Happened to watch Star Vijay Tv at about 6am today. One ad was for real estate – and one of the ‘idiots’ of 3 idiots was selling real estate. Did not pay much attention, but thought to myself ‘why the …..should these guys sell products that they do not understand’. Then i reconciled myself saying that if Amitabh and Sharukh can sell everything except women’s hygiene items…it is ok for a younger guy to do it.
Then came a fantastic ad of VR developers…do not know the anchor…cannot recognise him (could be a tv star, no clue)…
he said..’If you buy a piece of land 2-3 km away from the National Highway..it may or may not appreciate…BUT if you buy it on our property…..it will go up 5 to 10 times IN ONE YEAR’
wow….DO we need a real estate regulator…
Now let us look at the facts:
a) if there is some asset which will really go up 500% will not all the money be there BEFORE you need to advertise it?
b) if everybody knew that the highest rise will ONLY be on the highway and NOT 2-3 km from the highway, will not a builder try to create an arbitrage?
c) who is responsible for the land, pricing, etc. why is there no customer protection at all?
d) holistically speaking why should i take the trouble to save Rs. 20,000 for a client who goes and loses Rs. 30,00,000 in a property?
e) real estate, in my view, is sadly the biggest investment that a client makes. The broker, the builder, the renter, the landlord are completely UNREGULATED. Sad.
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