Property Prices will soon go down.

sanjaymasawan · Nov 6th, 2006, 15:10

Hey you all there,

There's some good news for the one's who are waiting to buy a House. It seems that Property prices are soon going to go down drastically.
There will be a deep plunge in the coming months.
In some places of Thane it has already started coming down

So cheers to all of you.
Happy Home
Sanjay

Jamie11 · Nov 6th, 2006, 15:58

I think that will be true for Goa, with the current problems for Foriegners buying there.

sanjaymasawan · Nov 6th, 2006, 15:59

Hi Friends

This is with respect to the recent hot property news travelling with the speed of 3 × 100000000 metres per second.

I am Sanjay Masawan working as a Software Engineer at Seepz, Mumbai and staying at Malad West. The latest property news has created an immense chaos not only in the country but abroad also.

The upsurge in the property rates have resulted in making the lives of people miserable. The average class who dreamt of staying in their own houses, now are living distressfully with the fact that they can never buy a house. The house that was 10 lakhs 2 years back is now selling in 21 lakhs. Even the old building prices have boosted unnecessarily. This in-affordbility has caused great tension in the minds of people which in turn carry this tension to work also.

The government has taken the initiative to coerce the builders to sell the area on Carpet and not "Built Up" or "Super Built Up" area. The government should also keep the key factor in mind that the whole purpose of the Carpet Area excercise should result in reduction of the property prices. If the sellers are selling the properties on Carpet area but at the same price then there is no benefit for common man. Government should do something to make the property affordable to common man.

Finally there is Good news that the property prices have started falling in some the area's of mumbai (thane)

The various factors that have triggered to the rates going down:

1. The new housing policy proposing to make sale of flats only on the basis of carpet area.

2. The government making a positive attempt to repeal the Urban Land Ceiling & Regulation Act (ULCRA) in the winter session of the state legislature beginning December 4 at Nagpur. Government has acquired more than 2,000 hectares across the state under the Act in past two years, including some 400 hectares in Mumbai alone. Unlocking this land would also bring down the property cost in Mumbai by 30% to 40%

3. Govt planning area-wise cap on realty prices across country

FACT: Till now the buyers and sellers both were confused. Even though the sellers were coating a huge price for the flats and the property rates was touching the sky, there were hardly any outright deals taking place.

Rates have already started going down and everyone will definately move to cheaper areas.

Happy Home
Sanjay Masawan

manreet_16 · Nov 6th, 2006, 16:44

For which part u r reffering us too..could u tell bout which parts of the country..

sanjaymasawan · Nov 6th, 2006, 16:56

I am referring to India, Mumbai, Thane

Nick-H · Nov 6th, 2006, 18:09

Moderator Note: I can't help thinking this is more appropriate to a property site, but, anyway, one thread is enough: threads merged.

crvlvr · Nov 6th, 2006, 23:08

Quote:

Originally Posted by sanjaymasawan

Property prices are soon going to go down drastically.There will be a deep plunge in the coming months.

Quote:

Originally Posted by sanjaymasawan

The latest property news has created an immense chaos not only in the country but abroad also.

Is this YOUR opinion? Is it based on some reports? If so, could you please point us to it?

greenchutney · Nov 6th, 2006, 23:32

and his next post is going to be an advertisement for so and so builders and real estate agency, or mafia services.?

Quote:

Originally Posted by sanjaymasawan

Govt planning area-wise cap on realty prices across country

interesting. how so?...how are they going to be implementing and enforcing this?..sitting under the table...extending the hand for their share of that black stuff....

Nick-H · Nov 7th, 2006, 09:36

I've seen nothing in the newspapers here. Of course I'm not in Mumbai, but any central govt action on property would surely be reported. And you can be sure that Mrs N and I would be very interested in any such news.

Quote:

and his next post is going to be an advertisement for so and so builders and real estate agency, or mafia services.?

Yes, probably. Cynical? What us?

ysarnaik1 · Nov 7th, 2006, 09:44

Hello ,

I think with my experience and discussion with some of the real estate brokers in Mumbai and suburbs I must aggree with Sanjay.

There is definate confusion with residential property buyers after CM's annoucement.

I must say that people who intend to buy home,must take a time off to study this what's going on before making a final decision.

All the best....

Nick-H · Nov 7th, 2006, 10:05

Quote:

Originally Posted by ysarnaik1

There is definate confusion with residential property buyers after CM's annoucement.

Welcome to IndiaMike

Do you have a link for the announcement?

sanjaymasawan · Nov 7th, 2006, 10:23

There's no link dear but its what we have seen.

Nick-H · Nov 7th, 2006, 11:02

Announcements by Chief Ministers usually get quoted in newspapers. And newspapers often have online sites/versions...

By the way: you two brothers? or just friends?

ysarnaik1 · Nov 7th, 2006, 15:54

[quote=Nick-H]Announcements by Chief Ministers usually get quoted in newspapers. And newspapers often have online sites/versions...

By the way: you two brothers? or just friends?[/QUOTE

Objective of forum is to share views and that's what we are doing? Its not a question of brother or friend probably we are thiking on same line.

RSN · Nov 7th, 2006, 16:04

Hi everyone,

Going by the following news reports, Sanjay does seem to be correct.

1) Real estate price will plummet
http://www.dnaindia.com/report.asp?NewsID=1060433

2) How will the new Housing Policy benefit buyers?

http://www.moneycontrol.com/india/ne...article/248753

However its important to remember that "property prices coming down" and "property actually becoming affordable" are two different things.

It has been seen that when prices are brought down by artificial means (through Govt. orders), it just increases the Black money component in the property price. This only serves to make buying property more unaffordable for the common man as he cannot get housing loan for the black money component of the property price.

