BDA is auctioning the corner sites and private developers are also offering sites for sale, but, the prices have not COME DOWN.
Internet savvy buyers are misled and fleeced to book the apartments in the upcoming projects.
As usual the GOLMAL technique is used here.
HIKE the original price of the property in the Advertisements, brochure and on the Golmal internet websites with FAKE REVIEWS.(paid reviews) Majority of the sellers are duping the buyers with the fake reviews and Golmal prices.
There are too many agents in the name of resellers, agents, brokers and sub agents are searching the potential buyers with Bank Data, Property Data and online search engines.
THE TRAP.
The weak buyers are trapped by these agents and marketing team, brainwash them, by showcasing the GOLMAL brochures and price list and offering useless, waste, junk and shit facilities and collect the FIRST ADVANCE OR BOOKING AMOUNT.
Prices of properties will come down by the Nov or December or the beginning of 2021. Do not book or pay or buy or enter into agreement even with top builders, as the return on the investment and the property appreciation is much lesser than the interest paid.
The return of income as on todays price is -1% to 3% maximum, which includes the property value appreciation. The rental income at today`s price is 1% to 2% maximum, if it is occupied, otherwise, it is negative returns or loss.
A leading builder, has projects all over India, unwisely trapped many buyers (most of them are software engineers) project located on Sarjapur Road, by the registered sale agreement without even providing the property documents.
The buyers of this property did not read or scrutinized the sale agreement conditions and signed the same and are now repenting for their foolish action. The builder unscrupulously added a clause in the registered sale agreement that in the EVENT OF CANCELLATION OR WITHDRAWAL BY THE BUYER/PURCHASER, 20% of the sale consideration or the sale value will be deducted and further added that 20% of the sale value is the BOOKING AMOUNT.
As per RERA, in the event of cancellation or withdrawal by the buyer or the purchaser, the developer/builder/seller can FORFEIT the booking amount. This builder, based on their reputation took these innocent buyers for a RIDE by hooking them to enter into a registered sale agreement and with CLAUSE THAT THE BOOKING AMOUNT IS 20% OF THE SALE VALUE OR THE TOTAL VALUE OF THE PROPERTY. In addition to this novel scheme, there is a PENDING LITIGATION on the suit schedule property for a VERY VERY LONG TIME.
The property value is over a crore and the amount to be forfeited by the builder will be in the range of Rs.30,00,000/- to Rs.40,00,000/-.
Now the buyers are in a fix. They can neither exit the project nor can continue to pay the EMI.
EVERY ADVERTISEMENT IN NEWSPAPERS, INTERNET, WEBSITES, TELEPHONE SWEET CALLS and SITE VISITS will be very good and sweet, once, the property is bought, the reality of the enjoyment and the possession of the property, will be unlocked.
Nearly 80% of the buyers expected dream homes, but, they got something else.
ADVICE.
If you already have a house to live in, invest in property wisely and at a highly competitive or good price or today`s market price or reduced price. Investment in property is a good bet any day and at the same time, be cautious and careful. Don’t fall into the trap. Choose wisely.