I am a potential buyer (but in no great hurry to buy).
I wanted to share an example what happened couple of days back.
I had enquired with a project in Balewadi for a new project which is under construction.
Immediately I recieved the price sheet. The rate quoted to me was 5500 and total cost of the 3BHK started from 85 lacs.
The salesman called me and started with his usual marketing talk.
I told him plainly that I was looking for a 3 BHK with budget of 65 lacs.
He told me that it was not possible.
I was very confident and showed him no rush in my intentions. I told him I have ready cash and am ready to book immediately if I get my rate.
After talking for few more minutes he said he can reduce the rate for me at 5000. I still said my budget remains same.
Finally after some talking the sales guy called me next day.
The next day said that he can do a best to best rate of 4500 and total package of 70 lacs.
There you go – 15 lacs bargain over the phone.
All this happened over phone and I didnt even visit the site.
P.S. – I am not sure whether I will go ahead with the deal, because its under construction. I am still hunting for a resale ready possession
But Moral of the story is —
1) Bargain Bargain Bargain. Be shameless while bargaining. Dont think you will look cheap and ask just for 100-200 Rs. cut. Go for at least 20% cut
2) Dont Rush. Be cool. Show that you are a seasoned buyer. Dont think you will miss a great deal. There are upmteen project and most under construction projects are under great pressure. Dont be afraid to walk out if you think that the project doesnt offer any value
I dont believe all the BS by builders that everything has been sold out.
3) Cash is King. In my case I told him I have ready cash, but even if you are talking loan , it wont matter.
4) Dont get hassled by seeing high rate . In the above case the sales guy cut down the price by 22%, so you can imagine how the prices have been artificially jacked up.
I can give 1 more real example of what happened last year in Bangalore with my friend. The builder quoted him Rs 3600, but my friend was adamant on Rs. 3000 and he did get it for Rs. 3000 by giving the cheque immediately.