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Any brokers here in mumbai surburbs(bandra, khar, andheri) please PM me.

The 15 year old real estate bubble is going to burst. Are you ready?

https://www.valueresearchonline.com/....asp?str=28405

The Real Estate market for an 'outsider' is a very asymmetrical market i.e. most of the information is with the seller (builders/brokers etc) and those intimately connected to it.

From what I read the market in Mumbai has been in a slump for a good 2 - 3 years,with a stockpile of inventory yet to be sold. And now especially with the Black Money Bill in place the general pointers are not towards a revival. The current prices are being kept artificially high, and this is mainly due to the lack of buyer side honest information.

My Question is how to I go about finding the actual price in a area, If all broker /websites roughly quote Rs. 7000 sq/feet how do I go about verifying that there are actually buyers at that price or the actual deals are being struck at a significantly lower price

Yes, it is an asymmetric market full of underhand deals and black money.

First off, after reading numerous articles, I have come to the conclusion that if I ever buy a flat (I own mostly land right now), I shall only buy a built-up flat ready for possession.

In cases where something is already built up and there are people living nearby, one can do what one typically does for land: Speak to the neighbors. In my experience, nothing is a substitute for that. Residents are usually very forthcoming about recent sale values and any problems with illegality, water, electricity, roads, schools, noise, other problems, etc. Never, ever get carried away by the spiel from a broker.

Everyone says property prices in Mumbai are low, though the thing about property is that no one, not even the builder, really wants to sell at a discount. Most will just hold on to property even with a 50% drop in values (I know I did). Then there is the other problem that in a down market builders will give massive discounts but only to those who pay the entire amount in cash. This does not bode well for salaried people who usually take home loans.

I am exactly looking for the same information. From my experiences, the builders/agents are keeping the rates high and seems to be stating that there are buyers for that price.

I have observed the following tricks typically played by the marketing. At the start, they will state that more than 50% is sold and will say that the flat you wish for is blocked or booked. Eventually when you show interest in buying, there will plethora of options for you, but still keep the rates high. I believe that they will agree to negotiate if you persist on it. But the question, how much to negotiate? or How to determine the right price to negotiate.

http://www.thehindu.com/business/Ind...cle7478145.ece

^^There is some government fixed figure for each area. That is the minimum selling price. Isn't that a good enough reference?

Are you referring to NHB Residex ? If not how do I get my hands on these figures ?

Also the way I see it its in everyone's (builders, brokers, politicians as well;as they are heavily invested in property too) vested interest to hold on to the slightly inflated rate, so the rates even there could be slightly higher than the price the money is changing hands.
But in the absence of any other unbiased options for information, government figures are a good starting point.

I guess he is talking about what we call guidance values in Bangalore. These are on the low side and seldom sell for anywhere near that figure UNLESS the government itself is acquiring land. These are the so called white figures that you cannot dip below.

I have dealt with quite a few politicos in my lifetime and never underestimate how they can change the alignment of a road to inflate their property values.

There should be regulation in the real estate market.
All monies paid by consumers should be lodged in a Bank Escrow account and only released to the builder/ developer basis clear proof that the specific development which is being paid for, is progressing.
This will help by ensuring that the unscrupulous fellows actually use the advances and monies only for the specific apartment or house that the consumer in question has bought and is paying for.

LiveMint 31-07-2015

"Is this India’s worst real estate nightmare?"

India’s real estate market remains in the grip of a two-year-old downturn as potential homebuyers shun purchases, leaving developers struggling with unsold inventory and stalled projects

“The big difference between the two slowdown cycles of then and now is that today, it is a buyers’ sentiment issue. Developers have more access to different sources of capital now but customers just don’t want to buy,” said Ashwinder Raj Singh, chief executive of residential services at the Indian arm of property advisory Jones Lang LaSalle Inc.

the article is quite long , and with several graphs and charts-to access everything , please use the link below:
http://www.livemint.com/Companies/N9...nightmare.html

had seen some farm land around 6 months ago it was right on the bangalore highway around jadcherla . 1 acre cost around 12 lacs - 16 lacs depending on varying factors and the land size would vary from 2acres and above .

"Why real estate firms may be forced to cut housing prices

The funding source of real estate companies in India is drying out and they now have few options left."

And all this should be good news for buyers.
Why? For the simple reason that the funding source of real estate companies is drying out. Real estate companies have to repay the interest on the loans they had taken on previously. They also need to pay interest on it.Over and above this, there are projects that are still being built and need to be delivered by a certain date. Money will be needed for all these things. All these reasons will ensure that the companies will have to get around to selling the unsold apartments that they have built and have been unable to sell. The number of unsold homes in cities across the country is huge. As per an estimate made by the real estate consultant Knight Frank the number of unsold homes in National Capital Region stands at around 1.89 lakh. In Mumbai Metropolitan Region it stands at 1.94 lakh. In Ahmedabad the number is at 42,000. In Bangalore the number is at 1.05 lakh. And similar is the situation across the country. The only way these unsold homes can be sold is by cutting prices. While the real estate companies have resisted this so far, with the funding from banks almost coming to a standstill, they really have no more options left in the days to come. Finally, acche din should be on their way for those looking to buy homes to live in.

(Vivek Kaul is the writer of the Easy Money trilogy. He tweets @kaul_vivek)

By Vivek Kaul | Yahoo India Newsroom – 3 hour


to read the entire article , please access the link:
https://in.news.yahoo.com/why-real-e...075930179.html

"Property rates to go up in Sept"
By Apurva Venkat, Bangalore Mirror Bureau | Aug 4, 2015, 04.00 AM IST

South India executive director of real estate consultancy Knight Frank Satish B N however, is of the opinion that increase in demand is the reason for increased costs than any great change in the cost of material.

"Costs of material do increase but the reason is more to do with demand. Typically September is the month when sales in real estate sector pick up. With the IT/ ITES sector commercialising we are sure of a higher demand and hence the rise in cost," said Satish.
In fact, the quarterly report released by PropTiger.com, an online real estate advisory firm on Monday also predicted an increase in the next quarter.

for full text,
http://www.bangaloremirror.com/banga...w/48335626.cms

Aren't these contradicting. Such projections end up confusing the fence sitters and there will be more reluctance to take the plunge!

These are the tactics used by developer to lure the fence sitters. Credai is no holy group. Its a PR face of builders. It doesn't have any powers like arbitration or guaranteeing legality. Credai approved is not worth the paper its written on. Whenever there is an unsold inventory, they jump in and give statements like these.