A year back I could have got a flat @6500/= per sq ft. on LBS Marg in Bhandup West. Why I did not book the flat because media hype that prices will soon come down. That has never happened and I assessed the whole situation and my finding this is not going to happen in fact the prices were going-up. Today i booked a flat @8000/= per sq.ft. more than 30% more. Waiting has no meaning.
Moreover, interest rate which is very high. See the kind a margin and the profits Banks are making. Any country who has grown economically by keeping interest rate low. Increasing interest rate will only increase inflation high.
Re: Such articles and media prevented me in buying a flat in Mumb
by Ronit on May 10, 2011 10:34 AM
I would still suggest waiting as prices are still not right. You might have paid at least 80L towards house cost. Investing in a bank FD would have fetched you 70000 . You could have paid rent of 30 K for a posh house in the same area and used the remaining 40K for savings. Same house could have been bought 5 years down the line or during a correction
Re: Re: Such articles and media prevented me in buying a flat in
by Ronit on May 10, 2011 10:39 AM
what I am saying is there is no hurry to buy a house. our prev generaton brought houses towards their retirement. current generation wants to buy house paying 1 crore even before they are married. Always go for a good timing. Dont go with the crowd. Stay in posh rented houses for a while. There is mild inconvinience but no much if u plan properly. I have 2 small kids and parents. managed to stay in rented houses for first 12 years of my career. recently brought a flat during economic crisis of 2008 for 45 L in a decent area. current price of tat house is 70 L. I am planning to sell that and move back to rentals..as I am getting fine rentals in 15K for same complex.
Re: Re: Re: Such articles and media prevented me in buying a flat
by okroal on May 10, 2011 10:45 AM
You Will Repent your decision ..your kids will curse you for rest of your life
Re: Re: Re: Re: Such articles and media prevented me in buying a
by Ronit on May 10, 2011 12:20 PM
please rise above personal abuse. If you have a point then state it and let the readers make a choice. If you have brought a flat for 80 lakhs at height of real estate boom and emis are causing pressure then i can only sympathize with you
Re: Re: Re: Re: Such articles and media prevented me in buying a
by SSSSS on May 10, 2011 02:04 PM
okroal or whoever(a real-estate agent in disguise), Ronit has a point. elder generation knew patience and timing. I am quite sure I wont repent of not buying a house now. What goes up needs to come down, a natural law you see. Even International Space Station needs to fall/tear off someday !
Re: Such articles and media prevented me in buying a flat in Mumb
by SSSSS on May 10, 2011 02:06 PM
Everything in this world comes with an "expiry date"! including this nexus of corrupt people with builders. So I feel you should have held back to your old decision, unless you were sleeping on road.
Re: Such articles and media prevented me in buying a flat in Mumb
by Sunil G on May 10, 2011 10:30 AM
Mr. Pillai
What you have said is very true 'practically' speaking. But even this article is very very true. Since this is not a 'buyer's market and rather a 'sellers' market where buyers have no 'bargaining' or 'staying' power while the sellers are a well-knit cartel, situations like what you faced is what often is the end result. As per theory, prices should have fallen but since the economic state is not 'perfect' or 'elastic' it does not manifest in reality. So, essentially both you as well this article writer are right!! It is a seeming paradox for which the only answer is perhaps liberalisation and total corporatization of real estate industry and having a really strong market regulator for the industry.
Re: Re: Such articles and media prevented me in buying a flat in
by sasi on May 10, 2011 11:29 AM
"liberalisation and total corporatization" does not work. Could any one curb Food Inflation ? No rich business man contributes to Agricluture; and the corporate is agricluture is inflating food prices... Every One Wants to Get Rich Dude :) !
Re: Such articles and media prevented me in buying a flat in Mumb
by sasi on May 10, 2011 10:28 AM
you are absolutely true, and this article says that the prices did not go down because of the policatal nexus with Businesses... and black money.
