Mumbai condo: opening 3% under after 100 days?

F

finn.dale

Real estate agent
Verified Pro
My preferred outcome is a credible offer that preserves the important protections, but the lack of completed-sale evidence makes the price difficult to defend. The Mumbai condo is listed at ₹68,470,000, has been available for 100 days and requires updating. Comparable listings sit around the same level, though that does not show what purchasers have agreed to pay.

I am considering ₹66,415,900, or 3% under the asking price, backed by proof of financing and some flexibility on completion. Is that a reasonable opening position, and how briefly would you explain it to the seller? I do not want the cleaner terms to expose me to an unlimited appraisal shortfall or weaken inspection, financing and deposit protections.
 
Three percent below does not sound inherently aggressive, especially after 100 days. Keep the explanation short: condition, limited completed-sale evidence and the certainty you can offer on financing and timing. Don’t present a long list of defects as if you are trying to wear them down.

Put it in writing with a reasonable response deadline. Flexibility is useful, but an open-ended offer only gives the seller time to shop your number around.
 
Before choosing the deadline, find out why the seller is moving and whether they have a preferred completion date. That information may be worth more than another small increase in price.

Also, what does “clean financing” mean here? Proof that funds or approval are available strengthens the offer, but it should not imply that you will absorb any valuation shortfall regardless of size.
 
The detail that changes my view is the price bracket: 100 days may reflect a smaller pool of buyers rather than growing willingness to accept less. Similar listings are not strong support either; several owners can all be holding out for optimistic figures.

I would still open 3% under, but base it on known condition and the certainty of your proposed timing, not on an assumption about seller pressure. First establish what “updating” covers. Worn finishes can be priced into the offer, while signs of water damage or failing services justify keeping a proper inspection route open.
 
I would not waive the ability to investigate the condo’s condition, ownership/title position and relevant building or society records. Nor would I expose a large deposit before the agreed due-diligence and financing conditions are satisfied.

The exact wording and consequences depend on the Mumbai transaction documents, so have a local property lawyer review them. In particular, spell out what happens if the lender’s valuation is below the agreed price rather than leaving an undefined appraisal gap.
 
I’m not convinced repair credits are the best opening tactic. If the updating is already visible and reflected in your 3% reduction, asking for both a lower price and broad credits may feel like double counting.

Offer based on the known condition, retain inspection protection, then seek a credit only if inspection uncovers something materially different. If the seller dislikes credits, a price adjustment may be simpler, though it will not necessarily solve a financing shortfall.
 
Aaliyah’s question matters because “updating” can cover almost anything. If it is dated flooring, paint or cabinetry, quantify it for yourself but avoid presenting personal taste as a defect. If there are signs of water intrusion, electrical concerns or other uncertain work, keep the offer subject to satisfactory inspection and obtain estimates before renegotiating.

I’d also ask the agent whether any earlier offer failed and, if so, whether price, financing or timing was the issue. They may not disclose much, but the answer could reveal the seller’s priority.
 
A practical sequence would be: request whatever completed-sale evidence is available, clarify the seller’s timing, submit ₹66,415,900 with financing proof, and give the offer a clear expiry. Emphasise flexible completion rather than defending every rupee of the discount.

Keep inspection, document review and carefully defined financing/valuation protections. Set out when the deposit becomes at risk and what triggers its return. If the seller counters near asking, you can then decide whether certainty and timing justify moving up rather than negotiating against yourself at the start.
 
You must log in or register to reply here.
Back
Top