Negotiations and bargains are an integral part of the home buying process. There is no real estate transaction that is executed without hard talks. And when it comes to Gurgaon, the bargain is even more intense considering the high property prices that are prevalent in this region. This is not without a reason. Gurgaon is regarded as the financial, economical, trade and industrial capital of National Capital Region (NCR). It has the second highest per capita income in the NCR region and the third highest in India. The high earnings and comparatively lower new supply due to scarcity of land has meant that the prices will continue to rise in foreseeable future. Hence, negotiations before buying flats in Gurgaonis of utmost importance. Here are the types of bargains that you can indulge in while buying a house –
Purchase Price Bargain
The negotiation that is done on the overall cost of the flat is called the purchase price bargain. This is valid irrespective of the type of transaction. Having said this, most times sellers price the assets at high value and then negotiate a bit to make it a sweet transaction. Also, more often than not, you realize this only once the deal is done. However, if you transact through online real estate platforms like Housing.com, you do not have to worry about the tip of the iceberg pricing. This is because not only the realty assets listed on this site are fairly priced, but through Housing you can also figure out if the 1 or 2 bhk apartment that you are buying is a value buy or not. You can proceed with the transaction only once you are fully satisfied. In general, the purchase price discount is in the range of 1% to 5%.
Transaction Specific Bargains
The transaction discounts are specific to the type of property in which the deal is being executed. For example, if you are purchasing a resale 1 bhk flat, the concession could include:
- Full or part waiver on the charges to be paid for obtaining no objection certificate
- Waiver on the registration amount
Nonetheless, there are not many reductions or bargains to be availed on resale apartments. The range of negotiation is widened when it comes to new homes and there are multiple deductions including:
- Lower down payment money
- Stretched payment options such as 5:90:5 or 10:80:10, which means that you need to pay 5% of the total value at the time of booking, 90% loan and the remaining 5% at the time of possession
- Zero registration, stamp duty, service and VAT
- Freebies such as cars or a free foreign trip for a family of 2 to 3 people
- Lifetime free club membership
- Free parking space
- Discounts on water, electricity and development charges, etc.
Clearly you will have more room for negotiation with the developer than with an individual seller. Also, the quantum of rebate depends on your negotiation skills. As per the recent news, freebies are a win – win situation for customers as well as builders and the quantum of the concessions increases fourfold during the festive seasons.