It is usually possible to negotiate a better rate on festive occasions at certain emerging locations if one is well-prepared
House hunting has become quite a bit more interesting these days. With new areas witnessing real estate development and several builders launching affordable projects within the same radius, the process of comparing options and making a final choice has acquired a new dimension.
Now, it is a situation where it is possible for a home seeker to negotiate a better rate if one is well-prepared with information and follows some basic principles.
The first thing to keep in mind here is that negotiating for real estate does not mean bargaining as such. It is all about doing your homework thoroughly, assessing the scope for 'adjustment' and timing your approach.
Moreover, it is not a strategy that works with every project and every builder. The leading builders and premium projects at prime locations are still impervious to such tactics to a large extent.
However, the smaller builders who are in a hurry to dispose off flats can be persuaded if one ensures that the negotiation is done subtly without making it too obvious.
The increase in office space demand in Thane and nearby locations has led to a walk-to-work concept and reduced travel time in a major way. Thane is also endowed with multiple renowned schools, multi-specialty hospitals, temples, shopping malls, avenues for recreation and entertainments, fine dining restaurants and eateries within the easy reach of the people.
Compare projects
Jignesh Makwana, a Malad resident seeking a two-bedroom home in the Rs. 20-25 lakh range, points out that fringe areas that have opened up for development on a large scale offer the scope for negotiation. "If you make the effort to visit every project and then do a detailed comparison of their rates and aspects like the actual carpet area, layout design, etc., you get a good idea of the projects that have an edge over the others. After doing that, when you try to negotiate, it is from a position of strength. You have specific information at your fingertips and that makes it difficult for the sales person to refute your logic while negotiating for a lower rate," he says.
Jignesh Makwana, a Malad resident seeking a two-bedroom home in the Rs. 20-25 lakh range, points out that fringe areas that have opened up for development on a large scale offer the scope for negotiation. "If you make the effort to visit every project and then do a detailed comparison of their rates and aspects like the actual carpet area, layout design, etc., you get a good idea of the projects that have an edge over the others. After doing that, when you try to negotiate, it is from a position of strength. You have specific information at your fingertips and that makes it difficult for the sales person to refute your logic while negotiating for a lower rate," he says.
Right opportunity
It is also important to time your negotiation. Sonal Shah from Mulund, points out that weekends are not a good time for this purpose. "There are several people waiting behind you with queries, so the sales person's attention is diverted to some extent. Also, he may not want to agree to a lower price in front of the other customers. The smart thing is to go on a weekday, preferably in the afternoon. Being a marketing professional myself, I know that the month end is a good time to negotiate because every sales person has targets to meet. If you try and push for a lower rate per sq. ft. during the last week of the month, the chances of getting a yes are more as compared to the first week of the month," she feels.
It is also important to time your negotiation. Sonal Shah from Mulund, points out that weekends are not a good time for this purpose. "There are several people waiting behind you with queries, so the sales person's attention is diverted to some extent. Also, he may not want to agree to a lower price in front of the other customers. The smart thing is to go on a weekday, preferably in the afternoon. Being a marketing professional myself, I know that the month end is a good time to negotiate because every sales person has targets to meet. If you try and push for a lower rate per sq. ft. during the last week of the month, the chances of getting a yes are more as compared to the first week of the month," she feels.
Limited offers
Another new development that is helping home seekers negotiate better rates is the 'limited period' offer by certain builders.
Another new development that is helping home seekers negotiate better rates is the 'limited period' offer by certain builders.
Sunil Gatge, a Thane resident, suggests that such occasions are a good leverage to try and negotiate a better rate from the builder of an adjacent project. "After all, everyone wants to make a sale. This way, you are putting forward a simple proposition that cannot be denied, because the adjacent project's lower rate is being prominently highlighted. Negotiating with the sales person of a rival project on such 'special' days has a better chance of success," he predicts.
Contact
501, 5th Floor, Plot No – A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane (W) – 400 604, Maharashtra, India
Mobile : (+91) 9833 4583 23 E-mail: mchithane@gmail.com
501, 5th Floor, Plot No – A-123/4,
Odyssey IT Park, Road No. 9,Wagle Estate
Thane (W) – 400 604, Maharashtra, India
Mobile : (+91) 9833 4583 23 E-mail: mchithane@gmail.com
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