sreekys

Dear All,

I have been keenly following the RE business especially in Mumbai for the past one year. I have found this entire industry being taken over by the rich and the mighty leaving hss middle class buyers like us in the lurch.

First of all in the forthcoming budget the builders lobby has asked for incentives to continue for them to continue providing so called 'affordable' homes. Secondly, as a self appointed spokesperson they are lobbying with the FM to raise tax exemption limits for interest and capital repayment deductions. Hello!! why dont they just keep the rates steady for a while if they are so very interested in buyer welfare. I have seen projects in thane that charge as high as 6 lakhs for a car park. Many cars are not even worth half of that! And what happens to people who don't own a car? The builders can really get away with anything...they promise you eco friendly homes on a site which was created by erasing over a 100 trees..What a paradox!!

Act 2 is the banks and the RBI plays the lead hero. The RBI is suddenly worried about teaser loans and potential bad debts hence it increases the CRR...so what do the banks do? They obviously cannot take pangaa with the regulator so they happily end their teaser loans and suddenly the buyer is rewarded with a rise in interest rates.

The entire circus does not stop there...the press joins the party with some quotable quotes of 'renowned builders' who find the time to give press bytes rather than focus on issues with project completion. Am not going to take any names here but pick up any news paper or magazine the story is the same grim truth. The so called journalists interview only the 2-3 builders and property consultants who always give u a forecast of a robust and healthy scenario and in the same breath announce week on week that there cannot be a better time to buy....

So the builder blames the banks...the banks blame the builders and press keeps screaming from rooftops that it's the best time to buy.

The end user if anyone cares is left to deal with the intricate jugglery of home expenses rising food prices, poor infrastructure and heavy pollution and a host of other things. Pls do not think that this is a sympathy note on behalf of the buyers...this only goes to show that if you do not stand up for yourself some one else will. Why is there hardly any voice from any association like the RE buyers association and what are its powers. Frankly I don't even know if anything like that exists and am sure there are many like me who don't....why??
because they are NOT GIVEN A CHANCE TO BE HEARD!!

So dear buyers...GET TOGETHER AND SPEAK UP!