Of late, what do you see when you open the papers? Advertisements of homes, villas, luxury condos — all vying for attention. Each developer promising a dream home like you've never seen before. Enticing offers like delayed EMIs adding to the appeal.
Clearly, the advertising budgets of realty developers are swelling, and not by choice. Customers are hard to find. And that's not the case for just second and third rung realtors. It is this present demand for buyers that makes hunting for a home a great prospect. You will get pampered by the best and they'll be more than willing to accommodate your needs. So, concentrate only on the best builders and you may just end up with a great bargain.
Remember, however, to opt only for projects where all clearances are obtained and where development is at an advanced stage. Keep in mind that any initial interest rate benefits can easily be nullified by delays in project completion. There has probably been no better time for you to make your demands heard. Choose a bigger and better home than you might have planned for. This is a time when both the realtor and home financier will try their best to accommodate your needs. Meanwhile, interest rates have also reduced. Financiers, who were promoting rates of 10.25 per cent a few months ago, are now displaying offers at 10.15 per cent. The situation will improve further if RBI cuts rates in the near future. To sum it up, when builders go for a hard sell, play hard to get. Happy 2015!
Former Editor, Outlook Business and Executive Editor, NDTV Profit, the writer is a personal finance expert. Mail him at propertyplus@thehindu.co.in
