Also read: Is the Indian realty sector seeing new entrants?
Mumbai's real estate market has not been laying any golden eggs of late, but with about 670 million square feet of unsold stock available in the market, home buyers will now get a bigger bang for their buck.
Festive season offers range from giving gold coins on booking; a waiver on floor-rise & registration charges; giving free maintenance for three years and even free club-house memberships. And this, is at the lower end of the spectrum.
Tata Housing, for instance, is offering flats at a downpayment of 5 lakh rupees, with the balance payable only on possession and Mantri Realty's customers can choose between gold coins and a 3 percent discount.
Developers say these offers should bring in few elusive buyers despite the dismal state of the economy.
Sunil Mantri, chairman, Mantri Realty says, "I expect 15-20 percent of incremental growth in sales this season. Normally, it would be 25-30 percent if the GDP & economy would be doing better."
Also joining the grand party are banks and housing finance companies.
LIC Housing Finance , for instance, has slashed home loan rates by 25 basis points to 10.25 percent for regular plans. It is also offering first-time women borrower's loans starting 10.10 percent.
Indiabulls Housing Finance , meanwhile, has slashed rates on new loans under Rs 25 lakh by about 15 basis points while Punjab National Bank and IDBI Bank have offered a waiver on the upfront fee and documentation charges.
That's not all. Experts say several developers are also repositioning a part of their existing projects to boost sales and with 22 of the city's 26 developers slashing prices, it looks like the second half of 2013 may not be such an uphill trudge.
On October 18, 2013, LIC Housing Finance closed at Rs 205.10, up Rs 7.95, or 4.03 percent. The 52-week high of the share was Rs 300.00 and the 52-week low was Rs 152.00.
The company's trailing 12-month (TTM) EPS was at Rs 21.91 per share as per the quarter ended June 2013. The stock's price-to-earnings (P/E) ratio was 9.36. The latest book value of the company is Rs 128.43 per share. At current value, the price-to-book value of the company was 1.60.
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