All these experiences are anecdotal and may not be useful at all for you. However it could be illustrative of what happens in the RE market..and could become some kind of a learning. However it may or may not work for you, so that is the caveat.

I have been looking to buy a house in Nerul, a suburb of Navi Mumbai. This would be about 40 km from the central business district called Nariman Point. For most people in So Bo (South Bombay – many of them still have not reconciled to Mumbai). So it could be an unwanted, eastern suburb of Mumbai, but if you saw the RE prices you would think you are in Manhattan.

1. Brokers are the only ones chasing you. Literally unemployed from dawn to dusk they chase you with houses which could be much beyond your budget, or much smaller in size, or at a location which you have specifically said NO to.

2. We wanted to buy in one colony called Army Colony, Nerul. That experience should be a separate post! We met people asking for Rs. 1.55 crores to people asking for Rs. 2.1 crores for SIMILAR house, with same level of interior work done. Amazing, but no deals have happened there in the past 6 months, so pricing is just a number in the sky.

3. We saw a 2500 sft house priced at Rs. 7 crores, and a 2000 s ft house about 700 mts away NOT SELLING for Rs. 1.8 crores. I believe he has now UPPED THE offer to Rs. 2.1 (my broker was laughing). But hey if he wants to sell, he wants to. If he does not want to sell, he does not want to!!

4. One lady is trying to sell a 3 bhk for Rs. 1.56 crores and buy a 1 bhk. Her best offer is Rs. 1.46 for the flat she wants to sell and she cannot get a 1bhk for anything less than Rs. 77 lakhs! amusing. Demand and Supply I guess.

5. There are people in the market who come regularly to feel ratified that their house is quoting at a particular rate. No intentions of selling, aise hi, time pass kar liya..

6. If you think selling a house is difficult, it is so damn true. Hey buying WITH a budget in a particular LOCATION of a particular SIZE is a good damn pain in the wrong places.

7. All the RE websites are infested with brokers offers.

8. Brokers lie. One broker said the deal is closed, but the SELLER had not even heard of this broker.

…can go on…instead I want YOU to add YOUR home buying / selling  nightmare…

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  1. Subra,

    Even I had the bad experience of this, now I dropped idea of buying flat/house due to this broker problem, property rates are too much inflated in bangalore

  2. Sir,
    Quite amusing experiences! Greed is good ! Oliver Stone shoulf make his next movie ob the subject of Navi Mumbai Real Estate! ‘Palm Beach Street’ 😉

  3. I am afraid of the fact that i don’t have any black money! Subra how much black money are the asking for in general?

  4. Hi Sir…Luckily we grew up reading here How Renting is eventually better than owing most things and I never ever Tried to own RE.Yes I do consider I have an EMI of 40% take home as Housing EMI and give it religiously to P….I realised that Mmumbai RE is not for us middleclass double income….Forget Single Income ones…unless defination of Mumbai includes Virar,Badlapur,Karjat,Nere…All places 50 to 100 kms from Sobo.Recently a colleague with TC of 1 lakh purchased 2Bhk in Miraroad for 75 lakh…Down payment of 30 lakh and Emi of 45 k from age of now 44 to 62…He palns ro give this house on Rent for 12 to 15 k and staying on Rent in Kandivali for Rent of 25k…A take home of 1lakh is now 40 k and only Net worth remaining is Company PF of Over 20 Years…I can only say…Hey Ram !

  5. Sahab jaldi buy karo … jaldi navi mumbai airport aanne wala hai …phir nava-sheva link whcih will take 15 minutes to travel from Navi mumbai to south Mumbai …. Jaldi lelo varna bhav bad jayega ………. Listeneting to this bullshit for last 5 years and these 2 rumours have jacked up prices in navi Mumbai

  6. Quite some time back I’d called up few RE agents in Delhi area to find the price of 2 & 3 BHKs with my specifications for area and location. Just for laughs I did two things – on one hand I told them I needed to sell and inquired the price and few days later I called back as a prospective buyer. They quoted a price difference of up to 20-60 lacs between the two! When I am the seller, the price of RE evidently drops big time – unwritten rule of the conniving agents.

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