Sucheta Dalal :Financial castles in the air-V
Sucheta Dalal

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Financial castles in the air-V  

May 3, 2010

Emaar MGF Land Ltd, a Delhi based real-estate company—which is planning to list on the Bombay Stock Exchange (BSE)—is offering different rebates for its various residential projects, if homebuyers pay almost 95% of the basic sale price (BSP) within 30 days-45 days of booking a property. 

The company is offering 5%-12% rebate on the BSP for its various residential projects situated around Delhi −‘Palm Terraces, Palm Hills’, ‘Esplanade’ and the ‘Commonwealth Games Village’—under its down-payment scheme.


According to the company’s website, the customer has to pay minimum of Rs5 lakh (which varies from project-to-project) at the time of booking the property; 95% of the sale price plus 100% external development charges (EDCs); 100% infrastructure development charges (IDCs) and cost of parking slot within a stipulated time (30 days or 45 days)—all which differ from project-to-project. The remaining 5% of the BSP can be paid when the customer receives an intimation of the possession of the property.


The developer is also offering 12% rebate if the customer is purchasing a property in Palm Hills at Gurgaon under the down-payment scheme. The buyer is supposed to pay 95% of the sale price and all charges mentioned above plus 100% club membership charges within 45 days. The remaining charges can be paid after the buyer gets the intimation of the possession. Currently the price for a three bedroom-hall-kitchen (BHK) in this project is Rs3,499 per sq ft.

The same rebate is being offered for the developer’s ‘Palm Terraces’ project which is priced at Rs5,250 per sq ft for a 4-BHK covering 2,100 sq ft. For the ‘Commonwealth Games Village’, the developer is only offering 5% rebate on the payment of 95% of the BSP within 30 days. The booking amount for a 2-BHK starts from Rs25 lakh.— Pallabika Ganguly

-- Sucheta Dalal