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kepler37b

Indian cities: Astronomical Real Estate Price

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5 hours ago, coffee_rules said:

Bloody NRIs, IT boom, MNCs and liberalization 

More like blood money, more blood money & endless supply of blood money!

4 hours ago, kepler37b said:

And the local level corruption 

 

Indian real estate is like drug trade in Mexico. 

 

Every govt office at every level asks for the cut 

 

The most stupid thing is that, most of salaried middle class knows this and still buy properties.

Are you really surprised? A lot of the middle (salaried) class also parks their "black" money in there! You also would be surprised to know how ministers or bureaucrats make money off of it, I mean using the middle class.

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3 hours ago, ravishingravi said:


Bhai I saw an apartment recently in Malad Mumbai. Almost next to the metro line completely blocking the window and the building shakes a bit when metro passes by. Rs 2.5 cr only. 2 bhk. 

Catch 22 situation , being close to the metro line/station also increases the value of the property.

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8 hours ago, kepler37b said:

I just went on house hunting, on repeated insistence from my family. Our parents are stuck in a time warp and still think that possessing a house is still a matter of family izzat.

 

 

But man the real estate is astronomical. 

 

A suspended and congested  matchbox in the sky  is 75L(Apartment) in hyderabad at least. An Independent  is 1.5Cr+ (for 200 sq yards+).  Why the f**k is this so costly? 

 

How was your experience house hunting in India? 

 

 

The counter arguement would be:

 

Why pay a rent for years which many a times equals the amount you have to pay as EMI. The Home loan amount can also be used to lower the overall taxable.

But I am sure you know all this. Staying on rent offers no benefits. Unless your company has leased a home to you for 3-5 years in a gated community. 

 

As astronomical and artificially inflated the rent/ownership amounts are, it is best to buy some property with the hopes that it goes for redevelopment a few years down the line and you luck out.

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17 minutes ago, Mariyam said:

The counter arguement would be:

 

Why pay a rent for years which many a times equals the amount you have to pay as EMI. The Home loan amount can also be used to lower the overall taxable.

But I am sure you know all this. Staying on rent offers no benefits. Unless your company has leased a home to you for 3-5 years in a gated community. 

 

As astronomical and artificially inflated the rent/ownership amounts are, it is best to buy some property with the hopes that it goes for redevelopment a few years down the line and you luck out.

 

Ok...

 

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1 hour ago, R!TTER said:

More like blood money, more blood money & endless supply of blood money!

Are you really surprised? A lot of the middle (salaried) class also parks their "black" money in there! You also would be surprised to know how ministers or bureaucrats make money off of it, I mean using the middle class.

 

1 hour ago, R!TTER said:

More like blood money, more blood money & endless supply of blood money!

Are you really surprised? A lot of the middle (salaried) class also parks their "black" money in there! You also would be surprised to know how ministers or bureaucrats make money off of it, I mean using the middle class.

 

Our cities are like IITs. They suck at global scale. But are costly because lot of people are attached emotionally to the concept of land ownership.

 

One of my friends bought an apartment 3bhk for 1.68 crores and threw a big party 

 

The bugger would have retired comfortably with that amount. But he continues to work like a slave in office.

 

Sometimes I think our middle class people need to observe the life as a whole and not from month to month.

 

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1 hour ago, Mariyam said:

it goes for redevelopment a few years down the line and you luck out.

Luck out? Property prices in India only go one way - up, the only time they go down is if a piece of land/colony is declared contested or illegal. Well the Hindi word is "avaidh" don't think there's a proper English translation for it.

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6 hours ago, R!TTER said:

Luck out? Property prices in India only go one way - up, the only time they go down is if a piece of land/colony is declared contested or illegal. Well the Hindi word is "avaidh" don't think there's a proper English translation for it.

They do not go down. They either go up faster than inflation OR fail to catch up to inflation OR remain static wise.

 

I know people who have multi crores of properties and lead a life like a salaried man earning 10k per month. As long as they have this false notion of Save, Save, Save the property prices are never going to go down.

 

But these people must think of their life from existential point of view. There is no point leading like a hermit in a hovel , when you are a millionaire.

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8 hours ago, Mariyam said:

Catch 22 situation , being close to the metro line/station also increases the value of the property.

In Delhi too, apartments this close to metro would be 10-20% lower than those relatively at safe distance (no noise/shaking etc.)

