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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  • Proposed real estate regulator to get power to jail builders

    NEW DELHI: The proposed real estate regulator would make registration compulsory for property agents as well as for residential projects over 1,000 square metres or 12 dwelling units in an effort to improve transparency and accountability in the sector.

    The Cabinet will soon consider the bill that seeks to establish the regulator, officials said. The bill will also include provisions for imprisonment of builders who sell flats or plots before registering them with the authority, they said.

    Since the minimum threshold area for mandatory registration has been reduced to 1,000 square metres of land from the earlier proposed 4,000 square metres, the bill would virtually cover the entire supply of residential units from the organized sector.
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  • Realtors get by on cash from moneylenders

    Borrow at 4% interest a month some resort to bulk sales, offer 10-20% discounts

    Hit by an acute cash crunch, some of the top property developers in Mumbai are borrowing funds at four per cent interest a month from private moneylenders and investors to meet their yearly debt repayment and tax obligations, say industry players and property consultants. Although developers used to borrow funds at 2-2.5 per cent a month at the fag end of the year, the rate has touched a new peak of four per cent a month — cumulatively, 48 per cent per annum.:bab (59):


    Moneylenders and investors are demanding higher rates from developers, given the strong demand for short-term funds and tight liquidity conditions. According to property market sources, funds to the tune of Rs 500-600 crore have flown from these informal channels to builders in the past two-three months in Mumbai.

    A developer, who operates in South Mumbai and is into redevelopment of projects, borrowed around Rs 70 crore in January to meet debt repayment obligations. Another in the western suburbs of Mumbai and a pan-Maharashtra developer have borrowed funds in large chunks, according to sources.


    Money is said to be lent by wealthy diamond and wine merchants, moneylenders, politicians and high net-worth individuals, who ask for two-three times the cover to the amount lent. So, if a developer has five-six apartments valued at Rs 10 crore, he could get a loan of Rs 5 crore.


    The tenure is one-three months and brokers are hired to get funds from moneylenders and investors. Even as brokers get hefty commissions, the onus of prompt repayment also lies with them, say sources.
    Says Amit Goenka, national director, capital transactions, Knight Frank, “Developers have many obligations to meet and secured or unsecured borrowing is the shortest way to get money in the current circumstances.”
    Besides, the current borrowing season has also seen a rise in mortgages by developers with moneylenders and investors. “Mortgages have gone up. Developers are mortgaging their assets and borrowing funds from investors as the latter are not buying properties,” says Sandeep Runwal, director, Runwal Group, a Mumbai-based developer.


    According to estimates, developers needed to repay a total of Rs 20,000 crore to banks in March 2011. Although big developers such as DLF and HDIL are selling land parcels and development rights to repay loans, smaller ones have to depend on informal sources of money, say consultants.
    Recently, HDIL sold a land parcel in the Andheri suburb of Mumbai to Adani Enterprises for Rs 900 crore. DLF, the country’s largest developer, has been looking to sell a land parcel in Mumbai and Aman Hotels for some time to reduce its Rs 22,000-crore debt. “Both banks and NBFCs (non-banking finance companies) are shying away from lending to over-leveraged developers. PEs are also sceptical, which is why these developers are knocking on the doors of moneylenders,” says a chief financial officer of a Mumbai-based developer. V K Sharma, chief executive of LIC Housing Finance, says, “We have not seen any spurt in lending to developers. We are conservative in lending to real estate. We only lend to developers who meet our terms.”


    Besides, some developers are increasingly resorting to bulk sales to get cash flows. “The sale we have done in the month of March 2012 is equivalent to what we did in the last 14 months,” said a developer in South Mumbai. On buying a minimum of three apartments, the buyer gets a discount of 10-20 per cent.


    Realtors get by on cash from moneylenders
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  • Government plans tax on vacant land to check hoarding

    The Planning Commission' steering group has suggested that the new tax should be based on "ready-reckoner capital value" and could be charged at 0.5% of the total value. In its draft proposal, the group suggested imposing the new tax on vacant government land too.

    "It has come to notice that many developers use vacant land for speculative purposes. They buy land and keep it vacant waiting for real estate prices to escalate," an official of the urban development ministry said when asked about the steering group' proposal. :)


    Government plans tax on vacant land to check hoarding - The Times of India

    Govt must collect tax from vacant flats as well. & impose special tax on vacant land of township as well, till it gets constructed. This way incomplete township will get impetus else it will take couple of decades.
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  • Originally Posted by RealHunter1
    Borrow at 4% interest a month some resort to bulk sales, offer 10-20% discounts

    Besides, the current borrowing season has also seen a rise in mortgages by developers with moneylenders and investors. “Mortgages have gone up. Developers are mortgaging their assets and borrowing funds from investors as the latter are not buying properties ,” says Sandeep Runwal, director, Runwal Group, a Mumbai-based developer.

