• This forum contains old posts that have been closed. New threads and replies may not be made here. Please navigate to the relevant forum to create a new thread or post a reply.
  • Welcome to Tamil Brahmins forums.

    You are currently viewing our boards as a guest which gives you limited access to view most discussions and access our other features. By joining our Free Brahmin Community you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is fast, simple and absolutely free so please, join our community today!

    If you have any problems with the registration process or your account login, please contact contact us.

Why buying a house is outrageously expensive

Status
Not open for further replies.

tbs

Well-known member
hi

i purchased a home with in half an hour in USA....BOTH PARTIES DECIDED TIME AND DATE...its closing date here in USA...

just in front of agent ...both both parties....seller and buyer.....both signed some papers and handed over the keys...

all documents through computer....no cash transaction.....i got house document in HARD DISC COPY TOO....
 

indianassault

Active member
hi

i purchased a home with in half an hour in USA....BOTH PARTIES DECIDED TIME AND DATE...its closing date here in USA...

just in front of agent ...both both parties....seller and buyer.....both signed some papers and handed over the keys...

all documents through computer....no cash transaction.....i got house document in HARD DISC COPY TOO....

I would blame the Goltis. I Lived in Bangalore and everywhere some Telugu guy would build 6-10 apartments even in a 2400 sq ftlot.. which was not less thn 35 lakhs and in someremote area.

The bigger brand builders - better left unsaid. The worth of a 3cr property ( approx 500k USD) is more is US thanin India...for 500k you can easily get a 10000 sqft lot , 3000 sqft house in a decent white suburb.

Again wherever ou are, the rich make the laws.( or know how to break).
 

prasad1

Gold Member
Gold Member
Is there going to be reasonable discussion, or just some 3rd hand chatter?

To have a reasonable discussion we must have ground rules.
In India
1. What percentage of property is sold with bank financing?
2. What portion of house price can be financed?
3. How do you get the down payment (customer portion)? Do you have to show the source of this money?

Instead of blaming a "group" can we have discussion on the economics?
Lot of wage earners do not have black money, so obviously there is white money purchase.
What percent of real estate is owned by NRI's?

The government can easily eliminate the black money in real estate by forcing all transactions through bank. Of course you have to implement record keeping at the courthouse much more transparent. Do the politician have the stomach for that?
 

tbs

Well-known member
I would blame the Goltis. I Lived in Bangalore and everywhere some Telugu guy would build 6-10 apartments even in a 2400 sq ftlot.. which was not less thn 35 lakhs and in someremote area.

The bigger brand builders - better left unsaid. The worth of a 3cr property ( approx 500k USD) is more is US thanin India...for 500k you can easily get a 10000 sqft lot , 3000 sqft house in a decent white suburb.

Again wherever ou are, the rich make the laws.( or know how to break).
hi

i agreed this....this make problem in USA TOO....they buy a huge house....even H1B person...no gurantee to stay here...

still they take a big risk......in many builders know very well about patels/goltis....sometumes these two groups

make unbearable to others...even after getting green card/ citizenship.....our TBs are not ready to buy a home in USA...

becoz relocations of job,,,,generally we wont involve in risk matters....
 
OP
OP
V

vgane

Well-known member
Is there going to be reasonable discussion, or just some 3rd hand chatter?

To have a reasonable discussion we must have ground rules.
In India
1. What percentage of property is sold with bank financing?
2. What portion of house price can be financed?
3. How do you get the down payment (customer portion)? Do you have to show the source of this money?

Instead of blaming a "group" can we have discussion on the economics?
Lot of wage earners do not have black money, so obviously there is white money purchase.
What percent of real estate is owned by NRI's?

The government can easily eliminate the black money in real estate by forcing all transactions through bank. Of course you have to implement record keeping at the courthouse much more transparent. Do the politician have the stomach for that?

Good Questions...
For 1, I do not have an answer...

For 2, Loan to Value is 80-85% for funding home loan where you will construct a house or apartment..In case of land loan (Not for agricultural but only residential & land should be in corporation or municipal limits) you can avail 70% max ..

