How to sell your property in a dull market?

The real estate sector has been seeing a rough phase since past 2-3 years. in such times, selling off a property is indeed a struggle. Nonetheless, having a strategy in place to trade off your property proves beneficial in fetching a good price. Read on for some tips on how to go about with the sale.

Good advertising: Remember to publicize the sale of your property through ads on online realty portals available in plenty, use social media like Facebook effectively; you may also consider placing an advertisement in local newspapers. Most online property websites offer their property listing services free of charge but you can also use their paid services which may range from Rs. 700 – Rs. 1500 depending on the duration, number of properties and services availed.

Refurbish – renovate: First impression is the last impression; a house which appeals the eye always sells faster. You can get the property painted, repair furnishings and fittings to enhance the visual appeal. But do not spend too much on it as this does not guarantee a higher price for the property. Keep a list of positives and USPs of your property ready in order to allure prospective buyers.

Pick a competent broker:   to ensure a smooth process of sale, it is very critical to select a broker who is well-versed with the local area, has knowledge of the markets as well as possesses substantial experience in the job. Beware of unprofessional people who just claim to be brokers. Instead, approach a professional agency which has a track record of successful deals.

Up-to-date paperwork: keeping the property papers up-to-date gives confidence to the buyer that he is transacting with a genuine seller. In order to close the deal quickly, you must keep all the property-related documents like previous sales deed, occupancy certificate, possession certificate, completion certificate, no-dues certificate and approved layout ready.

Allow flexible payment conditions:   Buying a property involves huge money and organizing it may take some time. If you offer flexibility in the terms of making payments as a seller, it might work in your favour. Being rigid and demanding for hefty down payment is not advisable in a buyers’ market. Flexibility in terms & conditions and allowing extended payment plans stand you the chance of fetching better price for your property.

Image Credits : DNA

The Smart City initiative of the Central Government aims at improving the quality of urbanization in 100 cities of India. Smart cities will receive funding to enhance their core infrastructure like water, power, sanitation, transport, housing and digital connectivity. Each Smart city is proposed central funds of Rs. 500 crore, state funding of about Rs. 250 crore and a similar amount from the local civic body.

Senior officials from The BrihanMumbai Municipal Corporation said Lower Parel in South Mumbai is a strong contender among other areas like Nariman Point, Andheri (W) and Fort for area-based development under the Smart City project. The BMC is in its final stages of preparing the SmartCity detailed report which is likely to be released in two months. Many rounds of stakeholder consultations are in process and feedback is also being elicited from citizens through social media like Facebook and Twitter.

“Lower Parel has both residential and commercial uses. It has a very different connotation as far as traffic is concerned; people can walk to work. Walkability is an important factor for development of a Smart City,” said a senior civic official working on the report. “Lower Parel is the only area in Mumbai with five suburban railway stations nearby; Lower Parel, Elphinstone, Currey Road, Chinchpokli and Mahalaxmi. A monorail station is also likely to come up in the vicinity, thus providing good connectivity to citizens via the mass transit system,” the official added.

“If Lower Parel is selected, many civic services can be improved in the area. Currently the BMC provides only four hours of water supply, but has proposed to increase it to twenty hours by next year. World-class roads will be built to ease heavy pedestrian traffic,” said another BMC official. The BMC, which is working on a city mobility plan, will take up Lower Parel as a priority area for implementation. The civic body has identified missing links in the area where bridges will be proposed connecting two areas, like Lower Parel to Saat Rasta. Planning on better waste management is also on the cards for this suburb.

However, S V R Srinivas, the Additional municipal commissioner said that the report is still in its draft stage and Lower Parel is only being considered among other areas. Due to the infrastructural advantages, this area has an edge over other nominees.