Offers like price discounts, builders bearing statutory fees like stamp duty, registration charges, GST, etc reduce the overall costs to you and therefore add value to you. “Offers of gold coins, travel vouchers, lucky draws, etc have nothing to do with the home. They do not add to its liveability quotient or future resale value. Such offers should not sway a purchase decision,” says Anuj Puri, Chairman, Anarock Group.
Home buyers should also note that all financial deals will come with some give and take and therefore, builders may charge you in some other form. In other words, the offer may look good, but there may be hidden conditions. “Check any offer with that of similar properties and cross-check if the offer is significantly higher than others. If yes, most probably, that offer is too good to be true,” says Arvind Nandan, MD, Research & Consulting, Savills India. Since residential home is not a standardised product, make due diligence with the help of people who know the product.
Home buyers should be extra careful when buying under-construction properties. This is more relevant now. “With the fall in inventories of ready to move in properties, buyer interest is now shifting to under-construction properties,” says Siva Krishnan, MD Residential Services, JLL India. Before buying under-construction properties, buyers should evaluate the track record of the builder and its ability to deliver on time. If it is a new township project, independently evaluate its growth potential and don’t fall for the rosy pictures provided by the builder (like a metro station coming in the next three years).
Another important thing is about Rera registration. “While most builders are compliant, some builders start marketing their projects before getting Rera registration. Rera will penalise such builders, but the buyer should always be careful and make sure that the project is Rera registered,” says Subhankar Mitra, MD, Advisory Services, Colliers India.