this week there has been a vertical surge in realty ads on TOI - big , splashy and full page. the go-go days of 2007 and 4500/sq ft onree for a shack are back?
Yup. I noticed that. What takes the cake was something about a "Villa with Golf Course" from some Chartered or some guy. A big flashy ad, and obviously no reference to location, but there was just the website mentioned. Well, I did go to the website and first thing I clicked was the location.
I literally fell off the chair laughing. It is in the friggin middle of nowhere. It is actually near Bangarpet /KGF on the Blr-Madras via Chittoor highway and some good way of that. Google maps shows nothing close by!.
It is basically developers trying their luck again. Why , it is the old saying, there is a sucker born every minute !. Well, if you want to be a sucker and hope to get a "villa" with an 18 hole golf course, and think you will have neighbors who actually live there some 40 kms south of Bangarpet, good luck!. You are a fool and like the old saying , a fool and his money are soon parted, you deserve it!.
The speculators are out. Genuine buyers are not around largely. Liquidity is no existent. It is only liquidity in the market that will allow you to quickly enter and exit by flipping properties. No sir.
Mantri whose Flora-2 in sarjapur rd junction lies abandoned after being
structurally complete is advertizing its Espana super luxury proj with flats upto 10,000 sq ft size opp Intel which is also nearing completion.
. Mantri has been flogging this Espana rubbish for close to 3 1/2 years now. I am not sure if there is even a brick in place at the site. Anyone who puts his/her money into it is going to wait for an extraordinarily long time to see anything at all. Dunno what Mantri thinks if you go ask them for penalties for delays or your money back. I suspect they would have a very dim view of it.
Mantri at Banashankari
EVERY property , EVERY where , EVERY price range has taken big big hits. I know lots of chi-chi places, where a year and half ago, the starting price was 2.5 crores!. Those guys were in the stratosphere and wouldn't even look at you. Now I am flooded with offers from exactly the same guys at some 1.5crores or less. I still think it is overpriced and has some way down to go.
For eg, at Singhaji's "Strategic IT/Vity Cross Roads", Rawalpindi, "Navy Colony" , I know folks who got villas at the contracted price of Rs 1.8cr hoping to flip it at higher prices. Well, builder did gradually raise the price and if you ask the "official" price is close to 4 cr. If you are a sucker and pay those prices, good luck. Problem is that there are close to no suckers around. Builder is unwilling to drop prices back to the 1.3 cr or so where it would make sense . Builder cannot drop prices cos, the guys whom he conned into buying at fancy prices will scr*w him and as for the "hope to flip types", well, they are willing to sell out at just below the builder's prices, but cant sell at those prices anyway!. Meanwhile, interest gets paid, costs mount and the problem of holding gets more financially painful and distressed.
Oh, with speculative / black money out, now you can't flip it so easily as well. The "suitacases" are out and along with that the huge tax evasion. Now the problem with selling to end users is you pay the 20% capital gains tax on the who deal, which tends to be 100% white!
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And that too after holding for 3 years. Earlier , some 60% of the value of such property was "suitcase" and you could flip it anytime and get away literally with murder.
Ah well, there is some justice in the world after all. All the suitcase types and big money speculators with excess cash are now getting squeezed and no way of getting out. Hence glitzy "espana type ads". One set of crooks trying to "out crook" another. Ah well.
Singhaji. What happened to moving close by to , now that the Eastern Roman empire has been fully consolidated into Constantinople?. Has anyone moved into those 2 towers which seem complete , atleast structurally ?