Sluggish Realty Market: A Good Time to Bargain on Property

Bangalore: Good times ahead for prospective home buyers as the volatile real estate market brings better options and opportunities. Firstly, home buyers have sufficient time in hand to decide on the house they want to buy and secondly, there are large number of unsold properties from which home buyers can make their selection. Also, developers are offering freebies and special offers to sell off their inventories, as they are in need of fund to continue their projects and less scope for property price appreciation. Moreover, if you are a serious buyer, developers may tend to give extra offers on buying, reports Amit Shanbaug of ET Bureau.   

Anuj Puri, chairman & country head, Jones Lang LaSalle India, cited that "Buyers can leverage a flat market and ask for discounts on the stated price, bargain to have the one-time maintenance charge waived or ask for the parking space to be included in the price," reports Economic Times.

For potential homebuyers, developers may include some extra amenities within the same quoted price. According to Gulam Zia, national director, research and advisory services, Knight Frank India, "Developers may not be comfortable doling out cash discounts as it would reflect on the purchase agreement and lead to other buyers demanding similar incentives. However, they may be willing to offer incentives in kind which are not evident in the agreement, such as a gym membership or discounting the floor rise price."

While negotiating with developers, it is always better to research before proceeding further, which can fetch you better deal. Home buyers should research on the property they are interested to buy and the time period, which means how long the property is there on the market to sell. If the property is lying unsold for more than a year, the seller may reduce the quoted price on home buyer’s request. According to Ganesh Vasudevan, VP and business head of Chennai-based realty portal IndiaProperty.com, "In a flat market, you will always come across some sellers who are desperately trying to sell their properties for various reasons. They could be shifting to another city or country, or may be finding it difficult to repay their loans. In such cases, you may be able to finagle a better deal if you are willing to pay a larger portion of the price in cash."