This is only a hype created by this builders in bangalore to sell their properties at exorbitant rates. Within four years this realtors immoral gang to make fast bugs hyped and increased prices to 10 times as though land is not available in and around bangalore .People should wait investing until it falls to realistic rates.In US housing sector meltdown started already.And rupee is becoming strong day by day.If this continues for another two years this realtors gang who enjojed will be on roads soon
Due to subprime mortgage and recent huge layoffs in auto industry at US, there are more than 2.4 million houses on the market (second highest house availability on the market after WWII). Guru's anticipates that the worst is not seen yet - in 2009, more layoffs are excepted, which will lead to more foreclosure properties. It is also directly related to US dollar value.
Having said that, countries which are dependent on U.S. may see the pinch. All these, may effect Indian housing bloom to get more corrections.
I really appreciate such comments[not the news above], i work for an MNC in Blore, currently im in US. I have already decided not to buy any flats or land in blore, cos its not worth it[atleast not for more than 20 lakhs]. One reason- The truth is that the guys who make money in US dont know how to make use of it. They all want to settle down fast in life.That was the reason for the prices to go up so badly. Now prices are so high that it will take atleast 3-5 years for a guy working in US to buy a flat in Bangalore, and around 10 years for a guy working in India. I would say that companies like Infosys, Wipro are doing good job by starting offices in small cities, this gives non kannadigas better options.
Since dollar value is dipping[expected to be 35rs/$ by 2009] very few ppl are transferring money to india nowa days.
I am very sure that 2009 -2010 you will find IT industry to slow down[but will never perish] cos of dollar dip. Not sure how we will face that day when we find less people in 'MALLS...'
One thing worth noticing is that we Indians dont like eachother when it comes to posting a message.Every body wants to be SRK. When an argument triggers our country is split, N.India,S.India,...ends up n saying bad words...while others keep smiling...
I just have a vague imagination and I am v.sorry If it hurts you. lets consider there is an appt built on 10000 sq ft area which consists of 20 flats and after lets say 20 years if it collapses....oops.... for whom does the land belong... does it belongs to the guy who sold the land to the developer?
I know this topic does not fit into this discussion :-)
RE:Just to educate myself
by raj on Dec 18, 2007 12:43 PM Permalink
House Insurance will cover the damage. If you don't have house insurance coverage then go and take it fast.
RE:Just to educate myself
by Shankar Anand on Dec 18, 2007 11:52 AM Permalink
Each apartment owner gets a (very)small share of the land. It will be documented as "undivided" land share in the document he got for the apartment.
RE:Just to educate myself
by babu on Dec 18, 2007 11:43 AM Permalink
It covers under collective sale LAW. Simple logic land belongs to all 20 flats owners and after selling the land the cost is divided equally to each flat owner.
RE:Pune is NEXT
by sanjeev kumar on Dec 17, 2007 07:02 PM Permalink
This statistics is incorrect.. You can just show the drop based on east, west, north or south bangalore. There is good/bad areas everywhere. For ex: apts/houses in and around CMH road are still expensive but prices arnd laxmipalya could have been dropped. This guy's gone crazy thinking he is another Warren B.
I was in Delhi last week and Delhi has come up very well ... the reason .... because it has its own state govt. But other metros (inspite of people living here paying huge taxes) has pathetic infrastructure ... the reason ... the rural development has to happen in their states otherwise they lose the elections for trying to develop the metro. So if all the metros has their own state govt then people living in metros will generate more tax money because of more investments and with better infrastructure. Let the 2nd tier cities become the capitals of states (like Mysore, Pune etc) and after 50 years or so from now, if they are qulaified, let them have their own state govt. If all the places come up eventually how does it matter if we have 500 states after 200 years. Hope I have a point here ...
RE:All metros in India should have their own state govt ...
by Deepak on Dec 25, 2007 09:05 PM Permalink
Your analysis gives a good idea.But our shit politicians are not at all creative in finding solutions.
RE:All metros in India should have their own state govt ...
by sinu reddy on Jun 08, 2008 08:18 PM Permalink
Food riots in India are not very far then. people in Metro has to Beg for Food or eat the money.Many farmers are sacrificing their lives to feed us. Govt has banned export of many food items there by reducing the price of many grains and farmers are made of commit suicide. Keep in mind that metros are built/developed from the green revolution. So urban and rural development should go hand in hand.Its like kicking out mother once wife comes in..
The article is totally miss-leading, the one big reason for the rates stagnating is the "SAKRAMA" scheme for regularization. Most of the constructions have violations and therefore the builders are trying to sale ASAP or they would land up paying huge penalties and losses. Once they sell it, they take their hands off saying that its all the occupant's headache and not theirs. The irony is that even though there are violations, the banks are financing due to reasons unknown. So, one needs to be utmost careful before making a decision. Moreover, the rate has gone exorbitantly high and is now out of reach of the middle class. The real state investors have highly invested by borrowing loans and now they have to give the ROI to the stakeholders. The cartel of the builder%u2019s is creating hype through publicity as if the rates are fallen, so that they can realize the money. Be cautious of the traps and wait for the right time....%u201DDikhawo pe mat jao, Apni akkal lagao%u201D :)
Articles like these bring a glimmer of hope to a middleclass buyer. But soon he realizes that the news is far from truth, just like the claims they make about IIM graduate salaries every year. But the reality is different. I would probably be the happiest person to hear if there is a correction. But if someone is writing these articles to just increase his newspaper sales..then this a damn cheap idea.
