Home Buyers In For Some Good Bargains In The Coming Months

By Author: Hemanta Kumar
Total Articles: 6
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Aditya Verma, EVP and COO of Makaan.com have expressed the view that the realty sector will continue to witness stagnation in 2012. It would take another 18 to 24 months before the liquidity crunch eases and banks again begin lending to real estate projects.

Mr. Verma said that as many as 70% of projects launched in 2007-08 and scheduled for completion in 2011 were delayed and prospective home buyers who had invested in their dream home would have to wait a while longer before they got possession. The only option available to them was to form groups and exert pressure on the builders to expedite the projects. As many as 30,000 residential property units were affected in Bangalore and the number of units delayed in Pune, Gurgaon and Noida was also very large.

However, those who were waiting on the sidelines and have kept their money intact have a golden opportunity to strike a good bargain. Aditya Verma recommends that it would be wiser for buyers to go in for ready to move in projects rather than those which were in the planning stage. Real Estate Developers in many completed projects have ...
... a large unsold inventory and would be willing to sell at a discount so as to cut their losses. Prospective buyers can safely negotiate a 3 to 10% discount.

The RBI has given indications that it may ease interest rates in its review of the monetary policy. Home loan rates could begin to start coming down beginning March 2012. This would spur a revival in demand for housing units. So the right time for people with cash and an appetite for risk is now as the opportunity afforded by tight liquidity and unsold inventory would probably last till June 2012 only. Thereafter from July onwards property prices are likely to witness an upward trend.

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