    The builders are indeed having liquidity probs, & they are now more in fix as the money which they put in new projects from older projects receivables aren't getting good response. They jacked up the prices but even worse was holding on to it despite no sales. This led to increase in 'Holding Cost' for the builders, which could have been avoided if they had seen the market dynamics before. Will post Pune RE updates in coming posts as well.

    On buying a minimum of three apartments, the buyer gets a discount of 10-20 per cent.

    Bulk discounts is one of the first indication which shows how RE rates is going to fall further. 10-20% drop in prices in Mumbai, Navi Mumbai & Thane have already taken place & this bulk discounts increases it even further. Not to forget that there already are several investors who are eager to get rid off their inventory, which will put even more pressure on pricing.

    Bottom -line is that the financial health of builders is not good which can now be clearly seen as official channels like banks & NBFCs are not lending to RE.
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  • Originally Posted by khbarilal
    The Planning Commission' steering group has suggested that the new tax should be based on "ready-reckoner capital value" and could be charged at 0.5% of the total value. In its draft proposal, the group suggested imposing the new tax on vacant government land too.

    "It has come to notice that many developers use vacant land for speculative purposes. They buy land and keep it vacant waiting for real estate prices to escalate," an official of the urban development ministry said when asked about the steering group' proposal. :)


    Government plans tax on vacant land to check hoarding - The Times of India

    Govt must collect tax from vacant flats as well. & impose special tax on vacant land of township as well, till it gets constructed. This way incomplete township will get impetus else it will take couple of decades.

    If this happens, the sincere builders & end users tend to benefit immensely. The buyer would also see the projects being executed faster & the investors too will think twice before buying if vacancy tax in significant enough, this will also get rid of investors who book multiple flats.

    Such measures will also ensure no speculation in land prices which in turn would be better even for sincere builders. Such act alongwith RE regulator would be a big boon for builders (professional) & buyers. What's more, if builders agree to such things, they can even get industry status which will help them in various ways.
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  • Some Pune RE Updates

    Was on tour for this week, hence putting all the updates in one go here -

    > Several Pune builders have started barter system whereby they are asking their suppliers to take flat instead of money for their goods & services :D, ofcourse the suppliers, vendors are not interested,

    > Contractors & labor contractors haven't been paid in time in past few months. This is one of the reason why one can see less work-force on several projects,

    > Land deals which were finalized by some builders in mid & late 2011 are now being canceled. The builders are ready to pay some penalty to the land-owner & exit than to proceed with the deal. The reasons for this is mainly 2 -

    1. Lack of funds,
    2. Huge inventory pile up.

    > Labor contractors have shifted their laborers (especially those from UP-Bihar side) from Pune to Gujarat. They are working now on ports & construction of power plants.
    CommentQuote
  • Originally Posted by realacres
    Was on tour for this week, hence putting all the updates in one go here -

    > Several Pune builders have started barter system whereby they are asking their suppliers to take flat instead of money for their goods & services :D, ofcourse the suppliers, vendors are not interested,

    > Contractors & labor contractors haven't been paid in time in past few months. This is one of the reason why one can see less work-force on several projects,

    > Land deals which were finalized by some builders in mid & late 2011 are now being canceled. The builders are ready to pay some penalty to the land-owner & exit than to proceed with the deal. The reasons for this is mainly 2 -

    1. Lack of funds,
    2. Huge inventory pile up.

    > Labor contractors have shifted their laborers (especially those from UP-Bihar side) from Pune to Gujarat. They are working now on ports & construction of power plants.


    Still CREDAI wants faster approval ?:bab (59):
    As builders are not capable to complet the projects they are going on strike.:bab (61):
    CommentQuote
  • Originally Posted by realacres
    If this happens, the sincere builders & end users tend to benefit immensely. The buyer would also see the projects being executed faster & the investors too will think twice before buying if vacancy tax in significant enough, this will also get rid of investors who book multiple flats.

    Such measures will also ensure no speculation in land prices which in turn would be better even for sincere builders. Such act alongwith RE regulator would be a big boon for builders (professional) & buyers. What's more, if builders agree to such things, they can even get industry status which will help them in various ways.


    Indian govt is taking similar steps which China did ? China too imposed heavy taxes on RE transactions and as a result prices have started falling there.

    In addition to Service Tax, VAT, 1 % TDS, tax on vacant land too.

