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.
RE:Real Estate Prices
by Kaushik Das on Apr 07, 2008 05:26 PM Permalink
common lies by property dealers and builders: 1. they will talk of some amenity that is just rumoured to be announced. If it is announced, prices will increase again. once construction starts... again. Once amenity is built... again. 2. They claim that all flats are booked. basically, they do this to fool you into believing there is demand. If there are 80 flats, they will offer only 2 for a very high price. If you are fooled and 'pay the price', it will be easier to fool the next guy saying - hey, see - this guy bought it for so much. This is the reason that your greed and hurry makes a fool of not only you but the next guy as well.
Blame: 1. govt for not regulating the sector and opening it to black money. Strangely, PC does not have any way to control this black money while he taxed cash withdrawals at ATMs and senior citizens' medical policies. 2. The courts and 'honourable' judges - This industry is running on lies - yet, no cases on the buiilders and agents. Why? Because no one wants to wait 10-20 years to get the flat. Shame on you, judges.
