Builders take New Measure to Lure Buyers
Oct 02, 2019 Home Trading Steps
Post demonetization real estate builders are now trying to come up with new schemes to lure buyers into buying the property. Schemes like online payments, price correction guarantees are offered to the buyers. Home buyers are assured that if the prices of the property fall down then the compensation on the property will be adjusted. This has increased a significant sale in the ready to move properties and the near completion properties.
Builders are trying to ease the hassle of transaction by providing the convenient mechanism of payment through online portals. Some builders have even partnered with online transaction portals for the same. This will not only ease the process of transaction but will also make the deal more transparent in the real estate market.
Some builders are providing the price correction guarantee that if the price of the property reduces, the difference of amount will either be returned to the buyer or it will be adjusted in their instalments. Though experts have raised questions regarding the price correction like how will be the corrections measured?
Developers have also come up with the scheme of book now pay later. This has increased the demand for the luxury segment.
Some developers with huge unsold inventory have are also accepting old currency notes for the transaction. Many brokers have settled their old debt this way. Similarly, the broking firms are also accepting old currency notes to pay off the debt they owe as commissions to sub brokers.
The uncertainty in the market is only temporary. The buyers are waiting for the price corrections before they take a plunge.
The primary market is very much driven by accounted transactions through banks, cheques, or demand drafts. Potential buyers are waiting for the prices to drop further.
The market is in the reset mode and will revive and the sale will increase after few months. With government’s efforts to bring RERA as a law, it is expected that more buyers will take a step in buying the property thus reviving the slow real estate market. The union government is also pushing the idea that the NRI investment policies need some more relaxation for the NRIs to invest in the property in India.
Builders are trying to ease the hassle of transaction by providing the convenient mechanism of payment through online portals. Some builders have even partnered with online transaction portals for the same. This will not only ease the process of transaction but will also make the deal more transparent in the real estate market.
Some builders are providing the price correction guarantee that if the price of the property reduces, the difference of amount will either be returned to the buyer or it will be adjusted in their instalments. Though experts have raised questions regarding the price correction like how will be the corrections measured?
Developers have also come up with the scheme of book now pay later. This has increased the demand for the luxury segment.
Some developers with huge unsold inventory have are also accepting old currency notes for the transaction. Many brokers have settled their old debt this way. Similarly, the broking firms are also accepting old currency notes to pay off the debt they owe as commissions to sub brokers.
The uncertainty in the market is only temporary. The buyers are waiting for the price corrections before they take a plunge.
The primary market is very much driven by accounted transactions through banks, cheques, or demand drafts. Potential buyers are waiting for the prices to drop further.
The market is in the reset mode and will revive and the sale will increase after few months. With government’s efforts to bring RERA as a law, it is expected that more buyers will take a step in buying the property thus reviving the slow real estate market. The union government is also pushing the idea that the NRI investment policies need some more relaxation for the NRIs to invest in the property in India.
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