A scheme such as the offer by Kubix Realties Pvt Ltd of three series BMW car priced at around Rs 33 lakh or 2 kg gold free with a Rs 2.75-crore luxury bungalow would effectively translate into a 12 per cent discount.

On a Rs 55 lakh property, if the EMI waived is around Rs 5-6 lakh, then the discount translates into a direct 10 per cent.

“The advantage for the customers is that they save the EMI money till possession, the bank will get customers and as a builder I will have ready liquidity at my disposal. It is a win-win situation,” said Nainesh Nandu, of Kubix Realities. A bit more complicated than the freebies are the waivers of EMI on the bank loan till the time of possession or the “rate guarantee schemes” to protect the customer from market fluctuations. “If we see that our apartments are selling at a lower rate at the time of possession, we will return the difference money to the people along with interest,” said a marketing person at Belvalkar Housing.

“Unlike in Mumbai, Gurgaon and Bangalore, builders in Pune are still not slashing rates. They fear that direct monetary discounts could lead to things spiralling out of control,” said an analyst with a financial institution tracking the realty sector.

Acording to Ravi Varma, president of the Estate Agents Association of Pune “These are miniscule and convoluted discounts that appear as if the market is falling. Whatever discount you want to give, it

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