Buying a home is definitely related to EMI.Suppose u r planning to buy a home . We are planiing to take a loan of 25L@ 9%. For that u have to shell out around 25k.But @12% u have to shell out 30k. That means in a year 60k.In 15 yrs it will be 9L.Now is there any one who can tell it won't effect their dream of buying a home.This RBI is fooling people . It is the failure of UPA govt and RBI is trying to cover it up, by increasing the rate every now and then.
Re: Not agree
by Aam Aadmi on May 10, 2011 11:57 AM
True, if you can not afford the high EMI, how can you buy a loan. Further, the builders and real estate agents ask for more than 59% in Black money. Why should I convert all my hard earned money into Black Money and cheat the goverment? I preferred to stay away.
Re: Not agree
by SUJEESH NARAYANAN on May 10, 2011 10:10 AM
Yes the Govt is fooling us.But my friend our RBI is strong and is acting for our security.If the Govt has a free hand we fools will be staring at inflation .
Buying a home is definitely related to EMI.Suppose u r planning to buy a home . We are planiing to take a loan of 25L@ 9%. For that u have to shell out around 25k.But @12% u have to shell out 30k. That means in a year 60k.In 15 yrs it will be 9L.Now is there any one who can tell it won't effect their dream of buying a home.This RBI is fooling people . It is the failure of UPA govt and RBI is trying to cover it up, by increasing the rate every now and then.
If you have 40 lakh rupees, keep that money in bank(FD). you will earn 4 lakh rupees interest annually. Spend 2lakhs rupees for house rent and enjoy remaining 2 lakh for food and other house hold expenses. If you buy the house your 40 lakh rupees will go and the interest on that money will also go. You have to pay huge money on house tax, house maintenance, society charges etc. Moreover you don't know the life of the house. It may fall at any time.
Re: Don't buy house
by Krishnan on May 10, 2011 10:17 AM
After 5 years what will be the rent and cost of living? What will you do with 4 lakh rupees per annum? People who deposited 3 lakh rupees 10 years back are struggling now to meet both ends
In China,I find everything systematic.I feel the urge to share this bit of information with you all,because I find these experiences really fascinating.
It is about how the youth of China are empowered !
First of all comes love and marriage.The boys and girls choose their own life partners.No caste,no state,no religion issues.
Then before marriage,first they must have a house.For this the boy contribute some money,the girl contribute some money,the boy's parents contribute some money and the girl's parents contribute some money.And the rest is managed thru bank long.
In all medium tyre cities,housing price is around yuan 3500 per square meter and for a small family of two 60 square meter area is sufficient.So,cost of the flat is around yuan 2,10,000(Rs.14 lacs approx).The house is bought on a 70 years lease and the lease can be renewed after 70 years...
One of chinese friend managed to arrange 1,10,000 from all sources and borrowed 100,000 from bank and she pays yuan 600 per month(rs approx.4000 per month) and will pay 600 for next 20 years.I checked the interest rate on the loan is around 4%.
Her salary is yuan 10,000(around rs.68,000) a month.
So she pays only 6 % of her salary as housing loan! No burden at all...
Again she pays an income tax of only 3% of her salary !
Just think how much money she has to enjoy life ! She has her car,she has LCD,she has i-phone..what not ! And compare this with the condition of Indian youth...
Re: Fascinating...
by om shanti on May 10, 2011 10:06 AM
Although irrelevant,another fascinating fact is that,when chinese couple wants to have baby,before that also they plan.
The to be father stops smoking,drinking,taking too much rich food,etc,etc ! Once his blood is clean,he has interc0ourse to produce babies.Naturally they produce hundreds of gold medalists !
Just think,do Indian youth plan for babies in that way? Or babies are born mostly by mistakes ??
Re: Re: Re: Fascinating...
by om shanti on May 10, 2011 10:52 AM
I think you are a victim of congi propaganda spread by paid media...
All what you are writing are out of your imagination,come on,I am in China for last 8 years..I mean I am shuttling between India and China for last 8 years...
Just compare how many thousands died due to Khalistan movement,Sikh riot,2002 and other hindu muslim riot,naxal,ULFA,honour killing,dowry death,farmer suicide,Mandal agitation,what not !
