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How to sell a flat in Nagpur ?
May 7 2012 , 08:21 PM   #1
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How to sell a flat in Nagpur ?

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..
May 15 2012 , 03:48 PM   #2
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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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May 15 2012 , 07:22 PM   #3
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Quote:
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.
May 17 2012 , 05:52 PM   #4
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Hey Osmium,can you specify the exact location of your property.
May 17 2012 , 05:56 PM   #5
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Quote:
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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May 17 2012 , 07:21 PM   #6
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Quote:
Originally Posted by wanabfrens
Hey Osmium,can you specify the exact location of your property.
Its next to Global Logic IT company in Besa..
May 18 2012 , 11:36 AM   #7
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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.
May 18 2012 , 06:57 PM   #8
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Quote:
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..
May 19 2012 , 11:53 AM   #9
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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?
May 20 2012 , 06:56 PM   #10
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I will wait until the price recovers. I am in US right now..
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