You won’t get a Mercedes at the price of a Maruti, but now you can get a 3BHK flat for the price of 1BHK,"

This is an advertisement hardselling 3BHK apartments for a mere Rs 9.60 lakh as a festive offer. “Book a flat this festive season and get a Rs 15,000 discount," cajoles a radio promo, pitching a 2BHK scheme off SG Road.

Another prominent realtor is drawing up plans to offer freebies like cars, modular kitchen, sofa sets, and even TVs to lure buyers to his 864-apartment scheme off SG Road, that he’s all set to unveil this Diwali.

Call these desperate measures or just smart gimmicks. But, with the rising interest rates and property prices turning buyers off realty, realtors are now trying to ride piggyback on the festive spirit, doling out perks as face-saving devices.

Though the demand for property had fallen by nearly 25% over the past year, realtors have been holding onto the prices. “We did not want to slash prices, so we were obliged to offer freebies to attract buyers," admits realtor Sharvil Shah, whose 280-apartment scheme was not really ‘hot property’ since it was unveiled in April 2007.

Adds realtor Jignesh Shah, who has recently floated a 150-apartment scheme: “We wanted to book 30% sales in the first phase but given the slow market, that wasn’t possible without the carrot of a sub-Rs 10 lakh pricing." And, the freebie gimmick seems to be paying off. Sharvil Shah got 30 bookings in a week while Jignesh Shah, who plans to jack up prices after Diwali, recorded 300 walk-ins on day one and 42 bookings in just five days.

Source: TOI
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  • Which Location is this ??

    hi mohan
    which location and city are you referring to ?
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  • Hi Pinnacle,

    You might not have noticed, I have posted in the Ahmedabad section.

    Yes, this is the current scenario in Ahmedabad real estate. The boom is on the move...........

    Thanks.
    Mohan
    CommentQuote