Thursday, October 8, 2009

Buyers realise homes still out of reach

"It is not very wise to increase prices drastically now. The market has just recovered and the buyers are returning," Niranjan Hiranandani, managing director, Hiranandani Group.

"We are seeing some variations of teaser-type housing loans being offered. The lure of low interest rate at the start of taking a housing loan is enticing. But are customers being made aware of future implications of this?," Deepak Parekh, chairman of HDFC.

Jaago. Yeh hi hai right time! screams a property exhibition advertisement in newspapers. But Shravan Desai and GV Rao are not buying

"Affordable Homes" are hardly homes!

Property prices across the country are 10-25% lower than their peak in early 2008. Bank rates are about 4 percentage points lower. Still, the vast majority of the exploding middle class, which aspires to own a home, is not taking the plunge. Homes are still not affordable. Those described as 'affordable homes' are hardly homes.

Reduce the property price. Charge more for the parking!:

"The rates may have come down, but even today, the prices quoted by sellers are too high," said Shravan Desai, an employee at an MNC in Mumbai. "The developers have reduced the price, but have started charging more for the parking space, which one has to compulsorily buy and that too pay black money for that," fumes Mr Desai, who has been hunting for a home for the past two years.

To read more, please, visit The Economic Times

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  1. One can very well read this article on ET.. If I want to read it here again I would expect to see some analysis/inputs from your your take on the content of the article and so on....

  2. How can you expect unbiased analysis of an "anti-business" article from a property agent or a broker or a builder? Its like asking an undertaker how he'll dig a hole and bury you in it.

  3. # Ref: "How can you expect unbiased analysis of an "anti-business" article from a property agent or a broker or a builder? "

    You are absolutely right! I completely agree with you! Every person alive has his own set of beliefs and "biases". Including, property buyers and, so called, international real estate consultants who promote Indian real estate as a profitable investment destination.