Lanco Slashes Price for Lanco Hills

Published: 29th April 2010
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The Hyderabad based Real Estate and Infrastructure company, Lanco has announced a special price cut for their residential apartments at the prestigious Lanco Hills project.The company has fixed new price band at Rs. 3000 per sq.ft. With this cut, a 1900 sq.ft apartment in the tower 4 now priced around 60 Lakhs, excluding amenities fee, which is a 25 to 30% less than the price announced during the launch of the project. According to the company sources more than 60% apartments are sold out at a much higher price band. All those who booked at higher price is also expected to get benefited as the company reduced the price for existing customers too. ?We have already adjusted the price for existing customers, passing a good 10 to 15 % discount on the booking price.? said a company sales officer.

Confirming the price cut, Mr. Srinivas D, a project manger, working with a leading software company says, ?with Lanco reducing the price for my apartment, now I can think of moving from type I (1900 sft) to type III(2500 sft) without affecting my earlier plans on cash flow. Also, the company gave me an option of moving from Phase II to Phase I, this makes me feel more comfortable as I would get the possession by August 2010, instead of 2011.?

Only limited options

Certainly, the recent announcement on price cut is not a surprise as the Hyderabad real estate market is going through a slump, particularly the high end segment. Those, who dream of high rise apartment life style and put their plans on back burner due to the affordability can now think of going for it. Out of 15 odd residential towers at Lanco Hills, the company is planning to deliver the Phase I by August 2010. The work is going on at a rapid pace, most of the brick work is completed for 80 of the towers.

However, there is not many options available for the buyers as most of the East facing apartments are already sold out. According to the company sources, the apartments offering good view of city in the north and a Lake in the north west are sold out completely. There are few in tower 4 and 15 offering the club house view.

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