Soft/New Launches

 

Should you book a soft/new launch property?
The best word when scouting around for a dream property has got to be ‘Discount’. When that discount is to the tune of 20-30 % over the prevailing market rate, only a fool would let go of the golden opportunity, right? So what if it is for a real estate project that is yet to begin construction? Actually, you need to be wary if the sales pitch contains the term ‘soft launch’ because such projects come with a plethora of risks that may not be worth the discount being dangled.


What is a soft/New launch?

At the time of the ceremony inaugurating the construction site, many property developers face a liquidity crunch. To tide over the problem, they come out with a soft launch, where they offer the yet-to-be constructed commercial and residential project at a huge discount to a select few customers. For instance, a couple of years ago, a leading developer was offering a prelaunch rate of just 25,000 per sq ft for a property in New Delhi, where the prevailing market rate back then was around 60,000 per sq ft. Sources say that 80-85 % of the property got snapped up even before construction began. Such soft launches are rarely advertised in a big way. Customers are lured in by brokers known to the developer in exchange for a fee. While customers are baited by higher than average discounts, the developers get ready cash. This is because while some developers will ask buyers to shell out 20-30 % of the property value upfront, others ask for the entire amount.

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