Apartments in Electronic City employing strategies to prevent a ‘ghost town’ scenario

Apartments in Electronic City are amongst the many others in Bengaluru that are facing a stall in price appreciation. Experts are of the opinion that there is a huge pile up of inventory combined with slow sales. Prices of apartments, for this reason, are expected to remain stable for a few months in the future. The main concern, though, surrounding projects and residential apartments in the various phases of Electronic City is not the pause in price appreciation. It will remain at the back of the head but the main concern is the tiny fear of them becoming a part of a ghost town that is starting to show. A ghost town is a tricky situation in the real estate vertical wherein there are a huge number of unoccupied houses. The cause and effect of such a situation are slow sales. Occupation in most of the new projects is an immediate necessity for developers to drive sales. In light of the current scenario, here’s a look at what developers are doing in order to tackle the situation. Lease of properties:rnAccording to reports, some apartments in Electronic City and other areas have offered to lease out unsold properties to corporations for a period of time. The idea is to drive human occupation to the projects to make it more lively. It's a 'two birds with one stone' strategy. While developers will cash in on the lease amount - over what might have been locked and temporarily unyielding, they are also able to optimize the project for occupancy. As per reports, occupancy due to a lease has helped developers sell some of their remaining inventory, putting a stop to the threat of a ghost town being created. It has been in the news that Symbiosis Institute is one such company that has been on the look out for opportunities to lease out apartments in Electronic City. The company is making use of the lease to provide accommodation to its visiting employees from other countries abroad. Another important advantage in favor of builders is that they have the option of selling pre-leased apartments to potential investors. The real estate community has welcomed such a strategy which is evident through the fact that other areas are catching up with the trend. There is also the employment of sales offers such as 0% interest rates until possession, 'Pay a 'few' lakhs to book your flat' and discounts that are prevalent. Another strategy that may have been employed in a broader mindset of luring customers rather than to specifically address the threat of a pile up is the magnanimous offer of amenities. Apartments in Electronic City are doing everything they can to set themselves apart and to pull occupation and amenities are serving their purpose. One particular project has promised a huge list of 100 amenities in its premise while another has shifted its focus to creating a terrace filled with rejuvenating activities for its occupants. In another side to set themselves apart, apartments in Electronic City have chosen conceptual architecture, bringing in design inspirations from around the world.