Experts tracking the sector say the scheme is aimed at clearing inventory and boosting sales
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.
Supertech is offering a studio apartment free with the purchase of one luxury home in one of its projects. On the purchase of a top floor apartment of around Rs 1.38 crore (Rs 14 million) with an area of 2300 sq ft in its Capetown project in Noida, the developer is offering free a 500 sq ft studio apartment worth Rs 22 lakh (Rs 2.2 million), at Golf Village in Yamuna Expressway.
Experts tracking the sector say the scheme is aimed at clearing inventory and boosting sales.
The inventory, which denotes the number of months required for clearing the stock at existing absorption pace, has gone up to 83 months in the national capital region (NCR) and 50 months in the Mumbai metropolitan region (MMR).
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. This included the previously unsold as well as the new inventory. A healthy market maintains eight months of inventory.
The sector has been facing a tough time with issues ranging from delivery delays to fund crunch and declining sales. A number of projects have been delayed by 4-5 years leading to high inventory level.
