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Realty developers, builders offer unique EMI incentives to boost sales

Realty developers, builders offer unique EMI incentives to boost sales

Pooja Gawde

12 May 2008

While the real estate market is witnessing the much expected and awaited price correction, realty players are finding new ways to attract buyers.

Real estate players such as Parsvnath Developers are promoting the scheme of 'No EMI until possession', while others such as BPTP and Gaursons offer two-year EMI holiday on specific projects.

BPTP has a housing project called 'Resort' in Faridabad on which the company is offering a two-year 'Pre-EMI interest' to the bank on behalf of buyers. This scheme is targeted at those living on rent. These people benefit from the scheme as the EMI starts only after possession.

Realty player Parsvnath reimburses the EMIs paid prior to possession on its project in Sonepat called 'Parsvnath Preston'.

KDP Infrastructure also has a similar option. It is promoting a scheme, 'No pre-EMI for 18 months' upon payment of 15 per cent of the booking amount on its 'Grand Savanna' project in Ghaziabad.

Gaursons India offers a scheme of 'No EMI up to 24 months' for buyers of 'Gaur Grandeur' at Noida.

Another project, 'JMD Gardens' in Gurgaon offers the facility of starting the EMI only after Grah Pravesh.

Real estate observers say that while offers such as reimbursement of EMI's which have been paid prior to possession work in favour of the buyers, builders to stand to gains.

According to the observers, if the builder raises the money from the market to complete the project, he can get funds at an interest rate of 15-20 per cent. However with such value additions, the developer gets assured booking at 10.5 per cent, the interest rate which is applicable for home loan borrowers.