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
