Sell property before correction sets in

As talks of an impending crash in property prices gather steam, the policy to be adopted by home-seekers is clear: wait and watch. The right time and price are a few months ahead. However, if you are a seller, the reverse is true.

Time is ripe for those planning to put their residential property on the block, say property consultants. This might be your best chance to get a fair price before correction gains ground. In fact, some experts believe that correction has already seeped in, with certain locations witnessing a correction as sharp as 25%.

“If one is able to sell the property for a reasonable sum, this is the right time to sell it and cash out,” said Pankaj Renjhen, managing director (Mumbai) of property consultancy firm Jones Lang LaSalle Meghraj. “For old properties in particular, the prices are better at the moment, so it’s time to look for the best options and make an exit,” added Aditi Vijayakar, director, residential services, Cushman & Wakefield.