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Why buying a house is outrageously expensive

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talking of the spiritual...!!!

Nope this guy is an athesit but he was not rich enough to buy an apartment in the same area and location as his HIG friends lived and so had to contend living in an MIG Apartmet that had a small puja room and he converted it in to a Mini Bar so that once in while he could host his HNI friends for a drink in his apartment .
 
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hi

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

TBSji

Continue with research on these builders and if you finalise let me know.

I will think of it.

I trust your judgement on this.

Both these builders have many apartments .

They all look alike.
 
TBSji

Continue with research on these builders and if you finalise let me know.

I will think of it.

I trust your judgement on this.

Both these builders have many apartments .

They all look alike.

hi

thank u sir....you know one thing....my native place is near coimbatore....my parents born in coimbatore...even my

childhood in coimbatore/palakkad..even my chithappa have home in coimbatore....my kuladeivam temple near

coimbatore too..i was planning for a long time...not yet decided....my life is half in USA/half in delhi/chennai....

so i was not so hurry to extended feet too now..i may decide later...but still in my mind to settle down in coimbatore..
 
I have no interest in retirement communities.

I have coimbotore links.

That is one of the reasons for keeping off.lol

but the climate there is a plus point.

it is gateway to kerala.

Air and train links are good.

But I am too lazy to search and locate an apartment..

I mostly casually decide and make major decisions.

It has paid me handsomely.

Do whatever the person you trust says.

Normally most make good decisions better than mine.

Trust people and benefit.Saves one a lot of trouble researching and driving oneself crazy.

My philosophy for living.
 

Aged members, who are at the fag end, should first realise that with everyday passing, they are moving close towards the grave....the indispensable.... and certainty.

While so, why worry about climate, season, benefit, etc.lol

Sit in the living room, take a large peg of Tequila and enjoy the melody of Krishna Mukuntha Muraari......Jaya Krishna Mukuntha Muraari......Muraari.......

And this may be the philosophy of some good hearts.
 
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Live life.

From day 1 we know we are going to die one day.

That does not prevent one from getting educated ,working at jobs,getting married ,raising children ,enjoying retirement in full.

Read Saul bellow 'Herzog' . He is a noble prize winner in literature.

you might like his philosophy of seizing and living each day to the full.

Multiply your assets for the joy of achievement.

Go around the world to see what it has to offer new.

Learn to hug instead of fighting all.

This forum has got wonderful people.

Reach out to them instead of hating them.

They will reciprocate.
 



Read Robin Sharma’s the ‘Monk who sold his Ferrari’ which is a self-help book about the development of character and more particularly discipline in life.


It conveys among other things the message about how one should also live life freely inspite of working all days.

You can spare some thought to your life, your goals, and dreams and try to lead a life with MEANINGFUL EXISTENCE.

Among other interesting topics it also deals with Mastering one’s mind, following one’s purpose in life, live life with discipline, respect every one’s time, selflessly help others and embrace the present.

Whatis that one going to ultimately derive by running after wealth, benefit,comfort, etc untiringly?

Try to lead a simple and more particularly meaningful life.

As I said earlier, I love to hate advice from others.

As I know it is the easy thing for anyone to do instead following by self.

People do this with everyone they meet and everyday.

And I don't lock horns with everyone except the most deserving.

And I love that bcos it is interesting...

Last but not the least, I am not here for want of any 'Conduct Certificate' from the members of the Brigade. lol


P.S: You have not attended a single get-together organised at Chennai. But I have attended two at two different locations and personally know few members. They are all really lovable and nice. But that does not mean that I should agree to whatever each say. Opinion differs.
 
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Returning to the subject of the thread -House buying being expensive- the simple fact is the demand has dried up due to black money hunts.

Small builders are feeling the heat with unsold inventories and incomplete flats.

Large ones with more staying power are quietly offering freebies to collect fresh bookings and using it to complete their existing projects.

now controls are being brought in to check diversion of funds by big builders.

Regulaters are helpless to stop the downslide in the markets.

Many are shifting to affordable housing to revive demand.

The situation is bleak.

Those who have booked are waiting anxiously for completion of flats and hand over.

Ultimately the buyers -specially salaried class suffers.They have to pay rent for existing flat and instalments for new purchase..
 
I guess we are on a long recession as far as housing prices are concerned..It is very subdued in large metros with huge availability of unsold property...Prices will raise as soon as Interest rates fall which is the current expectation..Those who want to buy property this is the apt time! But do not forget the adage "Cash is king"
 
I have been visiting to transact an apartment for a friend of mine. And this one is located at Thiruneermalai, which falls under the jurisdiction of Chrompet, Chennai-600 044.

When I visited that place, more specifically Thiruneermalai Main Road, I can see there are lot of gated community and apartments promoted by three different reputed builders.

But the area was comparatively calm and not so busy with such number of apartments spread over everywhere. When I enquired, I was told that most of the apartments are vacant and there are no takers. And this is because when there was flood in December last year, the entire ground floor of most of these apartments were submerged. Just think about the fate of those who occupied the first, second and other floors with 10 feet water level from ground.