For 3, down payment is to be arranged through own funds...Some borrow this from relatives..Some even take a personal loan for this with very high rate of interest
 

prasad1

Gold Member
Gold Member
The property prices in India have escalated to a great extent making it difficult for a common man to own a house. India housing prices have been on an increase in cities like Mumbai, Hyderabad, Pune, Gurgaon, New Delhi, Noida and so on. It is not only the price of flats or apartments but the land prices have also increased considerably.

The Indian housing market is an ever growing industry with huge investments happening now and then. The price of properties in the Indian markets have increased for residential as well as the commercial categories and this is because the ever growing returns on such investments. The government has also formed out policies for reducing the house prices so that it becomes affordable by all. India housing prices takes care of standard living, luxurious living and a low cost living too.

Looking at a boom in the real estate sectors, there has been a significant increase in the total number of developers and builders of housing in India. Real estate agents and property dealers have come forward to make best use of Indian property market. They not only target the plush market of the metros but also venture in some cities and towns of India.

India housing rates consists of a list of a number of things associated with the housing sector. They include property for sale, for rent, land for sale and so on. The property dealer keeps up to date information of all the property available whether for sale or for rent.

One thing which haunts the buyer is the ever rising housing prices. Because of this problem not many people are able to afford to buy an house. But, this problem comes with a solution. The solution offered is by many financial institutions in the form of home loans. Loans are made available at a low interest rate and it gives flexibility in repayment of the same.
 

GANESH65

Well-known member
Just saw an ad today by Tata value housing offering housing properties in various metros across India. The starting price was a whopping 56.9 lacs for a two bed room dwelling.. middle class would be driven to debt traps..
 

indianassault

Active member
Is there going to be reasonable discussion, or just some 3rd hand chatter?

To have a reasonable discussion we must have ground rules.
In India
1. What percentage of property is sold with bank financing?
2. What portion of house price can be financed?
3. How do you get the down payment (customer portion)? Do you have to show the source of this money?

Instead of blaming a "group" can we have discussion on the economics?
Lot of wage earners do not have black money, so obviously there is white money purchase.
What percent of real estate is owned by NRI's?

The government can easily eliminate the black money in real estate by forcing all transactions through bank. Of course you have to implement record keeping at the courthouse much more transparent. Do the politician have the stomach for that?

Of course general population pays with white, but atleast there has to be some quality in it. I dont mind paying for brands like Prestige or Tata , but I cannot pay the same amount to some 1000 sq ft in a 2400 plot...You wont beleieve there arent even 1 metre spacing between most of the apartments and most of them build above approved limits. Andwho does it?? Its only a group ost of the time, but greed is common.

I booked an apt in 2009 and got is delivered in 2015 without promised amenities . In the beginning it was good, very affordable , with amenities etc but later on may be the builder changed his mind and didnt fulfill his promises. He is a TB though..
 

mkrishna100

Well-known member
I booked an apt in 2009 and got is delivered in 2015 without promised amenities . In the beginning it was good, very affordable , with amenities etc but later on may be the builder changed his mind and didnt fulfill his promises. He is a TB though..

Many people who booked apartments in 2009 -2011 went through lot of problems and only few were lucky to have the aprtments delivered in the correct time with the prmosed price and amenities .
 

mkrishna100

Well-known member
The following is a FB post from Dr.Sumanth Raman , a prominet TV personality who comes in Tamil DD and other Tamil Channels .This post was in April 2016 and warning people to be careful before buying apartments in India

Before you buy a flat or house please Google the name of the real estate Company + complaints. This can save you a lot of stress and money.

There are many customer complaint websites where those with bad experiences have posted the details of the problems they have had. Very often they have provided their phone numbers or e-mail addresses. In many cases groups of those affected have formed a body to take the developer to court.

Also please check the name of the latest project that the developer has completed. Then visit the place and speak to a few of those who have bought flats or houses there. When was the delivery promised and when was the place handed over? What hidden costs were levied over and above the promised price? Was the developer responsive in dealing with complaints or delays?
Also check the unfinished project status for the developer. Much of this information is available online. If there are too many unfinished projects then that would be a red flag.
It would seem that all that I have said is rather obvious. Yet the number of people who get taken in by the full page ads and do not even do such a basic check is unfortunately high.
Many of the real estate companies giving full page ads for new projects now are bankrupt or nearly so. They owe banks hundreds of crores. Launching a new project is their last throw of the dice to salvage themselves before they sink. The money collected from you will most likely not go to the promised project but to paying off their debt or finishing previous projects (whatever the Real Estate Bill may say about this). Your dream home may be inordinately delayed or just abandoned.
Before you buy make sure you Google.
 

tbs

Well-known member
Of course general population pays with white, but atleast there has to be some quality in it. I dont mind paying for brands like Prestige or Tata , but I cannot pay the same amount to some 1000 sq ft in a 2400 plot...You wont beleieve there arent even 1 metre spacing between most of the apartments and most of them build above approved limits. Andwho does it?? Its only a group ost of the time, but greed is common.

