1. Try buying a flat in any premium builder apartment (ready to move in or already given possession), you will find number of agents who try selling the flat. It is sad that we won’t find a single owner directly who can sell. These flats wont be registered in the owners name even after 1 year.
I had such kind of experience with Sobha Chrysanthemum.
There are more than 1 ,2 or more agents involved in these scams for selling a single flat along with the builder.
Once we finalize a flat, The agent will connect to a bigger agent (claiming to be the owner of the flat). These biggies will take loan from some private banks.
If the deal goes through , These big agents pays around Rs. 150-200 per sq ft to the builder . So for a 1700 sq ft flat, for supporting such practices , builder gets a token money of 3-4 lakhs easily (the buyer is paying indirectly again)
2. Try negotiating , these small agents tell “No flats are available below 80 lakhs in this area, we cant sell below it”. Bloody fellows , who are they to fix the prices. I have the right to negotiate with the flat owner directly. Take the 1% commission and just leave the scene
3. When these builder launches any project, they have tie ups with these big real estate fellows, so that they block some of the flats at launch price itself to show ARTIFICIAL DEMAND. And keep on raising prices as per the number of bookings done. Imagne Sobha city, Do you think anyone will pay for showing class discrimination inside a project. Initial 4 buildings are low cost, then the high class villas and then super luxury flats. Why should I pay 1 crore and then live like a low class inside this Sobha City. For outside world “yes” I live in Sobha City , but we should have some respect inside the building premises.
Finally the person who needs a accommodation in Bangalore , he usually pays a huge premium on these flats . Imagine our hard earned money is feeding so many real estate agents. We work hard , pay off these huge loans and these people enjoy.
Buyers , please dont blindly fall for these people. We are educated enough, think before you invest in any real estate . Prices wont sky rocket within 6 months in any city. I don’t think now a days anybody is even buying flats . Don’t fall for these mal practices.
They will tell that 3-4 people are already eyeing this flat. These are all simply to create a sense of urgency . Don’t fall in these traps.
I have written because I faced such problem, other builders will also be doing the same. Now a days , in no mood to buy a house in Bangalore. I think housing bubble will burst anytime soon here, because the end users are very few. We will be paying loan amount for a house which will become more than 1.2 crore (including the interest rate) and the flat prices wont increase so much in near future. .Just try to sell , these agents will tell you that prices have come down to 65-70 lakhs . Try and see.
Pay more than 1 crore for a flat where a basic necessity like Cauvery water is not provided. Then why to spend so much in a city like Bangalore. Ground water level has reached below 1000 feet, which is not at all potable in most of these areas. Yes , pay for quality construction but who will fulfill the basic needs ?
Hi Mayank ,
You have booked a flat in Saroj Dynasty …Can you provide your mail id so that i can contact you .
I am also going to book a flat in Saroj Dynasty .
An 11 acre project with many apartments in KR puram is going to be mired in litigation according to Ravikanth real estate blog.Can anyone guess which project is that ?
which builder it is and where exactly in KR puram ?
all,
he seems to be trying to making quick bucks by fooling around with people as he is just giving ambigious details and trying to create panic among people and asking him to contact them see his comment in reply to my post “Reji, can’t always give free information for your benefit since I am a practicing full time Professional. What do I gain if I always only benefit you guys freely, with free information? Hence, can’t always do “charity”. If you have bought something in KR Puram, you need to be concerned and waste some more money as my Fees to know if your project is in trouble. Even if it is not your project, atleast you will get an “insight” into a new kind of “different modus operandi” adopted by some unscrupulous builders to cheat you in a new innovative way.
he just trying to be crating panic by asking people come to him even if its not ur project and when I replied to him he just deleted my comment shows his
“that shows your professionalism and kind of proofs you may have and unfair means you are adopting to make quick bucks.
one more thing this guy was quite active on Indian Real estate forum and they banned him jus t google for ravikanth Indian Real estate and the banned him
http://www.indianrealestateforum.com/real-estate-bangalore/t-price-watchers-price-trackers-future-researchers-31039.html
I’m planning to purchase a 2bHK within 15-20 KM radius of ITPL.Going through your post & post from some other blogs, I’m getting scary. Can you guy suggest me the name of some developer with whom you have good experience regarding quality of project & timeliness?
Going through the comments & it is really scary.
I’m planning to purchase a 2BHK within 15-20 KM radius of ITPL.Saw lots of banner for big project in this areas & after doing a little bit of Google I found that people purchased from these developers had very bad experience. Some people are saying that they have done their biggest mistake in life by purchasing flat from this developer.
Can you guy finally purchased your flat? Are you happy with your present apartment?then please share the details here or at least you can share the name of some developer with whom you have a good experience . It will help people like me to select property
Does any body have any idea about DS Max sherwood project?
i am looking for booking a flat in this project. Please guide me whether to invest in or not.
I am keen in buying an apartment in the vicinity of Sarjapur-Marthahalli-Whitefield and had shortlisted DSR Woodwinds & DSR Sunrise before I savored some samples of of DSR Infrastructure.
On Christmas, I visited their project by the name DSR Greenfields and was accompanied by a friend who is civil engineer as I had read a lots of negative comments about this builder. Here are some of the things that we noticed:
1) Security is not present. We entered the project site without any checking or request for entry.
2) Project is 3-4 month away from completion..if they work regularly on site. I did not notice any work being carried on even though it was not a holiday for them..most of the workers seems to have been shifted to other project sites.
3) Swimming pool location was absurd…neighbouring flat owners will have a complete view while it has been kept away from the view of people purchasing the flats
4) Play area was in shambles..poor rides/swings & rubble.
5) Crooked walls were a common sight and really a question mark on the capability of the builder
6) Apartments that we saw were pathetic,,poor floor plan, inconsistent layout, lack of privacy is not something I will expect even from a mediocre builder
7) Basement was huge but again full of leaking pipes, without lighting, stray dogs too.
8) There was only 1 good thing about this project on the brochure – landscaping /greenery – but my friend noticed lots of deviation in the plan and landscaping / greenery. When we asked the sales person, he feigned ignorance and said the property will be developed as per the elevation plan. On meeting some residents, the truth came out, the builder is trying to short-change the buyers by taking out the green area/landscaping and converting them into open car parking . If this happens, I will suggest the DSR Infrastructure and apartment owners to change the name of the project from DSR Greenfield to DSR CarPark.
Hope this will help future buyers of DSR Sunrise, DSR Woodwinds, DSR Ultima, DSR Greenfields, DSR Eden Greens, DSR White Water, DSR Grandeur, DSR One in their decision process. My simple suggestion for apartment buyers is to visit the projects being completed by the builders (any builder) to understand the gap between what is being promised and what will be delivered.
Appreciate your valuable comments.
I am sure this will help many others in the forum.
HI Mayank and Sandy(comments 4 and 5),
PLease let me know about Saroj builder? How was your experience with them? Did they finish the project on time. Did they gave all ameneties like promised? Anything unhappy with them??
