In last 10 years the rates increased many-fold. In 2006 I am staying in Bandra west in Mumbai behind Mount Merry hill, one of the best places in Bandra. I got the offer for 1BHK for just 26 lacks then. Can you imagine now? I bought a flat for 10 lacks in Borivali instead. Then it is affordable. I am having salary of 25K and can pay loan installment of 10K easily. But now the same property value went up to 1 Cr . Even-though my Salary is now 1 lack by now, and like to buy a flat in my area, it is just impossible. Since I can get max 80% of total amount and rest I have to invest which is 20 lacks which is not possible. Also I cannot get loan since my salary is not enough to pay 80k installment. So this is a dead-end for the people. I can max manage with 30/40K EMI, that is also very high for me. If Iam earning 1 lakh and having this problem then think of people who are earning less than 20K. Unless the rates return to original rates, people cannot afford to buy the home no matter what incentive or scheme the builder will provide. Second 1BHK flats are in huge demand for small urban family but they got extinct. Now some builders are coming up with 1BHK now.
The hopes are not good, since the builders are not willing to reduce the rates due to their current difficulties or waiting for customer to return.
In last 10 years the rates increased many-fold. In 2006 I am staying in Bandra west in Mumbai behind Mount Merry hill, one of the best places in Bandra. I got the offer for 1BHK for just 26 lacks then. Can you imagine now? I bought a flat for 10 lacks in Borivali instead. Then it is affordable. I am having salary of 25K and can pay loan installment of 10K easily. But now the same property value went up to 1 Cr . Even-though my Salary is now 1 lack by now, and like to buy a flat in my area, it is just impossible. Since I can get max 80% of total amount and rest I have to invest which is 20 lacks which is not possible. Also I cannot get loan since my salary is not enough to pay 80k installment. So this is a dead-end for the people. I can max manage with 30/40K EMI, that is also very high for me. If Iam earning 1 lakh and having this problem then think of people who are earning less than 20K. Unless the rates return to original rates, people cannot afford to buy the home no matter what incentive or scheme the builder will provide. Second 1BHK flats are in huge demand for small urban family but they got extinct. Now some builders are coming up with 1BHK now.
The hopes are not good, since the builders are not willing to reduce the rates due to their current difficulties or waiting for customer to return.
