Be carefull when you buy property from CIDCO, CIDCO has a habit of cheating/playing fraud on property buyers by manipulating the area. For example a 1000 sq feet carpet area 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 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 ugly/ Shady Deals of CIDCO include
Allotment of land under the 12.5% scheme to fictitious Companies,polictians.
Change of reservation of plots for commercial use
Railway Station Complex Scam The station complex Built By CIDCO at Nerul , Vashi, CBD. The commercial areas was sold in the open market as Built up arae=carpet area ( 95-150 ) % loading in 96-98 at higher rates. In the year 2004 The same commercial premises were sold as built up area= carpet area 30% Loading to friends and relatives and front men of the Mktg dept of CIDCO at a discounted price. Imagine built up area of two adjacent offices of same carpet area are different.
Extra FSI to CIDCO directors Housing Society Prathamesh society where the Directors of CIDCO was allotted prime property at throw Away prices .
a second home for no reason is risk. There is already surplus homes which are unoccupied. The average man is still unable to buy due to exhorbitant prices.
There is no quality of life in these flats/villas. Both the builders and buyers know they are not going to stay there as some poor chap will take it for huge rental. So nobody really cares about the quality of life.
So this article wants you to take the loan and then another loan to take care of the first and then another to support the EMI and then another to support your monthly cash flows and then another to eat-up your savings.
What a trash of an article this has been. Dont take too many loans. One of the reasons people could survive the impact of recession in India was due to high savings rate. Remember what your grandpa used to say. I followed that and now a happy owner of two apartments one of which is completely debt free.
Save Save and Save is the mantra. In doing so and prolonging little bit the decision to buy something like property, you gain on two aspects. Your income goes up with every passing year and the savings also go up increasing your affordability. In the process as you gain experience you are wiser as well.
In 2006 I could afford only a 2BHK. With the above approach, I could afford a 3BHK in 2009.
to rope in as many as possible. Once the central bank mafia had everyone under their fold, they started jacking up interest rates, fines and penalities. People started defaulting, house rate came crashing down and people owed banks more that the worth of the property. Many just walked away and Banks got the property as well all the money that was paid to them till then!! When corrupt govts work with these mafias, only something much bigger can solve the problem!
Never indulge in Real Estate, there will be a big blow to real estate shortly, sudden increase in real estate prices were due to black money. A fall of Middle Eastern Countries will bring our real estate at a very low price hence I request you to my fellow citizen hands off from Real Estate
There is no surprise that this article has been published at the instance of Realtors to bring back investors to real estate space.
It is a paid article. On behalf of Rediff, I thank BUILDERS for paying for this article. Why should Rediff bother if some more are being fooled by Builders after all they are getting their share in this booty. Some builders may even give some stake in their projects knowing very well that the price tag of their units are abnormally hiked up much beyond the limit of common men.
