Raining 'real' offers in Mumbai

Mumbai is perennially expensive. It is an expensive city to inhabit but now this monsoon, its not just rains that is pouring in the city but also raining real estate offers.  Mumbai builders have come up with various incentives to stimulate apartment sales and cope with the problem of inventory build up.

Some builders are offering free covered parking spaces, costing a few lakhs at least, while some are offering to pay stamp duty and registration fees, that cost 4-10% of the cost of buying a property. Lodha Developers are promoting their Aqua Lodha residential project offering a discount of Rs.700/sq feet on their flats which are priced between Rs.1.11-1.82 crore. The Grand Vista Apartments in Navi Mumbai are offering a discount of Rs.350 per square feet on the selling price of Rs.5100/sq feet.  A Mira Road based builder is offering a discount of Rs.750/ sq feet and a lucky draw to win Maruti Swift Dzire.

Mumbai Metropolitan Region that includes Thane, Navi Mumbai and Raigad and of course, Mumbai, new home sales have fallen by 12% for the June quarter according to real estate research firm, Liasis Foras. With new projects coming up everyday and old ones, not selling; builders hope that discounts and schemes are the best way to attract new buyers.  For once, we are not complaining!