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Home buyers wait, expect more price cuts


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historyrepeats
Builders sponsor TV Realty Show to misguide and loot House seeker
by historyrepeats on Mar 18, 2009 12:24 AM

Many TV programmes are being sponsored by heavyweight builders to loot public by giving wrong advice of investment in property at any unrealistic price and asking house sellers to hold for some time to see appreciation in its prices ( actually Builders want no reselling from investors so that their new housing units can be sold at unaffordable housing rates).
Builders dupe customers with a false imaginary dream and saying that housing property is the safest bet.

Please sell your flat /Bungalow/Appartment/Villas immediately else property prices erosion is very much on cards. 80-100% Correction on property prices is very likely within 3-5 months. Mind it I'm saying correction.

Copy your comments to following :
pg@moneycontrol.com, askgaurika@network18online.com, home@zeenetwork.com

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Guest
Calculation of property rate in Mumbai
by Guest on Mar 17, 2009 11:53 AM

We bought the 1BHK flat in Malad, Mumbai of appx 500Sq ft, at the rate of 33000. Lets assume that my dad deposited amount under a scheme where ur money will get doubled every 5 years. Accordingly.
Initial - 33,000
5 yrs - 66,000
10 yrs - 1,32,000
15 yrs - 2,64,000
20 Yrs - 5,28,000
25 Yrs - 10,56,000
30 Yrs - 21,12,000

So after 30 yrs my flat should cost me In between 20-25 lacs but in the boost period of real estate I was getting the offer of 33 lacs for my flat which means it was overvalued at least by 43%..

Currently I am getting the offer some where around 28lacs still it is higher then its actual cost and so I should expect to see at least 15% of more correction....

Hope this analysis helps u guys...

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Mahesh
No JOb is secure.
by Mahesh on Mar 16, 2009 06:12 PM

My kind advice to all home buyers is, please dont buy properties, already lot of people are suffering for making mistakes by buying. No job is now secured in india. Due to globalization what happens in west will happen in india too but maynot be to that level. if it is 50% also then india will suffer very badly as there is no social security and all here. India is no immune from global financial crisis. The prices have gone up 200 times and come down only 20 percent. if we people are all united then surely we can get the prices down by 200 percent. please differ all you purchases for atleast another year and a half.

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Kiran Nagrecha
Donation to political parties worries builders
by Kiran Nagrecha on Mar 16, 2009 04:07 PM

I would request all to read the above titled article on indianrealitynews.com , will prove that politicians are the major culprits in jacking up the prices in the last four years.This has been the history of congress whenever it comes in to power property prices have an unprecedented rise.In the current scenario the prices running away again seems difficult , the reason being purchasing power going down and job insecurity.Buying currently would only help the politicians and builders fill their pokets.While the common men would end up paying installments for the next twenty years.Hard earned money should be spent after a lot of thinking.

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Guest
Time and need
by Guest on Mar 16, 2009 02:30 PM

On a larger canvas the Government has done all it can, the banks too cannot reduce any further (their cost of funds will not allow them to reduce interest rates any more), the developers have reduced the selling prices substantially considering input costs( the cost of land and the cost of development for a given project). Any further reduction will only mean homes devoid of quality and with fewer amenities. It is for those who are in real need of the homes that a decision needs to be made by themselves. The housing demand is still robust even to date but sentiments on job insecurities is the prime driving factor that prevents buyers from making a decision today. The days of inflated pricing is long gone with speculators in the real estate market having vanished. There are the times that the end users can meaningfully use to bargain which will surely help one realise the dream of owning a home.

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Ashok Sampat
Carpet area pricing not followed by builders
by Ashok Sampat on Mar 16, 2009 02:19 PM

For the plans submitted to BMC after May-08, rate to be quoted MUST be for carpet area and not Built up area. However, builders are pricing for Built up area instead of carpet area as very few people know about this rule. If any flatpurchaser complains to Govt, builder can be punished with jail for 3 years

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sushanta mahapatra
DO NOT BUY ANY PROPERTY FOR AT LEAST 2 YEARS FROM NOW
by sushanta mahapatra on Mar 16, 2009 02:16 PM

The builders are simply showing vague information that 1000 flats are sold etc. etc.
But actually people are quite intelligent and only 2-5% of Prospective buyers are buying home and they are really fools.
Even in few places Builders have not reduced the prices as expected , if Govt & Banks are doing so much of compromise what these builders have made till now ? only 10-20% slash! . So right time is yet to come friends to purchase a House . Trust me Just Wait ..
2004-2005 price levels will be back ,Don't worry . There are still some slides to the Indian economy pending.


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Kid
Don't fall prey to gossip/rumours
by Kid on Mar 16, 2009 01:45 PM

The article said 1000 flats were sold by DLF,HDIL,Unitech in last one month!!! Holy Cow!!!

I say this is complete trash. What's the proof? Who are the buyers? Can the author share? This is nothing but a planted article by builders.

My friend works in a reputed Realty company in Mumbai and I can say with authority that quite a few builders are on the verge of collapsing including his.

With economic conditions becoming more tougher in days to come and India moving into 'deflation' zone, property prices ought to come to 2005 level to generate any real buying.

Stay away from any property purchases at this time. Save your money,you may need them dearly in future soon.

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sanjay gondhali
Home buyers wait, expect more price cuts
by sanjay gondhali on Mar 16, 2009 01:38 PM

Dear All,

As per survey, prices cut for new projects.
It will be big risk to go for under construction projecs.




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