The real estate prices are artificially held up by Builders in Nexus with the PRoperty brokers. I wish the RBI resorts to interest rate increase of atleast 1% to force the banks to hike the loan rates. This will be short term pain. But this will remove the air out of the property market somewhat. What is the basis of property prices at Kharghar crossing 4200 per square ft for a mediocre project. For a prospect of an airport coming up in sometime next decade. Even now the govt. if floundering. And I dont see this moving ahead considering elections are around the corner anyways. Progressive Builders at Belapur announced a project last month at 7500psf...and stated that it was 80% booked. Yet not more than 10 flats were taken! They expect real estate to touch 10000psf in 2009. I say where are the buyers and who are these stupid people who will buy this expensive property for no facilities whatsoever. I am shocked at this crap going on.
