what should buy­ers do now?

Hindustan Times (Chandigarh) - Estates - - FRONT PAGE -

Uncer­tainty in the mar­ket: Peo­ple plan­ning to in­vest in prop­erty are cur­rently in wait-and-watch mode due to uncer­tainty in the mar­ket. Many of them are still check­ing out the mar­ket, just to feel its pulse, and ex­pect­ing big dis­counts by de­vel­op­ers des­per­ate to sell

Price guar­an­tees: Some builders are try­ing to as­sure buy­ers that if prices were to cor­rect, the dif­fer­ence would be re­turned to them or ad­justed. They have been hand­ing out ei­ther prom­is­sory notes or in­clud­ing a clause in the builder­buyer agree­ment to this ef­fect. Buy­ers should be aware that the mar­ket has re­mained stag­nant for al­most two years now and some mar­kets have al­ready ex­pe­ri­enced price cor­rec­tion

Check the size and the penalty clause: Buy­ers should check the size of the prop­erty they are in­vest­ing in – as over the last few months some builders have claimed they are slash­ing prices when they are ac­tu­ally tweak­ing the size of the apart­ments. As far as pos­si­ble, buy­ers should opt for ready-to-move-in projects rather than new launches

Penalty for de­lays: A builder may prom­ise penalty for de­lay but buy­ers should un­der­stand that this is much less than the amount of EMIs that they would have to pay to the bank to ser­vice their home loans

Read the fine print: Buy­ers are ad­vised to read the builder-buyer agree­ment care­fully, as some builders could use de­mon­eti­sa­tion as an ex­cuse to de­lay projects

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