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Wednesday, December 3, 2008

You can demand to reduce your property rate even after signing the agreement and paying loan installments!

If you read the following links, you will realize that not only at the time of booking but even after the booking you can negotiate the property rate.:

1) Omaxe offers 1-5% discounts to existing clients who have not defaulted on any payments:
This discount would be offered on the balance amount to be paid. The discount would be applicable for about a year or according to market conditions.

2) Confederation of Real Estate Developers’ Associations of India (CREDAI) requests all 3,500 members to reduce the property price

3) While the builder community is not ready to accept any anxiety or slow down, Pune real estate agents give a complete different picture

4) Following the recent terrorist attacks in Mumbai, India, real estate in India is expected to be significantly affected - analyst

Ask Mint:

When I took the loan in 1997, it was at a fixed interest rate but then the interest rate came down and I was advised to convert to a floating interest rate by paying a small fee. I changed it to floating in 2001 and now interest rates are soaring — my EMI (equated monthly instalment) has increased a lot. Is it time to switch back to a fixed rate?

Related Stories:

1) Pune builders will not see any cut in home prices
(Isn't it naive to ask a builder about reducing the property rate?)

2) Trying hard to stay afloat
"Best friend turned on me. What to do?"

3) IT, auto sectors’ slowdown has Pune realtors changing tack to attract buyers
Pune Real Estate Slowdown and Property Rates

4) Pune realty rates won't drop further - Promoters and Builders Association of Pune (PBAP)
Politically Right Answer!

5) Urban development ministry drafts a bailout package for Indian real estate industry
National Real Estate Development Council (Naredco)demands reduction in the interest rate on home loans by at least 3-4 %!

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