Beware Of These 7 Sales Gimmicks When Buying Your First Home

"There may have been price corrections, but we have not"

According to a recent media report, real estate prices have witnessed correction in some areas. But, beware when making the same remark to a developer, he might laugh at this report and prove you wrong. Well! He may agree that some areas have actually seen correction in prices, but the area where he is launching his project has not seen any such correction so far. Conversely, if you research a bit, you can clearly see the signs.

"The top 10 developers in the country are sitting on 58,000 crore worth of unsold inventory," says Pankaj Kapoor, managing director of Liases Foras.

Generally, developers do not reduce property prices officially as it sends wrong message that they are desperate to sell off their unsold units and so reduced the prices. Therefore, they offer discounts, freebies and other facilities to attract, according to Yashwant Dalal, president of the Estate Agents Association of India. "For instance, the stamp duty and registration costs would come to around 6 per cent of the value of the transaction, while the gymnasium membership and foreign tour packages would add up to a few lakhs of rupees," added Dalal.

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