Re­alty bites builders as fewer sales force them to cut prices

Hindustan Times ST (Mumbai) - HT Navi Mumbai Live - - FRONT PAGE - Naresh Ka­math naresh.ka­math@hin­dus­tan­times.com

In­dia’s Vi­jen­der Singh cel­e­brates af­ter win­ing the WBO Asia-Pa­cific Su­per Mid­dleweight ti­tle against Aus­tralia’s Kerry Hope in New Delhi, on Satur­day.

With the real es­tate sec­tor wit­ness­ing a slow­down, re­sult­ing in very few sales, builders have fi­nally started to re­duce prices of apart­ments across the city. Many builders have also stopped charg­ing on floor rise and of­fer­ing free park­ing spa­ces to woo cus­tomers.

While Oys­ter Builders has launched a project in Kan­di­vali (West) where the price is Rs7,000 a square feet, a prom­i­nent builder has slashed rates by Rs3,000 a square feet for a pre­mium project in Sewri.

“In this pe­riod of slow­down, we are get­ting good re­sponse with the low pric­ing. We are able to sell,” said Te­jas Vyas, CEO, Oys­ter Builders, adding that the price cuts have en­sured cash flow.

Ekta Builders has got rid of floor rise pre­mium for its Vi­rar project and has come up with an as­sured de­liv­ery scheme, un­der which the in­surance com­pany pays in­ter­est to the buyer in case of a de­lay in pos­ses­sion.

Shrad­dha Lifescapes, at its IC Colony, Borivli, project — D Palazo — is not charg­ing floor rise pre­mium and also of­fer­ing cash dis­counts. “We an­a­lyse how gen­uine is the buyer and of­fer dis­counts ac­cord­ingly. The sales have slowed down con­sid­er­ably and hence we are be­ing flex­i­ble in our deals,” said Bhavesh Sanghra­jka, CEO, Shrad­dha Lifescapes.

AP PHOTO

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