Affordable housing in A'bad join discount bandwagon

Such has been the slump in the Ahmedabad real estate market that after mid-segment, it is now the affordable housing projects that are offering EMI discounts/waivers and lucky draw schemes to attract buyers.

For instance, city-based developer Privilege Club Pvt. Ltd. claims to waive off EMI for a lucky draw winner among the buyers for its 'Swarnim' affordable housing scheme near Moraiya village on the outskirts of Ahmedabad.

"Even before launching the project we could see a slowdown in bookings in the market. Moreover, the mid-segment projects by other developers who had offered freebies or discounts had seen some success. Therefore, we also launched a scheme where the buyer will not only get to pay competitive EMI but also could get it waived off if he wins a lucky draw," said Jignesh Patel, a city-based developer and promoter of Privilege Club.

 

Privilege Club has already seen around 50 units being booked in the first two days of the launch of the project out of the total 430 units. The project feature one room kitchen units in the range of Rs 5-6 lakhs.

Similarly, another developer DBS Affordable Home Strategy Ltd. alongwith SAATH, a not-for-profit organisation, is planning to offer free facilities or some discounts for its buyers. "Not only is there a slump in the real estate market but also buyers in this category find it hard to source funds for buying affordable units too. Hence, offering discounts not only helps them but also expedites sale," said Rajendra Joshi, founder of SAATH.

DBS Affordable and SAATH, who have already seen 100% bookings for their 1,300-odd units in Vatva and Narol area of Ahmedabad, are planning to launch another 1,800 units strong project. The units will be priced at Rs 5-10 lakhs for one room and two room kitchen variants.