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Indian Real Estate News : Mumbai
Buyers must grab discount offers
Source: The Times of India Nov 22, 2013
It is not advisable for end users to postpone their buying decision in the hope that prices will fall; they must grab the discounts that developers are offering and buy their long-cherished home. TEAM TIMES PROPERTY writes

The slowdown in the economy has led to sluggish demand in almost all the sectors including real estate.
However, consultants say that this is the right time for end users to buy their long cherished home. As builders are in a tight position, many of them are offering huge discounts, even up to 15%—this is not reflected in their official rate chart, though, but the offer holds for the customers who pay cash down. A builder said that as soon as the demand starts looking up, they will withdraw this discount; thus, once the economy looks up, we can expect the prices to automatically go up.

In fact, the emerging trend is also suggesting that developers are not cutting the price, but they are ready to pass on the holding cost to buyers. As the rate of interest at which a builder can raise fund is very high, they find it attractive to give a discount of around 15%, which is their cost of fund, to their customers.

At the same time, a customer can borrow a home loan at around 10%. In fact, to attract the borrowers, many banks are offering home loans at less than 10%. Not only this, some of them are even waiving off the processing fees.

Taking all these market dynamics into consideration, a consultant said that if someone wants to buy a house for his personal use, this would be the right time to enter the market.

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