Mumbai home buyers, here is good news for you

Mumbai: Builders in Mumbai have lined up a range of attractive discounts for home buyers, reason large number of unsold units lying idle. A report published in The Financial Express claims that house developers are offering some 15-20 per cent discounts.

The offers do not stop here. A home buyer will get a free house in Alibaug for buying an apartment in upmarket Chembur that will already be offered on a 15-20 per cent discounted price, according to the report.

 “The price of these apartments in Chembur are priced 15-20 per cent lower compared to the going rate 18 months back,” FE quoted Amit Wadhwani, as saying. Wadhwani is director at Sai Estate Consultant that is a channel partner for the said offer.

Tata Group's realty arm Tata Housing in not behind in offering homes on discounted prices. The company has come up with a cash-back offer of up to Rs 10 lakh for projects in Kalyan, Bhandup, Mulund and Thane and under the jurisdiction of Mumbai Metropolitan Region Development Authority.

Price of the houses developed by Tata Housing have fixed in the range of Rs 70 lakh and Rs 4 to 5 crore.

The Pune-based Kolte Patil Developers has a unique scheme under which it is offering homes at launch prices even if the projects are near to completion. The concession amounts to a 15-20 per cent discount in the realty market.

Government's note ban decision last year and biggest ever tax reform the Goods and Tax Services  have affected the property market with home buyers postponing their plans to purchase home. Due to which the stock or inventory of these houses went up by a huge number.

 "At the last count, there were 6.7 lakh unsold residential units across the country with 1.55 lakh in MMR alone," FE report said. Apart from that, houses under high-end category were hardest hit as with the number of total launches dropped by 50 per cent to 12,000 units in 2016.