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MCHI property expo 2011

Last updated: October 7 2011
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  • MCHI property expo 2011

    Does any one plan to attend this year?
    I am not since it is pointless and there are better ways to spend the festival than going someplace to get depressed..

    But if anyone does go there.. please update your experience ..

    Happy Dussera..
    Last edited October 6 2011, 03:35 PM.
  • #2

    #2

    Re : MCHI property expo 2011

    You will only feel poor and lousy looking at the 'affordable' homes there...good for those who have time to kill and want to be in an AC environment...It quite a warm day today u see!!

    Comment

    • #3

      #3

      Re : MCHI property expo 2011

      It will be interesting to see the impact of recent development on prices...

      Comment

      • #4

        #4

        Re : MCHI property expo 2011

        My experience was developers were ready to negotiate and were ready to speak to genuine parties only. Oberoi Realty & HDIL have some outstanding offers and some good floor plans but again some "affordable" housing was advertised at 65 lakhs to 1.2 crore.

        So all in all I went for peek and came back lets say not so impressed. Oberoi impressed me and I am going back to speak to them in a couple of days.

        Comment

        • #5

          #5

          Re : MCHI property expo 2011

          Visited the property fair today. Here is my experience..

          Stage 1 : Parking
          The parking was a total mess, we thought, "Oh man! so many hundreds of people already here!", then we realized that there was another expo going on in the MMRDA grounds by Times as well, which explains the crowds! Time taken 40 minutes.


          Stage 2 : Entry
          The MCHI had the entrance area filled with people milling about, searching/asking for pens with full A4 sheet paper entrance form in hand. We filled up the form, paid up the Rs50/ per head entrance fees, got the laminated entrance card and parchi and a good glossy handbag to carry brochures. Time taken 30 minutes.

          Stage 3 : Roaming the expo
          The stalls were very nice though (The entire compound was air conditioned). The entire ambiance was great. Roamed around the various stalls, realizing that even a simple 2bhk costs over 1.3Cr anywhere livable in Mumbai. The one BHK's too were near/above the 1Cr mark if anywhere it was available. Was wondering "Where is recession?".

          Also realized that there is barely a couple of new launches in proper Mumbai at this time. Most projects being sold were launched 4yrs to 1 yr back. From the overall mood there it seemed, that the builders are going to just stick to their insane prices no matter about the economy... while the visitors there were common hopefuls like me, who thought probably there may be some good project worth putting all hard earned money in and get some Value for Money (VFM) out of it.. But in Mumbai real estate there is no VFM, everything is Premium!

          Noticed some premium builders were missing e.g. Oberoi, DB Realty etc. I guess the premium ones realised that people of their target segment (3CR+) do not visit expos to find their dream homes, It is only for common people like us. Time spent in visiting stalls: 3 hrs

          Stage 4 : Coming out of expo
          Towards the exit there was a huge eating area (air conditioned), ate some chana-bhatura and introspected about the real estate scenario as a whole... Came out walked to the car park. Time taken 30 minutes.

          Returned home, being more sure that all this news of property crashing that is going on since 4-5 years is just an eye-wash, every month the property rates in Mumbai keep on inching higher.. and people still buy and builders keep on existing/profiting...

          Comment

          • #6

            #6

            Re : MCHI property expo 2011

            Thanks..

            Well you wonder where is recession?
            I wonder who buys?

            And on Monday.. we will have these guys proclaiming in newspaper what a grand success the event was.. and how there were __ crores of transactions and about the lucky people who bought.. and how the slowdown is nothing but a myth and the prices will never come down.. etc etc..

            Well the truth is there is hardly any sales.. that does not mean prices are coming down.. There will be a general slowdown in the construction business. which is what Moody's are also predicted..

            So your 2013- 14 projects will get further delayed..

            Originally posted by humble_guy View Post
            Visited the property fair today. Here is my experience..

