Developers in India are starting to offer discounts in a bid to boost a slowing property market.
Falling sales over the last 18 months have prompted them to start offering incentives to property investors, especially at the luxury end of the market.
The busy home buying season normally starts in October and goes on to March. This season developers say they will be offering price cuts of between 5 and 15%.
Developers DLF, Puravankara, Unitech and Omaxe confirmed they are considering making offers and also moving into more middle priced properties.
More : propertywire.com
Send an E-Mail for mumbai Property Enquiry!
Related News from Mumbai
Gulf buyers to boost Indian real estate market
Indias property investment market could get a major boost from Gulf-based buyers at an upcoming homes exhibition. Cityscape India, being held in Mumbai from from December 8 to 10, is expected to attract interest from across the globe with a range of talks and stands. Dubai-based developer Limitless is among companies exhibiting at the event and banking on a long-term recovery of Indias property market. More : offplanpropertyexchange.com
Testing times ahead for Mumbai realtors
If the lower-than-expected bookings at a property exhibition in the city are any indication, the real estate developers here could be heading for a tougher time. The four-day property exhibition, which concluded on Sunday, saw prospective home buyers returning disappointed as they found the property prices unaffordable and discounts meaningless. The sales were down more than 60 per cent at the 13th Real Estate and Housing Finance exhibition, which was organised by the Maharashtra Chamber of Housing Industry. More : business-standard.com
Realty dreams of small, mid-sized cos crumble
Grappling with a slowdown across segments, the Indian property market is heading towards the next phase of consolidation. Liquidity crunch in the real estate market is beginning to drive many mid-sized and small developers to scrounge for cover. Many want to liquidate their land and incomplete projects by selling them to bigger developers or private equity players even at lower valuations. Whats forcing them to take this step is a stagnant market, with property rates undergoing major correction in some cities. Around 15 deals in real estate sector have fallen through in the past two months with investors developing a
For developers & home buyers, realty will bite
With interest rates heading north, the property market, which has been witnessing a correction across all verticals, is likely to see further price declines. The hike in lending rates by banks, which is likely, would affect the bottomline of developers directly and also adversely impact the affordability for the property buyer. The silver lining is that the market slowdown is expected to result in a faster correction in property prices, which has been happening across all urban centres. Markets, which are yet to experience an overall slowdown in the real estate sector (for instance, the western suburbs of Mumbai) would
Mill lands to boost estate mkt in Mumbai
Recent sale of National Textile Mills has benchmarked property prices in Mumbai market even though some argued against the transaction by saying the land was overpriced. "Though some argue that the recent NTC mill transaction was vastly overpriced, it is being widely referred to be reflective of the changing market sentiments," said Knight Frank, a real estate consulting firm, in its latest market updates. Mumbai real estate market has been on an upswing, it said, adding "the sale of Mumbai Textile Mills has further fueled this". Two NTC mill prime lands were recently auctioned for Rs 862.75 cr. While Shiv