Hereby I will prove how the realty boomers arguments are false.

What are the boomers arguments?

1.) Buy today, houses always increase in value in the long run.
WRONG. House prices cannot increase more than incomes in the long run. This is obvious if you think about it. If house prices go up more than people can afford to pay, buying stops, like it has stopped now.
Even Warren Buffett have pointed out that houses don't increase in intrinsic value. Unless there's a bubble or a crash, house prices simply reflect current salaries and interest rates. If a house is 100 years old, it's value in sheltering you is exactly the same as it was 100 years ago. Then came the maintenance as the house didn't renovate itself. It also has taxes, and insurance - costs that always increase and never go away. The price of the house went up about as much as salaries went up.
To put this is simple perspective, vegetable were costing Rs.5-6/kg when 5 digit salary was a rarity.
Today, the prices have gone up by about 4 times but so have the salaries. So, sounds very much like the reasoning people use now when they talk about how much their father's house appreciated "in the long run" without considering that salaries rose a proportional amount.

2.) Renting is just wastage of money.
WRONG. As said before renting is now much cheaper per month than owning. If you don't rent, you either:

* Have a mortgage, in which case you are throwing away money on interest, tax, insurance, maintenance, costs that increase forever.
* Own outright, in which case you are throwing away the extra income you could get by converting your house to cash, investing in bonds, and renting a similar place to live for much less money. This extra income is sufficient for emergency expenses,retirement etc.

Either way, owners lose much more money every month than renters and that's assuming prices don't correct to very high level & everything is smooth in the economy.

3.) As a renter, you won't have any money left as you will spend them on vacations,cars & hence won't have equity/savings etc.
WRONG. Equity is just money. Renters are actually in a better position to build equity/savings through investing in anything but housing. Renters can get rich much faster than owners, just by investing in conservative stocks & bonds.

* Owners are losing every month by paying much more for interest than they would pay for rent. The tax deduction does not come close to making owing competitive with renting.
* Owners must pay taxes simply to own a house. That is not true of stocks, bonds, or any other asset that can build equity/savings. Only houses are such a guaranteed drain on cash.
* Owners must insure a house, but not most other investments.
* Owners must pay to repair a house, but not a stock or a bond.
* Owners lose their money as house prices reduce. The EMI's remain constant in spite of reduction in rates. At the end of loan tenure, they would have paid almost twice than that of current renters who will buy at logical rates. Keep interest rates in mind. Most of the EMI is not principal amount but interest.

4.) There are great tax advantages to owning a house.
WRONG. Many people believe you can just reduce your income tax by the amount you pay in interest, but they are wrong. Buyers may not deduct interest from income tax; they deduct interest from taxable income. And even then, the tax advantage is not significant compared to the large monthly loss from owning.

If you don't own a house but want to live in one, your choice is to rent a house or rent money to buy a house. To rent money is to take out a loan. A mortgage is a money-rental agreement. House renters take no risk at all, but money-renting owners take on the huge risk of falling house prices, as well as all the costs of repairs, insurance, property taxes, etc.

5.) RE is based on local factors, it's not a national phenomenon. RE of Delhi-NCR,Bangalore & rest of the cities has nothing to do with Pune RE.
WRONG. Lending rates remain the same throughout the country. ALL loans are harder to get. This will drive prices down everywhere.

6.) A rental house provides good income. So, you can rent if you have purchased as investment.
WRONG. Rental houses provide very poor income in hyped areas and certainly cannot cover mortgage payments. Remember there is almost 300% difference between EMIs & rent for the same house.

It's pointless to do the work of being a landlord if you can make more money with no risk, no work, and no state income tax by investing in assured good returns bond.

7.) If owning is a loss in monthly cash flow, but appreciation will make up for it.
WRONG. Appreciation is negative. Prices are going down. It only adds to the injury of already high EMI's.

8.) As soon as prices drop a little, the number of buyers on the sidelines willing to jump back in increases.
WRONG. There are very few buyers left, and those who do want to buy will be limited by increasing difficulty of borrowing now that many house owners are near bankrupt as they don't save anything at the end of the month due to high EMI's.
No one has to buy, but there will be more and more people who have no choice but to sell as their payments rise. That will keep driving prices downward for a long time.

