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Buying real estate at property fairs? Beware!
Here's what you must watch out for while inquiring about real estate deals at property exhibitions.
The property buyer of 2012 is markedly different from the property buyer a decade ago. Today, an average property buyer does hours of research before shortlisting the properties s/he would be interested in.
The research happens mostly on the Internet and by asking the people s/he trusts. However, there are some avenues that these property buyers miss. One such important avenue is a property exhibition.
We discuss what a property buyer can expect from a property exhibition.
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Buying real estate at property fairs? Beware!
What does a property exhibition comprise of?
Typically, a property exhibition comprises of a group of developers from a particular area who wish to showcase their projects so as to attract buyers.
Does a property exhibition give the complete picture of the market?
The real estate market in India is so vast that a complete picture of the market is very tough to paint on any one single platform. However, a property exhibition gives a representative snapshot of what is hot and what is not in the property market.
Buying real estate at property fairs? Beware!
Why are property exhibitions important for property buyers?
Property exhibitions would be important for three key reasons:
- People who run the show: You meet the people behind the projects -- this helps you understand the project in a much better way
- Platform for face-to-face discussions: Frank discussions about project planning and project delivery happen
- Shortlisting: Able guide to shortlist around 5 to 6 properties a buyer may be interested in
Buying real estate at property fairs? Beware!
What are the questions every property buyer must ask at such exhibitions?
When finding out projects details there are some inquiries that every property buyer has to make. Like:
- Complete details about cost breakup: The base square foot price, parking, amenities cost, maintenance, stamp duty etc. Remember that all of these add up to the final cost
- Timelines (for under construction projects): For such projects timelines are of utmost importance. Do inquire about timelines, especially since often the payment proposition is slab wise
- Agreements and clearances: Do inquire about the 'clear land title' and 'no objection certificates' from relevant authorities if any. These are required for any project to commence and get completed in time
Buying real estate at property fairs? Beware!
What not to expect from a property exhibition?
Majority of property exhibitions focus almost exclusively on new construction projects. So do not expect resale properties to be available at such exhibitions. Also, do not expect individual property sellers to be present here. Typically property exhibitions are dominated by large or medium sized developers since they have considerable inventory to sell.
Another thing NOT to expect at a property exhibition is the depiction of 'actual on the ground' picture. For that, obviously, a visit to the site makes sense if you are a buyer wanting to get a complete picture of the property in question.
Do you have any questions about property buying? Send them to us at property.confusion@rediffmail.com and we can help you solve issues.