Yes Indian Market is definately overheated; reason being more money being paid for same or even poor quality of service or product... take a case of Flat or Rowhouse which costs anywhere between 30 to 50 lac. with this kind of money you get very good independent house in US or UK or Australia or other western country...which means a developed country. And we are still developing which means roads, quality of construction and service of builders are no way comparable with actual value for money scenerio.. I recommend buyers should stop buying the properties at these rates or ask for world class services. If you are paying best price don't settle for anything less, afterall its your hard earned money and you deserve full value for it.
Mumbai & Pune, both high density cities stand on a massive earthquake zone. Yet, no builder seems to be aware of this fact and sell highrises to unsuspecting customers. Can anybody imagine the scale of disaster if someday earthquake stikes? All these apartments will fall like a deck of cards. As always, the government is doing absolutely nothing.
The consumer courts are flooded with complaints against real estate developers. This is an indication that the real estate developers do not give a fair deal to the customers. A builder may announce 10/17 storey building Will the building be safe. We are tet to see an incident UPHAAR tragedy in housing sector. The possibilities cannot be ruled out. Consumers require commercial and personal safety. Both eat in the profits of builders.
RE:real estate cases in consumer court
by Nilay Khadepau on Jan 11, 2007 03:19 AM Permalink
Seriously said. its sad that the government is doing nothing & just filling their own pockets & thereby the builders have to increase the rate & compromise on quality standards. Pl. this issue for mumbai / pune have to be address just like gurgoan/ delhi & other NCR regions. This bias should not be tolerated.
Yes, the Indian Property Market is really Overheated !!!
I live in chennai & I'm looking for an apartment for around 20 lacs since 6 months but the prices had increased 3-4 folds which is unjustifiable.
I was in Hyderabad & Bangalore for more than a year its is Justifiable, that the infra has been developing in these cities...But in Chennai where is the Infra going on.. there is no infra being developed...
Just take the case of the IT corridor road project started in 2002 still its going on...
That too Indian realty is completely depending on the IT Industry...
Where is the IT in India going on ...India is no more a choice of US co's to outsource..our neighbor china is the choice now a days...
Just increase in the prices 2-3 folds without any valid reasons is unjustifiable...
Also there should be a divide among the Prices for the commercial & residential projects.
Hope in the Parliament winter session they are going to pass a realty bill to have a price check on realty
Yes, I sincerely feel that the real estate market has reached a saturation point. These days, the same flat whcih cost 20 lakhs 2 years earlier is over priced by 5 -7 lakhs - all becos of home loans being easily available and salary improving day-by-day. But then - to spend 5-7 lakhs extra behind a flat which otherwise would have been affordable - is a big hurdle hitting prospective buyers like us. I had budgeted my flat buying limit to Rs.20 lakhs - but all my target apartments have increased their prices by 5-7 lakhs - thus making me wait even more - so am losing out on time and prospective properties. This is the state of many such keen buyers - but there is no authority to direct and regulate the market price of flats in cities such as Kolkata. In the same building, the sq. feet rates vary from 20-40% which is ALARMING. Something needs to be done about this unexpected property price rise. Otherwise, the day this boom bursts - many flat owners would be left lurking in a loss - having invested more than the required amount over a property.
