Excuse Mr. Author, Are you saying prices have come down? I beg to differ with you... Only thing that comes into my mind is the panic buying of flat by middle class.. who were caught in the lure of falling floating rate interests..which at this moment is almost doubled.
I would attribute that this high interest rate is a deterrent for many youth.
And the real estate lobby is in fact thriving well and all odds are against the people who moved to flats, without seeing the razor & blad e strategy of Banks.
RE:All bogus claims.........
by Mohandaskarmchand gandhi on Dec 12, 2007 09:49 AM Permalink
I suspect. The auther has some hidden agenda to dispose off his investment. Looks like he is in deep sh1t :-)
RE:All bogus claims.........
by Rahul on Dec 12, 2007 09:51 AM Permalink
No he has an year end target to sell atleast 2 houses by december 31st.......hahahaha
RE:All bogus claims.........
by Umashankar DAS on Dec 12, 2007 09:58 AM Permalink
Prices will still move down further. This is just the beginning i.e. the tip of the iceberg.
Wait for another year. You will get apartmets even at cheaper prices in and around sarjapur. Prestige guy says the prices are unrealistic. But he sells prestige south ridge at 4900/- per sq ft. wat an irony!
What goes up has to come down.The problem was most of the people who bought or booked these flats did it for speculation instead of real investment or use.Now they are facing the bear phase.
RE:Newtons law
by rajesh kannan on Dec 12, 2007 09:55 AM Permalink
what goes down will go up, same thing happnedin 2002 ,prices went down and came up again
RE:Newtons law
by Mohandaskarmchand gandhi on Dec 12, 2007 10:01 AM Permalink
Are you talking about something other than the prices.. This up&down game happens every night Mr Kannan. But onething is sure. your Loan amount will never come down.
RE:RE:RE:Newtons law
by Rahul on Dec 12, 2007 10:03 AM Permalink
I think he has got all his basics and mathematics wrong or as you says he beleives buying and selleing houses is like tomatoes and onions... I have never ever seen property prices (actual ones on the ground) come down...
RE:Newtons law
by Rahul on Dec 12, 2007 09:45 AM Permalink
The problem is it has not come down. This is just a marketing gimmick...Yeah ! if you are convinced you can go ahead and buy now a 3 bedroom flat for 80 lakhs and take a loan of 60 lakhs for whcih you pay Rs 70k pm as emi... cheers buddy
Absolutely true. No water in Yelahanka,Devanahalli areas. The borewells dont yield water in north Bangalore.People are blindly investing in land hoping of international airport.The passenger who lands at devanahalli airport takes the super fast train at the airport and comes to the city. Even London hearthrow airport and Mumbai airport dont have much development around them.
People who got purchased waste land in Bangalore North will face the music in the future.
RE:Bangalore North is a waste investment
by kumar on Dec 12, 2007 10:04 AM Permalink
but i really dont understand who ever it is .... whether IT or NoN IT guy.... how can any one make such a foolish decision to buy two flats for trading purpose.. not even knowing and doing indepth analysis that for how much time this IT boom will support his or her salary... we all know from so long that 2008 is going to be worst year for IT india as UD market will go down... even.. goverment knows this and this year budget was totally a agricultural kind of budget because of this reason only to compensate that.... and these guys didnt think even twice or what.. or they thought that they are super man..... and will manage such a huge amount of money to be given to the banks.......
Only thing correct abt this info is that flats are lying vaccant, but the prices have not come down yet. The reality is that the big builders who charge 50 lakhs and above are keeping the flats vacant without selling them, since there are no takers for that high amount. I suggest IT people to wait for some more time before the prices actually fall. This is kind of alluring the IT pple to create a false demand and increase the prices one more time.
You are correct. We all should wait at least one year to buy flats. If anyone need to buy house better don't buy flat instead buy land and build on your own which will cost same as buy a flat.
By falsely announcing setting up of 15 to large software companies - the land mafia has jacked up prices.
Gullible citizens expecting steep appreciation and rapid growth have purchased sites from builders and real estate developers 10000s of sites on to be purchased, to be developed, to be sanctioned farming land. Resulting in no place for urban development authority to allow for systematic growth.
People with land greed and easy profits have once again fallen prey.
IT hype and first time buyers (mostly IT pple) have hiked the real estate prices all over India. If you see cities such as Bangalore, Chennai, Hyderabad, Pune, Gurgoan, Noida, Mumbai, Cochin etc has seen a huge price rise. Now with the US dollar dipping the the profits of all IT/ITES companies will go down along with the current salaries of its employees. I am working in a top IT company and can deftly feel the appraisal fears in the industry. The year 2008 will see no appraisals or negative hike. Having bought a property myself i am worried abt paying EMI for the next 20 years. But unlike most IT profs i paid a reasonable price and my situation is managable compared to many collegues of mine who have infact booked 2 flats or more. I would advise pple reading this message to pass on the information to their friends. Real estate in IT cities will go further down in 2008 and stabilize in 2009. If u r looking to buy a house wait till 2009 and get a good bragain. Prices will then remain constant for another 5 years.
RE:Prices are indeed dropping
by pramod pankajakshan on Dec 21, 2007 06:11 AM Permalink
I really appreciate such comments, 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 nowadays.
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...'
RE:Prices are indeed dropping
by Suresh Rao on Dec 12, 2007 09:27 AM Permalink
This also may be a ploy made by the realtors as a advertisement gimmick yaar. Just take it or leave it.
RE:Prices are indeed dropping
by Aravind S on Dec 12, 2007 09:29 AM Permalink
That's true. Now-a-days Orange Properties, and many other builders are giving Santro, Maruti Alto, half-kg gold, 2 kg silver on booking the flat. More over they are not asking to pay single penny till you possess the flat which was -180 shift from earlier situation. Any property more than 20 lakhs is dangerous, I myself paying EMI for last four and half years. But I still need to pay for another 20 years because interest rates.
RE:Prices are indeed dropping
by Rahul on Dec 12, 2007 09:26 AM Permalink
Absolutely right. We can make things happen. We should not buy now and wait till post 2009 and see where the economy is heading, intrest rates are heading and property prices are heading. No 3 bedroom flat in India (any decent city) in any middle class locality should cost more than 15- 20 lakhs... and the current rates are 80 lakhs to 1 crore. We should all wait and the invets otherwise we will be the scape goats
The same articel appeared in Times of India couple of days back and now in Rediff. This clearly looks like the Real Estate business in Bangalore which had looted people till date is in serious trouble and playing all sorts of marketing games to get people invest in Bangalore. Rates are still high. Even if you take the above mentioned rates how much will a 3 bedroom flat on Sarjapur Road at 4500 per sft ( 1600 sft ) cost = 72 Lakhs parking 1 lakh one time maintenance deposit registration Electricity connection etc will all add up to more than 80 lakhs that too on Sarjapur road. Either Vicky Nanjappa thinks we all are fools or he is a NUT
