Due to the slowdown in Real Estate Market, Project Delay is very common these days. Completing a project on time is a big achievement. I saw one of the builders in Pune advertising heavily that he completed one of the projects on time. Project delay has huge financial implication for the buyer both in terms of Home Loan Interest Outflow and Opportunity Loss. Opportunity loss is potential rent received/saved in case of let out/self-occupation of a property. On an average, a project delay may cost you Rs 25,000 per month. In my post, Why Under Construction Projects get Delayed? i highlighted the ... Read More
How Builders Overcharge Property Buyers?
Let's accept the fact that Builders do overcharge Property Buyers. You must be wondering how, the answer is, by taking undue advantage of the multiple factors. These factors are ignorance of property buyers, loopholes in the legal agreement and lastly through Bullying. Though i have not observed any such incidences with very reputed builders. One of the reason is that reputed builders already include the brand premium in the cost of the property. The poor buyer has no other option but to oblige. In this regard, i like the English word "Standard". It is now a common practice to regularize ... Read More
7 Imp Points Buyers Never Ask Property Seller
Recently one of my clients asked me Which all points i should Ask a Property Seller?. Maybe the buyer is cautious in her approach and which is very good. In one of my previous posts, 5 Questions a Buyer Must Ask a Seller i highlighted queries you must ask a property seller. In this post, we will discuss the imp points which are never discussed with the seller. Some of the points are simply assumed or taken for granted by the buyer. Depending on the case, these points may have future repercussions. It is always advisable to ask a property seller all the relevant queries before you sign below ... Read More
Property Transaction – 5 Risks of a Seller
In a Property Transaction, what are the risks of a seller? is asked by many of my readers. As i always maintained a stand that, predominantly property transaction risk is of a buyer. Therefore, most of my posts on real estate are dedicated to the buyers. For the benefit of sellers, in this post we will discuss 5 risks of a seller in a property transaction. From a seller's perspective, the risk is more or less hedged but still it is advisable to take care of certain points. Most of the sellers prefer property transaction through brokers/agents. Obviously brokers have vested interest in the ... Read More
Buy Resale Under Construction Property
Resale Under Construction Property is most beneficial but least preferred option for a buyer. This is true for buyers who only want to buy Under Construction Property. Recently, one of my clients bought a property from leading builder of Mumbai. Price quoted by the builder was Rs 5999/- psf. Whereas Resale Under Construction Property in the same complex of same unit size was available for Rs 5350/- psf. Despite the direct monetary benefit of approx 9 lakh, my client decided against it. Honestly, i failed to understand the logic. As i keep highlighting that Rate card of a builder is always ... Read More
Property Title Search – Who is Responsible?
Bank has done Property Title Search, Why should i waste my money on same?. This was a reply from one of my clients when i suggested him independent due diligence i.e. property title search. Fair enough but can you rely on Bank's Property Title Search?. The answer is Definitely NO. This was proved beyond doubt when today one of my client along with other buyers lost long-fought court case in High Court against one of the leading banks. It is very sad for me as my client is on the verge of losing her lifetime savings and suffered a major financial setback. The case was fought between 3B's i.e. ... Read More
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