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  1. Developers come up with lucrative Navaratra offers, but should you take the bait?

Developers come up with lucrative Navaratra offers, but should you take the bait?

If you were planning to buy your dream home for some time now but were looking for some good deal, then this may be the right time to make a move.

By: | Published: April 4, 2017 4:43 PM
Buyers should definitely cash in on the various offers given by the developers if they find a suitable property.

If you were planning to buy your dream home for some time now but were looking for some good deal, then this may be the right time to make a move. For, hit hard by the slowdown as well as betting big on the current festive season of Navaratra – which is considered very auspicious for home buying – a number of developers have come out with some lucrative offers in a bid to woo buyers and push up sales.

For instance, as part of its Navratri offer, which will run till April 30 this year, the NCR-based Gulshan Homz is offering a 10-gm gold coin worth Rs 30,000 after 40% payment as well as a free modular kitchen with a chimney and 4 split ACs for each booking of 19th floor flats in its Gulshan Ikebana (Sector-143, Noida Expressway) project.

Ansal Housing is another builder which is offering one reserved parking as well as 10% assured return per annum for 2 years for its Ansal Highland Park (Sector – 103, Dwarka Expressway, Gurugram) and Ansal Tower, Alwar (Phase – II) projects, respectively.

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The RG Group, on the other hand, is offering a 10-gm gold coin as well as a free trip to Singapore (for couple on twin sharing basis) on booking a 3 BHK flat in RG Luxury Homes (Sector – 16 B, Greater Noida West), while an 8-gm gold coin and a free trip to Bangkok (for couple on twin sharing basis) is being offered on booing a 2 BHK flat in the same project. The RG Group is also offering, among others, a 5% discount besides a 10-gm gold coin and a free trip to Singapore & Malaysia (for couple on twin sharing basis) on booking a 3 BHK flat in its RG Residency project in Sector 120, Noida.

Similar is the case with a number of other developers, ranging from the Mahagun Group to the Saya Group and from the Paramount Group to the Antriksh India Group, and the offers include gold coins, free wardrobes in all bedrooms, modular kitchen, refrigerator, LCD TV and washing machine; customised payment plans, free home loan processing fee, free stamp duty, price guarantee up to possession, free maintenance for 1 year, delay possession penalty charge, free car parking, free club membership, among others.
It is clear, thus, that there are offers galore for those willing to buy a house in the current scenario.

Gaurav Gupta, General Secretary, CREDAI-RNE, says, “The real estate sector does prepare itself every time we have festivities approaching and buyers should understand that whatever is being offered during the festivities comes as a perk to them along with the dwelling that they would be purchasing. At not extra cost, there is no harm in availing these benefits along with the unit purchased.”

Prithvi Raj Kasana, MD, Morpheus Group, is of similar view. “Various deals are provided to buyers during festivities and a majority of these are focussed towards end users who are looking for ready-to-move-in inventories to shift instantaneously. These offers do take out a certain portion of burden from your shoulders while shifting your home and give some financial cushion.”

Industry experts, however, say that while there is no harm in going in for these offers, still some precautions need to be taken as offers alone should not be the criteria of buying a home. “Buyers should definitely cash in on the various offers given by the developers if they find a suitable property. However, one has to ensure that the final cost of the project remains unchanged as developers have already absorbed this cost in the final cost offered to the buyer. In addition to this, the buyer should not compromise on the profile of the developer, location of the project, past delivered projects and financial status of the developer,” says Avnish Yadav, Deputy General Manager, Residential Services, Colliers International India.

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Yadav says that although these offers, coupled with reduction in home loan rates, can attract buyers, but they should look for good-quality projects. Additionally, they should understand all legal and technical aspects of buying a piece of property and project layout. Buyers should also have a detailed understanding of the offered product (home), future development of the project and developer reputation in the market.

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