Discounts on regular prices in cities like Kolkata (which is among the worst-affected cities) are likely to be more than in Chennai or / Delhi
By Mr. Kishor Pate, Amit Enterprises Housing Ltd.
Rains in India push back
people into their homes. The monsoons create the perfect ambiance to partake of
pakodas and sip on hot coffee while watching the drizzle freshen the trees
outside.
Going outside involves braving the puddles, traffic jams and getting
splashed by passing vehicles. How can this be a good time to buy a new home?
But, the fact is that
the monsoons are the perfect season for your house hunt. The demand tends to be
lower during this season as most potential home owners are unwilling to step out
and face the weather. This means that you are at an advantage for striking a
good deal.
An opportunity to
bargain..!
Time is money, and
sellers are always on a hurry to move their unclaimed real estate. Culturally,
Indians find it inauspicious to invest in anything for the two weeks of the
monsoons that coincides with pitru paksh.
Consequently, they wait for the
festival season (generally in the month of October) to invest in properties.
This is why sellers offer considerable ‘monsoon discounts’ to boost their
sales, and this can be a good opportunity for buyers.
It is not just real
estate developers who offer to sell at lower rates, but also investors and home
owners hoping to upgrade to larger homes. The rate of discount varies depending
upon the location and how badly it has been affected by the rains.
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| Kishor Pate, Amit Enterprises Housing |
Discounts on
regular prices in cities like Kolkata (which is among the worst-affected
cities) are likely to be more than in Chennai or / Delhi, and even in top cities
like Mumbai, home buyers can expect a discount between 10 & 20%.
The current real estate
sale trend too opens up a larger window of opportunity for buyers. The demand
for properties has been low in the past three quarters, and especially during
the lull period of the monsoons, sellers are eager to accommodate serious
customers.
In fact, property sales in 2015 are likely to continue their journey
along the lower end of the graph the end of the holiday season.
Easier Home loans
Apart from the
discounted property rates, potential buyers are likely to encounter ‘monsoon
special’ housing loans by banks or housing finance companies.
Though some banks wouldn't offer a formal
discount as Reserve Bank of India (RBI) has recently integrated some hikes, they would be likely to
negotiate the charges and interest rates according to your credit scores.
Perfect
time to scout for quality!
If you have been eyeing
a property from the start of the year & waiting for the monsoon discounts,
this is the time to keep a watchful eye for construction quality.
Sellers and
developers find it easier to keep properties in good, saleable conditions
during the summers.
However, with the elements pouring down in the monsoon
months, it could reveal constructional defects.
Buyers can encounter
leakages and dampness in otherwise beautiful houses. This makes the monsoon the
best season to judge their potential investment value.
Further, you should also
look for how good or / bad mobile networks & traffic on access roads are in the
selected project during the rainy season, especially if you are new to a locality.
Consequently, the
monsoons give home buyers several astute reasons for investment. In the same
budget, you can even look for bigger & better homes!
About The Author..!
Mr. Kishor Pate, Chairman
& Managing Director of Amit Enterprises Housing Ltd. is the driving force
behind one of the most successful real estate development firms in Pune and
beyond.
Apart from its signature luxury homes towers and premium gated
townships, AEHL has also launched highly successful affordable housing projects
like Astonia Classic and Colori in Undri and the Mediterranean-style township
Astonia Royale in Ambegaon.
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