kiran2010

Hello All,

I am a techie working in Bangalore in a reputed MNC from past 3 years. I was looking to buy a property in bangalore from past 2 years but got fed up with the price tags and the quality of areas and construction.

For junk apartments in junk areas in bangalore the price starts at 25 lakhs and goes up to 80 lakhs. Independent houses price range from 30 lakhs in out skirts to 1 crore, 2 crore etc....

Say you are a techie earning 7lakhs to 10lakhs per annum-- after the tax and your house hold expense you will be able to not even save 3 to 5 lakhs per annum.[excluding your your useless insurance premiums and 8c savings].

People will think when you own a house, your problem ends, but I say after seeing my fellow techies and friends after buying property your patchtic time will start, you need to pay hefty EMI's for your life time and which will destroy your peice of mind, as you know due to recession ans etc there is no security if you are a techie.

No one in this world can rescue if your job goes wrong and if you need to pay hefty EMI's...

And also the Documents produced by builders and property owners 80% of them will produce fake documents...

Also BBMP is a Corrupt agency, which can register you any property if the builders and property owners bribe them... so dont fall into well and spoil your one and only life the god has given you...

It's my Sincere request that dont pay unrealistic prices for properties...

Come lets unite for a good social cause and we Techies, engineers and business men will unite together and make a aspecious decision not to buy even single property in bangalore for next 2 years..

If we do that it will be big revolution against unrealstic prices for junk properties ans this will automatically bring prices drastically down...

Builders and property owners must beg for the buyers [ as the same situation is started to happen in bangalore with 1.5 lakh number of apartments and properties are vacant without any buyers, lets exploit this situation and unite together to bring the real estate prices down]

Its in our hands to bring prices down, please dont commit for hefty price and EMI and spoil your bueatiful life...

The only thing that is lacking is the unity among us... Come lets unite together to destroy this real estate scams and unrealistic prices...

Please unite together and take a decision not to buy any property for next 2 years which can automatically bring prices down...

Real estate cannot proceed without buyers... if there are no buyers price has to come down... Let this aspecious Ganasha festival will give us good will power to unite together and bring Real estate down...

Remeber the saying... Roti Kapda Makaan...

But due to few unethical junk builders and owners who is drastically rising property prices... the Maakan is staying away from common man including techies, engineers, officials etc...

My humble reuest to Unite together and bring prices down....

Please respond to this tag with your replies... and build a community which brings Rela estate down

wizardofid

I thought we could do this and have tried rallying several people together over the years, but as it works in game theory, one who breaks the rules (buys an apartment in this case) wins, and then everyone else follows.

shiva_shaan_5

mate, it is very difficult for one to say that he/she will stay away from building a roof and rather pay hefty amounts in rent and stay waiting for a revolution to kick in.. I dont think that a builder would construct one apartment and try to gain from it.. they always go for chains. if no one purchases the new property he built guess what the builder will do to cover his expenses?? he will increase the rent for the current settlers.. do you think people like u and me can afford to loose some more money on rent and not be able to claim hra on that too? tell me..
I may have not been able to address the wider aspect of your cause and neither have given a way out but i see this one drastic reverse effect we can forsee..
if things can change drastically I am willing to walk with you on this.

bharath786

Kiran : its not going to happen and we cannot enlighten our people so easily. Never expect Unity or revolution

I really understand your pain. If you are a techie and if your personal situation permits, go abroad and settle down there.

compuwalah

IMHO following 3 revolutions are not possible
1) Lets us not buy bread for XX days. That will teach these middleman not to profit over food items
2) Let us not buy clothes for XX days so that it would teach lesson to these cloth/apparel shops
3) Let us not buy houses for XX days ... that will teach ...

basically Roti, Kapda aur Makaan

wiseman

Compuwallah,

Basically the same story of the bundle of sticks cannot be broken even with a lot of force but each one singly can very easily. And the one on Game Theory was spot on.

Its upto each one to be accurate in their reading about the future, firm in their commitment to it and take things the way they come.

Having seen extraordinary boom and bust times, having bought assets at ridiculous prices (where the owners of these assets used to queue up to sell it to me when prices were throwaway) and seen them go to unbelievable prices (guess a stock going from Rs.8 to Rs.1400 - eventually to 1600 within a span of 5-6 years is not too bad right?!), I'm firm in my believes and will only be a value investor with a big safety margin, even in RE.

cheers

Sarathi

IMHO,
Real Estate price is because of human greed. Its perfectly easy to develop a new township of residents a little away from bangalore. But then people would buy property not to build but to "invest" - the great bullshit of our times (Its not sufficient they have enough money to buy land, but want to increase it more) This speculation is what leads to desperation among those who simply want to build a house and live there. Just a decrease in prices would lead to real buyers to buy and build houses. And that automatically leads to "development" of an area. Its difficult to believe. but koramangala was the outskirts of bangalore where there was only one bus from Majestic..once upon a time (when I was in school)...

Yet, there is one thing we should do. We do need a home but we have it in our power to buy property a little far from bangalore (and build, someone has to start) where the property prices are less..This way you increase the prices in the periphery and reduce prices in the centre...

Sarathi

Yes,
What you say is correct. If EVERYONE did indeed not buy property for EXACTLY two years then it would, BEYOND ANY DOUBT. But think of 100 yrs ago, If Indians didnt have the basic unity to stand against the British for a more basic thing like freedom, then would it for Land..?? I bet we would have had our freedom in less then 6 months had EVERY Indian did not co-operate with the British for 6 months..Its the TRUTH of the World and the Universe (to be a bit philosophical)..: UNITED WE WIN, DIVIDED WE LOSE..

Nishant Sharma

LoL Kiran, your name seems to suggest that you are against real_estate, when the truth is that you indeed want to buy one.. think about it, the more you sound desperate, the more you whine, its more likely that you will end up buying one at a higher price than what you may have seen it at in the past.

Secondly Dude, its not mine or your money which drives real estate in India (ie salaried class), we are just hapless victims of this cycle created by black money. Black money needs a place to hide and there are very little avenues as good as real estate. As long as black money stays this juggernaut has little or no means to stop albiet with MINOR hiccups (this is something very unique in India).

BTW you should have bought smthing in 2009 timeframe when the prices did correct, the bargaining power was much more then. I hope that you are not in that frame of mind where once ur target prices are reached.. you set the bar even lower and start cribbing all over again. (as it happens in stock markets where ppl do not buy waiting for a correction, and when it happens they think that it will go even lower and ofcourse eventually they never buy or worse still, they buy at the top) ..

Best of luck.

Sarathi

Well Nishant,
to read in between lines, he is not exactly against real estate, but against the unreasonably high prices and greedy builders. Coming back to the game theory, it was interesting to note on the black money aspect. In this game of demand and supply wins more often than not. It woudnt be fair to compare stocks and real estate. Housing is a basic need..