Group Booking of Real Estate Property - All You Need to Know before Buying

Posted by: Crescent
18th June, 2021
3,171

Most of us think that buying a home is a tough task and that it means blowing the lifetime of investment at one go. The idea of taking a home loan and especially that of repaying it sounds equally intimidating. However, the trend of a group booking is getting really quite popular these days, in India and abroad too. Group booking is especially popular among employees of the same company. In this blog, we will help you understand the advantages of group booking.

Know the Benefits of Group Booking while Buying a Property

Group booking is economic: Group booking is the most cost-efficient way of booking a home. The cost gets divided and it’s much lighter on the individual pocket. Besides, you can strike a better deal with sumptuous discounts.
It’s safer and easier: When you book a residential flat (s) in a group, you can share the responsibilities of documentation and other technicalities and it becomes much easier, even faster.
The community life of your choice: Booking in a group also means choosing the neighbors you like. Living in a familiar neighborhood creates an energetic comfort zone for you. It keeps you happy, active and your children get an opportunity to grow up in an extended family, observe others, learn and enrich themselves with a variety of experiences.
An opportunity for bonding: When you have your colleagues as your neighbors, you can mix up with them, arrange parties and picnics together, go to movies, music concerts, dance performances, etc. What’s more, you can celebrate various festivals together. You can seek each other’s advice or help in your day-to-day life and enhance the feeling of security. This will have a positive effect on your psychological and physical health and foster a feeling of well-being.

Also Check: The Types of Home Loans: A Guide for New Property Buyers in India

How Does Group Booking Work?

Group buying is not something that can always be planned. For example; it need not be necessary that the group booking will always happen with friends or colleagues only. So, how do ensure that you still remain a part of the group (any) before booking?

Here is what you can do instead, potential homebuyers can connect with another through a common platform that usually helps you to find a fellow home (potential) looking for in the same location, city, or society. This task is usually taken up by third-party companies who create such a platform for homebuyers to connect and communicate about preference. The third part company later approaches the (preferred) builder to make a deal about the orders and negotiates for possible discounts.

Also Check: 5 Most Important Factors that Affect the Property Value

Conclusion

Whatever your choice of home is, the idea is to find a deal that suits you best. An individual home seldom has the bargaining power in the market that is dominated by real estate developers. Thus, by coming together and forming a group there is an increased chance for individual buyers to find a suitable deal and even an ideal home.