Those who have purchased property in recent times must have noticed that real estate developers are offering easy payment plans. Did you try to find out the reason behind this? Most of the homebuyers don’t bother to know the reason as they are just concerned about the lower price.
Actually, this is happening due to government’s shocking decision of demonetization. Real estate market being one of the largest hubs of black money got affected worst by the move. Looking at the slumping demand, developers are left with no other option than cutting property prices to sell out the existing inventory. Different property website in India are nowadays flashing ads of discounts on properties to entice home buyers.
Another reason behind the offer is pressure from homebuyers. However, they are not paying attention to the demand of price cut; they tried to impress investors by offering easy payment plans. But do you know they are again using tricks to cheat first-time property buyers?
January to May is the peak season for sale of properties in India. Builders are trying everything to make most of this season. From pricing to easy payment plans and discounts, they are leaving no stone unturned to boost the sale of property. But to make sure that they don’t incur any loss, they are playing with the size of apartments.
Some of the sweeteners real estate developers are using to flatter homebuyers and investors include:
- Stamp duty waiver of up to 2.5% on home buying
- Easy installment options with just 5% upfront payment and remaining payment on possession
- Flexi payment plans for premium residential projects (10:80, 20:60:20, 50:50 etc.)
Though builders have seen some improvement in the market in last two months, they are still looking for more ways to draw the attention of investors and homebuyers. While browsing a real estate website, I read about the option of splitting the home loan between the developer and the buyer. Some builders in India are in discussion with the banks on this to make home buying easier for individuals. Even if a builder pays 2-3% of the loan, it makes a lot of difference for the home buyers. This is still better for the homebuyers than getting a smaller unit for a discount of a few thousand rupees.
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