Beware of foxing freebies while buying a property
The tactics don’t seem to be working of late in the Indian market. Investors have become doubly cautious of any dubious deals and pay close attention while investing money. The property investment scenario has changed and it is not ‘following the herd’ as was the case a few years ago. No doubt, schemes related to property purchase are welcome by middle class buyers but one should check the underlying asset. Some of the common tactics adopted by builders and the prerequisites to check before investment include:
Imminent rate revision: Mass messaging by developers, usually on FM radio is an easy option for advertising property. One of the common methods is to send messages of asking a buyer “hurry now, as prices would get revised soon”. These messages are usually louder during festivals. If you plan to invest with such developers, the better option is to go and check out the “promised land” in person. Don’t rely on any housing agents and brokers because they often work for maximising their incentives.
Targeting human psychology: Developers often appeal to human psychology and target buyers. Indian customers are lured to gold, cars, modular kitchens and travel vouchers etc. However one should check the property and relate it with these extras the developer is giving. For example, if he is offering a car along