Housing in the city became a little more affordable, with Royal Palms Estates slashing the prices of key goods in the suburbs west of almost 40 per cent.
This follows a similar move by other agents, including the development of housing and infrastructure, Puravankara Projects, Omaxe, Tata Housing Development, and even the state government, which have both reduced prices forayed or in affordable housing, following a collapse in demand.
According to one analyst, which would have an impact on the overall property prices in the city, with other Real estate companies should follow suit. The monsoon is a dull season, manufacturers come to such offers in September.
Royal Palms Estates began offering loans to own apartments in Goregaon, a suburb north-west, for a Rs 3999-square-foot (PSF). This is lower by about 40 percent compared to the ownership rate of around Rs 5,500-5,700 PSF.
When spoken, Royal Palms Estates Joint Director Dilawar Nensey confirmed the development. "There is always a price to the strength in the market, and, traditionally, the monsoon is a period of slow sales of property. A number of bargain hunters on the surface during this season and make decisions if they are worth the purchase of a property or for personal use or for investment, "said Nensey.
More importantly, Royal Palms Estates needs to generate funds for future projects and the availability of existing properties. It is better to sell at reduced prices, rather than holding onto it, he added.
Royal Palms is setting up two special economic zones (SEZs) in Goregaon - one for information technology and another for the gem and jewelry - and in need of funds for these projects.
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