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[India] Do not buy property now.

R K Singh
Ranch Hand

Joined: Oct 15, 2001
Posts: 5371
I came across following links and both sugggests that one should not invest in property now.

http://economictimes.indiatimes.com/quickies/1893582.cms

http://economictimes.indiatimes.com/quickies/1880076.cms

In my knowledge, I have never seen property rates going down.

In Bangalore property rates are almost constant now from past 2-3 months but I have not seen them going down yet

Do you think it is the right time to buy house or just wait for another 2-3 months.


"Thanks to Indian media who has over the period of time swiped out intellectual taste from mass Indian population." - Chetan Parekh
Arjunkumar Shastry
Ranch Hand

Joined: Feb 28, 2005
Posts: 986
Originally posted by Ravish Kumar Singh:

In Bangalore property rates are almost constant now from past 2-3 months but I have not seen them going down yet

Do you think it is the right time to buy house or just wait for another 2-3 months.

I think the rates ar coming down.I was interested 6 months back but rates were high.I get many calls now from builders about property,mainly apartments.Builder mafias are doing everything(sponsoring news) keep the rates up.Govt.too is helping them.
As this might endup in real estate scams by buiders and leading banks,Reserve Bank Of India has asked banks to increase the home loan rates.
Rates will come down atelast in already over populated and congested cities like Mumbai/Pune/Bangalore.I forsee this because:
1)Central Govt has already approved many land zones to convert open land to Special Economic Zones.(real estate might increase in those areas,but thats a different thing).
2)Big cities like Bangalore etc are already loosing gradually.Investment will increase in smaller cities.Hence real estate rates will go down.
3)See the ads in Times Of India/Hindu/Deccan Herald.The same ads are coming again and again,month after month.Like ads by big mafias:Mantr,Sobha,Purvankara.Another mediocre bulder DSMax,in many areas like Marathalli and BSK,he is not able to sell a single flat as construction is ordinary and floor plan is pathetic.I saw one,when you open bedroom window,you see adjacent building staricase,just 7 feet distance away.


Namma Suvarna Karnataka
Arjunkumar Shastry
Ranch Hand

Joined: Feb 28, 2005
Posts: 986
My advice:Wait for 6 more months so that rates will further go down.Classic example is city of Cochin.Real estates rates were touching sky recently but now some builders are giving car free if you purchase 2 bhk flat from them.
Pradeep bhatt
Ranch Hand

Joined: Feb 27, 2002
Posts: 8919

Politicians = builders = corrupt = terrorists

Is it the right time to build houses ? Home loan interests are going up.


Groovy
Pradeep bhatt
Ranch Hand

Joined: Feb 27, 2002
Posts: 8919

Govt has introduced cess on house construction whose costs are above 10 L. Kumar swamy and yeduriappa will become richest people on earth very soon by looting people and govt money.
David O'Meara
Rancher

Joined: Mar 06, 2001
Posts: 13459

Just settle down with the political comments please.
Sumit Chopra
Ranch Hand

Joined: May 26, 2006
Posts: 176
I am in Pune. I was interested in buying since last 6 months. But the rates have almost doubled in last year or so. Even in pathetic areas surrounded by jhopad patti, the rates are 2500/sq ft or more.

Now I have decided to invest in my home town rather than Pune. The rates have been steady for the last 2-3 months. I am sure there is a false demand created by the builders to sustain the momentum. But I think the rates would come down in next 6 months or so. But I do not think there would be much downside maybe 20% or so at max and there on it would be quite steady.

So does not look like it would be an intelligent investment decision to buy property at current rates.

What do others feel?
R K Singh
Ranch Hand

Joined: Oct 15, 2001
Posts: 5371
Originally posted by Arjunkumar Shastry:
See the ads in Times Of India/Hindu/Deccan Herald.The same ads are coming again and again,month after month.Like ads by big mafias:Mantr,Sobha,Purvankara.Another mediocre bulder DSMax,in many areas like Marathalli and BSK,he is not able to sell a single flat as construction is ordinary and floor plan is pathetic.I saw one,when you open bedroom window,you see adjacent building staricase,just 7 feet distance away.


You saw only staircase, one I saw in HSR Lyt, balconies are so near that you can smell what is being cooked in next house or to ask for sugar you dont have to knock the door, just knock the bedroom window

I doubt that builders whom I categaries as A+ grade (Mantri, Shobha, Prestige etc.) would lower their price because they can sustain it.

But B grade builders has to lower the price.

Problem is that there B grade builders are pathetic. They are in business to just make money and then go out.

AW I think best policy rt now would be wait and watch.
And if prices goes high then blame it to your luck
Pradeep bhatt
Ranch Hand

Joined: Feb 27, 2002
Posts: 8919

Don't forget that interest rates will go up in the future.
 
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subject: [India] Do not buy property now.