The recently floated Ridgewood project by DLF Universal Ltd and Valley View by the Ansals have given a clear indication of the plunging prices of apartments.

DLF, which happens to be the largest group in this sector here with around 2,300 acres of land, is offering a three-bedroom apartment in the Ridgewood multi-storeyed complex at Rs 1,196 per sq feet, which is a steep decline from DLF's earlier projects priced Rs 1,500-2,000 per square feet.

The Ansals are not too far behind. Their Valley View project will have two and three bedroom flats priced at Rs 1,100-1,130 per square feet. ``The depressed economy has made all the difference. From Rs 1,600-2,000 per sq feet for its earlier projects, the company has come down to Rs 1,100-1130 in this one,'' said an executive with the Ansal Group.

Realtors believe that the growing competition among DLF, Ansals and Unitech has also compelled them to lower the prices and offer corporate discounts.

``Rebates on downpayment were always there but the percentage varied according to the market condition. For example, DLF is offering an 18 per cent cut on its Ridgewood project while the Ansals have marked 14 per cent for Valley View. Similarly, discounts on bulk purchases like those from MNCs or any other organisation booking their flats collectively, are being encouraged,'' remarked a realtor.

Another prominent builder, Unitech Limited, has offered two and three bedroom apartments at a rate of Rs 1,200 per sq feet in The Palms group housing scheme at South City. Says Ashwani, a leading realtor: ``Unitech's earlier projects like the LA Gardenia were priced at Rs 1,900-2,200 per sq feet. No doubt those apartments were more plush and luxurious. But the company has changed its plans now by offering inexpensive flooring and use of economical material so that the prices remain affordable for the common consumer.''

The Ansals had floated the Happy Homes double-storeyed project couple of years ago at Palam Vihar where an apartment on the ground floor was priced at around Rs 18-19 lakh while that on the first floor was of Rs 15-16 lakh.The builder has brought down the prices of it's `Royale Casa' double-storeyed project in the range of Rs 12-14 lakh.

Says Praveen Kumar, another realtor: ``Earlier people used to invest money in property for earning good returns. The property merely changed hands from one investor to another. There was no scope for a genuine buyer. But ever since the recession crept in, investment has diminished. The market has taken a corrective step and is now more user-friendly.''