Realty is no longer the asset that always gives good returns. The ground reality has changed. So have the investing norms. ET Wealth explains the new tenets and ways to exploit these for maximum gains.
1) Don't go by the MRP
Most developers desperately need cash to complete delayed projects and start new ones. You can wrangle discounts if you know how to drive a hard bargain.
There was a time when developers used to quote a fixed rate and offer up to 3% discount if you paid the entire sum within 60 days of booking an apartment (through a home loan, of course).
Things are different now. The 3% discount is not the upper limit; it's just the starting point to begin your negotiations.
Today, most developers desperately need cash to complete delayed projects and start new ones, which means discounts and freebies if the customer knows how to bargain.
Also, in some parts of the country, sales didn't pick up last year between October and January, the period that accounts for approximately 40% of the annual sales of residential projects. This is why it may be the best time to wrangle a good price.
Seen from another angle, since there is no sanctity of an MRP, developers try to load charges surreptitiously. So, always keep some extra money at hand without which you may not be able to seal the deal.
This has assumed greater importance now because in a bid to make the project appear affordable, builders do not load extra charges in the quoted price.
Source: ET Wealth; Contd. here
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