Are freebies while buying property beneficial?

Are freebies while buying property beneficial?

Are freebies while buying property beneficial?

In a situation when lakhs of homes are unsold in the country, the builders and developers daily dole out freebies in a hope to clear out the unsold inventory and make a positive impact to the real estate industry. With the economy in a tight spot, the rupee in the spotlight and the job market starting to show signs of struggle, the Indian homebuyers’ last thought on mind is investing in property.

To fight the situation, builders have starting offering free gifts when one books a house. These include cars, gold coins, club membership, parking space, and even fully paid holidays for the buyer’s family. A car parking space usually costs somewhere between Rs. 1 to 10 lakhs and the amount is enough to lure in the homebuyers. But what is the perspective of the Indian homebuyers? Do they think that the freebies are beneficial while buying a property? Is the value of the free gift a criterion for shortlisting among the available property options? Makaan.com thought of knowing the point of view of the public and quite surprisingly maximum home buyers are of the view that the freebies are not beneficial.

Kaushik Panday, for example, who is single and at present stays in a rented accommodation in Janak Puri says, “When there are not enough means to buy a property for 40-50 lakhs and there is no surety of re-payment, how can a 2-4 lakhs gift be beneficial and attractive”? Understanding the doubt in the mind of the homebuyers, following are a few factors one can keep in mind while associating the freebies with the property:

  • The trend of freebies is catching up with both builders and brokerage firms.
  • The range of goodies for the buyers is truly vast, diverse and imaginative.
  • Cash discount is a reduction in the purchasing price of a property and it depends on the financial health of the developer and the stage of completion of a particular project.
  • The freebies in kind often ranges between 3 to 12% of the property value.
  • Value of freebies is higher for luxury and high end properties and lower for affordable homes.
  • One should check the past record of the developers and whether the developer meets the deadline for delivering the projects.
  • Do not start the property search based of these deals and schemes.

Investing in a property is considered to be a milestone in terms of financial investments; therefore, do a proper market research and survey prior to finalizing anything. For more of such poll reports and to cast your vote in a poll, visit: MakaanIQ.

Last Updated: Fri Sep 20 2013

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