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Festive discounts: What buyers should take note of

With Dussehra days away and Diwali not far behind, developers in Delhi-NCR want to make the most of the festive season

With Dussehra days away and Diwali not far behind, developers in Delhi-NCR want to make the most of it like every year, with most offering ‘festival discounts’ on booking or buying property.

Offers include cash discounts, easy payment plans, gold coins, cars, free membership of clubhouse, LED TVs, split-ACs and modular kitchens. So are these offers really worth the investment? What should buyers watch out for?

It is far better to ask for a price discount than go for goodies or the free club memberships” says Vinod Arora of Arora Property Consultants, a real estate adviser in Noida.

I bought a 2BHK in Sector 76 a couple of years ago in early November and agree on the deferred payment option that the developer gave,” says Arvind Juneja, who recently moved into the apartment. “The deferred EMI payment actually helped me as I could not have paid the EMI and the rent for the house simultaneously. The one caution I would recommend is that buyers ask for a clear justification and methodology adopted.

Buyers must keep in mind that there are primarily two reasons why developers announce discounts. It is either to sell unsold inventory or push sales for a project. In the first instance, the developer has already made his profit from the project. Buyers need to understand that though there is a discount being offered, it does not mean he will be given a value below the market price” says Subhash Kureja, a realty consultant with sales and marketing tie-ups with several developers in India.

“In the second case, when the developer advertises properties at say about 80 per cent of the actual price, the actual discount may be about 10 per cent, which is still a good buy,” says Kureja. “You no doubt get a discount but it may be for about 10 per cent.”

“What developers are banking on is the fact that buying during this period is considered auspicious. But what buyers need to realise is that these discounts are also probably one of the best to come given that the market is already conducive for a buy,” says Arora.  More >> Buy Property in Noida