"Developers would soon come out with new schemes to attract buyers. They are in the process of reworking their marketing strategy now, with the festive season round the corner," said an analyst.
The real estate subvention scheme or 80-20 home buying plan, recently banned by the Reserve Bank of India (RBI), is now being replaced by other offers to attract buyers.
"After 80:20 and 75:25, the developers have to find new means to sustain themselves to overcome the slowdown. There is a liquidity crunch in the sector. With Diwali around the corner, they don't want to miss any opportunity," said another analyst tracking the sector.
According to market estimates, Diwali constitutes about one third of developers' sales.
The home loan schemes of 80:20 and 75:25 allowed buyers to pay upfront money, 20 or 25 per cent of the total cost and no EMI for the next three years. It had become very popular especially with first-time home buyers, wherein, they could easily pay rent and no EMI for a certain number of years.
Victory One, which is coming up with a limited edition luxury project in Greater Noida West - Amara, has put up banners, assuring buyers of a timely delivery.
The company's website says it would give possession in three years. If not, the developer promises to pay back Rs 15 a sq ft every month to buyers.
Then, there are projects hardselling add-on facilities such as air conditioners in all bedrooms, lights and fans in all rooms, and modular kitchen. Some are even giving customised colour options for walls, floor tiles and wooden flooring.
Also, realtors are announcing annual sale on projects to lure customers. During this sale, Supertech for instance, talked about 40 per cent payment now and balance on or near possession. The minimum investment started at Rs 7 lakh and the offer was valid till Sunday on 28 projects.
Supertech chairman and managing director R K Arora said, "We have come with a scheme for our unsold inventory, wherein buyers can pay 40 per cent initially and rest on possession. It is not a subvention scheme, as the apartments would be ready in six months to one year."
He also said that the company was offering 80:20 schemes only in some of its projects, so there wouldn't be much of an impact on the sales following the RBI order.
RBI had recently asked banks to link the disbursal of home loans to stages of construction to protect the interests of buyers and contain the fallout of 'innovative' housing financing schemes.