From Harley Davidson to gold coins, Hyderabad developers go all out to woo homebuyers

Industry experts say these promotional schemes are short-term tactics to clear unsold inventory and may not be a sustainable strategy for the property market.

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Amid sluggish sales, several developers in Hyderabad are offering expensive gifts, from premium motorcycles to 24-carat gold coins, to woo prospective homebuyers. Also on offer are electric vehicles, complimentary interior work and modern fixtures.A leading developer, for instance, has promised every buyer a ₹3 lakh-worth Harley Davidson with their booking in select projects in prime pockets. Another developer is offering every confirmed client in an upcoming residential project an EV worth ₹8 lakh.Gold too has become a popular return gift, irrespective of its exorbitant price. A builder from Miyapur has promised buyers ₹3 lakh worth of this precious metal on purchase of every ready-to-move-in apartment – 2BHK or 3BHK priced between ₹75 lakh and ₹85 lakh. This, along with free interiors for children’s bedrooms and a modular kitchen.And this trend isn’t limited to residential projects in the city. Some builders developing open plots in Mahabubnagar too are using similar marketing tactics – with one of them giving away 10-gram gold coins to every client.

Industry insiders say these are desperate measures to accelerate sales, given the slowdown in the market. “Whenever the market slows down, developers introduce special deals to offload unsold inventory. In most cases, the cost of these freebies is factored into the project pricing, though buyers may not be aware of the calculations,” Ch Ramchandra Reddy, joint secretary, Credai-National.

Realtors say it’s not a healthy or sustainable trend in the real estate market. “You cannot keep attracting buyers with freebies forever. If a customer genuinely wants to purchase a flat, he will do so based on location, quality and price, not because of a gift. While such schemes are primarily aimed at boosting short-term sales and clearing unsold inventory, these may only generate temporary interest,” said N Praveen, president, Telangana State Realtors Association.The fact that such deals do not fall under the purview of the Telangana Real Estate Regulatory Authority (TG-RERA) also takes away the safety net from customers, say some realtors.”Such schemes and incentives are aimed at commercially attracting buyers, we cannot monitor them,” confirmed a TG-RERA official.