Folks - I just posed this question accidentally on another thread. Realizing this is a distinct topic I'm posting it here separately.

I'm dealing with a broker to purchase a plot and before going too far ahead with him I wanted to check if he would charge me a commission. He is asking for 1% of the sale value. However, two friends who bought plots within the last year in Gurgaon told me they did not pay any commission and that the brokerage fees is always paid by the seller (it is implicit in the final sale price). This is my first transaction in this market and guidance on this will be much appreciated.
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  • Broker discounts r everywhere, not unique to GGN . Discounts need to be asked for/extracted & this could be the reason, u were not aware of them earlier on . If u r dealing with the Builder directly too, expect decent discounts .
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  • I am aware that the market trend for broker's commission is 1%. BUT Is this commission applicable on the whole deal, on the basic price of current deal or basic login price.??

    Suppose a property with login basic price of 5000 is purchased by someone at the basic price of 5500 (+ 500 Ext Charges). So on what price the commission will be applicable :- 5000, 5500 or 6000?
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  • Originally Posted by AnkitG84
    I am aware that the market trend for broker's commission is 1%. BUT Is this commission applicable on the whole deal, on the basic price of current deal or basic login price.??

    Suppose a property with login basic price of 5000 is purchased by someone at the basic price of 5500 (+ 500 Ext Charges). So on what price the commission will be applicable :- 5000, 5500 or 6000?


    Ankitji
    As far as i know the commission is applicable on whole deal not on basic price.
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  • I had advertised one of my apartment units myself on websites and got calls from many brokers that they have parties. In case they bring the party, how much commission should I pay them since I have myself done a portion of ground work for selling my unit
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  • 1% is the norm I believe
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  • You still need to pay up 1%, the brokers in Gurgaon insist on that even if they dont do much for the deal.
    In my case, the only thing the broker did was to put me in contact with the seller. I did all research and told the broker precisely what I wanted. Then followed up with seller and the builder, drew up the ATS/other documents....net-net did almost everything as the broker was forever missing. And when the brokerage time came, he promptly appeared and demanded 1%, I paid up as didnt want any hassles.

    Originally Posted by jags74
    I had advertised one of my apartment units myself on websites and got calls from many brokers that they have parties. In case they bring the party, how much commission should I pay them since I have myself done a portion of ground work for selling my unit
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  • Originally Posted by AnkitG84
    I am aware that the market trend for broker's commission is 1%. BUT Is this commission applicable on the whole deal, on the basic price of current deal or basic login price.??

    Suppose a property with login basic price of 5000 is purchased by someone at the basic price of 5500 (+ 500 Ext Charges). So on what price the commission will be applicable :- 5000, 5500 or 6000?


    For under construction properties, i have paid brokerages only on BSP on which i m selling/buying...
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  • My broker told the buyer of my flat higher price and told me as a seller a lower
    price which i found out later on as i had a doubt. Now the contract is signed.
    Plz some one tell me is it illegal or unethical and how to to deal with the broker at this stage.
    Is this broker still deserve the 1% commission?
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  • 1% is general norm, but you would still find brokers dealing in .5% and even .25% working margin. Although in such cases you need to do most of the broker work, and would not be complete hassle free experience.
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  • It is totally unethical, if you already know it you should raise your voice and back out of the deal if not a desperate sale.

    And if you still have to proceed with the deal, I would suggest to bargain with broker for no brokerage.

    Originally Posted by rockyg
    My broker told the buyer of my flat higher price and told me as a seller a lower
    price which i found out later on as i had a doubt. Now the contract is signed.
    Plz some one tell me is it illegal or unethical and how to to deal with the broker at this stage.
    Is this broker still deserve the 1% commission?
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  • Also you can threaten to post is name and dealership name on 'beware of dealers' section of IREF.
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