9.) House prices never fall atleast in Pune.
WRONG. If you see the RE scenario of 1996, prices crashed by 50% & took a whole 7+ years to recover.
Exact 1996 scenario may not be there today but strong correction is inevitable across the city.

10.) House prices don't fall to zero like stock prices, so it's safer to invest in real estate.
WRONG. House prices won't be zero, but the equity or the principal amount you paid can be zero or even negative. What you will pay as EMIs later in actual terms is not for the principal amount but only the interest as house prices dip. So, you will be only serving the bank.

11.) Prices will soften gradually, won't crash immediately.
WRONG. Prices are falling off a cliff. No one knows exactly what will happen, but it looks like prices will continue to fall for long time. These are just more manipulation of buyer emotions, to get them to buy even while prices are falling.

12.) The bubble prices were driven by supply and demand alone.
WRONG. Prices were driven by low interest rates and risky loans & good returns for investors in initial phases of boom in 2004-05.
Prices went up, interest rates went up & buyers savings went down. So prices are violating the most basic assumptions about supply and demand.

13.) There is lack of land.
WRONG. Ample of land is available & continue to be even in future in Pune. Sales volume are down. Even in Japan (small country with less land), prices went down. Current prices here are the same as that of 23 years ago. If we really had a housing shortage, there would not be so many vacant rentals.

14.) If you don't own, you'll live in a cheap neighborhood later.
WRONG. For the any given monthly payment, you can rent a much better house than you can buy. Renters live better, not worse. There are downsides to renting, such as being told to move at the end of your lease, or having your rent raised, but since there are thousands of vacant rentals, you can take your pick and be quite happy renting during the crash. There are similar but worse problems for owners anyway, such as being fired and losing your house, or having your interest rate and property taxes adjust upward. Remember, property taxes are forever.

15.) There's always someone predicting a real estate crash.
TRUE, yet irrelevant. There are very real crashes every decade or so. Even a broken clock is right twice a day.

16.) Local incomes justify the high prices.
WRONG. The mortgage should be more than your 3 years earning. It is much higher today. Most are already in danger/red zone.

17.) You have to live somewhere.
CORRECT. But that doesn't mean you should waste your life savings on a bad investment. You can live in a better house for much less money by renting during the down slide in RE.

18.) It's not a house, it's a home.
WRONG. Wherever one lives in it is home, be it apartment, condo, bungalow , mansion or house. Calling a house a "home" is a manipulation of your emotions for profit.

19.) If you don't buy now, you'll never get another chance.
WRONG. History proves otherwise.
Here's a beautiful quote from a analyst:-
"The real issue isn't whether you will be stuck being a renter all your life, she says. Its whether you'll get so scared about being shut out that you'll buy at the market's peak and be stuck in a property you can't afford or sell."

20.) It would take major economic recession or a major earthquake that wipes out this area in order for the price to fall by over 50%.
WRONG. Even today, if the prices fall by 50%, there will still be very few people who can buy at this levels due to uncertainty in jobs & most importantly high EMIs. Also, look at the rental rates for equivalent houses. Which loss per month is larger? EMI or rent?

contd....
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  • Some updates

    > Kumar Builders, KUL is heavily debt ridden & is now busy trying to sell off land to raise money to repay debt,

    Money from newly launched projects like KUL Ecoloch are being diverted towards repayment of debt rather than completing the project;

    > DSK Megamalhar ph2 was a big FLOP SHOW. ICICI chaps were stunned by the response, or rather no response. Seems, even DSK brand has taken beating. This chap wanted to complete project by asking buyers to take loan from ICICI so that he can get money at cheap interest rates , hence this discount stuff & all;

    > There has been a hike of over 30% in NPAs in RE sector this fiscal according to latest data of RBI.
    CommentQuote
  • +1. Thanks, realacres, for this update!

    Originally Posted by realacres
    >
    Money from newly launched projects like KUL Ecoloch are being diverted towards repayment of debt rather than completing the project;

    This was expected. KUL is absolutely unreliable. Better to avoid.

