‘I was promised a discount’
Ibought a 2BHK apartment in Greater Noida in October 2010 during the Navrtaras. I always believed that any big decision like buying a house should be done on some auspicious occasion and nothing could be a better time than the Navratra. However, it didn’t turn out to be a good buy because the property dealer who had finalised my deal promised me a handsome discount. I trusted him and paid the booking amount.
After making a few initial payments, when I asked him for the discount he told me that he would not be able to pay it as he hadn’t got his commission from the developer. Normally, when a broker promises any discount to a homebuyer, he gives some percentage from the brokerage he gets from the developer. For instance, if a broker gets 10% commission for a selling a flat of ` 45 lakh, he might choose to offer 5% of it to a customer to tempt him to invest. A consumer will also find such a deal profitable, so instead of buying directly from the builder, he will prefer to go to the broker. In many cases it has, however, been seen that 90% of the brokers don’t fulfill the promise of a discount.
The excuse they give usually is that they have not got their commission from the developers. Since it’s very difficult for a homebuyer to crosscheck with the developer, most of them give up. Had I got the offer in writing from the broker, I would have definitely dragged him to court for making “false promises.”
So my advice to a homebuyer is that whenever you are dealing with a broker or any real estate consultant, you must cross-check all offers from the developers too. And try to get everything down in writing.