I am planning to book a apartment in Saroj Dynasty
Thanks
SHyam
Hi,
I have purchased an apartment in saroj cosmos. Their marketing team is very good and their construction quality also looked good. Timeliness is also not a problem. They completed project on time.
However their after sales service is horrible. Their construction crew especially supervisor and contractor has serious attitude problems. Common amenities has been provided but as common practice, they delayed amenities completion till the 6 months handover period after completion of building.
And now comes the most disappointing part, although they have given all the amenities but its not as per the promises given by marketing team. Even small things like iron grill at basement staircase and mud filter at the overhead tank has been refused bluntly by the builder.
So, i would say if you are ready to compromise on the amount paid for amenities and also ready to take some stress while talking to their so called customer service executives (who lack basic communication skills specially english) and site supervisors, then go for saroj group.
I hope this post helps people buying property in Bangalore. My latest experience has been very shocking
1) I was offerred a price , I paid the booking amount through a check. The price was increased. My check was encashed. Later I was informed of the price increase and was told that the offerred price was no longer applicable. Is this Legal or Illegal I don’t know. Can the price be changed post booking I am not sure. But this violates the first rule of any sale transaction. I am running around for the refund and I don’t think it would be easy.
Mistakes I made were
a) Although the cost sheet I was provided had the offered price (rate per sqft) mentioned clearly. It has no legal validity.
b) The booking receipt does not contain the offered price (rate per sqft) information (althogh there was a placeholder to capture this)
c) I did not give a PDC to cover for such misadventures by the builder. A PDC encashable only days befor the Final Sale agreement would have saved me from all this trouble. By then I could have got all my documents verfied by a lawyer and Banks
2) Verify all documents. Get a lawyer’s input on all documents. Talk to SBI/HDFC and ask them for legal views before getting your loans disbursed. If banks are giving you loans then they must provide such information on the property. Why should I take a loan then? Typically banks come into picture after your sale agreement but by then you would have already shelled out 15 to 20% of the total amount.
3) Approach banks directly even if it means multiple visits and standing in long queues. Do not use the Builders agents for getting loans. I got into an agent trap but what I could extract from him was shocking. SBI approval was not there for this property although the builder claimed to have it. Agent said that SBI has disbursed its first loan on the property few days back and although the property is not approved by SBI the approval will happen in another week. The “One weeks” time was because I told the agent I need to hurry as I will be out of station after a week.
Luckily I was also speaking to HDFC through my Relationship Manager. I asked them to help me with understanding if the property was legally ok. They could not find the property name in their list of legally approved properties.
4) Some builders are quoting BESCOM/BWSSB charges @225 per sqft. and then there is no VAT mentioned in the Cost sheet. When asked they say that since BESCOM/BWSSB charges are higher hence VAT is not needed for the construction of the property. I have not seen such a rule or provision anywhere. Moreover the sale agreement makes the purchaser(s) liable for any VAT and ST. So under such circumstances you might have to shell out more in future.
I could not buy a home for my family, something which I wanted to, but the experience has made me very cynical about this whole trade and rather than being a part of the demand curve I prefer to take myself out of it atleast for some time.
Why don’t you name the builder and let everyone know that builder.
san0077
never trust the builders..all builders in india are crooks..better we all will live as tenants and have a happy life
i think what happened to people in bombay is a tip of iceberg.
Well, the way the property prices are going high, staying in rental home will become a compulsion than a choice.
Instead of buying a house at 70+ lacs, Stay in a rental house of your choice by paying 30-40K rent in desired location and always have a gud lumsum money in hand and no tension.
100 % agree. All builders are here to cheat public money..once you pay the money they become king and we have to be at their mercy
Live and die as tenant. Unless and until corruption is eradicated completely.
Its Ajmera
http://harshasagar.com/2013/01/09/ajmera-avenue-location-price-review-public-opinion-more/comment-page-1/#comment-20074
thats very wrong on builder’s part and your equally to be blamed since you shud have taken legal help before paying the booking mount. I would publish your complain in our news paper as a caution people
To curb this menace of illegal constructions, V K Venugopal wrote a nice article on 05 Dec 2013 in Citizen Matters. A very important proposal he made is: “Registration Departments should be instructed to register sale deeds of apartments only after verifying the occupancy certificate. This one step will go a long way to protect customer interests”. Read his full article at: http://bangalore.citizenmatters.in/articles/six-things-that-can-stop-customers-from-falling-for-shady-property-deals Also, recently, Mr. Ashwin Mahesh of the Loksatta party has written a blog about Akrama Sakrama (http://loksattakarnataka.org/fixing-akrama-sakrama/). The very first point in Mr. Ashwin Mahesh’s article is this: (a) There must be a LIST of the buildings that are currently identified to have violated the building bye laws or the zoning regulations, and this list must be made public. We should continue to make a list of builders/buildings that are non-compliant. We can add to the list this: M/s. Celebrity Housing Projects have built and marketed several apartment complexes and layouts in and around the premier Electronic City Area of Bengaluru. This builder has blatantly violated the sanctioned plans in every case. Having built apartments with major variations from the initial approved plans, they have never bothered to obtain “Occupancy cum Completion Certificates” from the agencies. So, please avoid buying properties from this builder.
Hello,
Good discussion… Any review or feefback about Veracious Vani Villas apartments near California Resort. We are planning to book a flat in this. Area is good but don’t know much about the builder and can’t find any feedback from internet too. It seems they are basically from Hyderabad but have build a few commerical and residential apatments in bangalore.
Any feedback is really appreciated.
Thanks.
never book apartment till we have real estate regulator in place..all builders are cheating public..wait for few more months.
incase u r going ahead minimum 20 % discount is what you should ask
I see brand new appartment available for sale in Shobha Crysenthemum, any comments on how good it is to buy the flat there for stay and investment as well.
What is the price ?
Negotiate hard on the price. I feel buyers for Ready to Move apartments are less in Bangalore due to the huge amount which has to be paid in one shot. Real estate prices seem to be stagnant in Bangalore and you can get good deals for resale flats.
http://economictimes.indiatimes.com/markets/real-estate/news/housing-prices-in-india-fall-1-7-in-april-june-on-poor-demand/articleshow/27486363.cms
Yes Sir, So accurately you have mentioned the reality. Unfortunately, most of the educated folk fall trap laid by these illiterate goons. What is really thriving in Bangalore is the filthy nexus of the broker-builder–babu-politician mafia. I have seen apartments built next to drains, cemetry, or in places without basic facilities and the people spend a life times fortune in such worthless property. I persoanlly know of a transaction where in the broker pocketed a really cool 6L in a deal, virtually doing nothing. Why should the hard earned money go to such worthless creatures? It is difficult to find a true owner – buyer deal. The best we educated can do is to simply stop buying, unless there is absolute need. Unfortunely 75% trasactions happen for the investor who is living in some illusionary world and forsee doubling of the price in the next 2 years and not the actual home seeker.
i agree with saty.All the builders are crooked. Never support any pre-launch by the builders. Builders are trying to collect money without any interest to complete their own project. Wait
till the real estate regulator comes in place ..there will be end to pre-launch.
