I own a 2 BHK flat ( 2 years old) in manish nagar and I am looking to sell it. This is the first time i am selling a flat and don't know much about the selling process. I request the seniors on this site to help me out.

1. Should i list it with broker or sell it myself ?
2. If sell myself, what property websites are good to list ?
3. The trickiest part is the pricing. This area is pretty big and people have listed flats ranging from 25 L to 50 L. The price quoted by various builders is 3000 rs/sq ft. How do i know if the buyers are buying the property at this price or not ? I will be happy to sell it for less than 2500 rs/sq ft. So should i list it at 2700 rs/sq ft and then bring down the price after negotiation or just stick with 2500 rs/sq ft (non negotiable ?

Please advice..
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  • I'm not an expert and have never sold a flat/land before. I guess you need to check how much builder is charging in your area and make some calls to property agents on pretext that you are buyer and see how much they are quoting to you. In my experience sell side asking price is always high in Nagpur and it is always negotiable to 10-15%.

    Hope this helps.


    Also, do share your experience with all us.
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  • Originally Posted by livelife123



    Also, do share your experience with all us.


    Wanted to give some update..I tried two different ways:

    1. Traditional way of listing through broker (who was already pessimistic about the Nagpur RE and told me that i cannot fetch more than 2000 Rs/sq ft).
    2. I listed it myself using three protals: 99acres, propertwala and OLX. I realised after reading the existing ads that the sellers do not do furnish all the info in the ad. One ad just said :"2 BHK for sale in ABCD area. Contact me." So, i wrote a detailed description of my property with pictures (and priced it at 2200 Rs/sq ft , non negotiable). In less than 7 days, I got 8 queries through 99 acres, 3 through propertywala and none so far through OLX.

    Right now, its not sold yet (looks promising though) but i will keep you guys updated.
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  • Hey Osmium,can you specify the exact location of your property.
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  • Originally Posted by Osmium
    I own a 2 BHK flat ( 2 years old) in manish nagar and I am looking to sell it. This is the first time i am selling a flat and don't know much about the selling process. I request the seniors on this site to help me out.

    1. Should i list it with broker or sell it myself ?
    2. If sell myself, what property websites are good to list ?
    3. The trickiest part is the pricing. This area is pretty big and people have listed flats ranging from 25 L to 50 L. The price quoted by various builders is 3000 rs/sq ft. How do i know if the buyers are buying the property at this price or not ? I will be happy to sell it for less than 2500 rs/sq ft. So should i list it at 2700 rs/sq ft and then bring down the price after negotiation or just stick with 2500 rs/sq ft (non negotiable ?

    Please advice..

    the last transaction of similar property should give you a headstart about the pricing - just add the 10% pa to the price other property got sold -
    involving a broker is always a good idea - but make sure you do not give him any thing in writing - brokers role should be limited as someone who is just a facilitator not the executor - handle money yourself.

    rest all you will come to know once you get in touch with the brokers

    rohit
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  • Originally Posted by wanabfrens
    Hey Osmium,can you specify the exact location of your property.


    Its next to Global Logic IT company in Besa..
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  • Ok, I have an open plot quite close to Global logic.But thats not Manish nagar,its Besa. Anyway at what rate did you buy? Coz Besa-Beltarodi areas are having problems,since the grampanchayats sanctioned plans according to their whims and fancies.Now the Collector and state govt are looking into the matter,many high rises are going to face the music.Hope yours is ok.Whats the name of the scheme.If you dont mind sharing it here.
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  • Originally Posted by wanabfrens
    Ok, I have an open plot quite close to Global logic.But thats not Manish nagar,its Besa. Anyway at what rate did you buy? Coz Besa-Beltarodi areas are having problems,since the grampanchayats sanctioned plans according to their whims and fancies.Now the Collector and state govt are looking into the matter,many high rises are going to face the music.Hope yours is ok.Whats the name of the scheme.If you dont mind sharing it here.


    I found out that problem when i decided to sell this flat. All the banks have blacklisted Besa area for loans. So, the number of buyers have dropped significantly in this area. Ironically, there is a new scheme coming up only a stone throw distance from my scheme but it comes under Beltarodi and they are selling it for 3100 rs/sq ft whereas I have listed it for 2200 rs/sq ft.

    By the way, my flat is in Jayanti Nagari..
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  • I have seen flats in jayanti nagari put up for sale for 2000 psf. Dont know whether they have been sold or not at that rate. I think they have banned registry of those areas aswell,not sure though. Not to discourage you,but thats the hard truth. I suggest you, wait till things get sorted out,if you want appreciation of your property. Or if you are in a hurry to sell, dispose it off even if you recover your cost price. By the way, where do you stay?
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  • I will wait until the price recovers. I am in US right now..
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  • nagpur flat

    Originally Posted by Osmium
    I will wait until the price recovers. I am in US right now..

    Hi,
    i am resident of Manish Nagar. Prices are going up in Manish Nagar and by the time it will go up in Besa Area also. But major problem in Besa area are water. by this time i can see lots of water tanker on road. Is there any problem of water in your building? and what are the details of your flat? as me too deal in real estate.
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  • Originally Posted by Osmium
    I will wait until the price recovers. I am in US right now..

    Hi,
    i am resident of Manish Nagar. Prices are going up in Manish Nagar and by the time it will go up in Besa Area also. But major problem in Besa area are water. by this time i can see lots of water tanker on road. Is there any problem of water in your building? and what are the details of your flat? as me too deal in real estate.
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  • Final Update to close the thread:

    As mentioned in thread somewhere and based on my findings, Besa is involved in some kind of a tuggle of war between gram panchayat and commissioner of NMC. NMC believes that gram panchayat has no authority to give permissions for building over 6 floors whereas gram panchayat thinks otherwise. As a result, NMC wont do registry of any flats in Besa area until this issue is resolved. so, bank loan would be a big problem for potential buyers. Who is going to buy flat paying 23 + lakh cash with only sale deed and no registry ? So i have decided to rent it out until the issue is resolved.

    I hate bureaucracy.
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  • Can you share us details on how much rent you are getting? Just curious.

    (I do not own any flat in around Besa village)
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  • Originally Posted by livelife123
    Can you share us details on how much rent you are getting? Just curious.

    (I do not own any flat in around Besa village)


    I was asking 6000 but was offered 5000. I declined..Don't want to mess up my flat for 5000..I heard that this matter (gram panchayat vs NIT) will get resolved soon and then it wont be difficult to sell the flat in this society. In the meantime, I am using wait and watch policy..
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