Updated: Jun 7, 2020
"Be careful, when someone gives you a rosy picture & tells that project sales sky rocketed in few months of launch"
Hardly Lower floor or Best inventories are available.. few on hold by management are some of the most smartest lies given to buyers.
This part of property eye opener series is on the unethical practices adopted by few sales people to sell units at higher rates. The most important point to be noted here is not only smaller builders but few prominent builders who started on customer friendly business propositions are now indulging into sales by hook or by crook.
Property Eye Opener will try to take our customers to such practices which could become a Life Time Regret for them.
Let's detailed more into this:
Things start with a Warm Welcome & Best in class Walk through Video in which the past achievements are showcased.
Show apartment visit if the same is ready with awesome interiors.
Now the story telling parts gets initiates - We have sold more than 30% of the inventories in just six months ( if project was launched 8 months back), if project got launched 1 year back then 50% is all sold out.
Big names & positions of buyers are brought in to showcase the pedigree of people who have purchased - this is breach of privacy in case correct names are told to potential buyers and if wrong names are told then its completely unethical & story building.
Then, same big | HNI clients are referring their friends and families so another 10% inventories are expected to sell very shortly.
Some go to the extent to show whats app fake messages of clients that they are going to close soon to convey message that availability is drying up.
In between the discussion, management has decided to hold back few apartments which will be converted into guest house or will be sold on possession.
On pricing front, there is no limit and decency which few people shows and a brazen story gets started as follows
Management is increasing price of a new tower which is yet not launched by 1000 / sq ft ( suppose size of a apartment is 3500 sq ft so increase translates into 3.5 Mn INR extra)
The current price is just for limited period and inventory are getting sold in early hours of the day.
The appreciation in six months will be 20% and in 2 years will be 50% .....
We are going to start a high decibel marketing promotion where we will sell at 1000 premium
To make the above feel true and well established fact, there are customers who are looking to buy premium units in resale and ready to give premium but at the moment company has not allowed transfer.
This is a great project and no existing buyer is willing to sell & as a result there will be almost zilch units in resale. So if you buy this unit and suppose you want to sell early then minimum 20% upside as there will be hardly any units in market.
Now, when a smart customer ask that if till 20th floor all is sold out out of 34 floor building then how come this first floor pool facing apartment is on sale - the answer is very interesting that initially management decided not to sale any lower floors and will be offered to senior employees but now management has opened only one apartment on special request so its a steal a deal at this price.
To cross all limits, some says that after six months or 1 year, they will get the apartment sold in secondary market on high premium as by that time entire project will be sold.
The above is actually happening especially in some luxury projects, there are builders who are true to customers and do not build stories to sell but there are few who are very good in creating a background of showing stars in day.
After falling prey to such unethical practices, customer gets shocked in just few months when instead of price increase there is a deduction that happens, more good inventories are available in open market, there is hardly any buyer in secondary market and at last money getting stuck badly.
We should avoid coming into influence of the above sales pitch stories and trust a builder who is highly professional & speaks to the point.
We shall be detailing more into this segment of luxury to make our users take informed decisions.
It is your hard earned money so it is always advisable not to take rushed decisions and not to fall prey in the trap by trusting people who have vested interest involved in pitching a particular property. Consult, Think, Analyse & take informed decisions.
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Do keep in mind that the information that has been provided on propertyeyeopener.com 'the Website', including property details, forecasting, layout, comparative analysis, project rating etc. have been displayed for reference purposes only and cannot replace the primary source i.e. an independent verification by buyer/ agent. Any investment decisions that you take should not be based relying solely on the data that is available in this blog.The writer is an experienced real estate consultant giving unbiased & unfiltered insights, views of the writer are personal and not bound by any organization!