How Can I Find a Luxury Apartment in India for Less?
Luxury apartments offer gorgeous living spaces and a wide array of amenities. But luxury living comes at a high price. However, you might be able to fit a luxury apartment into your budget. Right now, there’s a surplus of housing available throughout India. And landlords are desperate to fill vacancies. If you stay on top of current pricing and search online, a luxury apartment could be yours for less.
If you want to upgrade your apartment and give luxury living a try, there’s no better time than right now. Thanks to a changing housing market in India, luxury apartments may be within your budget. Search for luxury apartments within your budget online, and you’ll discover just how affordable they can be right now.
Here’s how you can take advantage of the current changes in India’s rental housing market and potentially find a luxury apartment for much less.
Look for Luxury Apartments That Have Been Sitting Empty
Right now, many luxury apartments across India are sitting empty. Landlords can’t find renters to pay for these apartments – and that means you could score a fantastic deal on the cost of rent.
Mumbai in particular is seeing a significant lack of renters for luxury living spaces. Prices have fallen so sharply because over 50 percent of the Mumbai rental market is sitting empty right now.
Houses and apartments that have never been vacant for more than two weeks at a time are now sitting empty. Owners aren’t able to find renters who are willing to pay high prices. For example, a 3 BHK apartment in Mumbai’s Bandra West that previously rented for Rs 90,000 per month is sitting empty. Even though the owners have decreased the rent to Rs 65,000 to Rs 70,000, no one is interested.1
As more properties sit empty, owners lose out on the chance to make money. They need to find renters in order to make an income. And that means they’re likely willing to offer you a deal. Search for apartments that have been available for weeks or months. These places will have owners who are more desperate to find a renter at any price.
Negotiate With Landlords
Another way you may be able to save money on a luxury apartment is by negotiating with landlords. As increasingly more apartments sit empty without interested – or paying – renters, landlords will be more open to lowering prices. And you should use this to your advantage.
Because owners cannot fill their apartments, they’re having to decrease rents. With a lack of interest and demand, owners can’t charge inflated prices. Instead, they’re having to renegotiate rent even with long-term tenants.
As increasingly more people lose their jobs and face unemployment and the inability to pay their bills, apartments and their owners are being affected. Some landlords have seen as many as 25 percent of their renters vacate properties for smaller, more affordable apartments in just two months. In response, they’re negotiating rents that were once Rs 75,000 per month down to only Rs 62,000 per month, for example. Others are offering voluntary rent reductions to tenants.
So, it’s in your best interest to ask for a lower rent price. If you’re interested in a luxury apartment but can’t afford the asking rent price, negotiate with the landlord. Ask if they can charge less. Let them know that you have the budget for a lower price. See if they can offer you a discount for the first year, or even long-term to lock in an affordable rent.
Search for Deferred Payment Plans
In addition to searching for apartments with lower-priced rents and a lack of interest, you can also search for apartments that have special pricing or payment options. A new trend that’s appearing throughout Mumbai is deferred payments and protected pricing.
Because the apartment and housing market is seeing a decrease in interest, increasingly more property owners are trying to increase their sales by sweetening deals for renters. In an effort to pick up demand, they’re offering attractive new offers and pricing to get you into a luxury apartment for less.
For example, JP Infra Mumbai is offering apartment renters three paids EMIs if you rent an apartment now and happen to lose your job at a later date.2 Godrej Properties is offering “HopeHasAPlan,” a program that allows renters to make deferred payments. And Sunteck Realty is also offering the same deferred payments. Meanwhile, Embassy Group is giving a deferred payment plan of 15 percent down immediately, 35 percent due after 18 months, and 50 percent due at a later date.
You can take advantage of a deferred payment plan to make moving into a luxury apartment more affordable. It could help alleviate high upfront costs as you move, and you then have flexibility in paying for your new living space.
Search for Discounted Luxury Apartments Online
Lastly, you can search for and find discounted luxury apartments online. The internet is home to India’s latest luxury apartment listings – and it’s also where you’ll find the latest deals, discounts, and any special offers.
Right now, there are more than 30,000 apartment units available in Mumbai, over 85,000 unrented units in Hyderabad, and nearly 6,000 empty units in Bengaluru. As increasingly more apartments throughout India go unrented and without tenants, the more openings you’ll find online. You can search online and see what’s available. Then, you can reach out to the sellers or owners to discuss rent costs.
Additionally, searching for an apartment is now the best way to find a new living space. With no physical property visits possible, online searches are significantly on the rise. That means you need to stay updated by searching online regularly to catch new luxury apartments as they go up for rent on the internet.
It’s expected that, as the housing market continues to see a slump, luxury living will become the most active and competitive.3 Take steps now to get a luxury apartment for less by searching online and looking for options and opportunities to save money on a better living space.