Does sale of flats in Hyderabad market decline forcing some of the builders to slash the rate per sft? If the discount offer made by a major developer like Sumadhura is any indication, one can easily decipher that the major players in the field are also forced to reduce prices.
Sumadhura Developers floated a gated community project in Satamrayi near Shamshabad. In fact, Sumadhura sold flats in a pre-launch offer prior to securing RERA permission. As per the rules, if any developer is found to be selling flats without RERA permission, the developer is forced to pay 10 percent of the project cost as fine to the RERA. Having sold flats at low cost both to buyers and to the investors, the developer has to approach the RERA for permission. In spite of having knowledge of selling flats in pre-launch offer, the RERA has sanctioned permission to the Sumadhura Developer for the Satamrayi gated community project. This apart, Sumadhura has been selling the first 50 units of its new project Gardens Brook at a price less than the market price.
According to offer made through social media by Sumadhura, it offered to sell flats at Rs 5199 per sft, when the market price is about Rs 6000 per sft. The discount offered is Rs 800 per sft. The purpose of making the discount offer is due to reduction in customer base or to raise the funds needed to support construction activity, according to a word from grapevine. Whatever, the builder is selling flats at a price less than the market price. Only time will tell, how many more builders will emulate Sumadhura?
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