Folks,
Did the Government FORCE us to buy in these areas?
Did anyone buying in the boom-boom times (was that only a year ago?) spend a minute to organise other buyers to NOT buy till the builders / local govt get the infrastructure right?
You see, the ACTUAL cause for this messy situation is OUR greed (buy before it goes up so that we can make a killing) as also our FEAR (buy before it runs away - this particular story is
still being flogged by some people in this forum).
So, why blame the Government (whenever it is convenient)? Govt has its faults. But asking is to buy in undeveloped areas is not one of them!!! In fact how many times have people bought in UNAUTHORISED areas and forced Govt to post-facto authorise them? Who is to blame for that?
I agree with Arin. I took the example of Mantri Classic in Bangalore - a real hot property in Bangalore's Koramangala (btw, I don't live in Koramangala in case people think I'm touting it; also btw Koramangala is falling the earliest and fastest).
I believe that these areas with palaces built in the midst of jungles (or worse) will take the biggest hit. The reason why inner city properties have the most recession resistance is that they have the best infrastructure, are nearest to our main source of income (jobs) and social interaction (shopping
and have grown slowly and steadily.
cheers