Beemers for home buyers
Jaypee Sun Court, an ultra-luxury residential project near Noida is being promoted in an unique way. Buyers will get a BMW 320i car with the purchase of each apartment. Each apartment is priced around Rs. 3 Crores and the estimated price of a BMW 320i is Rs. 30 lakhs.
One would think that a direct cash discount (of say 10%) would matter more to buyers than a free car. Furthermore, most buyers of the multi crore apartments would already own some top-end car model. From a developer’s perspective, offering a car creates much more noise than offering a cash discount.
As the property market absorbs global shocks, expect developers to offload unsold apartments at steep discounts. Some of the developers might also offer to absorb charges like stamp duties and registration fees. We have seen such a situation back in 2002 and I’m sure it’s going to be repeated all over again.