Originally posted by abc111
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In Mumbai 30k is the norm for 1 BHK, that too in places like Andheri which are 2 hours drive from Nariman point, 1.5 from Lower Parel and 1 hour from BKC (all major commercial areas). Even these are in not so well maintained buildings. If you want a 3 BHK in a reputed builder at Andheri, you have to shell out 75-80K, and still its difficult to find flats. Rates reach a new level, as you start coming closer to the town with Bandra and Worli being almost 2X of Andheri rates (please feel free to check Mumbai forum on IREF).
All these are purely driven by demand - supply mismatch, coz irrespective of our GDP growth rate, more and more people come each year to Mumbai and settle there. And the same is going to happen to NCR. You don't need new companies keep coming in, the existing ones grow as well
Regarding salaries, they are going at pretty fast pace my friend. From most b-school campuses, people now join at at least 12-15 lacs. Assuming 12-15% yoy increase, they would easily end up making 20-25 in 3-4 years time. And usually people get married by then, and so their income virtually doubles and so are very much in position to buy a property. Also, smarter ones realize that they have to pay full EMI only in 3-4 yrs time (by when construction is done), so they invest much before assuming their salaries will reach the desired level in 3-4 years
Lastly, I have been hearing this point of builder floors in Delhi not getting sold
multiple times. Why would they sell ? First, they are not close to working place of our working middle class (a large chunk of current buyers), who want to live near their offices. Second, none of these floors provide any type of security. In these times everyone wants a gated society. Third, all the basic amenities like pool, clubhouse, sports are missing, again an essential for younger buyers. Thirdly, cash component is so high in these houses that it is out of reach of any salaried employee, no matter what position he/she is in. So of course builder floors in Delhi won't sell like hot cakes !
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