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DLF cuts rates by 20-30% in Chennai, Bangalore 00/00/0000
Country’s largest real estate developer DLF has cut its prices in its on-\\r\\n\\r\\ngoing projects in Chennai and Bangalore by 20-30%, and \\r\\nhas extended this benefit \\r\\nalso to those customers who had earlier bought homes in these projects. \\r\\n\\r\\nExisting customers, who have paid more than the revised apartment price, will be eligible for refund, although there may not be many such cases, as most have made only part payment, the company said. \\r\\n\\r\\nDLF’s decision, which international property consultancy firm DTZ described as “bold”, is likely to force other realty companies to bring down prices. DLF may also bring down prices of its projects in other cities as well, a company official said. \\r\\n\\r\\nDLF’s move is similar to what country’s largest bank, State Bank of India, did in the home loan and auto loan market. The SBI has slashed home loan rate to 8% for all new borrowers for the first year of the loan term, fuelling a turf war with private sector mortgage lenders. But unlike DLF, the bank didn’t extend this facility to its existing customers. \\r\\n\\r\\nDLF has revised it prices downward by 17% to Rs 2,650/sqft in its Gardencity DLF OMR project in Chennai, comprising 3,500 apartments, of which 2,000 have already been sold. \\r\\n\\r\\nThe company has slashed prices by 32% to Rs 1,850/sqft in Bangalore’s Bannerghatta Road. The Bangalore project has a total of around 2,000 apartments. The company also recently launched a housing project in Hyderabad at Rs 1,850/sqft, which is substantially lower than the market price.
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