Builders Offer 'Buy Now, Pay Later' Schemes for Ready-to-Move-in Homes to Lure More Buyers & Liquidate Unsold Inventory

Team Latestly
Over the last few years, builders have offered 'buy now, pay later' schemes for ready-to-move-in projects to lure more buyers and also to liquidate the rising unsold inventory. The housing sector continues to be affected by poor demand and cash crunch situation, which is making the builders resort to desperate measures.

Mumbai, July 15: Builders in the country in order to lure more customers amid the slowing demand and liquidate their bulging inventory are offering customers- 'buy now, pay later' scheme for ready-to-move-in homes. According to a Live Mint report, the buyers can move in with a small downpayment and pay EMIs after a year or two. Mumbai Most Expensive City To Buy Home in India, Kolkata Cheapest: RBI

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These easy-payment options were earlier offered in under-construction projects, but they are now finding their way in projects with unsold inventory. The housing sector continues to be affected by poor demand and cash crunch situation, which is making the builders resort to desperate measures.

The report mentions that in Mumbai, the unsold inventory has seen the steepest rise this year. Another popular advertising which the builders are using is by saying-occupancy certificate has been obtained and no goods and services tax is applicable.

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Over the last few years, buyers have shown a keen interest and have favoured ready projects, which have no execution or delay risks. Reserve Bank of India report stated that housing affordability in the country has worsened over the past four years. Mumbai is the least affordable city in the report, while Chennai and Delhi stood at the second and third positions respectively. Kolkata emerged as the cheapest metropolitan.