Rise in housing stocks motivates builders to sell
Despite concerns being raised by the banking regulator over varied instalment schemes offered for real estate buyers, developers continue to woo consumers with more such offers to boost sales during the festival season. In September last year, the Reserve Bank of India (RBI) had expressed its displeasure on home loan products that offered under the “80:20”, “75:25”, or “60:40” instalment schemes.
However, developers continue to promote their unsold stock in cities such as Delhi-NCR and Mumbai by offering what they term ‘innovative’ payment plans. Talwar said DLF did not have the 80:20 schemes in offer. Earlier, DLF too had the scheme in offer for its projects in Gurgaon. Ajnara India, a realty player in the national capital region, has announced a ‘no pre-EMI’ clause till possession of the property.
Customers are asked to pay 10 percent as the booking amount, followed by 80 percent of the amount within 45 days from bank funding. The remaining 10 percent can be paid on possession. Additionally, for its upcoming commercial project, the developer has provided an option whereby consumers can pay 40 percent in three months and take possession, while the balance can be paid in 15 months.
Projects in Gurgaon, Reserve Bank of India, Reserve Bank of India (RBI), residential Projects in Gurgaon, rise in housing demand, Rise in Housing Prices
