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Hello Folks.
I am planning to buy a property of around 10 or 15 cents of land for 3.5 lakhs a cent in pallipuram tvm. This property is close to the upcoming technocity(around 500 mts) and is in a good residential area. Is this a good price or am i being overcharged for this? Would appreciate your views on this.

Prices going down down down. If investing or buying a new property, i would suggest to wait until Feb end. AT least 20-40% correction expected. Most gurus i have spoken to say this. With the interest rates going up, stock market going down (especially infrastructure and builder stocks) and builders not getting any more finance easily, thats the only way. Maybe this is the crash that was expected for so long.

A query to the Bangalore folks.

What is the current sq.ft rate for properties around Jalahalli. I want to know the sq.ft rate of Aquila Heights of Tata Housing in HMT layout at Jalahalli for a flat that is ready for possession.

20-40% of correction in prices?? I really don't think so, there can be a correction max upto 5% but 20% is on the higher side. The correction is likely to be in the upcoming builder projects.

I know someone who bought a flat at Aquila Heights late last year. Are you buying from Tata or from an existing owner ?

Interesting. What is your source, my friend?

I know family who're looking for lower end places in Gurgaon. There's no down down - the prices are same as end Oct/mid-Nov and the good stuff is slightly costlier only.

I hope you're right but the sentiment on the ground in Gurgaon is NOT the same.

Real Estate is always influenced by local market dynamics.

Agree with V-16, correction is long due in Mumbai. A 2 BHK flat in a suburb like Malad now costs 1 cror+. And above 4th floor, cost increases by 60 Rs per square foot. A flat in 15th floor or above is 1.5 cror+.

One of my friend has an apartment at Alpine Eco and its a 3 bhk(Duplex).
Last heard,he wanted to dispose it off as he is staying at the US for a long term.You might get it for a decent price.I had seen the apartment back in Aug 2010 and it has all the decent aminities.

Ramki,
Are you aware of any other sites in the vicinity.My brother is looking for a 1200 or a 1500 sq ft site(30*40) or (30*50).

Actually I am not buying? I wish I could. I have a friend who is getting possession of his flat soon. He wants to sell it and wanted to know the current rates. He has not been to Bangalore for a long time now.

I feel a correction in property market is due , the way prices have shooting upwards it is bound to come down one day, there cannot be a one side movement always. Some of the following factors will impede growth in the property market.
• High interest rates
• Lower growth (Due to high interest and inflation)
• Political stability due to corruption
• Other asset classes like commodities are going down , Gold /Silver /Stock market correction

Today the prices quoted are so high that a common person cannot buy a decent living spaces without going for enormous amount of loan. Certainly high interest will deter new purchasers.
Obviously if middle class slows down on purchases then there will be a slow down.

Some of the major builders having deep pockets may hold their ground but the golden question is for how long ? The percentage drop will depend on city to city depending on the demand supply situation.

Anybody aware of Sobha amethyst. Looks prices are less compare to other sobha projects.
One of my friend getting one in 63Lac , 1777 SFT. Is it worth?

I agree to your post above. The reasoning looks good, and economically correct too, but the market picture is totally different. I had approached a builder just before Navratri, at that point he quoted 5500/sqft rate, which I thought was exorbitantly high in suburb like Airoli (Navi Mymbai) . I left his office with the view that correction is due and hence if the rates dont go down I would be able to strike a deal at this rate later (assuming the rates to be stagnant at least). However the same builder quotes Rs.6200/sqft in Jan'11 !!! I guess the builder is jacking up rates as he is getting customers, not just blindly. All apart 1Bhk in my society which use to sell in range of 32L in Jan 2010, later went to 42L in Sep-Oct, 2010, recently the same sized 1BHK was sold for 47L !!!.

Deal like such are really upset me....I am one of those who are keenly waiting for that day when property rates go down y 15-20 % but looks like its a distant dream, atleast in Mumbai. :-(

If you remember buddy Dwarka was supposed to be for a middle class community. A 3 BHK costs no less than Rs 1 C over there plus every month the charges. The occupany rate of Dwarka is less than 45% still the prices are climbing every 6 months over there. Do you really think a person buying a flat would be dependent upon the bank loan or would bother about the interest rates???

The same goes for Gurgoan, just look at the prices, its just for the new project a person might take loan even that percentage of genuine buyers is small. There might be a correction of 5% max to max certainly not more than that until and unless we see 1929 or WORLD WAR III.

Lets not forget the most vital but hidden factor in Real Estate market. The black money. We Indians have plenty of it. Even if the market goes down it does not make much difference. There will always be people with unaccounted cash willing to pay up whatever the builder quotes. It is this which insulates the Real estate market in India from the market upheavals.

I do not see any market correction in property prices happening any time soon.