Most superstitious people, consider monsoon not to be a good month to buy property as they consider it to be because of ‘shraadh’ or ‘pitrapaksh’. But, little don’t they realize is that, it is one of the best times to bag a bargain with your developers or with the banks.
Developers detest the monsoon season, as they are hit by extremely low sales. The reason for which you come across monsoon discounts during this season. Although banks might not provide discounts on loan rates due to the recent increase in rates by the RBI, in turn increasing the cost of the home loan amounts, bargaining on other aspects as the processing fees and various other charges depending upon your credit standing.
“Many people postpone buying a house during these months. This adds to the existing inventory of the real estate developer. The builder, on his part, wants to get rid of it so he can start a new project in the upcoming festival season. He could be facing a liquidity crunch too, so he readily gives out discounts,” says Yashwant Dalal, president of the Estate Agents Association of India (EAAI). Also, the rates and discounts differ from city to city. The rates in Delhi and Chennai can be expected to be higher than the rates in Mumbai and Kolkata which will vary from 10-20%.
Apart from these monetary benefits, shopping for your home during monsoon will expose you to the information as to how strong your new home is. Since, it is the worst season for buildings under construction, you can check for signs of dampness or leakage before signing on the dotted line.
If you are buying a property that is yet to be constructed, a visit to the locality where it is going to be built will give you an idea about any problems regarding water logging, a major issue in cities such as Mumbai and Kolkata. If it’s a plot, you can check whether the area is a low-lying one and if you would need to add more soil to level the area.