    Originally Posted by realacres
    >
    > DSK Megamalhar ph2 was a big FLOP SHOW. ICICI chaps were stunned by the response, or rather no response. Seems, even DSK brand has taken beating. This chap wanted to complete project by asking buyers to take loan from ICICI so that he can get money at cheap interest rates , hence this discount stuff & all;


    Hope at least now people understand that daily ads are planned in advance. "In cold winter, MM has been a hot destination....." and all that is what I call "senti-marketing" !!
    CommentQuote
  • Here is the issue with this approach.... you get 9% interest (in good high interest days like now a days) on your FD. You pay around 4% of the value of the flat in rent and some on income tax. that leaves you with only 3-4% profit in your hand. Infation is 6-7% so value of your money saving is dwindling on every passing day. I will elaborate with numbers..

    eg say you now have 1 CR to invest in flat. But you decided to put into FD rather than buying flat. You got 9 Lac interest in an year (this is the best scenario). Now you are renting a house worth 1 Cr. So you end up paying around Rs. 30000 to 35000 rent per month. ie whopping 4lacs in an year. So your actual profit is 9Lacs - 4 Lacs = 5 lacs. Govt wants there share from your income so they take 20%. That leaves your 4 Lacs profit on 1 CR savings!!! You know, infation never stops!!! 6% infation will reduce value of your 1 CR by 6 Lacs every year. so you saved 4 Lacs and deflation is 6 Lacs... so in all you lost 2 Lacs at the end of the day!!!!

    And as years go by citys get denser and denser with lesser plot to build houses. that makes reality prices go up!!!

    Only solution to this problem is having more and more cities on our country. Realty prices would come down only when our villages become inhabitable places and development spread across the villages. Until then dont expect pricess to come down.

    Short term glitches would come after every 5-6 years. Take advantage of those and buy your home!!!!

    I am not saying this is right time to buy!!!! Realty prediction will never be accurate.. its like predicting stock market!! But all indications now are showing correction is awaited. Dont buy now... it is worth to wait for 3-4 months!! its risk but may worth taking..

    Mumbai Real Estate Sector can witness Oversupply in 2012-13: Jones Lang LaSalle

    Pune should be no different... We all should unite and dont buy... most of the prices are artificially inflated!!! Logical increase in price should be 10% in an year and not 50% in an year as has been happening since last 3-4 years since 2008 slowdown!!!!!
    CommentQuote
  • Originally Posted by wiseman
    Welcome back pcp!

    What you have said is exactly what I am doing. But to a majority of people, waiting for years is almost impossible to do. Therefore they take risks you & I don't.

    cheers

    Here is the issue with this approach.... you get 9% interest (in good high interest days like now a days) on your FD. You pay around 4% of the value of the flat in rent and some on income tax. that leaves you with only 3-4% profit in your hand. Infation is 6-7% so value of your money saving is dwindling on every passing day. I will elaborate with numbers..

    eg say you now have 1 CR to invest in flat. But you decided to put into FD rather than buying flat. You got 9 Lac interest in an year (this is the best scenario). Now you are renting a house worth 1 Cr. So you end up paying around Rs. 30000 to 35000 rent per month. ie whopping 4lacs in an year. So your actual profit is 9Lacs - 4 Lacs = 5 lacs. Govt wants there share from your income so they take 20%. That leaves your 4 Lacs profit on 1 CR savings!!! You know, infation never stops!!! 6% infation will reduce value of your 1 CR by 6 Lacs every year. so you saved 4 Lacs and deflation is 6 Lacs... so in all you lost 2 Lacs at the end of the day!!!!

    And as years go by citys get denser and denser with lesser plot to build houses. that makes reality prices go up!!!

    Only solution to this problem is having more and more cities on our country. Realty prices would come down only when our villages become inhabitable places and development spread across the villages. Until then dont expect pricess to come down.

    Short term glitches would come after every 5-6 years. Take advantage of those and buy your home!!!!

    I am not saying this is right time to buy!!!! Realty prediction will never be accurate.. its like predicting stock market!! But all indications now are showing correction is awaited. Dont buy now... it is worth to wait for 3-4 months!! its risk but may worth taking..

