Visakhapatnam: This Diwali, the prices of crackers are skyrocketing but those of apartments seem to be affordable what with the builders offering special sops like free modular kitchens, registration, etc.
Mirroring the slump in the real estate sector in the city despite grand plans by the state government, builders who are in despair, are doling out sops worth lakhs of rupees, many more expensive gifts and also free registration, to attract buyers, especially during the festival season.
In Vizag, there is an inventory of 5,000 odd unsold flats between Sagarnagar and Chandrampalem, which is touted as New Vizag. “The real estate sector all over the country is in the downward trend.
But we expected it would be good in Vizag after state bifurcation and the state government’s plan to make Vizag a smart city. Yill now, there has been no work on the ground regarding the smart city and also there are no big ticket investments. With the investments, there will be migration to the city which will spur the sale of houses,” opined a builder, who has been in the construction field for more than 20 years. However, despite no encouraging sales, builders are not ready to budge and lower the prices as they are investing a lot of money on construction..
“As we can’t lower the prices as the investment into a venture, has gone up substantially these days, due to steep increase in the land prices, we are offering gifts and discounts to attract buyers,” said a builder of a gated community apartment complex in Gajuwaka who had advertised a cash discount of Rs 1 lakh or free modular kitchen worth Rs 1 lakh, if booked during Diwali.
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