Buy one get one offer for apartments from Supertech

Experts tracking the sector say the scheme is aimed at clearing inventory and boosting sales

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Freebies in the real estate sector have reached a new high. From free gold coins, vacations, car and free parking/registration of an apartment, the new offer from Noida-based developer Supertech has surprised many.

Under a ‘1 pe 2’ offer, Supertech is giving a studio apartment free with the purchase of a luxury home in one of its projects. On the purchase of a top floor apartment of around Rs 1.38 crore, with an area of 2,300 sq ft in its Capetown project in Noida, the developer is offering a 500 sq ft studio apartment worth Rs 22 lakh for free, at Golf Village on the Yamuna Expressway.

However, only 100 units are available under this offer, according to realty portal Magicbricks.

Apart from an option of no monthly instalment till possession, Supertech will also dole out Flipkart vouchers worth Rs 1 lakh to the buyers after booking a flat in Cape Crown at Capetown.

Experts say Supertech’s scheme is aimed at clearing inventory and boosting sales. A leading developer says it is just a marketing gimmick to attract buyers in a slow market. “The margins are high in premium projects, which is why the company is able to offer such a scheme,” according to another expert.

According to Liases Foras, the inventory across major cities at an all-India average stood at around 50 months at the end of the second quarter ending September. The inventory, which denotes the number of months required for clearing the stock at the existing absorption pace, has gone up to 83 months in the National Capital Region and 50 months in the Mumbai Metropolitan Region.

This comprises unsold and the new inventory. A healthy market maintains eight months of inventory.

The realty sector has been facing a tough time, with issues ranging from delivery delays to fund crunch and declining sales.

Supertech Chairman R K Arora says the scheme would boost the sales volume and improve cash flows of the company. The possession of our Capetown project has already started since Diwali and this scheme will help buyers who are looking for ready to move in flats.  The project Capetown is spread over 50 acres and has 7,000 housing units.