what should buyers do now?
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