|
Key Highlights |
|
Group buying is emerging as an effective way for homebuyers to secure properties at discounted prices. This strategy involves multiple buyers, often friends or family, purchasing units in the same housing project. By buying in bulk, buyers can negotiate significant discounts from developers. For example, families buying flats in Thane through group buying have secured a 20% discount on each unit.
Experts compare group buying to retail bulk purchases, where higher volumes lead to savings. Kanika Gupta Shori, COO of Square Yards, highlights, “This approach is a win-win for all,”. “While buyers secure financial benefits through collective bargaining and concessions on registration fees, maintenance costs, and amenities, developers benefit by selling multiple units in a single transaction, thus achieving higher sales efficiency. The offer depends on market conditions and demand. In subdued markets, builders are more likely to negotiate favourable terms.”
However, Shori advises buyers to approach group buying cautiously. “Developers may offer discounts and incentives to meet sales targets or clear inventory. But the deal’s value is crucial to avoid potential pitfalls”. However, real estate is a significant investment, and careful planning is necessary.” Shori further said. She advised buyers to thoroughly assess the developer’s credibility to guarantee on-time and quality delivery while verifying all legal documents, including title clearances and approvals.
“Before committing to group buying, align with the group’s goals, evaluate expectations, and assess the payment structure for feasibility. Lastly, consider the project location and amenities to ensure they meet your long-term needs,” she emphasises.
Strategic collaboration and aligned goals make group buying valuable in achieving affordable and accessible property ownership. It promotes a sense of community living while offering economic benefits to both buyers and developers.