I booked an apt in 2009 and got is delivered in 2015 without promised amenities . In the beginning it was good, very affordable , with amenities etc but later on may be the builder changed his mind and didnt fulfill his promises. He is a TB though..
hi

i got land allotment through TNHB and builder TB though....same thing happened to me too ...in chennai...these things

are very common.....EXPECT THE UNEXEPECTED....its hard to bargain with TB though...
 
OP
OP
V

vgane

Well-known member
Many of the real estate companies giving full page ads for new projects now are bankrupt or nearly so. They owe banks hundreds of crores. Launching a new project is their last throw of the dice to salvage themselves before they sink. The money collected from you will most likely not go to the promised project but to paying off their debt or finishing previous projects (whatever the Real Estate Bill may say about this). Your dream home may be inordinately delayed or just abandoned.
Before you buy make sure you Google.

Very true..The total debt of real estate companies such as DLF, Unitech, Sobha. Prestige & India bulls in first half of 2016 is a whopping 59070 crores...With real estate in doldrums you can now understand where the new money collected will go!
 
OP
OP
V

vgane

Well-known member
My suggestion is to go for low end players such as Sree Daksha or Sreevatsa Builders..In terms of meeting delivery commitments, providing the amenities as well as ensuring the quality, both are very good in Coimbatore
 

mkrishna100

Well-known member
My suggestion is to go for low end players such as Sree Daksha or Sreevatsa Builders..In terms of meeting delivery commitments, providing the amenities as well as ensuring the quality, both are very good in Coimbatore


True there are some low profile builders whose projects are small i.e 8-10 apartments maximum and they do a fairly decent job . No doubt profit is the motive but they are definitely not crooks and yesterday I spoke to a relative of mine and he pointed out a builder who had successfully executed many such small projects and his daughter had also got an apartment on the outskirts of Chennai and he is a decent guy but is not big enough to have his own website etc and he goes through word of mouth referrals only . Of course as I said profit is his motive and he targets mostly TBs situated abroad who are willing to pay some extra premium without un-necessary negotiations but he delivers the product at the right time and as promised . I am yet to see his competed work but the feedback I got from my relative was good and so we must be happy that there are still some decent chaps in this profession .
 

tbs

Well-known member
My suggestion is to go for low end players such as Sree Daksha or Sreevatsa Builders..In terms of meeting delivery commitments, providing the amenities as well as ensuring the quality, both are very good in Coimbatore
hi

is he TB from coimbatore?,,,im interested in coimbatore...
 

krish44

Gold Member
Gold Member
Is it implicitly casteist? Does it mean TB will not be a cheat?
When some go to a brahmin builder, they have some assumptions.

First,he would sell more flats to brahmins and likelihood of brahmin way of life being promoted in the society.

You might think You would be cheated to a lesser extent.People tend to trust those who belong to their caste than others.

Brahmins are not known to be good builders. They might offer facilities which are functional but not state of the art or modern.

They would economise in space and offer specific features appealing to brahmins -such as pooja room, vaasthu compliant, a temple within the housing complex with

Gods brahmins worship.

They would build affordable flats and not luxury types.

Their residential complexes would be full of casteist elements

I would stay away from them.
 
Status
Not open for further replies.
Top
Thank you for visiting TamilBrahmins.com

You seem to have an Ad Blocker on.

We depend on advertising to keep our content free for you. Please consider whitelisting us in your ad blocker so that we can continue to provide the content you have come here to enjoy.

Alternatively, consider upgrading your account to enjoy an ad-free experience along with numerous other benefits. To upgrade your account, please visit the account upgrades page

You can also donate financially if you can. Please Click Here on how you can do that.

I've Disabled AdBlock    No Thanks