    Few more steps which can burst the bubble:
    1. No tax exemption for second home loan.
    2. Charge interest rate as per personal loan rates for second home loan.
    3. If the property is sold within 5 years, charge Short term capital gain.
    CommentQuote
  • Originally Posted by realpune
    Indian govt is taking similar steps which China did ? China too imposed heavy taxes on RE transactions and as a result prices have started falling there.

    In addition to Service Tax, VAT, 1 % TDS, tax on vacant land too.

    Few more steps which can burst the bubble:
    1. No tax exemption for second home loan.
    2. Charge interest rate as per personal loan rates for second home loan.
    3. If the property is sold within 5 years, charge Short term capital gain.

    I think tax on vacant land will be a game changer. Builders will have to launch projects on their land or sell plots to avoid tax. Also all the plot owners will have to pay tax if they don't construct. This tax will be over and above the penalty that builder imposes on plot owners for not constructing within a stipulated time.

    Today investors are buying plots at even nondescript places. If they fail to sell the plot, they may be in big trouble.

    With dark clouds hovering over Indian realty, the last nail in coffin is yet to come in the form of tax on second home, and tax on unoccupied home. These two taxes are still under consideration for cooling down the overheated RE market.
    CommentQuote
  • Originally Posted by realacres
    Was on tour for this week, hence putting all the updates in one go here -

    > Several Pune builders have started barter system whereby they are asking their suppliers to take flat instead of money for their goods & services :D, ofcourse the suppliers, vendors are not interested,

    > Contractors & labor contractors haven't been paid in time in past few months. This is one of the reason why one can see less work-force on several projects,

    > Land deals which were finalized by some builders in mid & late 2011 are now being canceled. The builders are ready to pay some penalty to the land-owner & exit than to proceed with the deal. The reasons for this is mainly 2 -

    1. Lack of funds,
    2. Huge inventory pile up.

    > Labor contractors have shifted their laborers (especially those from UP-Bihar side) from Pune to Gujarat. They are working now on ports & construction of power plants.


    Read today's Maharashtra Times, so many builders are offering free stamp duty + registration cost. Definitely cash crunch, also they are not finding buyers at such inflated prices.
    CommentQuote
  • If the above posts are correct, I wonder why the builders still playing wait and watch mode rather than making it easier for the genuine buyers to sign the deal and realise their dreams instead of feeding the hungry black market investors.

    I pray sincerely this not to happen to innocent hardworking end users of KUL, LR etc.
    https://www.indianrealestateforum.com/forum/city-forums/ncr-real-estate/gurgaon-real-estate/27754-unitech-vista-3-unitech-group-sector-70-gurgaon?t=29727
    CommentQuote
  • Originally Posted by pradip_pune
    If the above posts are correct, I wonder why the builders still playing wait and watch mode rather than making it easier for the genuine buyers to sign the deal and realise their dreams instead of feeding the hungry black market investors.

    I pray sincerely this not to happen to innocent hardworking end users of KUL, LR etc.
    https://www.indianrealestateforum.com/forum/city-forums/ncr-real-estate/gurgaon-real-estate/27754-unitech-vista-3-unitech-group-sector-70-gurgaon?t=29727


    Builders just want to try and squeeze out maximum profit before taking any backward step. The moment the first builder does that rest will have to follow and there is a lot of unity among the builder groups.So builders have been raising prices by 10-20% every month across all projects to show that prices are going up and create panic among buyers and later giving a discount of 5-10% after 3-4 months for unsold flats..net net it is still profitable for them.It is a wait and watch game for both sides (buyers as well as sellers),if the buyers lose their patience and start buying even with such 5-10% discounts it will once again give momentum to the market and builders will start raising prices immediately as they will say there is demand.If buyers can wait out patiently (i am not saying 4-5 months but more come on you are buying flat worth lacs)with not enough buyers in market and no available funds prices may come down.....in the end it will be who blinks first loses...
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  • What to expect of real estate companies in Q4

    Listed real estate companies represented by the Realty index on BSE have witnessed a fall of 1.7 per cent over the past one month. The BSE Sensex fell by 1.4 per cent. This indicates benign expectations from the stock market from real estate companies.

    Analysts expect these companies to report a decline in revenue and profit growth.

    Here are pointers to street expectations:

    • Consolidated sales could improve due to new project launches. However, profitability of companies is expected to remain under pressure. The consolidated sales growth in real estate companies is likely to 20 per cent for the quarter to March 2012 in comparison to the quarter to March 2011. The net profit growth is expected to fall by an average 40 per cent over the year ago period.

    • Analysts do not expect any significant debt reduction for real estate companies. “Lack of asset sales during the quarter could lead to some addition to consolidated debt for the company,” says ICICI Securities on DLF, the biggest real estate company. Companies like DLF have been looking to sell non-core assets like land parcels and joint ventures in the hotels business. However, these sales are unlikely to be completed in the quarter to March 2012.

