RDB Developers offers free Nano to push housing demand

Nano has turned out to be a freebie option for real estate developers lookingto perk up housing demand.

One Kolkata-based real estate company has decided to give the car "free" with a flat for its first 50 buyers.

RDB Developers has booked around 50 Nano cars with Tata Motors for giving it free with flats in one of its residential projects in Sonarpur, South 24-Parganas.

The realty firm has sold 24 apartments in the last two days, said Ravi Pincha, director, RDB Industries.

"We have seen an overwhelming response for the the apartments, and have received more than 130 enquiries in the last two days," he said.

The company might place orders for more Nanos, said Pincha.

Spread over 50 acres, the first phase of the RDB project at Sonarpur will be over by December this year.

With a project cost of around Rs 50 crore, the company is selling flats at about Rs 1,755 per square feet, with a 918 square feet flat costing about Rs 17 lakh. The highest price of the apartment is close to Rs 26 lakh, spread over 1,430 square feet.

The price is higher than the prevailing prices in Sonarpur, which are varying between Rs 800-1,000 per square feet at present.

RDB has put about 176 apartments in six blocks for sale in the first phase. In the months of October-November last year, several property developers had started advertising freebies to attract customers. However, with the sale of residential projects gradually picking up, not many developers are offering add-ons to attract customers.

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, and the realty company was no longer in a position to offer the scheme, admitted Sachchidanand Rai, managing director, Eden Realty. "We expected selling about 100 flats through the scheme, but could sell about only 32. Now things have started improving and customers' interest has gone up significantly, which is also translating into sales," said Rai. Property prices in Kolkata and its fringes has seen a correction of almost 25 per cent in the last six months.