These apartments can remain unsold forever or for a very long time

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10 hours ago, kepler37b said:

 

One of my friends bought an apartment 3bhk for 1.68 crores and threw a big party 

 

The bugger would have retired comfortably with that amount. But he continues to work like a slave in office.

 

Sometimes I think our middle class people need to observe the life as a whole and not from month to month.

 

 

This type of behaviour is explained really well in the book, "The Psychology Of Money".

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13 hours ago, kepler37b said:

 

 

Our cities are like IITs. They suck at global scale. But are costly because lot of people are attached emotionally to the concept of land ownership.

 

One of my friends bought an apartment 3bhk for 1.68 crores and threw a big party 

 

The bugger would have retired comfortably with that amount. But he continues to work like a slave in office.

 

Sometimes I think our middle class people need to observe the life as a whole and not from month to month.

 

 

One of the great mysteries of life which Yudhistra in Mahabharata also remarked. Time is the only currency but we live as though we will live forever.  

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9 minutes ago, ravishingravi said:

 

One of the great mysteries of life which Yudhistra in Mahabharata also remarked. Time is the only currency but we live as though we will live forever.  

good quote that one.

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6 hours ago, randomGuy said:

In Delhi too, apartments this close to metro would be 10-20% lower than those relatively at safe distance (no noise/shaking etc.)

These apartments can remain unsold forever or for a very long time

The way Indian thinks is very different. I have seen this behaviour in California.

 

Firangs live far way from town centre with large space of house costing less that 1 Million.  Desi's live near to town center with a claustrophobic row house.

 

I think as a race we are hard coded to "Adjust" and "Compromise" and "Look inward for happiness".

 

The same thing is being neatly exploited by land owners, politicians and  builders. 

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17 hours ago, Mariyam said:

The counter arguement would be:

 

Why pay a rent for years which many a times equals the amount you have to pay as EMI. The Home loan amount can also be used to lower the overall taxable.

But I am sure you know all this. Staying on rent offers no benefits. Unless your company has leased a home to you for 3-5 years in a gated community. 

 

As astronomical and artificially inflated the rent/ownership amounts are, it is best to buy some property with the hopes that it goes for redevelopment a few years down the line and you luck out.

 

Well that never happened. India which has the lowest rental yield, often less than 3% and the rent is fully taxable for the owner while it gets HRA benefit for the renter. Good luck getting the bank/nbfc giving a loan at that rate. There's also the opportunity cost of being stuck in one place and potentially missing out on career growth if not open to relocation.

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Property can only get more expensive with economic growth. The latter provides opportunities to multiple wealth and grow one's career. One just needs to make a choice, whether to invest millions in brick & mortar now to get a sense of security or multiply the millions over a couple of decades to have a lot of f**k you money.

Edited by Clarke
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3 hours ago, Clarke said:

 

 

Well that never happened. India which has the lowest rental yield, often less than 3% and the rent is fully taxable for the owner while it gets HRA benefit for the renter. Good luck getting the bank/nbfc giving a loan at that rate. There's also the opportunity cost of being stuck in one place and potentially missing out on career growth if not open to relocation.

Her arguments are eerily similiar to the ones made by women in my family. 

 

:afraid::afraid::afraid:

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30 minutes ago, kepler37b said:

Her arguments are eerily similiar to the ones made by women in my family. 

 

:afraid::afraid::afraid:

 

Some (actually many) minds give greater weightage to feelings and then invent new facts to suit them. A cousin who's actually a chartered accountant with good tenure abroad & in India has given me such advice with similar claims devoid of ground realities. 

Edited by Clarke
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Not just mumbai, delhi,gurugram noida has its fair share of expensive properties,areas like aruna asif ali road, rajpura road,malchcha marg,jorbagh, Chanakyapuri, Prithviraj Chauhan marg, Aurangzeb road, Aruna asif ali road hauz khas, gk, Vasant vihar, Vasant Kunj, defence colony,friends colony etc have ridiculously high property rates.

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On 6/19/2022 at 1:51 AM, R!TTER said:

Luck out? Property prices in India only go one way - up, the only time they go down is if a piece of land/colony is declared contested or illegal. Well the Hindi word is "avaidh" don't think there's a proper English translation for it.

Many a slip between cup and lip.

 

The builder could go broke. He may not finish the construction on time. He may not complete the construction the way he promised etc.

The legal proceedings could take years. Introduction of the RERA has helped the customers, but there is still an element of luck involved. Especially if its medium/small time builders who are redeveloping a property.

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