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Developers have drastically raised the super built-up area of the new properties. From 50% super built-up area, it has almost reached 100%,” said Pankaj Kapoor, founder, Liases Foras.
However, with the increase in super-built up area, the cost of properties has also doubled over a period of time. Consumers are getting lesser space at a higher cost. For example, if an apartment of 1,000 sq ft carpet area had a saleable area of 1,400 sq ft in Kandivali (a Mumbai suburb) in 2005, at that time, the apartment was priced at Rs2,500 per sq ft. The total cost came to Rs25 lakh. But now, an apartment of 1,000 sq ft is quoted as 2,000 sq ft saleable area. Taking the current cost into consideration, it is priced around Rs8,000 per sq ft. The total cost of the apartment has jumped to Rs1.60 crore.
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17 comments:
Builders in India are on dope.
cheaters, thats what builders are . scum of the earth
Okay fine builders are cheaters.
But as buyers we are also at fault. It is not like builders shows you one plan and sell you lesser area. They sell as specified in the plan and also specify what % is been added to the carpet to come up with super built up.
If you feel cheated why should you buy? Why one feels so insecure in staying in rented house? Or is there peer pressure to buy a house as soon as possible? Or one fears that the prices would shoot up so much and won't ever come back to affordable levels? Or the investors still feel that they will get same astronomical returns as they did some years back?
These are the factors from buyers side which are allowing the so called "cheater builders" to sell at what ever price and add whatever area.
Lowest IQ
@Lowest IQ
Right to the point. Builders don't force anyone one to buy. All the documents are put in front of the buyer plus buyer always avails the services of a lawyer. There is a difference between 'necessity' and 'nice to have' . Buying luxury goods that one doesn't really require, and then crying foul is the height of stupidity.
How would one feel if the bank takes away his home if he can't afford the EMI payments for for some unforeseen reason. who should be blamed. The builder, the bank or the person himself.
Those who live beyond the means always pay a price for their folly
Typical Raheja newly constructed apartments in Mumbai has a builtup to carpet area ratio of 1.75: 1. The floor plans are available on brochures as well as internet.
Those who buy go through the floor plan, the cost etc etc. How can call Raheja a cheater in this case
okay dreamers..
Let me know when the so called bubble bust..
I am thinking I should rent one of this office may be 100 sq ft with window, make it studio apt, and hang my laundry outside to dry.
UBS, JPMorgan Quit India’s Manhattan as Buildings Rot
May 6 (Bloomberg) -- UBS AG and JPMorgan Chase & Co. are leading an exodus of finance companies from Mumbai’s Nariman Point financial district as they balk at paying double midtown- Manhattan rents for crumbling four-decade-old buildings.
If Mumbai doesn’t get its act together by 2030 by improving transportation, housing and water systems, and reducing costs, the city may lose out to places such as Dubai as Western companies seek a base in the time zone, Saberwal said.
65 high-income MLAs apply for low-income Mhada houses
Mumbai: When officials of the Maharashtra Housing and Area Development Authority (Mhada) started sifting through the applications for the May 18 lottery for 3,449 houses, they found 65 legislators had applied as well, some under the economically weaker section category.
Mhada’s houses are three times cheaper than those by private builders and come in four categories: economically weaker section (EWS), monthly income of up to Rs8,000; low-income group (LIG), monthly income Rs8,000-Rs12,000; middle-income group, monthly income Rs12,000-Rs20,000; and high-income group (HIG), monthly income Rs20,000 and above
Snake Charmers of India ....
Column : Playing the ipl.com bubble
The other question that needs answering is: How can the IPL teams command such valuations when revenue projections show that they will run losses for the next 7-10 years? There is nothing illegal about some of the key IPL actors playing the valuation game. It is just a punt or a view being taken by Lalit Modi and others. The IPL now resembles the dotcom boom of 2000, when many entrepreneurs and punters had put their faith in the tech story. Lalit Modi and company are placing their faith in the great IPL valuation story that may or may not pan out the way they imagine it. The income tax department or other enforcement agencies cannot fault Modi for dreaming about future valuations. That indeed is Modi’s prerogative.
next time the builder comes to me to buy my plot, I will charge him 1.75 the actual price, or the next time he buys onions, the vendor should give him 500 grams for every goods purchased.
These transactions should come under the MRTP, but the government cannot police itself.
In a country with low ethics what can we expect
the end goal of Modi can company was to sell the IPL teams to the public on the stock exchanges. Make the consumers of the dope pay for producing the product as well. Moronic investors in India would never look at valuations and with the cartel of stock brokers one can be assured that the owners woud've scammed the public. Just look at the Reliance Power IPO price. The fallout of the Modi-Tharoor campaign is that the public has been saved of a few thousand crores of its hard earned money
People who have taken out mortgages to buy homes, loans to purchase cars and credit cards to pay for overpriced basic goods are being asked to meet all these commitments with a much lower income than they had budgeted for .
What you will hear time after time, both at the protests and at workplaces and cafes, is that this crisis confirms the failure of the country’s political system. In other words, that for years politicians have been bleeding the country dry, looking after themselves and their friends and failing to build a robust economy and a country equipped to deal with the challenges of the 21st century.
There is anger at the pervasive, high-level corruption for which no politician is ever punished. People are also furious that no government has ever tackled influence-peddling in the public sector.
This feeling of unfairness is compounded when tax evasion also goes unpunished.
For many of those who feel unrepresented, there seems to be no outlet at the moment. The lack of trust in the political parties means people are not turning to them either. These are people who will not go on strike or protest in the streets. These are people who will do their job honestly.
However, their patience is finite. If they see the money from extra taxes being wasted, if they feel that politicians are still cutting deals to help themselves to public funds, if tax dodgers are left untouched, then their anger will erupt as well. And nobody will be able to tell them they have nothing to protest about.
Why the Greeks are so angry
This is an eerie similarity between India and Greece. The day is not far-off when the common person whacked by inflation, artificial high prices engineered by the cartel of CONgress government-Bankers-Builder wakes up from the "tamaasha" of IPL, Reality Shows and takes the law in hand.
If 800 million $2 a day people in India wake up and another 150 million who are barely making ends meet also wake up, there will be blood on the streets in India. And the way things are, it may be coming in a few years. India could be next Greece with 85% debt to GDP ratio and borrowing money to fund salaries of Govt.employees and selling PSUs to fund infrastructure projects.
Look at what Minister Sharma is saying: He doesn't understand one basic thing that from where is this stimulus coming? The country is going further into debt to pay for this massive stimulus. I wish the politicians could run the country expenses the way they run their own home expenses i.e. do not get into too much debt and do only waht is needed.
Union Commerce and Industry Minister Anand Sharma on Saturday said that "stimulus package" to the industry would continue in spite of robust recovery over the past one year.
Talking to media persons in Shimla, he said that the Rs 1.86 lakh- crore incentive given to the industry in three tranches and policy interventions to help it ride the slowdown have shown results and the industry is recovering fast.
The industry is recovering fast but the country is going down faster into debt. The foolish politicians should learn something from Greece.
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