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Sambhar Mafia - Cooked To Kill!

Friday, October 10, 2008

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. 

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4 Comments:

  • I think, very funy idea for promotion.

    http://www.oxyshopping.com

    By Anonymous Anonymous, at 10:21 PM  

  • Hmm. Wishing for some correction in the real estate sector. It's crazy - even for the well polished IT industry employees. It's worse in Chennai coz there is no housing development boom - as in Bangalore or Gurgaon. The number of new houses/apartments in Chennai - within city limits - is actually very less leading to a crazy rent regime. What more, the hot property bubble has placed even apartments in suburbs to cost the upside of 40 lacs - not sure how many can really afford. Hiranandani in Siruseri - 25 Kms from Adyar - costs 4500 per sq ft!

    Wishing for some real correction!

    By Anonymous Govar, at 12:04 AM  

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    By Anonymous Curator, at 12:38 PM  

  • Govar,
    The correction is on its way. Wait till 2009.

    By Blogger Kaps, at 2:58 PM  

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