I was even told one of the builder is almost bankrupt now. How are these builders going to realise their money which stands as concrete jungle with no demand.

This natural disaster seems to have turned the dreams of this Real Estate business community into a question mark.

Now one can read this news item

Realty Bites Chennai Home Buyers Hard After Floods, Demand for 'Lake Side' Properties Drops

CHENNAI: “Was the project affected by the floods?” asks a wary customer. “No ma’am,” goes the reply. “Well then, do you have pictures to prove that?” she counters. This is how every project enquiry goes now, admits Yaseer Rahman of Connection Point and treasurer of the Chennai Real Estate Agents Association.

Chennai consumers have caught a sudden and much-needed dose of mindfulness about the location of their homes. What the city wants from its property developers and agents has changed big.

Not only has what they want from their prospective homes changed, a large majority of the city’s denizens are actually acting on these newfound sentiments. Those who can drop investments in existing projects are trying really hard to, and many who want to, are stuck with homes they cannot afford to sell. If at all they can.

“I bought a home in Pallikaranai less than a year ago for Rs 70 lakh. I thought it was a good investment then, but 12 feet of water has disabused me of that notion quite effectively,” points out S Reddy, software engineer.
Reddy, however, has not much of a choice but to hold on to the property, come rain or sunshine, or even floods. Because rates in flood-affected areas are expected to plummet.

“The house was bought on loan. I broached an agent about the prospects of selling it with the loan, but he told me to forget about it for a couple of months. And even if something comes up later, I won’t be able to get the money I put in,” he confesses.
Reddy’s situation is mirrored by many in formerly hot areas like Velachery, Pallikaranai, OMR, certain areas of GST Road and almost all projects close to the Adyar and the Cooum. People with projects on the OMR, especially, are moving.

Take S Shiela, a Bengaluru resident, who decided to invest in a property in Perumbakkam. Now, she finds herself the owner of a new luxury-home that became part of a lake for a whole week. “The parking level was very low, and water had gotten in, fully submerging all the cars. I had bought a ground-floor villa,” says Shiela, who is stuck with the ‘investment’.

Those who can cancel bookings however, are doing so. A loss of a lakh or so rupees notwithstanding. “I myself have cancelled several bookings in half completed projects for my clients,” said Rahman. But not all projects are seeing cancellations. Some, even in areas where flood waters reigned high, are seeing a rise in bookings. The difference? “The projects seeing a rise in bookings are those which have not yet taken off. The rationale being that deficiencies in the design can be corrected, now that consumers know what they want,” he said.

Sentiments in the rental space, however, are moving a lot faster. Tenants in almost all flood-affected areas have started looking for homes. “A client moved from Chetpet, which saw only a feet or so of water to Egmore, paying nearly 25 per cent more, because he was scared,” said Rahman. Odd though, is how rentals are moving at OMR. According to agents there, tenants are trying to shift from places a little further in from the main road to the main road. OMR’s tenants have started churning within the locality itself and this is likely to continue.

But what are the specifics driving the churn, both in OMR and the city as a whole. Consumers have new wants now. “I would not dream of getting a house that does not have a Reverse Osmosis plant and a self contained water supply,” declares Raja Balasubramanian. A demand sparked by having spent three days rationing one can of water at a friend’s house.

Source: http://www.newindianexpress.com/cit...roperties-Drops/2016/01/04/article3210265.ece
 
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This natural disaster seems to have turned the dreams of this Real Estate business community into a question mark.

Chennai's flood has only worsened the RE sector which was already over hyped and the time of correction had come and the floods are proving to the starting point of such a correction .
 
I guess we are on a long recession as far as housing prices are concerned..It is very subdued in large metros with huge availability of unsold property...Prices will raise as soon as Interest rates fall which is the current expectation..Those who want to buy property this is the apt time! But do not forget the adage "Cash is king"

I think falling interest rates will be only a small consolation but the larger issue is the really unaffordable property prices .I can agree Premium Apartments quoting big rates but even horrible , old ,useless apartments are also quoting atsronomical rates and unless there is a 25-30% correction in prices there wont be takers for many of these apartments either old or new . There is a big demand for housing among the middle class but unless it comes to the affordable levels I doubt whether we will see any fresh purchase of property in the near future .
 
I think falling interest rates will be only a small consolation but the larger issue is the really unaffordable property prices .I can agree Premium Apartments quoting big rates but even horrible , old ,useless apartments are also quoting atsronomical rates and unless there is a 25-30% correction in prices there wont be takers for many of these apartments either old or new . There is a big demand for housing among the middle class but unless it comes to the affordable levels I doubt whether we will see any fresh purchase of property in the near future .
In NCR belt prices are stagnant for the past 24 months or have dropped 15-20%..As constructed flats are unoccupied the developers are offering additional discounts...It is a buyers market now...Investors have however vanished!
 
The proposals to ban cash transactions above 3.00 lacs, if implemented would further dry up the real estate market.
 
