After the demonetisation of 500 & 1000 notes,
wise flat buyers in Pune are postponing the registration of agreement &
are trying to renegotiate the property price with the builder!
|Renegotiate the agreement value of your flat|
The property rates in Pune are going to go down.
Those who want to book a flat & those who have already booked
- both are sure about the property rate correction in Pune real estate market.
But you know what?
Those who have booked the flats but as yet have not signed & registered their agreements
also believe that the property rates in Pune will go down.
These guys believe that the agreement value of their flats
which they have agreed to pay while booking a flat
are not valid any more.
These guys want to renegotiate their property prices!
What if your builder refuses to renegotiate? I asked one of them.
I will cancel my booking! The flat buyer said.
Really!? I asked.
Yes! I am ready to cancel. But I know - I don't have to cancel. The flat buyer said.
Why? I asked.
My builder can not afford my cancellation! My builder knows that he is not going to get new bookings for a while. That's why he can not let me cancel my booking. He has no option but to renegotiate. The flat buyer said.
Sounds logical! What is your expectation? 25% price reduction? I said.
25% is good! More than percentage - I want to make sure that I am paying the right price! The flat buyer asked.
Right price means? I asked.
When I booked the flat - I was blind. Yes, I negotiated. But the basis for negotiations was the current market rate in the area - the comparison - not his actual costs. Now, I am going to ask questions about his costs & pricing. He has to convince me with the proof. The flat buyer said.
Do you expect the salesperson to know all these things? I asked.
No. I am going to negotiate only with the builder. The flat buyer said.
Perfect! I said.
If the builder refuses to negotiate or fails to justify the price - I have made up my mind to cancel the booking. You know? Because of this demonetisation I have realized my mistakes. My builder's booking terms are completely unfair and may be illegal. The flat buyer said.
Such as? I asked.
If I cancel the booking - I have to pay 5% of the agreement value of the flat as - cancellation charges! In my case - 5% means 7 lakhs! Is this legal? The flat buyer asked.
Are you asking me - Can a builder charge percentage of the agreement value as 'cancellation charges'? I said.
Yes! The flat buyer said.
What if the answer is 'yes'? I asked.
I will go to court. I will file case against the builder. Cancellation charges is an exploitation - unfair - abusive term. The flat buyer said.
Demonetisation has really opened your eyes! The builders days are numbered!! I said.
What say you?
Are you renegotiating the agreement value of your flat?
Share your experiences in the comments, please.
2) How to survive the sinking Pune real estate market
1) Pune property rates will keep on going down
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