    • Kotak Securities expects DLF to report a 20 per cent fall in sales and a 43 per cent fall in the net profit. Oberoi Realty is expected to report a 27 per cent drop in sales and 34 per cent fall in the net profit. HDIL is expected to report a 12.5 per cent drop in the sales growth and a 44.7 per cent drop in the net profit. "Floor space index or FSI sale in HDIL is likely to be the major contributor to its earnings given lower sales," ICICI Securities said on HDIL. HDIL focus is on redevelopment projects.Analysts expect these projects to pick up in the second half of financial year 2012-13.

    • Not all companies are expected to show poor profit growth. Companies like Purvankara Projects and Sobha Developers are expected to report a steady to flat growth in sales as their focus is on the fast growing region in South India. Bangalore has witnessed a significant demand for housing and the two companies have remained concentrated most on this market. Kotak Securities expects Purvankara Projects to report sales growth of 25 per cent and a net profit growth of 83 per cent. Sobha Developers is expected to report a flat in sales and a 4 per cent growth in the net profit over March 2011 quarter.

    What to expect of real estate companies in Q4
    CommentQuote
  • Real Estate Trend a bit slowed

    Originally Posted by RealHunter1
    Listed real estate companies represented by the Realty index on BSE have witnessed a fall of 1.7 per cent over the past one month. The BSE Sensex fell by 1.4 per cent. This indicates benign expectations from the stock market from real estate companies.

    Analysts expect these companies to report a decline in revenue and profit growth.

    Here are pointers to street expectations:

    • Consolidated sales could improve due to new project launches. However, profitability of companies is expected to remain under pressure. The consolidated sales growth in real estate companies is likely to 20 per cent for the quarter to March 2012 in comparison to the quarter to March 2011. The net profit growth is expected to fall by an average 40 per cent over the year ago period.

    • Analysts do not expect any significant debt reduction for real estate companies. “Lack of asset sales during the quarter could lead to some addition to consolidated debt for the company,” says ICICI Securities on DLF, the biggest real estate company. Companies like DLF have been looking to sell non-core assets like land parcels and joint ventures in the hotels business. However, these sales are unlikely to be completed in the quarter to March 2012.

    • Kotak Securities expects DLF to report a 20 per cent fall in sales and a 43 per cent fall in the net profit. Oberoi Realty is expected to report a 27 per cent drop in sales and 34 per cent fall in the net profit. HDIL is expected to report a 12.5 per cent drop in the sales growth and a 44.7 per cent drop in the net profit. "Floor space index or FSI sale in HDIL is likely to be the major contributor to its earnings given lower sales," ICICI Securities said on HDIL. HDIL focus is on redevelopment projects.Analysts expect these projects to pick up in the second half of financial year 2012-13.

    • Not all companies are expected to show poor profit growth. Companies like Purvankara Projects and Sobha Developers are expected to report a steady to flat growth in sales as their focus is on the fast growing region in South India. Bangalore has witnessed a significant demand for housing and the two companies have remained concentrated most on this market. Kotak Securities expects Purvankara Projects to report sales growth of 25 per cent and a net profit growth of 83 per cent. Sobha Developers is expected to report a flat in sales and a 4 per cent growth in the net profit over March 2011 quarter.

    What to expect of real estate companies in Q4



    Thanks RealHunter1, I think the listed companies are facing heat because they have to share their financials reports. For small builders the situation might be different. Many will be facing Cash Crunch. But as there are buyers/investors who are buying a optiumum quantity which is helping builders to carry on.

    Instead of waiting for rates to come down for any new (under construction flats) , one should go for ready possesion flats.
    CommentQuote
  • Originally Posted by RealHunter1
    Read today's Maharashtra Times, so many builders are offering free stamp duty + registration cost. Definitely cash crunch, also they are not finding buyers at such inflated prices.

    And there are some who are also waiving off manmaani charges like MSEB, soc formation, legal etc. Some are giving free modular kitchens too.
    But despite all this, the builders still can't give exact possession date with confidence. This tells the story.


    Originally Posted by pradip_pune
    If the above posts are correct, I wonder why the builders still playing wait and watch mode rather than making it easier for the genuine buyers to sign the deal and realise their dreams instead of feeding the hungry black market investors.

    I pray sincerely this not to happen to innocent hardworking end users of KUL, LR etc.
    https://www.indianrealestateforum.com/forum/city-forums/ncr-real-estate/gurgaon-real-estate/27754-unitech-vista-3-unitech-group-sector-70-gurgaon?t=29727

    Thanks for the link pradip. I think everyone should go through this link. And just remembered one similar story for Pune RE, will post it below.
    CommentQuote