Few things everyone should ask the builder
1. Car parking fees ? this has been told as illegal amount..they cannot collect the amount from the users
2.Pay for the carpet area only..Never pay for the super built up area
3.Get clearly in writing what is the carpet are that you will get
4.Get price for carpet area and other common areas separately
5.Ask them what is the UDS % that you get
6.Penalty clause has to be the same for the delay from both sides
7.Get the sale and construction agreement draft copy before you sign ..never give builders money for booking till you go thru all the agreement.
I completely agree with you , i have been looking for a property for sometime now , what i have observed is that there is a fair amount of artificial demand which is being created , wherever i have been i was given only few options to choose and just imagine some builders even say that during pre launch itself they have got 75% bookings has already happened. Sometimes i used to think do the investors/users really do any research before booking a flat.
But now i am pretty clear where this is heading to. Every rise has a fall too. It would be very interesting to see how real estate market will behave once regulatory bill is in action. So its upto to the buyers if they want to go ahead and purchase it or else to hold back and observe.
lets avoid buying property for another 2 years..all builders will come to our home for selling their inventory..
bangalore will not become newyork in 2 yrs time frame..
Yes, no need to buy property if you can live comfortably by paying rent. This applies to people who are very tight on finance and not much support
Dont fall for these traps
Hi ,
I have booked a flat in Saroj Dynasty . Any comments on this please.
I have booked Saroj Meadows in Kundanahalli. Any feedback on this builder – Saroj Construction & Developers?
Hello people,
we are NRI’s who have recently decided to buy a property in Bangalore. After spending weeks on the internet(primarily end user reviews and comments) I have noticed that nobody is really happy with their developer/builder.
Is there an article which states out each developers pros and cons or a write up bout which are the best real estate deals that are currently available ? If there is none it wud be highly appreciated if one of you who has intensive knowledge to do so. As an NRI the internet and such blogs are all we have.
Thank you.
Real estate is not a very clean business. Lot of black things are there. But still we need it. Also, not much regulations/control are there from govt in this sector. So don’t expect a full white/clean builder. In this world there is none. : )
Since you are outside, you should be relying on brand names like prestige/brigade/mantri. I am not saying they are clean but they have a brand value and a structured way to deal with things. Your headache will be less. Most NRI’s prefer brand names to ease life up a bit. The branded builders have their most clientele as NRI’s only for this reason.
Best,
You could see Big Banyan Roots located on Sarjapur Road near Decathlon. They only have 3BHK in their project. They seem honest and transparent. Though could not afford since the areas are big. The project is good though. The sales guy seemed good.
Regards
Prakash
Hi Vandhana,
I felt the same way when i bought my apartment few 3 years back. If you need any help – please email me and i can answer your question to me
Pradeep
Thanks everyone for sharing your views. Any views on pinnacle heights apartment which is a JV from Valmark and API behind Manyata Tech park(Rachenahalli)- Bangalore. This apartment is ready to move. Price quotation is ~3800sqft.
I checked this project ,everything seems to be good but the location.Very inside and no way to commute from the project to out on main road.If you are ok with location it shld be fine.
as this is a ready to move in..check for OC…..make sure the builder does not imposes VAT & ST which I remember he did in the cost sheet given to me …if he is doing still means he is compensating on his /sqft rate as this amount is like 6-7 lakhs which turns out to be 400/sqft for a 1500 sqft apartment.
Guys I was looking to buy a project called ” MERA Homes ” by mrkr in whitefield
Being with bad history of amsri builder who started this project ,Mera homes cannot be trusted for any commitments and they keep on changing words and SBA area has changed multiple times.
He was selling the flats initially 2BHK – SBA 1312 sqft then changed SBA to 1347 sqft and now again it is changed to 1405 sqft.
3BHK (2toilets) SBA 1535 sqft then changed SBA to 1576 sqft and now again it is changed to 1645 sqft.
3BHK (3 toilets) SBA 1658 sqft then changed SBA to 1704 sqft and now again it is changed to 1777 sqft. 3BHK (3 toilets) SBA 1728 sqft then changed SBA to 1774 sqft and now again it is changed to 1852/1854 sqft.
There is no change in carpet area and you end up paying substantially more. approx 100-130 sqft more (so calculate 100 * 3700 =3,70,000) + other charges bescom,vat ,st etc on the increased area. god only know how many more times this is increase and there is no satisfactory answer on this just saying this is our first project .
No one knows if at the time of the sale deed builder may ask the earlier customers also to pay the difference of amount due to increase in SBA who got the less SBA during booking or agreement as sale deed has to be executed at new SBA .
I was one of the victim by AMSRI which is now getting sold as MERA Homes. The Construction was started around 2008 and then it was left as it is for around 4 years. Not sure if the new builder is partner of Crime of AMSRI but the construction will definitely not be good as the G+3 was constructed 4 years back and left without any maintenance.
I am am indian and staying in abroad.Planning for book Tata housing new heaven project at Banglore.Could you please let me know if we book the project online and pay the money online any chance fraud by the builder ?Also please let me know what and how i needs to verify the document they have provided is 100 percent authentic after the booking and payment done through online.Please advise.Thank you.
Hi,
Please scan me the papers , so that i will give the opinion.
srishaila
advocate,
Bangalore
974425514
Thanks Srishaila.I have not yet booked this project.I will provide you the document for the verification. I just wanted to know what are the basic (For my idea or Knowledge purpose) thing we need to check if we book the project thru online and builder provided by the document are genuine.Kindly advise.
Hi, could you please give your correct number
I was looking to buy a flat in Sobha city since their construction quality is excellent. But when I roamed around the project I was taken aback because the compound next to Sobha city is a cemetery for all religions and they have a crematorium there. Imagine paying crores and living next to a cemetery inhaling all the fumes and smoke. People who have already made booking might not even be aware!! .
I bought individual house from local builders who buy plot, construct and sell, while buying it looks awesome and brand new, after 3 months everything is down.
1. Wood work is pathetic, doors beeding is coming out.
2. cracks everywhere – Rooms, living room, kitchen – cement work is bad.
3. Paint is coming out.
4. Maingate is rusted..
I reqest please dont buy from local buiders, preferably not these guys (srinivasulu – 994XXXX569, Babu 984XXXX767), please dont buy from them.
Hi Shafat,
Please tell us the name of builders so that others people are aware.
file a consumer complaint , for not satisfying with the construction quality
hi
i have a 30×50 sites at baminahalli .Engineer is giving me a plan where there are still + three floors and in each floor we have 1 bhk 2bhk
need to know that can i sell the falts individually and can they get registered to the buyer ..
if so what are the things i have to keep in mind ,
thanking u
Any comment on Foyer builder….
Thanks for all that information.
I believe in Buying the project directly from builders .. I recently bought a Villa in Electronic city , these guys helped me so well.. and the builders gives discount too ..so far so good..
My project is due completion on 2014..:)..
Hi Kalyan,
Can you name your project which you have booked in electronics city???? It would help us in our search.
