Freebies are no longer catching the fancy of prospective home buyers; instead they are seeking cash discount, as the real estate market shows signs of revival.
Since September-October last year, when the real estate market was in deep recession, several developers had started offering gifts like a car or a parking space with flats. For example, Kolkata-based real estate developer RDB Group had decided to give a Nano car with flats at its residential project in Sonarpur, South 24-Parganas.
The developer had promised to give first 50 home buyers would get a Nano free. It had in fact booked 300 Nano cars, thinking that the deal would sell like hot cakes.
Around 32 flats were sold under the scheme, but now only two customers want to stick to the deal and the rest want cash discount instead of the cars. In fact, RDB has changed the plan, and is now offering Nano on the basis of a lucky draw to customers at its retail outfit, with purchases above Rs 5,000.
"The response to the scheme was not very good, as due to factors like long delays in delivery, customers want now cash discounts rather than Nano," said an executive from RDB Group, which might even look at scrapping the bookings for Nano with Tata Motors.
It is to be noted, in April-May, when the developer had launched the scheme, Ravi Pincha, director, RDB Industries, had said, "We have seen an overwhelming response for the the apartments, and have received more than 130 enquiries in the last two days."
Earlier, Eden Realty, which is developing one of the largest housing project in south Kolkata, tried to woo customers by offering free car parking space with flats few months back. However, the response to the offer was lukewarm.
Now, Eden Realty has devised a new scheme, whereby it is offering flats according to its location in the plot, instead of flat prices. Thus those with low budget pay about Rs 100-200 per square feet less than those availing premier locations.
