Last Update 5 bulan yang lalu
Those who are unsure of the best time to buy property usually wait until the festive season, which in India lasts from mid-October to mid-November. According to the market scenario, one-third of India’s real estate transactions occur during this time period. which is seen to be lucky for investing in assets with income potential. The ‘best’ time to buy a property is also the time when buyers have the most options since developers create tempting offers and plans in an effort to boost sales in the third quarter of the fiscal year.
Even though the holiday deals may be alluring, you should never make a quick judgment. This is possible if you have the necessary knowledge and take your time with every deal. During this season, it’s important to keep an eye out for profitable discounts, but you also need to be wary of offers that seem too good to be true. The Deal Acres Buyer’s Manual helps you through every aspect of home purchasing during this challenging time.
Should you buy property over the holiday season?
Should I buy a house during this holiday season? Will the advantage of market discounts and special offers over the holiday season be profitable? Can I get more for less money? If you have any of these concerns, it’s critical that you consider the elements that make the holiday season a favorable time to make real estate investments.
Things to know about frequently offered special discounts Developers look for opportunities to get rid of as much unsold inventory as they can during this time of year. As a result, the markets are typically flooded with options at this time in all price ranges. Since more than half of the unsold housing stock in India’s nine largest cities consists of apartments. that priced below Rs 50 lakh, it is especially convenient for buyers looking at the affordable housing segment to make purchases.
Holiday discounts and deals- Developers frequently use “exciting offers and incentives” to attract prospective purchasers to move their unsold inventory. Developers provide many simple payment plans that permit no EMI till possession, relaxation of registration and stamp duty fees, free modular kitchens or parking spaces, exemption of Goods and Services Tax (GST), and gold coins, among other enticing discount offers.
Profitable house loan programs- Customers can obtain loans at lower rates and with enhanced incentives over the holiday season. Banks offer benefits like waived processing fees, pre-approved digital loans, and loans with fixed interest rates across a range of categories. Banks go above and beyond to maximize home loan sales over the holiday season, when consumer sentiment is often better. Saving a lot of money over time is made possible by being able to secure a house loan at a lower interest rate than is customary.
Pay benefits- The Diwali bonus has long been a cause for celebration for homebuyers in the salaried middle-income group. You will be able to buy a more expensive item than you would normally be able to afford throughout the rest of the year due to an increase in your spare income.
Sellers surrender easily- Sellers want to sell their residences as quickly as possible over the holiday season. Utilizing your negotiating talents, you can take advantage of the seller’s urgency. which will help you to increase your profit margin.
Things to know about frequently offered special discounts
Discounts and tax status- The most frequent offer over the holidays is a discount on the property’s price per square foot. This is typically an attempt to attract homebuyers into making a quick choice on their purchase. To avoid being duped, you must perform your due research before signing the builder-buyer agreement at the discounted price. The majority of developers who make such offers have projects that are still in the planning stages. And are thus experiencing excessive delays in their completion dates and a lack of buyers.
Additionally, builders give the customer the choice to deposit funds directly with them in exchange for a tax exemption. Rather than depositing them in a bank, which would subject them to tax. The interest earned on the funds deposited with the builder is represented as a discount on the buying price of the home. As many contractors frequently see these funds to finance other projects, this decision can be dangerous.
Free stuff- Free stuff These offers are valued very little in contrast to the cost of the property. When making a purchase, you shouldn’t let these flimsy benefits influence your decision. They ought to be seen merely as extras. There is thus no harm in treating yourself to some goodies if you discover a home that is worthwhile investing in.
Subvention or partial payment- In a subvention plan, the buyer makes a discounted down payment up front and the remaining balance is due after taking ownership. These deals are often available all year long on unfinished projects, but they become more prevalent around the holidays. The initial payment is purposefully kept low to grab the attention of buyers.
The buyer is required to pay the cost of the property in three or four installments when part payment plans are used. The initial part is typically the least expensive, followed by a 50–60% part in the second phase. which is typical during construction, and a tiny part in the latter phases or at possession. One of the best deals you strike with your developer is an appealing payment schedule, but be skeptical of offers that seem too good to be true. Construction-linked Payment Plans end up being the most helpful for both parties involved.
You must use due diligence- You shouldn’t let merely packages and offers influence you. Rather, thoroughly investigate the project and the promoter. Free stuff and discounts shouldn’t influence your buying choice. Only buy a property when it meets your needs.
Financial programs like EMI until possession, subvention schemes, part payments, and so on should be avoided at all costs. To determine if they can help you, it’s essential to truly understand these. Negotiate cash discounts with the developer rather than taking a freebie.
Disclaimer: The opinions shown above are mainly for informational reasons and are based on market research. Deal Acres is not responsible for any actions made as a result of relying on the provided material and makes no representations as to its accuracy, completeness, or reliability.