Answers ( 4 )

  1. Buying property needs due diligence and a lot of hard work from the buyer. Similarly, selling a property at the right price at the right time takes a good amount of effort too.

    Some of the things that you need to keep in mind if you want to sell your flat quickly in India are:

    1. Understand the Market Trends.

    Before selling your property, it's good to understand what are the current real estate prices in your locality. Have the prices gone up or down in the last one year? Market Conditions help you to negotiate the prices as per your terms.


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    Understand how is the demand and the supply of the properties in your locality.  What is the profile of the buyer? If a buyer has a lot of options to choose from in your locality, it's better to keep the price competitive as much negotiation is not possible.

    2. Quote the right price for the property

    Do not sell the property in haste and regret later for selling it at the lower prices. So be aware of what price is being quoted by other sellers in the locality. Also, do a good analysis of your property condition, are there any unique selling points of the property that sets it apart from the rest and will help you get a good price.

    Buyers are willing to pay a good price if the property is located in a good location, connectivity is good and infrastructure in and around the property is great. Another thing that matters is the condition of the property. Before putting the property out for sale, ensure that it is dented, painted and is in spic and span condition. It will help you quote a higher price.

    3. BHK type of the property plays an important role

    While selling the size of your property matters a lot. 2BHK properties have higher resalability. While purchasing the property you should have a foresight - whether you are planning to sell it in the near future or rent it out or you are purchasing it for self use.

    2BHK flats go on rent faster, they also get sold out faster as compared to 3BHK flats.

    4. List your property online to reach large audience

    Post your property ad where you are sure to find genuine buyers of your property. Real Estate Websites likes NoBroker, Magicbricks, 99Acres are some good options to advertise your property online. There are some things that you must keep in mind before selling your property.

    Tips to post a good advertisement of your property to sell it online:
    Share details about the house

    1.Are you selling a flat/independent house/villa,

    2. What is your BHK type (1BHK, 2BHK etc.)

    3.Which Floor your flat is located?

    4.Age of the house.

    5.Carpet area of the house

    6. The direction of the house (East Facing)

    7. Good quality pictures of the house.

    Give the details about the locality

    Location of the house can be used to determine how well developed is the area, hows is the infrastructure, road connectivity in the area, has government announced any major development projects in the vicinity. All these factors give a boost to real estate prices.
    1.Mention the Locality & the street address well

    2.Mention any landmark close to the property.

    What is the deal that you are providing?

    1.What is your expected price?

    2.Is it house furnished or semi-furnished or unfurnished?

    3.Is there an existing loan taken on the house?

    Give an overview about the Amenities available

    Nowadays many people want to look for properties which have good amenities in and around. Sporting facilities, swimming pools, 24/7 power backup etc are significant among those.
    1.How many bathrooms are there in the house?

    2.Are there any balconies or a terrace or a garden?

    3.Mention all the amenities the building society has to offer, like 24/7 power backup, 24/7 security, swimming pool, clubhouse, lift, indoor and outdoor games, fire safety and so on. Give a brief description of the house explaining special features if any.

    4. How many parking slots does the house have for - 2 wheeler, 4 wheeler?

    List of property documents to keep handy

    As soon as you find a good buyer who is ready to offer the right price, you should be ready with the documents needed for selling the property:

    1.Sale Deed

    2.Is the property tax paid?

    3.Occupation Certificate of the flat.

    4.Do mention the best time to contact you.

    Best answer
  2. How to save tax after selling my property?

     

    • The tax liability after selling the property is calculated in accordance with the short-term capital gains and long-term capital gains. 

      Short-term capital gains are the profits gained on a property sold before completing the holding tenure of 24 months. Such gains are taxable, no exemption provided for them. Whereas, long-term capital gains are the profits gained on property sold after 24 months holding period. 


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      The computation of long-term capital gains is done by deducting the indexed cost of the house from the net sale price. The capital gains calculated thereby are taxable at a rate of 20.80% irrespective of your tax slab. If you are in a fix about how to save tax after selling the property, I will tell you 3 ways to do it.

      Buy another residential property

      You can claim exemption from the taxes easily if you invest your long-term capital gains in a ready-to-move within 2 years after the date of sale. You can also invest your long-term capital gains in the construction of a house within 3 years of the date of sale, this includes booking an under-construction project.

      Purchase Capital Gains Bonds

      You can also purchase capital gains bonds to save tax after the sale of residential property. However, you cannot invest more than Rs 50 lakhs in capital gains. You have to invest your entire long-term capital gains in these bonds and there will be a lock-in period of 5 years. You won’t be able to transfer or sell these bonds to anyone. It is a good way to save tax if you are not planning to purchase a new residential property.

      Investing in Capital Gains Accounts Scheme

      For temporary relief, while searching for a new residential property, you can invest your long-term capital gains in the Capital Gains Account Scheme. You can claim tax exemptions for the amount invested in capital gains accounts in approved banks.

  3. This answer is edited.

    “Selling property is a tedious process. It takes a lot of time to find the right buyer and the right price.”

    Someone said these words to me when I was selling my house a few years ago and I was scared. I kept thinking to myself, “how to sell my property fast?” I wasn’t sure if I would be able to do it. But then I went online and searched how to sell house quickly.


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    While I got some numbers off the internet to contact some brokers, I came across various online portals which gave me an option to sell my property online. I took my chances and went ahead.

    I checked out various websites and decided to list my property on these platforms:

    1. NoBroker
    2. Magicbricks
    3. 99 acres

    After careful consideration I decided to take up the NoBroker Money Back Seller Plan. They offered various facilities such as property promotion on the website and social media, a dedicated relationship manager to filter out the right set of buyers and most importantly, my contact details were protected so that I don’t get spammed by calls from brokers or agents. My relationship manager suggested that I add details of the location of my property, its size and dimensions, it was a 2 BHK flat so I mentioned that as well. I clicked nice pictures of my property and its surroundings too and put them up on his advice. I saw that many people had mentioned their expected price. So I did that too.

    Anyway, all of it helped me and I started getting many queries. My relationship manager helped me to shortlist prospective buyers and connected me with them. Thankfully, I closed the deal within 3 months of listing my property.

    Check out NoBroker Seller Plans

    It may take 6 months to a year to sell off a property offline. But online websites help you connect with interested people at a much faster rate. Some companies like NoBroker, have seller assist plans, where you need to pay nominal amounts and they assign you a relationship manager to handle calls on your behalf and pass on only the right prospects to you. NoBroker Seller assist plans ensure that your property ad comes at the top and is visible to a large number of buyers.

    These days more and more people are doing property transactions online.

    Click here to Read: Most asked Real Estate questions on NoBroker Forum. 

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