Research well for your dream home

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New Delhi: Are you still confused where to start from while buying your first home and whether it is the best time to do so?

Pankaj Renjhen, Regional Director of Trammell Crow Meghraj, answers some of these queries and puts things in perspective in an IBN Money special programme, Home Run. The show was moderated by Fatima Karan.

Que: Is this a good time to buy a home?

Pankaj Renjhen: There is never a good time or bad time to buy a home. Because home is not something which you looking at specifically for investment, it’s something which you need.

So, if you looking at buying a home, it is always the right time to buy. But due to certain reasons, the house may be over-priced. So just be cautious on that. Do your research well and it’s always right time to buy your home.

Que: There are lots of housing projects mushrooming all over the country and I see something they call ‘inaugural discount’. What are these all about?

Pankaj Renjhen: There is something called pre-launch discount and there is something called inaugural discount.

‘Pre-launch discount’ is basically a discount offered by some developers, when they are not confident about or hasn’t actually tied up the land parcel for that project. It’s a project, which has not been formally announced in the market and the developer has started selling some units mainly by word of mouth. This is not a legal practice, so be a lot cautious on that.

The government is coming down very heavily on that part of the projects. The government has said it is not legal to do pre-launch.

‘Inaugural discount’ is more of a marketing setup, or more of a marketing concept. If you launching a project, a developer or a builder might - to generate interest in the market for that project or to make people more aware and to help themselves more - offer a discount for a few days or offer an early bird discount.