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Realty body mulls discounts route to boost sales demand

22nd November, 2008

The Financial Express

Realty body mulls discounts route to boost sales demand
The Financial Express
Corporate Bureau
Posted: 2008-11-22 00:33:54+05:30 IST
Updated: Nov 22, 2008 at 0033 hrs IST
Real estate body National Real Estate Devlopment Council (NAREDCO) is planning to take a couple of steps to boost demand in the sector. It plans to give 10% to 15 % discount on affordable housing, 1% to 5% discount on existing projects and 5% to 10% discount on future projects.
“Many of our members like Assotech, Ansal API, Vigneswara are considering passing on the benefit to the consumers,” said Rohtas Goel, president National Real Estate Devlopment Council and CMD Omaxe ltd.
We do not want the buyers to take a wait and watch mode because we will not reduce prices any further, he added. He is confident these steps will boost demand but did not substantiate by how much.
Goel added corrections have already been made and we have bared the escalation where the steel and cement prices have gone up by 60-80%. So we haven’t passed that increase to the customers. So that’s why the developer doesn’t have much cushion to further reduce their prices on the existing project. But respecting the sentiments of the finance minister we are advising our members to take a re-look at their prices and to reduce the price in the shape of discounts to the costumers who are paying in time their payments are not defaulting.
Consumers who have made a one-time down payment won’t benefit from this measure. Only, those whose payment mode is construction related will benefit from this scheme.

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