Be carefull when you buy property from CIDCO, CIDCO has a habit of cheating/playing farud on buyers by manipulating the area. For example a 1000 sq feet carpet Module will be sold as 2000 sq feet in 1998 and as 1300 sq feet in 2004 all on the whims and fancies of the Marketing manager CIDCO.
Govt. of Maharashtra has floated CIDCO (City Industrial Development Corporation) A State Govt. undertaking which is the most Corrupt undertaking of the Govt.of Maharashtra. Instead of being a agency for providing housing to the middle and lower class at reasonable rates it encourages price escalation for the benefit of few builders and Bureaucrats.
Some of the Shady Deals of CIDCO include
Allotment of land under the 12.5% scheme to fictitious Companies
Change of reservation of plots for commercial use
Systematic Destruction Of mangroves and reclaiming land and blatant violation of CRZ Rules.
Railway Station Complex Scam The station complex Built By CIDCO at Nerul , Vashi, CBD. The commercial areas was sold in the open market as carpet area ( 95-150 ) % loading in 96-98 at much higher rates. In the year 2004 The same commercial premises were sold as carpet area 30% Loading to friends and relatives and front men Mktg dept of CIDCO at a discounted price. Imagine built up area of two adjacent offices of same area are different.
Extra FSI to CIDCO directors Housing Society Prathamesh society where the Directors of CIDCO and the PRO of CIDCO was allotted
Housing rates will fall steeply in the next 6 months' time. The real pressure on the real estate market is starting only now and in 6 months' time they would desperately need buyers. So, don't be in a rush to walk into this trap. Hold your horses for 6 months to 1 year. You will not die if you don't buy a house for a year. The builder community will certainly die if we don't buy houses for a year. Rather they die than we. To be very honest, I am very happy to see the state of the real estate developers and brokers now. I hope it gets much much worse than this. They have literally looted the people over the last 3-4 years. I hope they pay for this.
One of my relative (NRI) bought a flat (3 BHK)in Hi tech city, Hyderabad for 80 Lakh’s in June 2007.He took a Home loan for 60 Lakh’s his EMI for the loan is 60,000Rs per month. He use to get 45,000Rs rent every month, but suddenly the tenant told that he can’t pay that much rent and he vacated the flat. Since last 4 months it’s empty, some people are coming to see the property for rent but want’s to pay 12,000Rs to 15,000Rs per month. Now he wants to sell but no buyer’s, the valuation of the flat drops to 40Lakh’s. So please don’t buy any property now I wish all greedy developers, agents and bank’s (ICICI and HDFC) to go bank corrupt. VOTE FOR BJP
Re: Don’t buy any property now
by swapnil hajarnis on Apr 14, 2009 03:04 PM
I fully agree with Mr.kiran. I personally have bad experience with HDFC.HDFC is extorting money from home loan customers in a polished way,and is no different than underworld goons who threaten people and do it.HDFC is the biggest beggar of all.All aspiring home loan customers, beware of this HDFC attitude and go for home loan from any nationalised bank only.
clever placements of stories saying market has bottomed out is false. i'll wait for a few big real estate companies to die. recession is good for the economy. people will be milked to death by these black-moneyed real estate barons. yes! recession is great news for india!
these exhibitions are normally organised by one of the news paper groups who are instrumantal in creating false hype...real estate is in doldrums...its going to fall further no one can save it...their days are numbered
Re: hand ...
by wizardo id on Apr 14, 2009 11:15 AM
i certainly hope so. looks like the stock market has recently picked up. i hope real estate does not pick up. its ridiculous if people paid those crazy amounts of money to buy flats that are not worth double the cost.
i cant even dream of buying the house hearing these unrealistic prices....surprisingly no political party is voicing against it...we all know why...no one for middle class people like me...mera bharat mahan
I had gone to this exhibition and let me tell everyone that this property fair was complete failure. There were people who were there just to have fun and enjoy but no one was interested in buying any houses at this unrealistic prices. I think few Nano flats of Rs 2 Lakh for 160 Sq Feet in Karjat were sold which i think is too much price for a house of 160 Sq ft in Karjat. Imagine they call 160 Sqft Nano Flat :-)
Re: Property Exhibition - Complete Failure
by sandeep balani on Apr 13, 2009 05:26 PM
I agree prices should fall more by atleast by 50% as they are still inflates
Re: Re: Property Exhibition - Complete Failure
by PEARS on Apr 13, 2009 11:19 PM
It has gone up by 500% between 2006 and 2007 mid , after Dayanithi marans exit the price escalation has stopped all over.Every one in chennai is aware that these Maran family is behind all these price rise, How come they become so elitist rich within a span of 10 years? Please wait for 6 months , once this UPA ie the Useless People Alliance goes defnitely the price of Real Estate % Rents will come crashing by more than 80% . In chennai a 2BHK Rent which was at Rs 5000 to 6000 in 2006 went up to Rs 15K to 20K within a month of DMK coming to power in TN. So pls wait for 6 months mate
Re: Re: Re: Property Exhibition - Complete Failure
by wizardo id on Apr 14, 2009 11:19 AM
everyone is speculating, maran, morons everyone...from sand miners looting the river banks, stone quarries, cement industry, steel industry, aluminium. price fixing, cartels, land mafia, politicians. everyone single influential persons are speculating, holding, cartels, black money - you name it - you have it!
