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IREF® - Indian Real Estate Forum > Real Estate Open House > General Real Estate Discussion > Why should USER not drive Housing Project Prices
View Poll Results: Issues not allowing End Users to drive residential price
Absence of consensus between pool of people 2 33.33%
Not confident if such option is viable 0 0%
People have never thought of trying this option 2 33.33%
Even if we unite our individual selfishness will play spoil the idea 2 33.33%
Voters: 6. You may not vote on this poll

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Old July 25 2009, 12:47 PM   #1
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Default Why should USER not drive Housing Project Prices

Hi All,

Please give your suggestion on the following:

In current scenario the developer is charging prices to its customers based on its own wish. 80% of housing demand comes from Lower to upper middle class family.

Why can not these people at least in top seven metros gather in various group and ask for apartment (1 BHK /2 BHK) based on their requirements.

And employ Real estate companies to complete the project given the due budgeted amount or let them to bid for the same.

Regards
Nitin Parashar
 
Old July 26 2009, 12:18 PM   #2
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Default

There is surely a need to build city-wise/national group/association which looks after RE buyers' interest.
 
Old July 26 2009, 08:23 PM   #3
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Default very good idea

we should definately have such end user groups in each major city. And each of the city end user groups should connect to one another through a national network.

The advantage of creating such end user groups is that news will spread fast. If there is news is that in some place, a property was sold for 30% discount that news can spread fast through inter city network and as well as national network.

This will make information starved end users more aware of whats happening than stay is ignorance.

Full use of internet and IT should be made to create each city end user group and a national network to connect all city end user groups.

However professionals from some sectors like banks, housing finance companies should be carefully avoided as they may have conflicting interests not beneficial to end users.
 
Old July 26 2009, 08:38 PM   #4
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Default I believe I have posted on this before ...

Folks,

When discussing some of the shortcomings of the RE market, I had, quite a while back, suggested (not the first to do so) that we have a well-regulated, price discovery mechanism like the Stock or Commodity market.

So, we can have electronic quotations, documents could be made available for scrutiny, properties could me put on the exchange for sale and people could come in and bid with bidders having to put in a small refundable deposit (to ensure only serious players bid) and sales could go on with much greater liquidity and transparency.

But for all this the Govt has to step in and create regulations to clean up RE first. We need to have security of buyers (which is guaranteed abroad) so that we don't have the grand-nephew two times removed of the seller come in 15 years later and litigate on some flimsy excuse and we do not have duplicate and triplicate documents being used to sell the same property several times simultaneously to various people. In short, to prevent fraud and black money!

Till then, rest assured that the RE market will always be in this hole with poor liquidity and all kind of rumored pricing mechanisms and this may prevent you from ever discovering the true value of your property.

I believe this poll should have been titled

"What Model Should Housing Projects be Driven By?"
1. User Driven
2. Builder Driven
3. Govt Driven
4. Rumor Driven
5. Whatever Driven

This is just an example. Not totake it literally as if I'm recommending it.

Just my 2c.

cheers
 
Old July 26 2009, 11:31 PM   #5
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+1 Politician driven.
Basically this people/agents create a HYPE as if the Buyer have missed the last train and this is the last chance to board the train. Buyer fall into this pit and end up paying more.
 
Old October 12 2009, 08:31 PM   #6
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Default Why should USER not drive Housing Project Prices

Hi Group,

So lets start now ... let unite ... I am reachable at 97730 33503..

Regards
Nitin Parashar
 
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