Developers are not willing to publicly admit it, but the word on the street is that they are beginning to discount their properties in order to persuade people to buy. Some are offering freebies.
In Bangalore the discounts are said to be between 8% and 15% on listed prices. In Mumbai, where residential transaction volumes have dropped significantly, the discounts are steeper at 20-30 %.
Prashanth Sambargi, partner at real estate firm Mars Realty, said the majority of discounting ishappening in projects with ticket sizes of Rs 70 lakh to Rs 1 crore.