DLF New Town, BTM Layout Extension BangaloreDLF Ltd, India’s largest builder in terms of market valuation and in terms of completed residential and commercial property development, has slashed the pre-launch booking price of apartments at its debut residential project New Town , BTM Layout Extension , in southern Bangalore as the current slowdown dampens demand for realty. DLF is now offering apartments at its proposed 80-acre gated community in Bangalore’s BTM Extension for Rs 2,775 per sq ft, against Rs 3,500 per sq ft earlier. The project, however, is yet to receive mandatory approval from the Bangalore Development Authority.

“We have opened prelaunch bookings and are expecting to get the BDA approval in the next two-three months after which we begin construction,” said an official at DLF Homes requesting anonymity.

Meanwhile, this price slash means that a 1,310 sq ft two bedroom-hall-kitchen (BHK) flat in the project would now cost Rs 36.35 lakh, or about Rs 9.5 lakh cheaper than its initial price. The current market rate of property in the area is between Rs 3,000 and Rs 3,500 per sq ft. The first phase (of the project), which will have about 700 units, is expected to be completed in 24 months.

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But this trend of reducing the prices among 'A' category builders was actually started by namma Bengaluru's Sobha Developers Ltd who announced an 8 per cent reduction in prices across all its projects 2 weeks ago. Another city developer, Golden Gate Properties Ltd, is offering possession of condominiums at its Golden Grand project at 75 per cent of the property value with the option to pay the balance amount in five years.

Finally, the country’s largest builder turns innovative to beat slump, it seems

Source: Realty Plus Magazine