HERE ARE SOME TIPS ON HOW TO NEGOTIATE A PROPERTY DEAL WITH YOUR AGENT

Don't reveal your emotions: Be polite, but if you let the seller know what you are really thinking, it doesn't matter what you do -- he knows he's got you hooked.

Be a "loan approved" buyer: A pre-approved buyer is almost as strong as a cash buyer. "If you are certain of your ability to obtain the necessary financing, you may even want to remove all financing contingencies except appraisal so that you are exactly like a cash buyer," says broker Vikram Chopra.

Offer the seller a higher deposit: Sometimes, deals are done on the basis of upfront deposits that show a genuine willingness on the part of the buyer. But don't overdo it-the idea is to get a fair deal, not a desperate one.

Be flexible about dates: When the seller wants more or less time on a closure, if you give him what he needs, you can almost always assure yourself of some price concession. You may even offer to close the deal and allow the seller to "lease back" the property from you for a short time if that improves the elbow room for the deal, says Rajeev Agnihotri, senior business analyst at zameen-zaidad.com

Hide your closing costs: Though this does not necessarily work every time, sometimes a seller who feels he has received his "selling price" may agree to pay some of the buyer's closing costs as part of the transaction

Ask for seller concessions: From free appliances or add-ons like carpets, or a paint allowance that decreases service costs, you get yourself something in addition to the negotiated price

Courtesy:- HT dtd.05-05-08

RIDING HIGH ON THE SURGING ECONOMIC ACTIVITY, INCREASING DISPOSABLE INCOME AND GROWING ASPIRATION FOR MODERN LIVING, LUCKNOW IS BRACING FOR BIG TIME REAL ESTATE GROWTH

Lucknow, the city of nawabi culture, which has witnessed one of the highest growth rates in per capita GDP among similar cities in the country, has today grown into a bustling metropolis. Riding high on the surging economic activity, increasing disposable income and growing aspiration for modern living, Lucknow is bracing for big time real estate growth.

The current boom in the real estate is clearly visible from the residential and commercial development spreading out of traditional areas like Hazratganj to newer, emerging growth-centres like Gomti Nagar, Janakipuram, Mahanagar and suburbs. And, additionally, real estate development has assumed significant proportions along various highways which connect Lucknow to other important destinations like Kanpur, Rai Bareilly, Sitapur, Faizabad, among others.

  This all-round real estate growth is also marked by the entry of big national players. The scale of development can be gauged from the fact that around 100 local and outside developers are active in Lucknow, and around 10,000 dwelling units and over half a dozen shopping malls are in the pipeline, besides three operational malls.

Riding the property boom, the real estate in Lucknow has witnessed substantial price appreciation in the last 3-4 years. During the last four years, land prices have gone up 100-300% while the finished products have seen 100% price-increase, from Rs 1,100 per sq ft to Rs 2,200 per sq ft. Even the government agencies like Uttar Pradesh Housing Development Board (UPHDB) have increased housing prices by over 80% in the last five years. The residential developments by private developers have seen even bigger appreciation. With the ongoing boom, the residential prices range between Rs 1,500 per sq ft and 2,700 per sq ft. The retail real estate rental value is in the range of Rs 70-180/sq ft/month while the capital value varies between Rs 6,000/sq ft and Rs 20,000/sq ft. The commercial office rental value in Lucknow is Rs 30/sq ft/month and Rs/sq ft/month.

  There are several factors responsible for propelling the boom in Lucknow. Being an educational and economic hub, Lucknow also enjoys the advantage of a capital city of a state - India's largest state (UP) to boot. It has excellent air and rail connectivity. The construction of Lucknow bypass and Lucknow-Kanpur Expressway will considerably improve its connectivity with major centres like Kanpur, Rai Bareilly, Sitapur, Sultanpur.

The city's good infrastructure will get a further fillip with central government plan outlay under Urban Renewal Mission. A number of infrastructural improvements including Metro/Monorail are planned. Arindam Kumar Bardhan, GM (Marketing), Mapsko Group, says that taking advantage of the good infrastructural development and friendly policies of land development authority, leading developers have been able to build megatownships and malls that have contributed to the transformation real estate sector in Lucknow.

  With these growth drivers, newer areas of development have emerged in Lucknow. According to Trammel Crow Meghraj, Gomati Nagar has come up in a big way for retailing, offices and residential development, while Sapru Marg, adjoining Hazratganj, is coming up well for commercial activities. Main growth corridors for office segment are along Gomati Nagar and Ashok Marg covering Malviya Marg, Rana Pratap Marg, Park Road and Sapru Marg.

                                                                                                                                        Courtesy ET Friday 14-03-08