Thanakyou,
Sindhu
Guys, it was an education in flat buying. I live in Banaswadi and looking for a flat in the horamavu/hennur/banswadi area because of kids schooling. As Pranav mentioned, there was atleast 15 to 20 % jump in prices within 6 months to 1 year. Dont know whether I can buy a decent flat in bangalore.
Any idea about builders like BM developers, LVS developers, sai purvi, SLS builders ?
All Builders make agreements for the buyer to honour not for themselves. The Agreement will always be one sided. As long as the going is good all is good, the moment the situation becomes worst, the builder will not fulfill what he has written in the Agreement no mater how big the developer or builder he is.
b.m. is the dammmn builder which i have ever seen, the people who works in b.m.is also a third class guys exactly CEO , please be aware
Hi,
Can anyone suggest whether its worth investing in prestige tranquility in Budigere cross
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Bangalore reality feels the heat ..
http://www.rediff.com/business/report/bangalores-realty-mart-feels-the-heat/20120920.htm
Hi,
Just saw this thread by chance while browsing. I can sense the ecstacy (of trying to buy a property) and the agony (of not getting the one you wish to buy). Wishing good luck to all these boarders. But I have to say a couple of things here. (both as a property agent and as one who understands the market.)
As an agent
1. Agents are also trying to make a living. Calling them bloody 2% guys is pretty much in poor taste. If someone has cheated you, you have the right to call him by any name. But to bundle everybody by profession and calling names is very cheap. There are cheaters among doctors, lawyers, shopkeepers or even IT guys. To call them bloody doctors, bloody lawyers etc is not a reflection of good taste.
2. When an agent approaches you to do a deal, a buyer can always ask him if he is personally in touch with the owner or not. Don’t go ahead if the agent says that he does not know the owner. Ask for a term sheet regarding the transaction charges. Most good agents will provide one. Better still, ask for some references of earlier customers. Most good agents will provide that too. But surprisingly, in my own experience I have hardly ever seen anyone asking for references of my previous customers.
3. Bangalore has 10,000 agents. An educated person when falls sick, will not go to a quack. He will go to a reputed hospital. Look for reputed agents. Your transaction will be smooth. Bangalore has 15-20 agents who are from IIMs, at least 100 other MBAs and dozens of software engineers-turned-realtors.
As some one who knows the market
1. People who think that property prices are artificial and will burst one day, are detached from reality. Every year Bangalore population is growing by 2-3 lacs. All these guys can not buy, but some one else has to buy and rent to these guys. Annual requirement of housing in Bangalore is 30-35,000 units. And Bangalore construction is not exceeding these numbers.
2. If there is a huge recession globally, then there would be an obvious price drop. But then the jobs of most of you guys also will be on the block. Hence it can only be collateral damage. In fact, property price correction will happen after job losses and not before that.
3. In India, people do not sell property that easily. We have seen that any family going through bad times, will first sell the car, then shares, then jewellary and finally property. Hence, the time lag between recession and price drop will be at least 1-2 years. Which means we need a really prolonged recession to see property price correction.
Hi Vishnu
What you have mentioned looks like some excerps from some book, This is like painting agents to some dream world. I have some question which is done by 100% of agent in market
1) When some one approaches an agent to sell his property, agent tries to convince a seller that the demand is very low hence he should quote less value than what he expect then only his property is going to attract buyers.
Here the agent claims that he is very honest, but actually he is cheating.
2) The same property he will add more value may be 300 to 500 psqft or even more and then sell it to buyer take the differential along with 1 or 2 % of there service fee. This is done by all big reputed agent too otherwise how will they manage there office and greed. So here the agent is not making living as per principles but looting
3) Why do they always paint a rosy picture of the property to the buyer and not doesnt reveal the tru picture of the property.
4) Ther is nexus of agents, just to make sure that if the Bakra is missed by him because the seller or buyer smelled the beans, he gets similar information from other brokers or agent.
Where is the ethics , principles and process of the Agent gone as you have painted above.
Like one ANNA is not enough to remove corruption simillarly few Good Agents is not enough to change the peoples openion about them.
njoy!!
I will make a brief response, point wise.
1. Again I say, please do a reference check. That should give you a brief idea about him.
2. Remember, every seller wants more and every buyer wants for less. The middle ground will have to be found by an agent. Hence he will quote less if you are a seller, and more, if you are a buyer. Either side there will be bargaining, and hence this is a built in mechanism to reign in the expectations.
3. Every company will paint a rosy picture of their products. Agents will do so for their properties. Buyer will have to take an informed call. Fair and lovely says that they will make you fair in 7 days. It is for the buyer to believe it or not.
4. There are networks everywhere but not all of them are meant only to cheat customers. There is black, white and also grey in every sphere of life.
There are many ethical, principled agents in the market. Bad luck, if you have not found any.
Hmm Vishnu
Now your response is the tru colour of reality and in contrast to what you preached in your first post.
Your quote ” The middle ground will have to be found by an agent. Hence he will quote less if you are a seller, and more, if you are a buyer”
Quite ambigouus, Agent quotes less to buyer, and higher to seller so where does the differential goes ?? Who r u to decide the price of an apartment in that area.
To your point number 2 regarding rosy paintng of product, Isnt it a cheating, A buyer who is not familiar with the are, builder and apartment, goes to a agent for help him in getting a good home but the agen just tries to put nice words and hence the buyer falls for it and get cheated.
Whts is the job of agent here just to trap a customer and get 2%. This is like fooling a customer a big time.
Regarding your 3rd point, looks like your are quite naive or you have never approached any agent in life, Suggestion just go out to any number of agent in any area, you will find 100% of agent are cheats!!! Let alone yourself claiming to be an agent.
And the word Ethical and principle for agent is like abusing an agent.
If I have been unlucky for not finding a gud agent then it must be something like finding needle in entire desert.
Boy you seem to be far from reality!!!
I dont know the reason of having agents in between transactions, These investors can use the power of internet and have a direct dealing with end users like us. We have to pay him 1-2 % simply, as we dont have a regulatory body for fixing prices in real estate, builder lobby has given a direct birth to a new industry called “agents” .
Easy money , Mr.Vishnu please let us know why we dont find direct flats from why investors and why every transaction has to be done through with a agent.
How long will you think that you can carry on like this ?
Who made these agents a regulatory body for real estate. and what is the purpose served. As usual , get some money in a easy manner and then fill up your pockets. Its like a “HAFTA”
I wont agree with your point No.3. People wont sell property so easily in “India”
but I’m speaking about Bangalore city only. Huge difference between Bangalore and other cities. If investor sentiments is down , Why should i pay a 60 lakh loan amount when my flat wont fetch me event he ROI I pay .
I’ve a flat in Mumbai and a independent house in chennai. I wont regret a 2 cr flat in mumbai due to infrastructure she provides,water, trains, Cost of living is less compared to bangalore, Here we dont even get proper roads , highest tax for petroleum products, highest road tax and more over Airport is in another district i think. We need to pay toll even to reach Airport, day light robbery .
Now government is telling that new 1000 acres of land is been developed near Devanahalli, doddabelapur,. If all the companies shift from ITPL and Electronic city , can these poor end user home buyers imagine how the price of their homes will fall .