    Mumbai Real Estate Sector can witness Oversupply in 2012-13: Jones Lang LaSalle

    Pune should be no different... We all should unite and dont buy... most of the prices are artificially inflated!!! Logical increase in price should be 10% in an year and not 50% in an year as has been happening since last 3-4 years since 2008 slowdown!!!!!
    CommentQuote
  • Originally Posted by ajaya21
    Here is the issue with this approach.... you get 9% interest (in good high interest days like now a days) on your FD. You pay around 4% of the value of the flat in rent and some on income tax. that leaves you with only 3-4% profit in your hand. Infation is 6-7% so value of your money saving is dwindling on every passing day. I will elaborate with numbers..

    eg say you now have 1 CR to invest in flat. But you decided to put into FD rather than buying flat. You got 9 Lac interest in an year (this is the best scenario). Now you are renting a house worth 1 Cr. So you end up paying around Rs. 30000 to 35000 rent per month. ie whopping 4lacs in an year. So your actual profit is 9Lacs - 4 Lacs = 5 lacs. Govt wants there share from your income so they take 20%. That leaves your 4 Lacs profit on 1 CR savings!!! You know, infation never stops!!! 6% infation will reduce value of your 1 CR by 6 Lacs every year. so you saved 4 Lacs and deflation is 6 Lacs... so in all you lost 2 Lacs at the end of the day!!!!

    And as years go by citys get denser and denser with lesser plot to build houses. that makes reality prices go up!!!

    Only solution to this problem is having more and more cities on our country. Realty prices would come down only when our villages become inhabitable places and development spread across the villages. Until then dont expect pricess to come down.

    Short term glitches would come after every 5-6 years. Take advantage of those and buy your home!!!!

    I am not saying this is right time to buy!!!! Realty prediction will never be accurate.. its like predicting stock market!! But all indications now are showing correction is awaited. Dont buy now... it is worth to wait for 3-4 months!! its risk but may worth taking..

    Mumbai Real Estate Sector can witness Oversupply in 2012-13: Jones Lang LaSalle

    Pune should be no different... We all should unite and dont buy... most of the prices are artificially inflated!!! Logical increase in price should be 10% in an year and not 50% in an year as has been happening since last 3-4 years since 2008 slowdown!!!!!


    Your calculation is correct.

    But everyone doesnt have 1Cr. So they take bank loan. In that case, the calculation falls apart.

    Still, I am now coming around to "invest what you have" and "rent what you need" viewpoint.

    Invest in RE yes, but not necessarily your primary residence - just make it a small RE investment, a portion of your portfolio.

    In the meantime, rent what you need. Chose a place close to work when unmarried, close to school when married - or close to spouse workplace, relocate where you wish, whichever city you wish, rent near a club, a park for your children, a gym, near parents, near friends, in a place with lift if parents are old, near a hospital when necessary - rent according to your need.

    Buying a flat 30 Km from work and everything else is just not sensible - either as investment nor as expenditure.

    Rents in India at 2% of capital value in metros is really cheap
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  • Originally Posted by Venkytalks
    Your calculation is correct.



    Rents in India at 2% of capital value in metros is really cheap



    Keep renting till annual rent value goes above 3.5% of property value ,then would be a time to buy.
    Mass production of anything only brings the prices down or keeps them stagnant so do not fall for this every week increasing prices fallacy.
    CommentQuote
  • Originally Posted by Venkytalks
    Your calculation is correct.

    But everyone doesnt have 1Cr. So they take bank loan. In that case, the calculation falls apart.



    Good point! Inflation may actually be desirable to a person who takes a bank loan because it can reduce the underlying value of his EMI payments. A 40,000 EMI today would be worth 30,000 in 5 years at an inflation rate of 6%.
    CommentQuote
  • Originally Posted by Venkytalks
    Your calculation is correct.

    But everyone doesnt have 1Cr. So they take bank loan. In that case, the calculation falls apart.

    Still, I am now coming around to "invest what you have" and "rent what you need" viewpoint.

    Invest in RE yes, but not necessarily your primary residence - just make it a small RE investment, a portion of your portfolio.

    In the meantime, rent what you need. Chose a place close to work when unmarried, close to school when married - or close to spouse workplace, relocate where you wish, whichever city you wish, rent near a club, a park for your children, a gym, near parents, near friends, in a place with lift if parents are old, near a hospital when necessary - rent according to your need.

    Buying a flat 30 Km from work and everything else is just not sensible - either as investment nor as expenditure.

    Rents in India at 2% of capital value in metros is really cheap



    yes.. I agree with your right strategy. and yes i agree if you do not have money to buy a house dont take loan.. no matter how enticing it may seem.... go for rented property.... Interest on loan will always be higher than the rent so why pay higher interest.

