Can you imagine owning an Apartment @ BTM layout for Rs 1875 per square feet. Nothing can get rock bottom than this. The same property was earlier offered @ Rs 2775 per square feet. DLF can now kick start the property market all over India setting up a new benchmark in realty market.
Consumers can smile all the way to the bank and finalise the deal with the NO 1 reality company. The consumers will now be able buy a 2 BHK apartment with all inclusive rate of 23 lakhs, give an take a few thousands on account of statutory levies. This is bound to trigger off a fall and revive the badly battered real estate market.
Now the likes of Prestige, Sobha, Brigade, Purvankara, have to react otherwise DLF will snatch away the goodwill of the consumers in Bangalore. Others such as Godrej, Raheja, Tatas, Mantris too have to down size their projects if they have to find buyers. Already there is massive sell off by customers who have booked their apartments on speculative grounds at some of the above projects. In fact the takers are very limited.
The unorganised sector is going to be battered in the bargain, due to such competitive pricing. Now people can expect to buy @ Rs 1200 p.sq feet for unorganised sector. The days of sub 15 lakhs apartments will be a reality. In case one is looking at reputed builders it will be sub 25 lakhs. Pick your choose not in a hurry but liesurely.
Consumers should take care while entering into agreements with the builders on the following grounds and ensure their safety :
Possession of the project should be time bound delay of more than 3 months, should incorporate compensation of rentals upto 50% or interest refunds on the amount paid @ 12% pm annum. In case 10 lakhs is paid than 1.44 lakhs have to be refunded on account of interest, which means 12 k per month of delay.
Escalation to be agreed on the base price + above 10%. For example if the steel price moves up from current 26,000 to 29000 nothing additional payable.
Any escalation to be decided on transperant basis.
All statutory approvals to be complied including mandatory features such as rain water harvesting, fire safety, pollution, sewage, borewells, etc
Check on the joint development agreements, PA holder conditions etc.
Guarantee from the bankers regarding the monitoring of the project.
Good News at last for people who are looking for their dream apartment.
Statutory Declaration : when in doubt disclose, which is highest form of corporate gov. The writer is shareholder of DLF