I think the metro digging work is going on for a long time now near whitefield, may be 5 months , still doing soil testing. Here everything is very slow. By the time metro becomes fully functional i think It will be time for retirement
I still don’t want to stay in Bangalore, just because my company transferred me here, have no option and continuing maybe for 2 more years.
I just wanted to reveal about my experience about my house hunting in Bangalore which was similar to the experiences my colleagues had
Hi Pranav,
Practically every industry has agents. Particularly so, when it concerns investments. Mutual funds, insurance, stocks etc. Many products like AMWAY sell only thru’ agents globally. All over the world there are real estate agents. India is not an exception. In countries like the US, where the internet penetration is much higher than in India, agent’s commissions are 5-6%.
Having said that, the choice of going to an agent lies with the buyer and the seller. Real estate regulatory authority is very much due in India but as and when it comes into play, it is absolutely certain that it will create a role along with rewards for agents.
As far as the comparisons with other cities are concerned, it is individual choice. If someone feels Bangalore is not worth investing, it is his call.
I got into the forum to clear a few misconceptions on agents but not to start a debate. Hence, I will take leave here. Many thanks for a few responses.
Mutual funds and all has regulatory body to manage , We dint require this in real estate, will prefer a direct flat from builder .
Anyways no need to debate forever on this topic.. it will simply go on and on
hi pranav…I really with your points but let me tell you one thing that bangalore came into indian IT picture for less than 15 yrs and the cities you are comparing are much old specially mumbai…but as more and more people are migrating to bangalore hence how can the government give them all the facilities so soon. Tell me one thing which city in india had a plans to build a metro and monorail from it’s inception…bangalore was one of the first city to have volvo services started by Jnurm…Bangalore cannot match the development to metropolitans as compared today but yes there will be a time when it will surpass every other city in india. I believe an indian new york city.
Every new city has something good and something bad to offer and Bangalore is a new entrant amongst the Metro and is the third fastest growing city in India. Bangalore was not expecting this but it has happened. things will change.
On the climate front Bangalore is not Humid and sweaty like Chennai and Mumbai. Infrastructures are man made and will get better on the passage of time. Nature is not man made and Bangalore is blessed with the climate when compared to the other growing cities in India.
san
Bangalore is losing the climate advantage fast, as with all developing cities. Development and natural balance do not scale well because of real estate greed. Bangalore now reaches 35deg in summer. My top floor AC fails often because of intense heat. It will get worse with each passing year. I came in 2004 and with a little sunshine the rain use to shower like blessings. At one time no houses in Bangalore had/reqd fans. Global warming and concrete/glass jungles with destruction of tress in the city made irreversible damage to Bangalore.
Climate will definitely not be an advantage in this city any more.
Best,
Hi pranav
Its your fate changing the cities, every city has +ve and -ve , you should think 100times before investing , nobody bothers where you have the property and how much it is …. i think you have a stomach burn that you can’t get anything if IT parks shifts near airport , i think you have invested near Whitefield or E city, simply you can’t blame the govt…
Tell me a place in mumbai. where I have to pay 1 cr and above and the whole palce s deserted. Here in Bangalore, everything goes on speculations , just like how fuel prices are controlled by OPEC.
“Sir, we expect metro phase 4 through this area and cauvery water in 6 months time. We are sure that your investment here will provide you returns for 40% within 2 years”
They speak as if its a Fixed deposit where guaranteed returns are present.
End users require a residential kind of atmosphere, with taxis , public transport an availability of autos from morning 7 till evening 11.
I had read some comments in this forum regarding Purva seasons, Launch price was Rs.5990 (this I know as i had visited their lauch program , not for the flat but to meet Vidya Balan, “:D” She was the ambassador for the project.
Now the prices have erduced to 4750 something. See how the real estate sentiments are falling down. Wait and watch , unless some magic happens, we can expect a major downgrade by Moody’s
Even in It industry we are not finding long term projects as we used to . Profit margins have reduced .
Here we have more houses than the requirement , 70% is investors. We can expect a large sell off . Reality prices are inflated by 15-20% currently. This means ROI would hardly be in single digit or max close to starting of double digit which in turn impacts the sentiments of the investors.
pls study gurgaon market as well…its 100 % investor market …bangalore is completely end user market as of now …in the sense of comparision to other markets like ggr and mumbai.
I dont think so bangalore house purchases are end users, then how come we see so many flats on resale through agents, u see the houses purchased in the big projects . See puravanakara website , even the prices are in $
Sorry , about Gurgoan i dont know , hvnt been there. I compared with the metros only, usually other cities development should be like Bangalore ..
Moreover I am not into Real estate stuff, just saw this blog , wrote my experience while purchasing a flat in Bangalore , thts it. Not an investor but an end user
Gaurav Jeet Randhawa – agree with what you say. I hear the same.
As per various reports in print as well as on TV, Mumbai & Delhi realty markets are almost entirely investor driven whilst Bangalore is 85% end-user driven. This is how prices are maintained artificially high in Mumbai /NCR whilst prices stay in check in Bangalore, despite the presence of builders from NCR /Mumbai, who came here with the thought of making fast bucks, but have been forced to realign their strategies with local conditions.
Strange that some people see things otherwise & question the market. The diversity & quality of apartments in Bangalore is really good when compared with NCR /Mumbai – you get a lot more for what you pay than in NCR /Mumbai.
Very good explanation by Vishnu.S.Jarugumilli too, but again there always are odd fish that refuse to accept well written & logically correct summations.
I find that ridiculous. Have you guys stayed in Delhi and Gurgaon? Delhi is almost entirely end user market. Gurgaon is partly investor market but not as much as Bangalore. The problem with Bangalore (for end user) is that here, anything sells at any price – not many questions asked. You launch any project and you will get footfalls. That’s why even malls here do much brisker business than malls in Gurgaon which are infrastructurally much better.
🙂
I would disagree.
Gurgaon is a part investor, part end user market.
Bangalore is much more an investor market than an end user market.
Hi Pranav
I think when Vidyabalan visiting the site Price would have been 5990/- now she is not there at the site Price is 4750/- , As per my knowledge no builder has sold more than 4500/- when it is launching the project , here no readers are fool to your stories ….
Seriously, you respond to any RE ad, you’ll hear from the person that “only 2 flats are left” or “only 3 flats are left (of which only 2 are 2bhk)” EACH & EVERY ONE of them says the SAME thing. YUCKKKK.
And the interesting part is that I’ll see ads of the same project, posted by the same person even 9 months after I was told that “only 2 flats are left”.
Worst thing is that the “2 flats left” would always be the most undesirable ones.
And yeah! I too have completely lost my interest in owning a flat now.
If and only if this lying-through-the-teeth & obnoxiously high pricing comes to a halt I can consider looking for one.
Sara…. I purely agree with you that all most all the builders tell the same …
Guys beware of Ark Serene County project in whitefield Bangalore. Builder is looting customers in following ways:
vat and service tax calculation
He is cheating his customers in a big way here.
