Banks are doing very wrong things. Why they easily sanction the loan for taking house and not easily for farmers. This author will come to know in days to come, whether prices will come down or not considering the global slowdown, which he is perhaps not aware? Nobody should be allowed to buy more than one house and see the prices then? Even on mars or moon houses would be cheaper than this? What is the land cost, construction cost, and then think what is the correct price of any house. constructing a whole building at rs. 2 crore and then selling each fat at rs. 2 crore. Is this justified?
Re: BANKS ARE DOing wrong thing
by harsh goyal on Nov 21, 2011 04:36 PM
Money in plenty is available today with businessmen, who do not pay taxes properly and with large farmers, who are not required to pay taxes. If you survey the flats booked only as an investment, you will find that the investors are either businessmen or farmers. Salaried people generally do not have enough cash which is required for buying a flat, as most of the transactions are done on atleast 30% cash basis.
Unless something is done to curb the black money and widen the tax base property prices will not come down.
Re: BANKS ARE DOing wrong thing
by jeeva on Nov 21, 2011 11:47 AM
Right Said. More over there is no regulator in this sector. Not allow a person to buy more than 2 fltas in sigle building, Housing soceity, locality, city.
Re: BANKS ARE DOing wrong thing
by spenta on Nov 21, 2011 11:47 AM
The state govt is hand in glove with the builders . Builders pay to Netas , Babus & Underworld . Anybody can walk in at BMC's byculla office which houses building proposal dept .Cronies of builders are waiting with hard cash to lure building proposal dept .
Re: BANKS ARE DOing wrong thing
by banshi srivastava on Nov 21, 2011 11:48 AM
Annashould take up the task that no one should be allowed to purchase more than one flat in mumbai All registration offices should be centrally connect so that if any one is purchaisng more than one the registratin should not be approved. Adhar should be made necessary for transactions. Confiscation of illegal creation of wealth. Earlier income tax was active and any purchasing beyond some limit was to be scrutinised. Black listing of builders for wrong practices Housing is not a commodity for investment let us be very clear It is a necessity and henc e investmnet in more than one flat should immediately be banned
Re: Re: BANKS ARE DOing wrong thing
by ramkrishna on Nov 21, 2011 12:10 PM
it applies to entire india, noone canhave two flats in his name in any part of india in cities, in cities one , if he is having a flat in mumbai he cant have even one more in chennai or anywhere else, hill station they can have , who bothers,
Re: BANKS ARE DOing wrong thing
by raj kishore on Nov 21, 2011 12:09 PM
why only banks why not the builders,brokers,the politician? in fact all the above are the culprit in looting and harrasing the public since post independence.Till date the cost of construction per square feet is less than Rs 1000.but see the selling rate which is starting from 5 times to 10 times. There is no regulatory authority in our country at all in this sector like in telecommunication. so we should get aware and never be hurry in buying the property. Time will come when there backbone will be torn.
Re: BANKS ARE DOing wrong thing
by Punit Pande on Nov 21, 2011 12:09 PM
I disagree with your opinion on this. Not everyone can afford to buy apartments. For eg., young professionals starting their careers often have to live in cities where they may not have any family, cannot buy apartments on the meagre starting salaries. Not everyone passes out of leading colleges and get great salaries from companies competing to attract best talent during campus placements. Hence, a vast majority must live in leased accommodations. With 1 flat per family concept, there would not be enough additional flats for leasing. Causing a housing crisis in all urban areas. In my opinion, a better way to control runaway prices, would be to improve infrastructure in peripheral locations, and provide better connectivity to city centres/ business hubs. this would allow greater urban spread and reduce buying pressure in limited areas. unauthorised occupation of land by slums is the greatest evil in real estate prices. In Mumbai alone, almost 50% of the lands are occupied by illegal slums. when these illegal occupiers are given free flats to facilitate redevelopment of land, it increases the input cost of land/ project, causing a much larger impact on selling price. so legitimate tax payers pay the cost of re-settling illegal occupiers of land by paying not only for the area being purchased by them, but also for the area given away for free. this has a much larger impact on the real estate prices than investor interest in real estate.
