We have been witnessing abnormal prices in real estate in the country. I feel the government of India must put a break on Real Estate (especially residential one) as an investment tool, after careful thought. A residence is an essential part of everyone’s life. So, making money out of it and making it a business must be curbed and the government must show guts to do that in public interest.
What happens now is people, for making easy money/profit, buy houses at whatever price it is offered and sell it at a huge profit later and such business keeps on going and this creates artificial demand (while supply is less) and the prices shoot up without any value addition to the property, i.e., in many cases no proper approach, no water supply, no hospitals or educational institutions around it, etc. Such artificial inflated prices make the dream of owning a dwelling unit beyond the reach of many people (even with their lifelong earnings). This is not justifiable.
So, owning house in India must be regulated. The head of every household must be allowed to own and possess only one house/flat in India, i.e., permanent one at his/her hometown of choice. However, in case he is working at a place other than the chosen hometown and he is required to stay there, he can be allowed to own one more dwelling unit (temporary) at the place of work (in addition to permanent dwelling unit, which he got it through purchase or inheritance)
Re: Real Estate
by c v sureshkumar on Jun 23, 2012 04:03 PM
When he moves to another place (other than the place where he owns permanent house), he must sell off (say within one year) the existing temporary dwelling unit and can be allowed to own a new one at the new location. In such a scenario, the demand for dwelling units will drastically come down and every one can dream of owning a dwelling unit. This will also bring down the artificially inflated prices on dwelling units in India and it will come within the reach while it will also help in distributing the wealth equally
In Kochi a 2BHK costs around 40L and 3BHK for 60L. Due to these high prices, some of the buyer are unable to pay on time and projects are getting delayed by a couple of years. It is prudent to stay on rent for a while and buy a ready flat for discount.
Lord, the middle has been pushed out of the city limits of Mumbai because of the unaffordable cost of the flats. What is happening in the real estate market is a clear case of greed. Make the builders and other vested interests in the real estate industry realize that it takes the rich, poor and middle class to run a city. Have mercy on them and bless them with love and wisdom and keep their greed in check. Crash the prices of real estate so that many homeless & needy people may be able to afford a decent roof over their head with city limits.
it will come at the end of the world..recession comes and goes prices never come down...high prices have resulted in more slum areas...increase in cost of living..
Re: right time to buy
by harshraj vartak on Jun 20, 2012 12:52 PM
Yes....I too think that prices won't come down easily atleast in good locations. Because builders are now holding their units as more as 5 years.
Looking at the trend the market is passing through, the right time to buy a flat is now. However, in reality, the prices are fully manipulated, inflationary and much above real levels. Can you think of Dwarka Exprssway, which is yet to be built and at the moment inaccessible, the property rates for the flats are in the range of Rs. 5000 to 6500 per square foot. In case the genuine buyers seriously make efforts to have some impact on the inflationary prices, let us take a vow that for 6 months to one year we would not buy any flat. this will drive the prices to real levels. Can we do it? Surinder
Government should update the Income tax act 1961 (very old) to be made latest (complete interest paid on such loan availed is available for set off against salary income under Section 24 of the Income Tax Act, 2012 limit in case of self-occupied house
but after buying a piece of govt land meant for residetial purpose for almost 12 years the area not developed and we hardly have any house constructed, no water, roads not laid etc.., this is very bad; people buying land for investment purpose should come to halt else needy people like me stay home less throughout life
Re: my dream is to have my own home
by Ravichandran on Jun 19, 2012 06:38 PM
You are 100 percent right. But the easy way of putting the black money is real estate and hence the rich people's choice who donot know where to keep the cash. Wherever you go, PAN number is asked.
