First of all we all need to understand that the main stream media (msm) only carries advertisements. Some of it you recognise as ads, some which you do not.
This Saraswati Pooja let us learn and just not fall to their sales gimmicks. Yesterday / Today / Tomorrow you will receive Real Estate specials – full of ads by builders, sanitary ware makers, tiles, etc. etc. and they will also contain ‘articles’ .
What are these articles going to say?
– real estate has not done well in the past 5 months, so it will do well in the next few decades
– give you indicative prices in various locations – I recently saw a deal in Ghatkopar for exactly 50% MORE than the rate mentioned in India’s leading English daily. Hmm 50% cannot be just laughed away I guess.
– you are better off buying property with a loan, and the loan can be easily repaid over the next 20-30 years. All the best.
– you are better off buying RE instead of buying some depreciating item like a/c or washing machine (after all they are the cost, right??)
The bankers in India have lent 5.73 trillion – 573,000,000, 000, 000 Rupees. If you have finished counting the number of zeroes apply your mind. If the bankers had not lent so much money, could the builders have jacked up prices so much?
How did the bankers have so much money? Hey you gave it to them = see the amount of money lying in your savings account, current accound and of course cheap fixed deposits…
Who are the EXPERTS who write in this page? Real estate consultants (aka brokers), builders, landlords, RE fund managers, PMS managers who have lent money to such builders…..lol
What should you do? Research a lot. Once you decide on say Ulwe, visit the place. Then go on to FB and create a buying team – and bargain with the builder for 5 flats. I would be surprised if you DO NOT get a 30% discount without much fighting. Talk to housing finance companies and find out who are stressed is a nice starting point.
This Vijaya Dashmi day go and get educated BEFORE you go and ‘invest’ your money to get fabulous returns.
Go to Pattu’s website and use the RE calculator and see what kinda returns you are getting. Then curse him and me.
Happy Vijaya Dashami.
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