VAT and ST are applicable only on construction cost and not on the cost of land, BESCOM, KEB, BWSSB, Bore well and amenities charges. Builder is charging at least 56.5K more for 1165 sq ft flat, considering 1000 /- per sq ft for the land cost. Extra amount charged by builder is as follows:
ST+VAT on land cost = 453*1000*8.09%=36647
ST+VAT on BESCOMM and Bore well charges=125*1165*8.09%=11781
ST+VAT on amenities=100000*8.09%=8090
total=36647+11781+8090=56518
Window frame and mosquito mesh
Builder told us that they will provide Fenesta window frames and mosquito mesh. But in reality its local made and he is not providing mosquito mesh.
Inferior quality tiles
Tiles displayed by builder for lying down in flats are sub standard in quality. He is not giving sufficient choices (only two for flooring and one for kitchen) for tiles. Even small builders have at least 5-6 choices for tiles.
Very less power points in flats
Builder is giving only one power point in guest bedroom. Geyser point is provided only in master bed room bathroom, even though agreement says provision for Geyser in all bathrooms. For each extra power point he is charging 1000/-, which is way high for a under construction building.
Amenities
Builder is collecting 1 Lac towards amenities. In total he is charging 280*1L=2.8 Crore for amenities. When we asked them about size and specification of swimming pool, club house and other amenities they don’t have any answer.
Model flat
He is constructing a model flat from past 11 months and still it is not yet completed.
Every marketing person will give you a different answer for the same query. Marketing team is not at all cooperative, courteous and polite. Once you pay booking amount they will show their true colors. When you ask them questions regarding construction they will redirect you to civil team, civil team will say ask to meet management. Management is not at all approachable. We have tried approaching their GM several times but marketing team is not letting us to meet him; they are not even providing his number.
Whatever I have mentioned are true facts. You can contact any owner of Ark Serene County and verify these facts.
Please think 1000 times before booking a flat with them.
————————
Ek Bechara Owner
One of my friend is staying in their first project which was in Bellandur, She told their first project was good, and even suggested me to look in their whitefield project.
Anyways I didnt like the location , so dropped this project.
Guys,
Any opinion about maangalya suryodaya, marthalli. i have seen a 2bhk there & resale price is 65L + reg. What do you say ?
I want to ask an opinion, should we not try to divide the total sale price (including tax + VAT) with carpet area and then fix the sq ft price ?
What do you all think on this , basic sq ft price comes around 4000, but if we include the overall price , it comes around 5800 -6000 .
Anyways VAT , tax amenities , car parking are mandatory items , then why not add to the basic sq ft price and let the buyer know the actual price .
Now we feel that its just 3600 /sq ft, but when it comes to overall cost its many times high.
I think regulators should make it mandatory to change the formula .
I remember like a decade before we used to have PMPO concept for Audion speakers rather than RMS value (true power) ,
where PMPO = (X) * (True power)
X = decided by manufacturer , a random value which can be 1,2, … 1000 etc
Hey great views and comments..
Always wanted such kind of a forum where buyers have a say!
I have been looking for an apartment/plot in Bangalore since a almost a year now.
Every apartment i have seen, somehow falls short on my logic driven arguments and have been rejecting them.
Latest visit has been to Orchid woods on Hennur main road. Looks ok but has issues. sunlight and ventilation. Final price looks pretty high for a property so far inside the main road.
I have recently seen a 3 BHK apartment in Citilights Liberty up for sale on ORR. I guess it is a 5-8 years old apartment. Any ideas on the apartment and the value offering? Will be a good help.
Hi Kunal,
Why did you feel no ventilation in Galaxy orchid woods, Its open from all sides. Opposite to this project , Salarpuria Gold summit is charging 4550. But gaalxy is charging 3600.
Are you reffering to the same Galaxy builders or some other project ?
any other projects near to ring road around 3500 per sq ft , if you have shortlisted or visited
Hardly any good options available on ORR at good locations at 3500… Shilpitha splendour at mahadevapura had some flats at 3600-3700 range… amara courtyard is another option at marathalli.. quoting around 3900…. you can negotiate and get them closer to 3.5K
Hi Chida, Pranav, Suhas,
Wondering if you people have finalized your purchase!! I am also looking for a house with-in 10-15 KM in and around ITPL. After visiting so many projects here, I realized that with-in a span of 8-12 months prices have gone up by 1000 per sqft in this area. Beside this an addtional 10-15 lakhs are being charged in the name of Texas+Car parking +Miscellaneous+Registration!! Now, a 2BHK with 1200 sqft build area is costing almost around 50-55 lakhs, which a year back was just around 32-38 lakhs!! Why this sudden rise in prices?? Since last 1-2 years, I have been hearing about this artificial price rise in Bangalore real estate to crash/re-adjust but nothing happened so far and who knows it may take another 4-5 years or more!!
In the name of budget projects, some of the reputed builders are providing match box size flat with ceiling height of just around 2.44m from floor(As per the Standard it should not be less then 2.75m)!! Hope people who are purchasing such flat understand that a clear and safe head room below Fan or ornamental hangings is very important.
So, what are the options left here?? Can we “like minded buyer” with “same requirements” think of floating an association even before approaching a builder? Would greatly appreciate the comments here?
This is exactly the same thing which I am facing. The same agent/builder for same project with same specifications have increased the price by almost Rs1000/sq ft within a gap of 6 months. A 32-35lakh flat from same person now is 50-55L+ for most projects in a gap of 3 months in commonfloor.
Any idea about developments on Hennur Bagalur road . I liked this road more than Thanisandra road. But no idea about connectivity may be in 3-4 years down the line.
Some hospitals like Ebenezer , really wide roads, projects form Mantri , Salarpuria, Brigade, Galaxy Orchid Woods.
I ‘m thinking to visit Galaxy Orchid Woods, They are quoting Rs3600 per sq ft, and I also liked the location. Please provide some info related with the location and Galaxy builder , If anyone among you have already investigated this area thoroughly
An eye opening article
Do we have a Mobile Tower close to Sobha City?
How good is Sobha City as an investment? The current price is 4500/sqft. Completion of project in by Mid 2015. Do you think the area would develop by that time?
Thanks,
Peter
Peter,
I’ve not heard good things about Shoba Developers. I had a TV wall mounting specialist come to home and he told me the walls in Shobha and Mantri’s apartments are so bad that if you drill at one house, people from next 3-4 houses will come and complaint. They get severe vibrations as well as cracks. The quality of construction is of the worst quality. These money mongers are looting citizens earning.
My suggestion would be to go for a small time builder and you will always get far better quality plus the prices will also be more reasonable, and chances of negotiations are more. Big builders are just fooling people by providing inferior quality construction at and exuberant price.
IndiGuy,
I think Sobha uses Porotherm bricks. These are hollow bricks and weight very less. But its very good for thermal insulation and cost effective as cement and sand required is less. Its European standard , gives a good finish.
It reduces the dead weight a floor can take and thereby helps in reducing the number of steel rods for the beam and pillar.
Its good in one way, but we cannot drill holes like we do in a concrete block.
