Real estate market appears in some trouble as buyers are either canceling or postponing their property buying plan due to prevailing high interest rate and inflationary pressure. Property developers across the country are offering some freebies and discounts to attract customers. Is it the right time to buy property, specially when real estate developers are offering discounts?
Festive season discount
Festive seasons in India are the best time to buy property, but this year high home loan interest rates added by inflationary pressure made it difficult for buyers to decide. However, discounts offered by developers could help buyers. Buyers need to be cautious, as these discounts come with riders and hidden adjusted costs. Get all possible details about the offer and its time frame, before finalizing the purchase.
Discount on cash
One of the most attractive offering from developers is the cash discount. In these troubled times when bank's lending rates are quite high, these cash discounts could help in compensating price differentials. However, as like several offers this cash discount offer also depends on value of the property and comes with pre-conditions. Check all offer documents and seek all clarifications before reaching the purchase decision.
Freebies have always been the most attractive offer for any home buyer. Depending on the price of the home, the builders offer freebies like music system and modular kitchen. Some builders even offer a car or parking space for bigger properties.
Relief from fees
When you buy a home, you have to pay for the registration fees and stamp duty. There are some builders who are offering relaxation in paying the fee. This saves 3% to 5% of your estimated budget.
Having a negotiator is a good idea in the festive season because you can then get double discount. The builders offer you direct discounts which are quite handsome. They also provide discounts for some negotiation companies.
Don’t buy a property in haste just because the builder is providing you some discounts. You have to live with the decision and so you must research on the property before buying it. The location of the property and the quality of the builder are more important than the discount. If you are getting freebies from your builder then make sure that you need it. You surely don’t need a car or an AC if you already have one. Make sure that all the benefits work for you.