This could be the best time for you to buy prop­erty

Thou­sands of ready-to-move-in apart­ments are avail­able in the NCR mar­ket. If you’re will­ing to ne­go­ti­ate hard, you could get your­self a great deal

HT Estates - - NEWS - Van­dana Ram­nani

Ahuge stock­pile of ready-to-move-in in­ven­tory in the NCR real es­tate mar­kets and ab­sent in­vestors have left the field wide open for home­buy­ers to buy prop­erty.

Builders too are go­ing all out to lure cus­tomers, of­fer­ing allinclu­sive prices, throw­ing in free­bies such as park­ing, fur­nished kitchens and air-con­di­tion­ers. They are also more than will­ing to ne­go­ti­ate with buy­ers.

Deepak Kapoor, pres­i­dent, Credai West­ern UP, says that the Noida mar­ket is cur­rently a buy­ers’ mar­ket and prices are at re­al­is­tic lev­els. Since the in­vestor in­ter­est is low, the pres­sure right now is on sell­ing units to ac­tual users. Hav­ing said that, buy­ers should con­sider the de­liv­ery record of the developer be­fore buy­ing prop­erty, he says.

“Prices in Delhi-NCR have bot­tomed out. This is the right time to buy as rea­son­able allinclu­sive deals are avail­able in the mar­ket,” says Praveen Jain of Naredco.

Agrees Dhruv Khanna, a bro­ker with To­tal Prop­erty Man­age­ment, ac­tive in Gur­gaon. “Gur­gaon is a buy­ers’ mar­ket. In a full mar­ket buy­ers are under pres­sure to take quick de­ci­sions and but right now with no in­vestors in the mar­ket, they have all the time to ex­plore the mar­ket and ne­go­ti­ate hard be­fore fi­nally tak­ing a de­ci­sion,” he says.

Giv­ing tips to buy prop­erty, he says, “Al­ways try and keep three to four op­tions open and not get stuck to a sin­gle prop­erty. The golden rule is to ex­plore. Out of the four prop­er­ties you se­lect, at least one seller in the re­sale mar­ket or developer will get back to you. The buyer should be will­ing to ne­go­ti­ate hard or to walk away.”

House hunters should study the ba­sic sale price of the pro­ject well. Keep an eye on in­flated BSPs that may in­clude free of­fers. Al­ways check the price of the same prop­erty in the sec­ondary mar­ket. Prices in the sec­ondary mar­ket are likely to be cheaper than pri­mary mar­ket rates but al­ways fac­tor in any trans­fer charges you might have to pay and com­pare that amount with the price be­ing of­fered by the developer be­fore tak­ing a de­ci­sion.

In Gur­gaon, 2BHK op­tions in sec­tors 37 C and 37D are avail­able in the range of ₹ 55 lakh to ₹ 60 lakh. In the New Gur­gaon area, largely com­pris­ing Sec­tors 81 to 95, prices start at around ₹ 55 lakh.

In Greater Noida West or Noida Ex­ten­sion, apart­ments in some projects cost around ₹ 3,500 per sq ft. For brands not es­tab­lished as yet it is around ₹ 2,500 per sq ft. The fo­cus of the buyer should be on the qual­ity, brand value and de­liv­ery record.

Where the re­sale mar­ket is con­cerned, most bro­kers in the area say they don’t get the high com­mis­sions they used to and at best now earn 1% com­mis­sion from the builder for tak­ing buy­ers di­rectly to them. “Now more direct deals hap­pen­ing in the marketing of­fices of builders, es­pe­cially in projects where there is un­sold stock,” says KK Se­tia, an agent ac­tive in the area.

“Some builders are even go­ing to the ex­tent of giv­ing an all in­clu­sive deal that in­cludes park­ing, fur­nished kitchens etc to at­tract more buy­ers,” he says.

Prices of units de­pend from area to area and pro­ject to pro­ject. In most mar­kets, prices may be high due to new in­fra­struc­ture such as a Metro or new road links

while in other prices may be com­pet­i­tive be­cause of too much new stock. In both such mar­kets, there is room for ne­go­ti­a­tion as de­mand is less than sup­ply.

S e r i o u s b u ye r s s h o u l d re­mem­ber that builders may not be will­ing to re­duce prices up­front but only if they are sure that the buyer is se­ri­ous enough to pur­chase prop­erty and is will­ing to sign the cheque.

As for sell­ing, it is ad­vis­able not to sell un­less you are plan­ning to buy an­other prop­erty to move

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