    I think its combination of three factors

    1) How much you have to put into property
    2) How much loan would you take and interest that would occure
    3) How much rent you need to pay in case you are not buying your property

    Everyone should do such calculation before comming to a decision. Like manufacturing theory "Make or Buy", here its "Rent or Buy".

    Having said that... in my opinion, this is absolutely not the right time to buy. Builder lobby is just trying wither our this slack in market by showing brave face and not reducing the prices. They are slowly losing all options as now even banks have stopped paying them more money without prudent justifications. And in few days, we would see them blinking!!! Until then just wait and watch. I still think 10-15% correction is long due. But some gullible buyers are still buying houses, when that also stops due to unaffordability, correction is invetible. See what happens when correction is avoided for too long.

    China's Ghost Cities and Malls - YouTube

    have fun... this is latest news on China.. Hope people open their eyes!!!! In case of china, govt is doing this but in India builders are moving that way. Builders have no support in contrast with govt.. So builder community, if you are reading this.. wake up!!!!!
    CommentQuote
  • Originally Posted by ajaya21
    yes.. I agree with your right strategy. and yes i agree if you do not have money to buy a house dont take loan.. no matter how enticing it may seem.... go for rented property.... Interest on loan will always be higher than the rent so why pay higher interest.

    I think its combination of three factors

    1) How much you have to put into property
    2) How much loan would you take and interest that would occure
    3) How much rent you need to pay in case you are not buying your property

    Everyone should do such calculation before comming to a decision. Like manufacturing theory "Make or Buy", here its "Rent or Buy".

    Having said that... in my opinion, this is absolutely not the right time to buy. Builder lobby is just trying wither our this slack in market by showing brave face and not reducing the prices. They are slowly losing all options as now even banks have stopped paying them more money without prudent justifications. And in few days, we would see them blinking!!! Until then just wait and watch. I still think 10-15% correction is long due. But some gullible buyers are still buying houses, when that also stops due to unaffordability, correction is invetible. See what happens when correction is avoided for too long.

    China's Ghost Cities and Malls - YouTube

    have fun... this is latest news on China.. Hope people open their eyes!!!! In case of china, govt is doing this but in India builders are moving that way. Builders have no support in contrast with govt.. So builder community, if you are reading this.. wake up!!!!!


    Completely agree with this , I would never want to buy at these inflated price even if it means "that i miss the bus" but the problem in India is not all think that way and the obsession of Indian the society with owning a home and the social pressure, all these actually result in some buyers always being there. Add to that the moment the builder reduces the price by say even 5% more than half of the people from this very forum will be buying or booking the house, even if it is still not any VFM, the general attitude we follow if I can afford at this 5% discount I will buy, hell with infrastructure and basic amenities I do not want to be left out
    CommentQuote
  • Originally Posted by Venkytalks

    In the meantime, rent what you need. Chose a place close to work when unmarried, close to school when married - or close to spouse workplace, relocate where you wish, whichever city you wish, rent near a club, a park for your children, a gym, near parents, near friends, in a place with lift if parents are old, near a hospital when necessary - rent according to your need.


    Perfect. And as builders finally deliver a building/scheme/a foor in different parts of city, high chances that large % of delivered flats are going to be investment and hence available for renting. So flats available to rent should keep increasing.

    With Areas close to offices slowly have flats delivered, some (especially bachelors) will decide to rent there. Hope they do not give large amount of rent as there will be tons of such options available.

    And that will mean flats in developed areas will become available for renting to others (married couples/with parents). This implies it will not be possible to keep pushing the rent up in either areas ;)
    CommentQuote
  • Originally Posted by medhapp
    Completely agree with this , I would never want to buy at these inflated price even if it means "that i miss the bus" but the problem in India is not all think that way and the obsession of Indian the society with owning a home and the social pressure, all these actually result in some buyers always being there. Add to that the moment the builder reduces the price by say even 5% more than half of the people from this very forum will be buying or booking the house, even if it is still not any VFM, the general attitude we follow if I can afford at this 5% discount I will buy, hell with infrastructure and basic amenities I do not want to be left out


    Yes societal pressure does play major part in helping builder to inflate prices!!! But if you see, its now question of affordibility. At the current prices 90% of the indian population cannot afford to buy. 10% who can afford have already invested enough in the market and made profit at some places. I am sure those 10% of the prudent guys who afford to buy, now see this market slacking out and wont invest any more. Most of the flats being sold in last 1 year are to PE firms. And guess what those firms are now out there selling their investment fearing majot breakdown!!! Stock market has given its verdict on realty stock!!!! Banks are not paying builders without proper plan and justifications. RBI is maintatining highest interest rate...