Let us take the good things from others rather than searching for exagerated bad ones ,that will be helpful for us and when we point 1 finger at others,4 fingers gets pointed towards ourselves...
Re: Re: Fascinating...
by Hemant Kumar on May 10, 2011 10:26 AM
YOu seem to be clearly taken in by communist propaganda. 'The to be father stops smoking,drinking,taking too much rich food,etc,' is a dead give away. DO you plan to convince the rest of the world that all Chinese are masters of self control? Please wake up: CHina is one of the few totalitarian states which suppresses its own people to the extent of using tanks against those who demand freedom. A car or an iphone to a caged creature would not be much comfort, right? India for all its ills, is surely far better. Indians with all their cynicism and undoubtedly the worst demagogues, must realise this.
Re: Re: Re: Fascinating...
by Nikhil on May 10, 2011 10:47 AM
Varghese has never been to China. I know you are very sure of what u say because u read so much but someday visit China and u will see ground reality is so different people are so so happy ,systems are so efficient and prosperity is everywhere .They have far lesser problems in life than India . I dont say it is Utopia in China but they r far better than India .It is impossible for you to imagine so dont try , u can accept this only if u visit and live in China for a while
Re: Re: Re: Re: Fascinating...
by om shanti on May 10, 2011 11:03 AM
Rightly said,congi media and vatican agents of con-man party are always fooling gullible Indians..
Re: Re: Re: Fascinating...
by om shanti on May 10, 2011 10:45 AM
Yaar,I am in China for last 8 years,nobody can fool me,I know chinese language well,I am telling from my personal experience..
Re: Re: Re: Re: Fascinating...
by Nikhil on May 10, 2011 10:50 AM
all the tyranny u r referring to is pre reforms ,present day china is way to different .Though I am sure in the long run India will do better because of democracy but as for quality of life and infrastructure China is 30 years ahead to say the least
Re: Re: Re: Fascinating...
by varghese on May 10, 2011 10:52 AM
What I meant to say is the cost of arriving to the present condition in China had an horrible toll of Human life..which I consider to be horrible..u do not kill ur old just because they cannot work..u do not make the one policy norn because they eat into the GDP..U do not starve ur own people because you got to export..wake up Guys who praise Growth at the cost of Human life freedom and expression...whats the use of all this window washings and advertisements when inside ur hollow inhuman and brutal..
Lets grow at our own pace not dictated by party politics or regimes..
Give space and freedom to humans..
India is growing at its own pace slow and steady..this alone is good for each of us..we do not want to ape anyone..stop glorifying people who have their own peoples bludd in their own hands..
Re: Re: Re: Re: Fascinating...
by om shanti on May 10, 2011 10:54 AM
who said old are killed? Millions died? These are nothing but twisted history made by the british..
The only major atrocity in China was done by the brutal Japanese,yes,may be one or two local incidents apart...
Just compare how many thousands died due to Khalistan movement,Sikh riot,2002 and other hindu muslim riot,naxal,ULFA,honour killing,dowry death,farmer suicide,Mandal agitation,what not !
Let us take the good things from others rather than searching for exagerated bad ones ,that will be helpful for us and when we point 1 finger at others,4 fingers gets pointed towards ourselves...
Re: Re: Re: Re: Re: Fascinating...
by okroal on May 10, 2011 11:03 AM
OM SHANTI .... VARGHESE IS PAKISTANI INTELLECTUAL (ISI AGENT).. SUPPORTING CONGRESS BJP NEXUS RULE ... WHO ARE TRYING HARD TO FOOL INDIANS ...DO NOT WASTE UR ENERGY ... OM SHANTI YOU ARE RIGHT MY BRO ... I HAVE FRIEND IN TIANJIN .... VERY HAPPILY MARRIED WITH 1 3 YEAR OLD KID .... GOD BLESS THEM ... CHINA STAND . OF LIFE IS 100 YEARS AHEAD OF INDIA..