I wont complaint regarding quality of Sobha , but a big question mark for the “Huge” premium what they charge.
yes, a tower is present, type this location in maps.google.com (13.078381,77.634839)
its a very big tower, i have the pictures also. But dont know how to upload it here
Dear Pranav.. Could you send the pictures of the Tower to . Thanks.. really appreciate.
better invest in some other project Peter, I liked Salarpuria Gold summit very much compared to Sobha city , just have a look in that project. When I was about to book there , they increased price to 4350 from 3990 , an overall price difference of 15 lakhs within a weeks time brought my mood down
even i was searching for a flat near ITPL for last 1 year… price has Increased so High and
as pranav mentioned so many fraud practice happening these days.. Not sure what to Do….?????
I really dont know Mr.Mohan, I have postponed my purchase by a year or 2 . not finding any good reasonable projects by good builders
I think Villa projects are less prone to these frauds and the risks are minimal as you get ur land registered before starting construction… and there are no issues like OC, CC, deviations etc.. but if you want villa, you need to go outskirts, but I think that is worth the peace of mind..
my friend has recently bought villa and shared his experience, thousand times better than what i have been going thru searching an apartment
Do villa projects dont need OC,CC,deviations?
I am a new bee Please help
Thanks in advance
Villa plots are registered under your name before u build, floor plans are to be approved for the banks to provide loans. No other legal things as such..
Villas are better , would have loved a gated community . I have a problem , my office is near ITPL and wifes working in manyata, had seen some near sarjapur , I travel a lot and for her to travel to these interior places is difficult. Yeah, if both work in same office or locality and company transport if available then just purchase a villa
yeah.thats true.. sarjapur is too far away for manyanta
Hi Sri,
Do you have idea about the developments I can expect in the future along Hennur Bagalur road ?
near to Gold summit project.
Hi Pranav,
I was told by Salarpuria builders that they have atleast 3 projects in the vicinity of Gold summit and the earliest one you can expect (prelaunch) will be in Jan 13. (He was suggesting high rise, may be around 150 apartments)
even i am agreed,if you go for fresh booking for average 2 BHK you have to spare more than 10 lacs rupees extra for other charges e.g Edc. vat,service tax extra,which increase the total cost nearly 25% on an average 2 bhk,though there is no guarantee of from BBMP,My question is as a salarried class do we really have so much extra money? i think we should really do something to stop these fraud practices by buiders/agents.
thanks
arshi
I suggest you chk out Rohan Avriti project near to brigade metropolis. I have booked there. They are rated DA+ by crisil for last 5 years… This shows their ability to complete the projects on time and transfer good title.
Kalpesh,
Do you mind sharing the info related to your booking. done deal per sft etc?
there is separate idiscuss post on rohan avriti.. Most of details are available there… Basic 4200, 75 per 3 floor rise cost..connect with me thru mail @ if interested to book and need more info…
guys u can check out mahaveer tranquil…3500 psft…its behind vydehi hospital just 1.5km
hi, you can look at Mera Homes as an option near baba’s ashram
In all this mess, biggest culprits are banks. All the banks are ready to finance these over priced apartments. I don’t understand on what ground they do so. Definitely they have hands in glove with these builders. I don’t know if the loan officer also gets some good money from these builders or not.
There is a process called appraisal of property, I think none of the banks are doing it. If they appraise a property correctly, then all these nexus of the builders and agent will never play any role. But we live in India. Dishonesty is everywhere. People have found an easy way to make money by the way of realty. Many a times I also think of buying an apartment, but when I look at the price, feel better of not buying.
These builders are on a huge loan , and moreover they wont be able to withstand the economic downtrend also. Only good point in bangalore is , they get the land at a very cheap rate compared to Mumbai. Even then , some of the flats are more than 1 cr. I think getting land in mumbai is very very expensive. and so the cost for the flat also justifies to an extend.
Nice article and good comments for real buyers thoughts.
Real estate always starts their discussions at a high price. Even this is true with online portals. Some time back i tried to check with indiahomes after seeing their lucrative add. I immediately received a call back from their Bangalore, agent and he promised for next visit in my office. When i requested for 50-60L, 3 BHK in and around ‘kudanahalli gate’, he started saying all project in Whitefield surrounding ate only after 80L. Ofcourse, he finally projected Brigade Golden Triangle on Old Madras road at 60L (excluding registration and amenities) suits best to me. These middle man are biased to a project which gives them best margin and never helps real buyers. Ofcourse, builder, developer and agents r the one who enjoys our hard earned money. Other comments here are showing real status of panic driven IT employs.
I am also expecting real estate boom in bangalore may bursts soon. One surprising thing, even big builders and new projects moved to North Bangalore, prices are not coming down in south and other parts of bangalore. Doddaballapur road (till Doddaballapur) is part of bangalore and soon it may happen with Chikballapur.
I just got a feeling that in North , UNISHIRE seems to be a good option on Jakkur Road. It will be far however has got connectivity from Manyata and Bellary road.
Planning to buy one 2BH unit in North. Please advice which would be the best option.
also i want to rent out the flat for atleast two to three years to get get rent. Not sue for rent Jakkur would be nice option.
regards,
Nitin
Latest from FM himself:
http://economictimes.indiatimes.com/markets/real-estate/news/P-Chidambaram-asks-banks-to-put-pressure-on-real-estate-developers-to-lower-property-prices/articleshow/15592351.cms
“Builders are sitting on huge inventories (unsold apartments) which they are neither able to sell at the prevailing prices nor are they allowing others to buy by lowering the prices,” a banker present at the meeting quoted Chidambaram as saying.
I am searching for the last few months.Saw multiple projects but frankly I saw only a couple of projects which were truly defect free even if we ignore the price .Most of the project have towers,power lines or slum view or connectivity issues even if they r from reputed builders.Sobha city immediate vicinity of 1 km is fine but it is in the slum neighbor hood of tannisandra.my mood was off by the time I reached the project. The ok project I saw near manyata was the LEDGE by unitshire group.Very affordable and excellent work and locality.butit was very far off for me.finally I could see only 2 good projects in ORR Nitesh cape cod and ncc ivory. Booked in ncc ivory as the builder is reputed and stick to schedules and construction is inhouse.
I think nearly 60% projects are among tower’s. Its the most irritating stuff for me.
I saw 3 towers near to Nitesh Forest and flushing meadows and later rejected . Even the Saroj project in kadugodi.
Another good apartment when we move from Citilights rustique towards the whitefield road ( dont remember name) Here tower and building hardly 3 metres far, but flat was huge nearly 1700 sq ft and was resonable rate, might be because no one was buying. Sobha project near Maithri layout, moreover the rates they quoted were very very high. Adithya project near to hope farm .
Golden gate project near Sobha Chrysanthemum
Foyer infinity , nearly 5-6 towers within 40-50 m along with storm water drain adjacent to one side
Sobha city , just look towards the left side of the main gate carefully when you enter , a huge tower
2 towers between the Purva venezia and NCC project, Yelahanka
.. have to recollect the remaining list
Growing real estate prices in Bangalore is definitely a matter of concern that we need to think about. The whole ecosystem of developers, middlemen, early investors have made it an instrument of profit, with an objective to make hay while the sunshines, instead of providing affordable housing that can be sustained for a long duration. If we work out the cost involved in property development as against the final sale price for the resident, the profit accrued by the builder, bankers, middlemen and the early investors is unjustifiably high. In such a scenario, what options available are available to buyers wherein they can obtain housing at affordable rates is something to be considered here.