    I think builders are getting cornered from all angles... its just question fo time!!! Eraly they reaslise they cannot sustsian these prices better for them!!!
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  • I posted this on the ' stock advice' thread in this forum --

    Activist Post: Cashless Society: India Implements First Biometric ID Program for all of its 1.2 Billion Residents

    This is off-topic, but necessary to spread awareness. I also found the comments interesting.
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  • If government makes a law that owner of the house will be made to pay a hefty fine if house is unoccupied for more than 180 days. And house lying vacant for more than 3 years should be confiscated by the government and auctioned. That would bring the real estate priced down by 25% in one single day - the day the law is passed. But the bureaucratic and politicians are the one who are hoarding houses.

    I am really surprised after seeing with my own eyes that many cooperative societies and private builder apartments that were offered possession more than 10 years back are lying unoccupied. The owner is not even interested in rent. This is criminal.

    I live in dwarka where prices are high but 30% houses are unoccupied. The society in which I live from the last five years - the floor on which i live has four units out of which three are unoccupied. No one ever came to even open these three houses. I live alone on the floor
    CommentQuote
  • Duration of property being used is important

    Originally Posted by ajaya21
    yes.. I agree with your right strategy. and yes i agree if you do not have money to buy a house dont take loan.. no matter how enticing it may seem.... go for rented property.... Interest on loan will always be higher than the rent so why pay higher interest.

    +100000000000000000000000000000000000000000
    And not to forget that taking loan also means RENTING MONEY.
    So, either you rent a house or rent money, at the end of the day, one remains a tenant, maybe of bank in case of purchase, that's all.

    Btw, hope you all must have seen ad of Ultra tech cement of EMI proof houses. If not, link is here:-

    afaqs!> Advertising> Creative Showcase

    I think its combination of three factors

    1) How much you have to put into property
    2) How much loan would you take and interest that would occure
    3) How much rent you need to pay in case you are not buying your property

    Everyone should do such calculation before comming to a decision. Like manufacturing theory "Make or Buy", here its "Rent or Buy".

    Agree completely & this should form the crux of calculation while making such major decisions.

    Also one needs to add the duration for which s/he is going to use the property.

    Eg. A friend of mine in gym, much elder than me & married with 1 kid informed me last week that he is leaving the gym. Asked why, he informed that he has been transfered to Hyderabad & will be there for atleast 5 years. Said he will be going by Jan end, while his wife & kid will come in April after the school exams get over so that admission can be done in school from mid 2012 onwards in new academic year.

    Now, this is a chap who purchased a flat in early 2010, to be precise in Feb 2010 & now is in fix whether to sell it or rent it. Don't want to rent as he has done good furniture & doesn't know how tenant will use it; nor does he want to sell as his wife is opposing it (why are all wife same ?:D) but he on other hand says that in such case, he will be paying EMI of this flat + rent in Hyderabad, which will be too heavy on his pocket.

    And this is not a stand-alone case, I have already mentioned cases about my neighbors where they left for abroad for stay of over 5-7 yrs within 1-2 years of flat purchase.

    I find it really stupid & equally funny when people buy houses when they are not even sure of their stay in the city & 90%+ of such buyers belong to IT/allied services, don't know why.
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  • More Offers For Buyers

    Some Pune RE updates:-

    > Rahul Park, Warje is offering cash discounts on all the unsold flats,

    > Some builders have started referral scheme where if the existing buyer brings in another buyer, the new buyer won't have to pay stamp duty, reg, VAT, ST etc. while existing buyer gets gift voucher. Classic case of making buyers as agents :D.

    > Builders like Mittal, Goel Ganga, Pride-Purple etc. have hired agents who posts ads mentioning 'INVESTOR FLATS' whose agreement have not been done; while in reality they are unsold flats of the builder himself. These flats are sold at rates lower than the quote given by builder in his sales/site office.

    > In case of under-constro scheme, who possession is in 2013 or more, builders are giving good discounts if buyers are ready to make 80% or more as downpayment.

    If one reads between the lines above, one can easily know where the RE market is heading.
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