Developers rain offers to ramp up demand
The Financial Express, July 24, 2009, Page 22
Preeti Parashar, Chandigarh
In an effort to attract buyers towards real estate projects, developers have introduced various offers and schemes in the market. Ranging from a free luxury car to a free flat, buy-back guarantee or special prices for the armed forces, the developers are getting innovative in offering freebies to woo buyers.
Market experts feel such corrective measures are being taken to pump up the demand.Delhi-based Collage Group, which is developing a residential project exclusively for NRIs in Amritsar, has come up with an initiative of offering better specifications at same price. Vivek Srivastava, director, Collage Group, told FE, "The economic downturn made us think over adding value to the product offered. So we increased the specifications of the accommodations without increasing the prices. The apartments being offered to the public are fully air-conditioned with modular kitchen, LCD in living room, wooden flooring, bathrooms with top-of-the-line fittings, etc. But the price is very affordable in the range of Rs 26-28 lakh for a two-bedroom apartment."
Apart from this, Collage Group has also introduced special pricing with a discount of Rs 600/sq ft on the total price for the armed forces. In some cases, the buyer has nothing to lose even if the prices of the property decline in the future.
One such player, CHD Developers, has launched various offers like property value assured and 12 month assured returns on commercial properties at its commercial project, CHD Plaza, at CHD City in Karnal, Haryana. CHD extends a unique investment protection shield to all its investors, wherein it will bear the complete differential loss in case the price is less at the time of sale. Under the assured returns scheme, the company is offering a guaranteed return of 12% per annum on the buying price for 24 months. "We have noticed a surge of over 50% in enquiries whenever any such scheme is initially launched. During the validity of any of our schemes, we are able to sell a majority of properties in a project. The percentage is as high as 80% in such cases. I would say that such schemes should be offered by all real estate developers as they surely can help the buyer in making a buying decision," said an official of CHD Developers.
With a view to reduce costs the companies are also extending areas, downsizing heights and introducing new concepts like fabricated structures. Omaxe Constructions is focusing on optimising the cost by 5-7% in each project. As per an Omaxe official, the company is developing three-storey buildings rather than multi-storey buildings. Pre-cast structures will also be used which may reduce the construction costs by up to Rs 100/sq ft.
The Financial Express, July 24, 2009, Page 22
Preeti Parashar, Chandigarh
In an effort to attract buyers towards real estate projects, developers have introduced various offers and schemes in the market. Ranging from a free luxury car to a free flat, buy-back guarantee or special prices for the armed forces, the developers are getting innovative in offering freebies to woo buyers.
Market experts feel such corrective measures are being taken to pump up the demand.Delhi-based Collage Group, which is developing a residential project exclusively for NRIs in Amritsar, has come up with an initiative of offering better specifications at same price. Vivek Srivastava, director, Collage Group, told FE, "The economic downturn made us think over adding value to the product offered. So we increased the specifications of the accommodations without increasing the prices. The apartments being offered to the public are fully air-conditioned with modular kitchen, LCD in living room, wooden flooring, bathrooms with top-of-the-line fittings, etc. But the price is very affordable in the range of Rs 26-28 lakh for a two-bedroom apartment."
Apart from this, Collage Group has also introduced special pricing with a discount of Rs 600/sq ft on the total price for the armed forces. In some cases, the buyer has nothing to lose even if the prices of the property decline in the future.
One such player, CHD Developers, has launched various offers like property value assured and 12 month assured returns on commercial properties at its commercial project, CHD Plaza, at CHD City in Karnal, Haryana. CHD extends a unique investment protection shield to all its investors, wherein it will bear the complete differential loss in case the price is less at the time of sale. Under the assured returns scheme, the company is offering a guaranteed return of 12% per annum on the buying price for 24 months. "We have noticed a surge of over 50% in enquiries whenever any such scheme is initially launched. During the validity of any of our schemes, we are able to sell a majority of properties in a project. The percentage is as high as 80% in such cases. I would say that such schemes should be offered by all real estate developers as they surely can help the buyer in making a buying decision," said an official of CHD Developers.
With a view to reduce costs the companies are also extending areas, downsizing heights and introducing new concepts like fabricated structures. Omaxe Constructions is focusing on optimising the cost by 5-7% in each project. As per an Omaxe official, the company is developing three-storey buildings rather than multi-storey buildings. Pre-cast structures will also be used which may reduce the construction costs by up to Rs 100/sq ft.
Posts
No comments:
Post a Comment