Buying house? Pay upfront and get up to 25% discount

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AHMEDABAD: An HR executive working with a multinational struck gold in Prahaladnagar — a three BHK flat in a premium housing colony for Rs 50 lakh. “The developer had quoted the same amount for a 2 BHK unit two-three years ago in the same scheme. It seems this is a good time to buy,” says the 40-year-old professional who returned to her native after three years.

If you have money in hand, realtors are ready to welcome buyers with heavy discounts and freebies. Inquiries made by this correspondent, who posed as prospective buyer, revealed that sellers were willing to offer up to 25% discounts if the payment was made within 48 hours.

“The economic slowdown coupled with political instability has led to developers offering heavy discounts. The situation may change after the election results are out,” says a leading developer.

For instance, an upcoming posh residential complex on the SP Ring Road near new Chandkheda is priced at 45 lakh for a two-bedroom flat. Offer to pay cash and the price is instantly scaled down by 22%.

Similar is the situation in resale market. A 185 sq yard flat in a posh tower in Anandnagar was priced at Rs 80 lakh. When this correspondent inquired about the discount if full payment was made within two days, the seller quoted a revised price of Rs 68 lakh.

Insiders say that the downward trend started over two years ago when sales started slowing down due to soaring prices. Many were hoping NRIs to bail them out this winter but a poor response has left many desperate. Desperation to sell and raise liquid cash was apparent when recently many builders started offering scheme — a free car with a bungalow, buy a plot and get construction free, buy a luxury apartment and get furnishings free.

Yogesh Bhavsar, president of Gujarat Institute of Housing and Estate Developers ( GIHED), admits that a few builders are offering huge discounts. “It varies from case to case. Those who have holding capacity will never offer discounts. The rest would have no choice,” he says.

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