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Wait! Property prices to fall further!

December 30, 2008

Benchmark to 2005 Prices

Says Vakil: "All the madness happened in the past two years. Before that the market had a lot of sanity and health. In the last two years, prices went through the roof."

Before you start negotiations, get an idea of prices that prevailed in that location around 2005. You can get this information from newspaper archives on the Internet, reports of property consultants that are available on the Internet, and by doing some research yourself by asking property brokers.

Once you have got an idea of the price, add around 15 per cent to account for inflation and start your negotiations. "This formula is holding very well in the commercial segment," adds Vakil.

Image: The inside of a new apartment. | Photograph: REUTERS/Nigel Roddis

Also read: This is the best time to buy a car!

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