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- Originally Posted by ash7979I have given my example here coz ppls are quoting that there are huge pile of investor flat & they will sell it in loss (first this Diwali , Then early 2010 then 2012 & then I dont know when)....But reality is that I didn't get a decent flat in resale since last 1 years...I dont know who are the investor & why they will sell those flats in loss
Ash, you may not know but the fact of life today is many such investors are actually selling flats at loss...it is called as 'NAFE ME GHATA'.... that means that they are selling and booking whatever profit left out of it than the huge profit that they dreamed of at the time of speculating in 2007 :D
Hope, you got my point.CommentQuote0Flag
- The fact of the matter is that ups and downs will always be there in RE. The most important factor for an end user is that he should consider his budget and a general feeling about how much the real worth of the flat is.
If both matches and you think that you are in a comfortable cash position and able to afford an EMI in coming years, then there is no reason why you should not buy.
For example, if you think the worth of the flat in your opinion is 40L then let it be 40L and don't buy it when its 65. Don't push yourself too hard to accomodate the speculative price.CommentQuote0Flag
- There is always up and down in each segment (Real estate, Gold, stocks, finance, metal, etc) after every 8 years. This has happened in last 50+ years. Every time the rates touches or crosses the previous peak rates. That has proved in real estate, gold, stocks, etc. Looking at the history, next time, it will cross the 2008 rates. meaning, example, the PS rates were 3500 per sq ft in 2008. It will easily touch or cross 4000, etc soon. Looking at the demand supply, indian economy, the salary structure, inflation, the increased prices in all the sectors like food, school, colleges, etc, i think, this can happen soon. Just a personal thoughtCommentQuote0Flag
- It seems it is a game of waiting...Investors and builders waiting for price rise and then book profit. while buyers waiting for prices to come down. Currently it seems like win situation for investors and few buyers who has negotiated well and purchased last year.CommentQuote0Flag
- Originally Posted by mondsVery simple and common sense, good post mate...!!!
Manna143, you are contradicting your own views.
What is you point?
If prices are not going to increase in 2-3 years, then what is the hurry to book and end up paying interest, instead save and build your cash reserves, isn't this more logical than saying that if you want to live in that flat, just buy it without thinking much.
there are two things , if you are buying a property for investment OR buying your first home..
parameter of these two things are very different....where as in first case you need think about market trend, profit margin and stretegy
whereas in second case, you need to see your comfort....
if you read it thisway, you will not see contradiction in my points..CommentQuote0Flag
- Originally Posted by wisemanFolks,
By now you must be tired of me saying the same thing again and again - that we are NOT done with the downward market in most assets including RE (except Gold and Silver).
The problem is not with you or me or anyone else on this forum. The problem is with the period under analysis - we are all having knee-jerk reactions to what is basically short-term swings in prices. In 2008 the bears reacted and now the bulls are reacting to the "recovery rally".
The other problem is our inability to properly grasp the size and seriousness of the excess-debt problem globally and the severe pressure it will be putting on "growth" in the next decade or two on every country in this world!!!
Please note that only a year ago, Dubai was considered a solid defence against the recession-hit countries of this world. And today? ... It is not only the $80 Billion that it has no way of repaying (rumor has it that prices around Burj Dubai has declined 77% from expected sale prices in 2007). It is also the TRILLIONS (yes, you read it right, Trillions) of dollars of derivative bets placed on the financing of this Dubai "Mirage in the Desert".
In fact, I saw real fear when everyone with something at stake came out with statements within hours about how Dubai had no effect on their finances. The truth will take another few weeks/months to hit. The fear was a recurrence of 2008 and so people found that burying their heads deeper in the sand gave them a warm feeling of comfort :D. Somehow, the Ostrich is becoming the favorite bird of the World.
Please note that the US problem is a thousand times that of Dubai and China is rumored to be many times that a problem of excess credit and faulty accounting and cover-ups.
Today, the US (and global) markets are tanking despite good performance by FedEx. This is because of the downgrading of Sovereign rating of Greece. Other countries in the same boat include Latvia and (surprise!) the UK!!!:o Now that will be a big one if and when it hits!
Its just a matter of time before the markets crash again and I expect this around mid-2010 (say May). You will once again see the fear but this time it will be worse as people will have far less of a cushion, having spent their little cushions believing in the "recovery" of 2009!!!
I understand the instant responses by people to RE prices going up or down on short-term basis. This is because, in the last 10 years, we have all been brought up on everything happening instantly (the American way). RE cycles are typically 10-year or more cycles. We have only just started the downturn which should easily take another decade to return to peak prices. There will be many false bottoms on the way down (like the one in end-2008).
To give you an example, I was approached by an owner in late 2007 to buy a 3-Bed 1430 SFt flat within walking distance of MG Road in a nice location for 72 lakhs (previous last sold price was 65 lakhs). This house in 2005 was 30 lakhs. I told that person that I will wait for prices to fall. Today, I'm still being chased for a price of 50 lakhs. I have let them know that I'm waiting for 40 lakhs or at the most 45 since the Metro is close and price may not fall all that much. This person is not able to sell and that is why I'm being chased :D.
