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Why buying a house is outrageously expensive

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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.
 
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..
 
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..
 
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 .
 
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.
 
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...
 
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!
 
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
 
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 .
 
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...
 
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.
 
That was an answer to a question..You can find cheats in all communities!!
Vganeji,
Sorry about my comment, I know it was answer to a question. I could not help the inference that TB would be a better businessman. You may not have meant it that way. Mt apologies.
 
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.

All your assumptions are wrong..Sree Daksha is an ultra modern developer...There are no temples inside the colony too...Are you happy now?
 
All your assumptions are wrong..Sree Daksha is an ultra modern developer...There are no temples inside the colony too...Are you happy now?

True .In Brahmin Builders there are 3 variety LIG , MIG , HIG and Krishji is referring to the LIG and MIG Variety and the HIG variety is way differnt from the LIG , MIG Vareity and in some cases the same builder builds for all 3 economic classes but the price , specification , build up quality will be vastly different .BTW what is the problem when some one wants a small puja room in an apartment and another guy wants a mini bar in the same space .I know of one TB Guy who is basically a MIG Person but likes to be associated only with HIG Persons but infortunately could not afford to get an apartment where his HIG friends stay and had to contend only with an MIG apartment but converted his Puja room to a Mini Bar .
 
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Many flat complexes in chennai have atleast ganesha temples at the gate.

In my flat complex in chennai there is one. Some maintenance money goes towards upkeep of the temple. Also by rotation tenants perform religeous rituals, spending

their own money also.{ of course tenants can say no when it is their turn to spend} .

In bangalore , I did not have a pooja room in my sons flat nor there was a bar facility. . It was an upmarket flat with swimming pool, fountains ,club house. My

sambandhi spent sleepless nights that there was no pooja room. Ultimately, wood work was done to have a pooja facility installing saivite and vaishnavite Gods with

special lighting.Bangalore has wonderful pubs with free drinking. It would be more sensible to drink there than home.
 
Many flat complexes in chennai have atleast ganesha temples at the gate.

In my flat complex in chennai there is one. Some maintenance money goes towards upkeep of the temple. Also by rotation tenants perform religeous rituals, spending

their own money also.{ of course tenants can say no when it is their turn to spend} .

In bangalore , I did not have a pooja room in my sons flat nor there was a bar facility. . It was an upmarket flat with swimming pool, fountains ,club house. My

sambandhi spent sleepless nights that there was no pooja room. Ultimately, wood work was done to have a pooja facility installing saivite and vaishnavite Gods with

special lighting.Bangalore has wonderful pubs with free drinking. It would be more sensible to drink there than home.
hi


how it works....i know a lot of pubs in brigade road bangalore....we have bar in cantonment area for army personel...
 
Many flat complexes in chennai have atleast ganesha temples at the gate.

If you observe closely most of such Ganesha Temples will be in those apartments that is coming exactly at a T junction and it is kept for Vastu Purpose i.e no house , apartments must face the road diretcly and must have at least one small ganesha temple or ganesha idol .

In my flat complex in chennai there is one. Some maintenance money goes towards upkeep of the temple. Also by rotation tenants perform religeous rituals, spending

their own money also.{ of course tenants can say no when it is their turn to spend} .

True .Every monthly chaturthi there is a big celebration and sometimes people book it in advance and sometimes many never get their turn also and regret the same .Of course no compulsion but I heard that many people book their turns in advance . Apart from whether these sort of pujas are really helpful , I found it has some effect of atleast people in the apartment coming out once and seeing their faces and so it faciliaties some sort of bonding .It also gives some decent revenue to the priest and also the shop keepers around ( the flower vendors etc ) get a good business during chaturti time .Plus everyone gets lots of prasad ( in terms of Kesari , Pongal , Sundal etc etc ) and eating a handful of each can save you one day's dinner LOL .

In bangalore , I did not have a pooja room in my sons flat nor there was a bar facility. . It was an upmarket flat with swimming pool, fountains ,club house. My

sambandhi spent sleepless nights that there was no pooja room. Ultimately, wood work was done to have a pooja facility installing saivite and vaishnavite Gods with

special lighting.Bangalore has wonderful pubs with free drinking. It would be more sensible to drink there than home.

Sensible would have been to buy a ready made Puja Altar and keep it when he is around and remove it when he is not there LOL

Jokes apart .I feel having a small temple in the apartment complex and people taking turns to sponsor pujas and distribute prasad etc promotes a sort of bonding among the apartment inmates and help them get to know each other at least once or twice a month .In my loaclity there are 2 small ganesha temples and 1 small sai temple and I find everyone taking truns to sponsor something there ( for SAI Temple every Thursday ) and for Ganesha Temple ( every Monthly Chaturthi ) and it has a very festive look on these days . During the Peak of the Athesit Movement in TN many Ganesha idols were broken but now Ganesha is coming back with a vengance and occupying all street corners and most of the apartment blocks LOL and it is not just TBs sponsoring the Chaturti functions even many NBs also do these functions very sincerely and I know in an auto stand many auto drivers also maintain the Ganesha Temple with utmost sincerity and dedication . So in end Ganesha always brings in happiness and prosperity and nothing wrong in having him inside your house or in yoru apartment block .But try as much as you can ,you cant avoid Ganesha as the Athesit leader and his followers are discovering the unpleasant truth now and not only that they dare not remove the Ganesha from their apartment Block LOL and the if they do such a thing the first person to raise a stick against them will not be a TB but the local auto walas and local dalits LOL .
 
Incidentally the people in the Colony that I talked about want a temple...May be if they get sufficient signatures for it, the Promoters may allow a temple...In Gurgaon where I live there are no permanent temples inside Housing societies..But all Hindu festivals are celebrated..We had a Bengali Saraswathi Puja some time back..We also celebrate Dussehra & Diwali.
 
I think we should talk of "white Money" real estate. The "black money " real estate is totally out of control as the variables are not obvious.

How much house can you afford?

One cannot buy land or pre-owned flats with white money. Period. The likelihood is very less.

White money can only be used for new apartments that are directly purchased from the builder/developer. Rules for loans vary with economic situation and if it is a new apartment under construction, bank financing could be fully arranged. If not, upto 90% could be sourced with a nominal upfront payment by the purchaser.

I am not sure what the guidelines for the % of emi to net salary should be now or if different banks have different guidelies. Irrespective of yardsticks, banks have been known to push the limits to increase business.
 
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