Re: BANKS ARE DOing wrong thing
by Punit Pande on Nov 21, 2011 12:09 PM
I disagree with your opinion on this. Not everyone can afford to buy apartments. For eg., young professionals starting their careers often have to live in cities where they may not have any family, cannot buy apartments on the meagre starting salaries. Not everyone passes out of leading colleges and get great salaries from companies competing to attract best talent during campus placements. Hence, a vast majority must live in leased accommodations. With 1 flat per family concept, there would not be enough additional flats for leasing. Causing a housing crisis in all urban areas. In my opinion, a better way to control runaway prices, would be to improve infrastructure in peripheral locations, and provide better connectivity to city centres/ business hubs. this would allow greater urban spread and reduce buying pressure in limited areas. unauthorised occupation of land by slums is the greatest evil in real estate prices. In Mumbai alone, almost 50% of the lands are occupied by illegal slums. when these illegal occupiers are given free flats to facilitate redevelopment of land, it increases the input cost of land/ project, causing a much larger impact on selling price. so legitimate tax payers pay the cost of re-settling illegal occupiers of land by paying not only for the area being purchased by them, but also for the area given away for free. this has a much larger impact on the real estate prices than investor interest in real estate.
Another articles funded by builders by
vinod bhogle on Nov 21, 2011 11:19 AM | Hide replies | Hide message
Property sales have hit rockbottom. Most people have realised current prices are unreasonable and hence are staying on rent which is much better than commiting your hard earned money for next 20 years as EMI to banks
Re: Another articles funded by builders
by Roy on Nov 21, 2011 11:40 AM
And every year,you shift from flats to flats,including looking for new school to kids?And living in dirty flats which will not be properly maintained by owner.
Re: Re: Another articles funded by builders
by ramkrishna on Nov 21, 2011 12:07 PM
YES FLAT OWNERS ARE INCREASING RENT LEFT AND RIGHT, BUT SCHOOL IS NOT A PROBLEM ANYMORE, UPTO 10TH AUTOMATIC PASS, 11 AND 12 TUITION WHY YOU ARE WORRIED, ENGINEERING COLLEGES ARE PLENTY, ONLY THING YOU HAVE TO SPEND QUALITY TIME WITH YOUR CHILDREN AND MOTIVATE THEM TO STUDY, MAINTENANCE YES THEY DONT CARE ,
Re: Re: Another articles funded by builders
by Ronit on Nov 21, 2011 12:46 PM
that is true. It is inconviniencing, no doubt. but if everyone of us protests by not buying a flat and going only on rent, these real estate builders will be brought to their knees. I just cant understand how people mortagage their entire life by taking 50L to 1 Cr loans by the time they turn 30.
Re: Another articles funded by builders
by raj kishore on Nov 21, 2011 12:17 PM
YES I AGREE DO NOT BUY ANY PROPERT FOR AT LEAST ONE YEAR. RESULT WILL BE SEEN. I AM SEEING THE DESPARATION IN THE BUILDERS AND BROKERS WHILE MEETING AND TALKING.AFTER ONE YEAR THEY WILL COME TO YOU AND SELL THE PROPERTY AT AFFORDABLE PRICE.
It is a well known fact that black money is used to buy property, gold, petrol etc. Government is aware, reserve bank is aware and everybody is aware. The solution is there to solve this problem. RBI or government can make it compulsory to buy property, gold, vehicles, petrol etc by using only debit card, credit card, DD, cheque, net banking, mobile banking etc. cash use should be completely stopped.
Re: Black money
by Roy on Nov 21, 2011 11:42 AM
better change currency every year.This year Gandhi currency,next year nehru currnecy,after that vivekanda currency,then subash currency.change the face of currency in every year.