Real estate builders have taken out the final resort to sell out their unsold properties. Most of them rely onto freebies to induce the clients mainly UAE NRIs.
Real estate builders have offered vast number very exciting prizes to the home buyers. The prizes include luxury cars, expensive bikes and discounts up to Rs1 million. All these are offered to the non- resident Indians (NRIs) residing in the UAE.
Dubai property show has been turning out as a platform for the real estate developers to induce the UAE NRIs. The property show has been noted as this year there are a record number of participants. Over 90 real estate developers are expected to participate in this.
The sluggish real estate market of India has forced the realty players to find some overseas business. With this aim they have decided to participate in the property show. The 3-day Dubai Indian Property Show- 2012 is being held at Dubai World Trade Centre. Over 90 developers are exhibiting properties worth Dh30 billion.
Wadia Group’s venture, Bombay Realty tops the list with best freebies. The firm offers a luxury car to each buyer of an apartment in either One ICC and Two ICC towers of their prime project Island City Center. Island City Center is located at the East Dadar in Mumbai.
Noticeably, the minimum amount a home buyer will have to spend for his dream home at ICC is Rs.6.3 Cr (Dh4.2 million). Bombay Realty’s Deputy GM Ms. Neha Jain claimed that their properties are highly demanded. As a result our prices have gone up by 12% to 15 % since pre-launch.
Durgesh Mehta, Joint MD of The Bombay Dyeing & Manufacturing Co, said that the NRIs have a special inclination to the luxury segment as they are familiar with the luxury facilities of cities such as Dubai.
Indiabulls also appeared to induce the clients. The real estate firm offers a Harley Davidson bike to each flat buyer in their projects Blu-Worli and Sky-Parel. Santosh Tandel, Indiabulls’ Mena Regional Head, said that the investors are not keen to invest on residential projects. According to him return in the residential sector is lower in comparison to the commercial sector.
Artha Group, a pan-India real estate developer, came up with exciting prices for their clients. The group has introduced their pre-launch villa community project “One World” in near vicinity to Old Mahabalipuram Road (OMR), Chennai. The 150 villa community will be designed by internationally renowned companies.
The price- range fall between Rs.2.5 Cr (Dh1.67 million) and Rs.5 Cr (D3.33 million). Another 72 villa community Zen in Bangalore, is priced between Rs.1.5 Cr (Dh1 million) and Rs.2.5 Cr (Dh1.67 million). Astha group offered a competent discount of Dh66,666 to its home buyers.
A&A, a Mumbai-based developer is offering 50 % return on investment in just 15 months. Yet there are many real estate developers who did not offer any discounts and freebies at all. Godrej Realty is one among them.