            Stage 1 : Parking
            The parking was a total mess, we thought, "Oh man! so many hundreds of people already here!", then we realized that there was another expo going on in the MMRDA grounds by Times as well, which explains the crowds! Time taken 40 minutes.


            Stage 2 : Entry
            The MCHI had the entrance area filled with people milling about, searching/asking for pens with full A4 sheet paper entrance form in hand. We filled up the form, paid up the Rs50/ per head entrance fees, got the laminated entrance card and parchi and a good glossy handbag to carry brochures. Time taken 30 minutes.

            Stage 3 : Roaming the expo
            The stalls were very nice though (The entire compound was air conditioned). The entire ambiance was great. Roamed around the various stalls, realizing that even a simple 2bhk costs over 1.3Cr anywhere livable in Mumbai. The one BHK's too were near/above the 1Cr mark if anywhere it was available. Was wondering "Where is recession?".

            Also realized that there is barely a couple of new launches in proper Mumbai at this time. Most projects being sold were launched 4yrs to 1 yr back. From the overall mood there it seemed, that the builders are going to just stick to their insane prices no matter about the economy... while the visitors there were common hopefuls like me, who thought probably there may be some good project worth putting all hard earned money in and get some Value for Money (VFM) out of it.. But in Mumbai real estate there is no VFM, everything is Premium!

            Noticed some premium builders were missing e.g. Oberoi, DB Realty etc. I guess the premium ones realised that people of their target segment (3CR+) do not visit expos to find their dream homes, It is only for common people like us. Time spent in visiting stalls: 3 hrs

            Stage 4 : Coming out of expo
            Towards the exit there was a huge eating area (air conditioned), ate some chana-bhatura and introspected about the real estate scenario as a whole... Came out walked to the car park. Time taken 30 minutes.

            Returned home, being more sure that all this news of property crashing that is going on since 4-5 years is just an eye-wash, every month the property rates in Mumbai keep on inching higher.. and people still buy and builders keep on existing/profiting...

            Comment

            • #7

              #7

              Re : MCHI property expo 2011

              Thanks for the feedback Humble_guy!

              Comment

              • #8

                #8

                Re : MCHI property expo 2011

                "So your 2013- 14 projects will get further delayed.. " and unfortunately the common man will suffer !! Infact one of the builders said that we will not reduce our prices as the supply is limited and the Govt is not doing enough.

                Oberoi were there but by invitation only :-)

                Comment

                • #9

                  #9

                  Re : MCHI property expo 2011

                  am not surprised that you did not see new project launches. The authorities have not given any approvals since last 10 months. Many projects which are under developement also have just a few approvals.

                  Its not good news as it is creating scarcity value in Mumbai and hence giving a sort of support to the prices

                  Comment

                  • #10

                    #10

                    Re : MCHI property expo 2011

                    Well it is strange.. Yes clearances have become stringent and the FSI freebies have slowed..

                    But the existing project are showing no signs of completion..

                    All the super duper luxury projects at lower parel and struggling.. Be it India Bull sky or Lodha's world one or DLF.. which has not taken off the block..

                    12-15 months was normally the delay.. which one needs to factor in.. but it is apparent that there will be more delays..

                    DB realty .. Bandra (E) re development is in a mess.. and maybe will not go through..

                    IB grreens, Lodha Casa projects are limping along.. just check the threads for them..

                    It is very risky to enter the U/C projects at this stage.. They have good holding power and no real need for the money now.. hence prices will not get affected.. If next years UP elections, congress does not do well.. they will need all the money.. and you will see the pressure..

                    There are no compelling local market forces to cause any reduction..

                    Originally posted by rembrants View Post
                    am not surprised that you did not see new project launches. The authorities have not given any approvals since last 10 months. Many projects which are under developement also have just a few approvals.

                    Its not good news as it is creating scarcity value in Mumbai and hence giving a sort of support to the prices

                    Comment

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