Where your next home should be?
Surbhi Gupta | May 1, 2015 @ 05:00 PM
Are you planning to move into a newer, bigger home but confused whether it would be a right time or not? Buyers are very cautious about dealing in the realty sector. To accelerate the purchase of properties, developers are all set to offer discounts or some deals this festive season. Get ready to avail some fantastic offers on Magicbricks.
Trend watchers say that currently Mumbai market is stocked with units that are enough for the next 30 months if buying rate remains consistent. In times like this, builders turn desperate to engage with buyers by offering schemes, offers and discounts up to 10 per cent.
As of today, these schemes and discounts are applicable not just in the Eastern suburbs where maximum project launches are taking place but also in South Mumbai where property prices are as high as Rs 30,000 per sq ft.
Eastern suburbs has projects which are complete within the budget of Rs 12,000-14,000 per sq ft while the ones in the pre-launch stage are being offered for Rs 8,000-10,000 per sq ft.
A similar situation is being noticed in South Mumbai projects where subvention schemes, discounts, freebies, waivers, festive offers and attractive schemes are being offered to buyers with a 10 per cent cut in basic price. Some of them are even discounting and waiving off floor-rise charges as applicable in some of the high-rise buildings.
Magicbricks research data shows, currently, Worli has 82 projects while Prabhadevi and Mahaluxmi had 41 and 11 active projects respectively.
Property prices also differ as per the payment plan. “The more you pay upfront, the better discount you get. Although risky, but down payment schemes are often the cheapest as it can cut the cost by 20-25 per cent,” says Kailash Mundry, proprietor, Prodigy Home Solutions.
What makes these schemes popular? Ramesh Nair, COO – operations & international director, JLL India says, “These schemes cover the interest that customers have to pay to the banks. Moreover, buyers only pay a small percentage of the total amount and get a relatively risk-free investment opportunity.”
Are you looking for a project which suits your budget? Check the new project section on Magicbricks and get construction updates which will help you spot your future home!
Surbhi Gupta is a part of the Magicbricks - Content & Research team and analyses industry trends and scenario.
You can reach us at editor@magicbricks.com for further queries, feedback and comment.