Mumbai, Oct 29 (PTI) The fence-sitting buyers arelikely to come into the market with a firm intention to buy ahome if lower interest rates coincide with a hard discount orsome other money-saving offer, says property consultant JonesLang LaSalle.
"We keep hearing of the 'wait-and-watch' or'fence-sitting' syndrome on the residential property market,which basically means that a significant number of people whowant to buy a home are not doing so for various reasons,including expectation of price correction, lower interestrates, among others," Anarock Property Consultants CEOAshwinder Raj Singh said.
It is frequently said that buyers may also be waitingfor lower interest rates on home loans, especially in theaffordable housing segment, he noted.
"However, lower interest rates alone are not asufficiently compelling rationale for aspiring mid-rangehousing buyers to abandon their 'wait-and-watch' mode.
"If, however, the lower interest rates coincide with ahard discount or some other money-saving offer, many peoplewill certainly come onto the market with a firm intention tofinally buy a home," Singh said.
As long as unofficial discounts to serious buyersserve the purpose, it is unlikely that there will be anofficial correction of prices, he said.
"In other words, it is unwise to wait for a formalprice correction, since prices may not reduce and could evenincrease in certain locations and projects," Singh said.
"The best course of action for 'fence-sitting' buyerstoday is to short-list the properties they are interested in,ensure that they are RERA-compliant, negotiate the bestpossible deal with the developer and go in for purchase," headded. PTI PSKGK.
This is unedited, unformatted feed from the Press Trust of India wire.