And Nick, friends/brothers/relatives how does it matter,
ultimately just 5 degrees of separation

Cheers,
RSN

Nov 6th, 2006, 15:10	#1
sanjaymasawan Member Join Date: Nov 2006 Location: India, Mumbai Posts: 8	Property Prices will soon go down. Hey you all there, There's some good news for the one's who are waiting to buy a House. It seems that Property prices are soon going to go down drastically. There will be a deep plunge in the coming months. In some places of Thane it has already started coming down So cheers to all of you. Happy Home Sanjay

Nov 6th, 2006, 15:58	#2
Jamie11 Senior Member Join Date: Oct 2004 Location: Hong Kong Posts: 195	I think that will be true for Goa, with the current problems for Foriegners buying there. __________________ such is life....

Nov 6th, 2006, 15:59	#3
sanjaymasawan Member Join Date: Nov 2006 Location: India, Mumbai Posts: 8	Your dream home may now cost less Hi Friends This is with respect to the recent hot property news travelling with the speed of 3 × 100000000 metres per second. I am Sanjay Masawan working as a Software Engineer at Seepz, Mumbai and staying at Malad West. The latest property news has created an immense chaos not only in the country but abroad also. The upsurge in the property rates have resulted in making the lives of people miserable. The average class who dreamt of staying in their own houses, now are living distressfully with the fact that they can never buy a house. The house that was 10 lakhs 2 years back is now selling in 21 lakhs. Even the old building prices have boosted unnecessarily. This in-affordbility has caused great tension in the minds of people which in turn carry this tension to work also. The government has taken the initiative to coerce the builders to sell the area on Carpet and not "Built Up" or "Super Built Up" area. The government should also keep the key factor in mind that the whole purpose of the Carpet Area excercise should result in reduction of the property prices. If the sellers are selling the properties on Carpet area but at the same price then there is no benefit for common man. Government should do something to make the property affordable to common man. Finally there is Good news that the property prices have started falling in some the area's of mumbai (thane) The various factors that have triggered to the rates going down: 1. The new housing policy proposing to make sale of flats only on the basis of carpet area. 2. The government making a positive attempt to repeal the Urban Land Ceiling & Regulation Act (ULCRA) in the winter session of the state legislature beginning December 4 at Nagpur. Government has acquired more than 2,000 hectares across the state under the Act in past two years, including some 400 hectares in Mumbai alone. Unlocking this land would also bring down the property cost in Mumbai by 30% to 40% 3. Govt planning area-wise cap on realty prices across country FACT: Till now the buyers and sellers both were confused. Even though the sellers were coating a huge price for the flats and the property rates was touching the sky, there were hardly any outright deals taking place. Rates have already started going down and everyone will definately move to cheaper areas. Happy Home Sanjay Masawan

Nov 6th, 2006, 18:09	#6
Nick-H Loud-mouthed, Noisy Bird Join Date: Oct 2004 Location: Chennai, India Posts: 25,832	Moderator Note: I can't help thinking this is more appropriate to a property site, but, anyway, one thread is enough: threads merged. __________________ . Just one member of the IndiaMike Mod Team

Nov 7th, 2006, 09:44	#10
ysarnaik1 Member Join Date: Nov 2006 Location: Amchi Mumbai Posts: 2	Real Estate Sudden Price Drop In Mumbai Hello , I think with my experience and discussion with some of the real estate brokers in Mumbai and suburbs I must aggree with Sanjay. There is definate confusion with residential property buyers after CM's annoucement. I must say that people who intend to buy home,must take a time off to study this what's going on before making a final decision. All the best....

Nov 6th, 2006, 16:44	#4
manreet_16 On the Move Join Date: Sep 2005 Location: Canada\India Posts: 358	For which part u r reffering us too..could u tell bout which parts of the country..

Nov 6th, 2006, 16:56	#5
sanjaymasawan Member Join Date: Nov 2006 Location: India, Mumbai Posts: 8	I am referring to India, Mumbai, Thane

Nov 7th, 2006, 10:23	#12
sanjaymasawan Member Join Date: Nov 2006 Location: India, Mumbai Posts: 8	There's no link dear but its what we have seen.

Nov 7th, 2006, 11:02	#13
Nick-H Loud-mouthed, Noisy Bird Join Date: Oct 2004 Location: Chennai, India Posts: 25,832	Announcements by Chief Ministers usually get quoted in newspapers. And newspapers often have online sites/versions... By the way: you two brothers? or just friends?

Nov 7th, 2006, 15:54	#14
ysarnaik1 Member Join Date: Nov 2006 Location: Amchi Mumbai Posts: 2	[quote=Nick-H]Announcements by Chief Ministers usually get quoted in newspapers. And newspapers often have online sites/versions... By the way: you two brothers? or just friends?[/QUOTE Objective of forum is to share views and that's what we are doing? Its not a question of brother or friend probably we are thiking on same line.

Nov 7th, 2006, 16:04	#15
RSN Member Join Date: Nov 2006 Location: india Posts: 1	Hi everyone, Going by the following news reports, Sanjay does seem to be correct. 1) Real estate price will plummet http://www.dnaindia.com/report.asp?NewsID=1060433 2) How will the new Housing Policy benefit buyers? http://www.moneycontrol.com/india/ne...article/248753 However its important to remember that "property prices coming down" and "property actually becoming affordable" are two different things. It has been seen that when prices are brought down by artificial means (through Govt. orders), it just increases the Black money component in the property price. This only serves to make buying property more unaffordable for the common man as he cannot get housing loan for the black money component of the property price. And Nick, friends/brothers/relatives how does it matter, ultimately just 5 degrees of separation Cheers, RSN

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