Don’t fall for offers, freebies while buying property

With a number of states, including Tamil Nadu, notifying The Real Estate (Regulation and Development) Act, 2016, (RERA) the arrival of the festive season— the period around which a huge number of residents time important investment decisions—could not have come at a better time. There is a massive supply of ready-to-move-in property options available at rates which would have been considered impossible 4-5 years ago. However, there are a number of factors that aspiring home buyers have to factor in, say experts. Anuj Puri, Chairman, Anarock Property Consultants Pvt Ltd., says, “If you’re looking to buy a home  for self-occupation, now is probably the best time you could have hoped for. Even if your budget is modest, you are no longer restricted to under-construction projects which may take years to be completed. You can literally buy and move in now.” 

The market is particularly favourable to long-term investors who understand property cycles and market readings, say those in the know.  “Four or five years from now, your investment - as long as you have picked the right location and project - will have grown sizably in value,” says Puri. However, for those who prefer to invest in a property under construction, or undertake a more detailed study of what is available in the market, the RERA website is likely to throw some light on the projects. Projects by reputed developers would be uploaded on the website, along with a reasonable completion timeline. Regardless of whether one opts for the former or latter, any deficiency would be corrected within a specified period, as per RERA norms. 

Being a buyer’s market, today any serious investor can be sure that he/she is in the driver’s seat. One can independently study the numerous projects or avail of a property consultant, to make a purchase decision. Credible property consultants do not charge a buyer any brokerage. Above all, evaluate festive offers and freebies. According to Puri, a free parking space, waived stamp duty and registration fees and maintenance-free periods do add to a buyer’s savings, and therefore, to the value of the deal. Air conditioners, modular kitchens and furnishing are also expenses one may incur on the property sooner or later, so getting them free now adds real value, as well.