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Should the property price be decreased if we can t sell it according to our profit

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Six years ago Mumbai stock dealer Akshay Parekh faced an exceptional difficulty because he had purchased 1-BHK house at Virar as an investment and now-a-days the property prices are going high and he wanted to sell it and take the profits but after 4 months of announcing it for sale no one has come forward to offer him Rs. 22 Lakhs which he is expecting from that and he did not manage to arrange it by selling. He said that “It has been quite some time I have put it for sale and the buyers think that there is some kind of problems with the property and I have decided to lower the price to attract the buyers and so that they can buy my property, but I’m doubtful as they may feel that I’m worried to sell it.” And this is not only his anxiety because he is servicing two home loans on the one which is staying and on the other which is at Virar and he is finding it very difficult to pay the EMIs due to the rising interest of costs.
So, when the question was asked that do Parekh should lower the price? President of Confederation of Real Estate Developers Associations of India’s (CREDAI) Lalit Kumar Jain said that “It is not necessary to reduce the price because without checking out the reasons for his failure of selling the house. If he does like that the buyer will certainly feels that the seller of the property is facing a problem and he is finding difficult to get rid of it and then buyer may again talk for more discounts and try to reduce the rates for more than his price.” There is a frequent predicament in a lethargic market and here is how to deal with them says the real estate experts.
Source: NIMMA BENGALURU

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