Then you might surely have seen or heard the " Group Buy" term coined around so casually. Yes, this is indeed a common term when it comes to e-commerce, and it was trending heavily back in early 2011 to 2014. Now it has seen a proper revival, with many buyers opting for Group buying of homes.
But before we dig too deep into Group buying, let's explain the terms in detail for the uninitiated.
Group Buying/Collective Buying is purchasing a set of goods or services collectively as a group so that they can get it at a far reduced rate.
However, to avail of such a scheme, the condition that applies is a minimum set of customers (which might differ from seller to seller). This scheme's origins can be traced back to the team buying in China. The term used for group buying in China is Tuan Gou.
Though relatively unfamiliar for the majority of home buyers, now, as we've mentioned before, the Group Buying option is becoming popular every day. Besides, getting homes at an affordable rate is a joyous thing, isn't it?
As the home buyers for a particular residential project are random individuals, these people will be brought together by a common agency or platform. This third party involves in the discussion and the negotiation. With a pool of buyers ready to buy at a go, the builders also encourage Group Buying, especially the slow-selling units.
As most might know, if the group buying offer is made at the "Prelaunch Phase of the property," then there will be more discounts and rebates. Even in the Ready to Move in Phase too, the prices can be negotiated to avail a great deal.
As mentioned before, an individual buyer can only get a very little discount or offers from the developers. But if they approach the builder as a group, the builder to sell off multiple units at once will be ready to drastically reduce the buying prices.
Group Buying often helps in acquiring bank loans and legal services easily. Also, they can avail lower charges and waivers too in these instances.
Besides, group buying also builds in a sense of community between the set of buyers much before they move in and turn neighbors. So even if there are any troubles during the purchase or at any incident in the future, the group buyers can act as one team and tackle the challenges far easier than an individual.
For the developer also, this scheme saves a lot of money on marketing and customer retention as well.
So, guys, what do you think? Do let us know
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