stability,” said Ghulam Zia, National Director Advisory Services, Knight Frank (India) Pvt Ltd.
Conclusion:
Above news at AAJ TAK news channel is sufficient to prove that its really a good time to invest in Mumbai Real Estate, Its definate that the share market will again go up within nex 10 to 12 months & again real estate rates of mumbai will touch sky.
So its now or never time to invest in mumbai.
You wiil definetly get more profit by doing this type of investment in mumbai.