The Scenario right now is similar to the scenario that we faced in the late 90s when real estate crashed and many financial institutions ( NBFCs ) collapsed . Liquidity is drying out and that is creating havoc in the Real Estate Sector with many builders unable to complete their projects on time and that is causing lot of misery to normal middle class people who have invested in these properties taking loans and staying on rent outside and till they are able to go to the new apartments they will have to keep paying rent as well as the EMIs . Even those who got their apartments after long delay have to confront new problems like lack of adequate facilities in their apartments , poor quality fittings , the promised amenities not there and they again have to shell a lot of money to fix these problems and it is putting lot of financial pressure on many middle class families ( along with mental pressure ) . The only thing bright right now is the Stock Market which again many say is artificially inflated and if the stock market also crashes then it will be a very big financial meltdown in entire India and will lead to a bearish scenario that will take 5-10 years to recover .I do not see any bright days ahead as far as India's Real Estate and financial sector is concerned .
 
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The Scenario right now is similar to the scenario that we faced in the late 90s when real estate crashed and many financial institutions ( NBFCs ) collapsed . Liquidity is drying out and that is creating havoc in the Real Estate Sector with many builders unable to complete their projects on time and that is causing lot of misery to normal middle class people who have invested in these properties taking loans and staying on rent outside and till they are able to go to the new apartments they will have to keep paying rent as well as the EMIs . Even those who got their apartments after long delay have to confront new problems like lack of adequate facilities in their apartments , poor quality fittings , the promised amenities not there and they again have to shell a lot of money to fix these problems and it is putting lot of financial pressure on many middle class families ( along with mental pressure ) . The only thing bright right now is the Stock Market which again many say is artificially inflated and if the stock market also crashes then it will be a very big financial meltdown in entire India and will lead to a bearish scenario that will take 5-10 years to recover .I do not see any bring days ahead as far as India's Real Estate and financial sector is concerned .

Even if our GDP is overstated by 2% even at 5% growth we are envy of the world! What to say of the rest of the world? But we are not happy as per the posts! Let us take solace in the fact that the grass is always greener on the other side!
 
Even if our GDP is overstated by 2% even at 5% growth we are envy of the world! What to say of the rest of the world? But we are not happy as per the posts! Let us take solace in the fact that the grass is always greener on the other side!

I am not aware of the GDP , Inflation figures etc but what I am anticipating is a big fall in the RE Sector and its negative multiplier effect .I remember the same scenario happened in the late 90s and we had to wait till 2006 for things to brighten up a bit . Many Indians can consider themselves lucky as they have at least one of their children in USA, UK ,Dubai , Australia etc ( i. earning in foreign currency ) or working in the IT field ( i.e better salaries then the avrage Indian in a Non IT field ) and they can withstand this financial shock and hence there is still some tolerance inspite of the mess in RE and its negative multiplier effect .
 
In NCR belt prices are stagnant for the past 24 months or have dropped 15-20%..As constructed flats are unoccupied the developers are offering additional discounts...It is a buyers market now...Investors have however vanished!

hi

in greater noida....many flats are still vacant....just waiting for any NRI...
 
hi

in greater noida....many flats are still vacant....just waiting for any NRI...

Many NRI's , HNIs book these apartments hoping either they would themselves settle there or hope another NRI, HNI will buy the same . Now no more fools to buy property in those vacant buildings .So their money is stuck there .
 
There are two ways of looking at the scenario.

One with instinct of a gambler, have hope that things will improve and buy up distressed properties at rock bottom. Of course difficult to guess where is the bottom?

The other way lament, paint a doomsday scenario, sit tight on money which anyway will depreciate if invested in securities.

Ultimately it is the mindset.

I belong to the former category.

In every distress I see oppurtunity.

Senior citizens have nothing to lose except the shirt and dhoti. So we can merrily take the risks and plunge when we see as oppurtunity.

Like yesterday I did bottom fishing and bought infosys shares. Let us see. Sikka will make money for us.lol. He has to redeem his name.

Next is Mukesh Ambani. He has announced superlative results for RIL. Why not fish further?.

I see potential in coimbotore housing. let me examine the brahmin and half brahmin companies which some suggest here.

This is based on the assumption that these fellows will kiss us on both cheeks when we play the caste card and give us a good deal.lol
 
Many NRI's , HNIs book these apartments hoping either they would themselves settle there or hope another NRI, HNI will buy the same . Now no more fools to buy property in those vacant buildings .So their money is stuck there .
my grand nephew bought a completed flat a few months back in greater noida and doing grahapravesam in september.

Of course he is in IT with working wife back up.

If one pays astronomical rents in delhi best throw money into own flat through money borrowed from housing finance companies.
 
my grand nephew bought a completed flat a few months back in greater noida and doing grahapravesam in september.

Of course he is in IT with working wife back up.

If one pays astronomical rents in delhi best throw money into own flat through money borrowed from housing finance companies.

If you buy a property for your own use then it does not matter much how much you paid for it as long as you are able to pay the EMI for the same .At least you enjoy your property .The problem comes when you buy an apartment and leave it for rent and if your monthly EMI comes to Rs75,000 and your monthly rent from that apartment is Rs25,000 .In this case your tenant enjoys your apartment and not you .
 
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