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Monsoon Conundrum

Saturday, August 11, 2018

This season may not be the best season to purchase property, but Ashok Mohanani, Chairman, EKTA World and Vice President NAREDCO West, feels that investing time and thought in choosing your dwelling during rains will be a win-win situation for buyers. Mohanani lists the quality of infrastructure, construction, discounts among factors to be kept in mind during rains. We find if it really is a good time to invest in properties?

When the monsoon strikes hard and it’s raining buckets, homebuyers choose to sit at home because of the roads which are turned into mud. But it is a surprise that if you visit the site and actually decide to buy the house, it will be a massive advantage overall. Rather than avoiding this opportunity, a potential homebuyer should use it as an analysis to witness the pros and cons like location, construction quality, etc.

Throughout the monsoon season, a real estate property and its neighboring area may be quite diverse from how it is during the rest of the year. As a result, this season offers potential homebuyers, with the chance to gather precious insights on their future buy. Let us see study in depth.
 
Amenities and Infrastructure:
During monsoons, the roads are full of traffic and water logging, this type of situation will showcase the travel and access to the area. A potential homebuyer must visit the site several times before taking the final decision. Country like India which witnesses monsoon on a greater scale, is a suitable time to check the condition of the building and the adjacent area around it. Other criteria to look upon would be how often the transportation takes place like the distance between the building and a bus depot or a railway station.
 
Quality of construction:
Issues like seepage near washrooms and on the ceilings, leakages, quality of plumbing and drainage, water logging, traffic in the neighborhood are very common during monsoons, and this period will be the best time for a quality check. While making sure of something for a under constructed property may not work always but for resale homes it does work every time.

Fewer buyers, more eager developers to sell:
Monsoons dry up the list of potential buyers and builders are under constant pressure to sell their inventories so this period is best to negotiate with them. Developers are more flexible when it comes to payments and negotiations; they are also open to give freebies, services and discounts which a buyer may not get otherwise.
 
Discounts:
The demand for homes takes a poll in monsoon season, thus, an ideal time for discounts and negotiations. Especially for resale homes, this time is appropriate because realty sector is very slanted throughout this season. Monsoon season is the time where builders lower their prices for serious buyers. Also the festival season, that falls during September-October, developers offers special discounts to create a buzz in the market and increase their sale.
 
Advantages that will help to select a property:

  • In cases, where flaws in the project become obvious during the rainy season, buyers can negotiate and also ask the developer to repair the same.
  • Low lying areas are prone to flooding, leading to traffic jams and transportation distress. The amount of this problem can be best judged in the monsoon season.
  • Potential buyers can estimate whether the property has problems pertaining to seepage, leakage from the terrace, drainage issues leading to stagnation of dirty water, etc.
  • For a resale home, a concluding examination in this season can disclose construction quality and how the property has been maintained.
  • As it is a lean period, vis-à-vis sales, sellers may be enthusiastic to negotiate on the price.
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