Trying to wade through the sluggish real estate market, developers have started coming up with various offers to lure buyers and dispose ofcommercial properties in the city.
Many prominent developers are asking buyers to make a down payment of 30-40% and own the property. Depending on the area and developer, buyers are also being given the option of paying the rest in instalments over five years with a fixed rate of interest or no interest at all, as opposed to taking a bank loan and trying to keep up with a floating rate of interest.
Anand Gupta, treasurer of the Builders’ Association of India, admitted that developers are offering various schemes to survive the liquidity crunch in the market. “For more than a year now the real estate market has been in bad condition. Sales are not happening, and banks too aren’t giving loans to developers.