I already have a 23% - 30% gain in my hands. Waiting for a 40% to 45% fall before I consider it safe to buy all cash down! If it does not happen, no sweat off my brow as I still hold the cash for a better deal. This is inner city. Outskirts have much greater supply and other intrinsic problems of their own and I expect them to fall much more before this decline is over. Having seen this kind of thing before, I have the patience to wear down the seller/builder. Patience can save 10s of lakhs in excess payment to seller as well as to bank in interest (especially as interest rates will rise sharply in the next few years and will kill the unwary buyer today who does so with sizeable loans!!!:( Watch out for interest rates as they can lead to inability to pay and defaults in the next few years as they are expected to rise sharply!!!).
What about you?
could u give me the details of flat for 50 lakhs near MG road. (3 bhk - 1430)
i might like to consider that, if its at good location neat MG road.CommentQuote0Flag
- Wiseman is talking about MG road of Bangalore, not pune.Originally Posted by hporwalcould u give me the details of flat for 50 lakhs near MG road. (3 bhk - 1430)
i might like to consider that, if its at good location neat MG road.CommentQuote0Flag
- And I thought Banglore was bigger city with large number of paymaster companies compared to Pune.
Sometimes, looking at Pune real estate prices, I wonder, is Pune really part of India?
Originally Posted by aditi sharmaWiseman is talking about MG road of Bangalore, not pune.CommentQuote0Flag
- Originally Posted by maheshk2kSometimes, looking at Pune real estate prices, I wonder, is Pune really part of India?
this is really funnly :D:D:D. its seems that Pune is becoming a hot spot for everyone and prominently marks itself on global map
- Originally Posted by aditi sharmaWiseman is talking about MG road of Bangalore, not pune.
Give me the details mate. If it is really near MG Road, Bangalore then I would end his wait.:D:D:D:D:DCommentQuote0Flag
- Originally Posted by VenkytalksI dont know about Pune, but in Delhi, prices are up by 5% every 3 months for the last 6-9 months, total around 10-15% up.
Jaypee sold 5000 flats in Kosmos in3 months flat. Their office was like a mela and people were buying flats like aloo-pyaz at a mandi. That too after JP already sold 2000 flats of Klassic from May to September.
Another 5000 flats were sold by 3C lotus boulevard, Amarpali, GC etc in NOIDA.
Some 15000 flats were sold by Gurgaon builders in 3 months with a price bump up of 15-20%.
One way builders hiked price was ingenious. They sold a carpet area of 900 sf as 1200 sf super area during the slow down in MArch 09, and sold out in 1 month. The same 900 sf carpet area plan was slightly changed to 950 sf but packaged as 1500 sf super area and were still sold out.
That way builder effected a 20% price hike by fooling the customers, although the per sf area was kept the same (at 2400 psf)
Mind you - that rate is on a superb expressway, 10 minutes from an international airport and with metro connectivity - you Pune people are being really bilked by these builders, going by the rates you all are posting for a second tier city, although with superb weather)
Anyway, price decrease is a dream that we buyers like to indulge in. It will never happen. RE in developed countries may crash, where supply exeeds population.
In India, supply is far less than demand, as personally witnessed by me in Delhi and detailed above. Plateau for 3 years and a relentless rise to astronomical levels after 10 years is my prediction.
Venkytalks, I doubt your information. Please read the news Few 'Takers of Affordable housing' - http://news.in.msn.com/business/article.aspx?cp-documentid=3459049
These are recently launched projects. Do not know when these project will complete, if at all.
I have been looking for bargain deals for sometime now in NCR Area. Price have not moved at all. Have seen slight downward trend, but that is not enough for me :-)CommentQuote0Flag
- Originally Posted by hporwalcould u give me the details of flat for 50 lakhs near MG road. (3 bhk - 1430)
i might like to consider that, if its at good location neat MG road.
Even I also might be interested if its near MG road ( I know we are talking about B'lore's MG road here)....
A flat of size 1430 in 50 lacs near MG road in Bangalore is a STEAL !!!
I dont know why I dont get such such seller, who chase u from 65 lacs to 50 lacs:):):)
....(That is almost 25% discount)...and when I enquire rates quoted here by seniors, I dont get those rats as well:(:(:(CommentQuote0Flag
- Me too......
same is the case with me. I never get the rates quoted (more precisely lower rates quoted) when I visit any project. And no-one seller chases me even if I had given final price as 2-4 L less for 30-35 L flat. Sometime I feel it would be great if I can outsource my flat search to senior people on this forum :) and enjoy low cost benifits.CommentQuote0Flag
- Originally Posted by Diptisame is the case with me. I never get the rates quoted (more precisely lower rates quoted) when I visit any project. And no-one seller chases me even if I had given final price as 2-4 L less for 30-35 L flat. Sometime I feel it would be great if I can outsource my flat search to senior people on this forum :) and enjoy low cost benifits.
Outsourcing of House search...too good:D:D:D
Any taker for this outsourcing deal;);)CommentQuote0Flag
- Originally Posted by ash7979Outsourcing of House search...too good
Any taker for this outsourcing deal;)
LoL:D. Lets outsource it to Kumar builders/Manikchand as they have many guys sitting on bench:D.CommentQuote0Flag