Let us consider a case of a reputed developer project in a top location here. The developer is building 730 2BHK apartments of 1265 sqft each in 13 acres. Cost of land in that area is about Rs.5 crores per acre which works out to Rs.65 crores. Cost of quality construction is no more than Rs.1200 psft. Cost of construction would be about Rs.116 crores inclusive of 50000 sqft common areas and amenities. Including additional costs for legal documentation, project management, marketing at 20% above the base cost. Net cost works out to Rs.200 crores. However, the developer has announced a prelaunch price of Rs.2920 psft for first 50 flats, markup increment is Rs.50 for every additional block of 50 flats; to reach a final price of Rs.3620 psft. Net revenue from sale would be Rs.301 crores without considering floor rise charges, premium location charges and parking lot charges. This is 50-55% profit margin. Obtaining such high profit margins is not in the best interest of the buyers or the industry or the other ecosystem partners for long term sustainable growth.
What are the options available to buyers in such an inflationary market? With the launch of low cost housing or value housing, spear headed by VBHC, Patel realty, all the big builders have introduced low cost housing projects. One major difference is that the carpet area of flats have reduced, the height of the flats have reduced from 10ft to 8ft now. Low cost housing will surely disrupt and erode the middle to premium only segment. Several co-operative housing societies like bank employees are moving into flat projects instead of offering their members plots in residential layouts. This move is also likely to reduce the costs. Employees of several large companies are forming their housing groups, to build flats at no-profit basis. Agricultural land prices available from farmers have not increased significantly and 1 acre lands are available in extension areas at the price of a single premium villa. With proper land use conversion, these large plots can be a worthwhile choice for valuable villa construction at affordable rates.
If you have to buy, i suggest you should buy the most premium property within the complex.. because most of these complexes lack basic infrastructure that is required to support life!.. like water.. once you buy these apartments you will realise, that by some strange will of god, whatis so scarce in your complex will be available very easily for purchase from the water tanker mafias.. The premium apartments in the complex with their jacuzzis and saunas and rain showers will splurge on the water that these complex buy with so much price… they can indulge because, they are within the complex that houses many. Individually, if they were to pay for it it would be too much even for them.. so they create these match box sized apartments within the same complex.. you will find that the water bills would get divided ultimately by the number of dwelling units.. so the small middle class buyer ends up cross subsidizing the consumption of the rich neighbour.. This is a fact.. you dont believe in this, then try staying in a complex of this sort for rent for a year or two to know what issues plague such complexes.. then make your decision to buy yourself one.. I am pretty sure, you would opt out of purchase mode and will find renting a better financially savy option.. Yes if you are looking at the emotion comfort that owning a house brings, then dont think too much of all the financial nitty gritties, just buy one for yourself and lead the rest of your living years in financial misery.. you should be happy that emotional part of your need has been cared for anyway, by owning a home!
I was staying in Kaggadasapura before in a rented independent house, I know during summers I used to suffer from getting a tanker water. even If I’m ready to shell out Rs.600 per 5000l tanker.
Used to see these guys are ready to give water to major buildings as it was a steady source of income rather than a weekly call from my side.
I think rented is better , as I could move out to old airport road and search for a accomodation. Here I’m paying the same rent as before but , now its a house half the size as before and without a car parking.
i think i need to think very practically , before venturing out to buy one. Its been more than a year now, had to reject some very good apartments due to the presence of mobile tower within 25-30 m from the house .
If time permits I’ll publish a list of areas where I had ventured outin search of an apartment, till then somehow control my emotions 🙂
From time to time someone or the other comes up with thoughts on why property should not be purchased in Bangalore and about an impending correction in prices etc.
The fact is that flats will have buyers and prices will always go up or in the worst case stay at the same level.
For those who look at flats as investments, waiting and watching or going to city outskirts may make sense but a good number of people buy flats for themselves to stay and for them anytime is a good time to buy.
I cannot think of any aspect of life in our country where some amount of corruption or under hand deals don’t happen. It’s all a part of life in a developing country.
well to say corruption in India is small will be quite a big understatement. It is not about correction, or wait and watch, however one should be careful and check all legal and financial aspects. Just don’t rush for purchase ignoring those, wait, check all aspects negotiate absolutely hard and once you think it is absolutely fine then go for the purchase. You are not going to loose anything there is enough fish in the sea. On the other hand flat for investment is a dead goat if the prices stagnate. There is difference between empty land and a constructed building.
I dont have any house in Bangalore, If I purchase one , this will be my first investment here.
I’m staying in a rented house.
Till before I read this article, I never thought such differences can exist within those few acres of land.
I have seen projects increasing thier price by 300rs./sq.ft just a day before the property expo; its very true Pranav, they always create ARTIFICIAL DEMAND, I have seen it in n number of cases since I started looking for buying a flat in bangalore. They will have a sheet which is showing status of booked almost for 80% of the flats, but the truth is it might be only about 50% booked (max). every builder hold 30-40% of his inventory or is forced to (due to lack of buyers) or want (read as GREED) of more profit.
I have seen projects by builders who reputation in online community is so bad and still asking for a premium in pre launch…since I stopped calling them for negotiation and stopped replying to thier calls, now they have come to a level wherein they sending sms / try calling from other numbers to come for negotiations..this is not a case of one builder, this is almost same for 90% of them.
A flat which when you book at say for eg: 40 lacs by the time the construction is finished, a flat of same size in same building is being sold at 70-80lacs, so much appreciation in 2yrs time..ARTIFICIAL ofcourse
Will this so called appreciation ever stop??? should we be spending a big chunk of our hard earned money for next 20yrs for a room hanging in the sky???
I believe the best time to go for a flat is to wait for next recession to hit IT industry, Hope we can still hold on to our job during that period ofcourse and good amount of savings…I am increasingly having a feeling that I should keep looking for a flat which fits my budget and expectations rather than simply going by a builders reputation.
btw I heard VAT has got increased by 0.5% as well…:-(
Sobha is still sending mails regarding new offers in some o their projects near Tumkur and near hebbal(forgot the location name). Anyways I have lost trust with Sobha, will never venture for their projects.
in chrysanthemum they are quoting 88-91 lakhs ( MAD that people are still enquiring ), which was around 76 lakhs a few months back.
I’ve gone mad seeing this price hike..
Hey Pranav! We are living in sobha chrysanthemum on rent at the moment and we are planning to buy a flat here. I am interested to know in a bit of detail about your experience in buying a flat in chrysanthemum and why you dropped the idea. My email id is bangaloretanu(at)gmail(dot)com. It would be great if you can drop me an email so I can contact you for some advice. Thanks so much.
But a flat there if you are getting a direct owner flat, rather than these brokers. These people have purchased the flat for 40-50 lakhs that too 3-4 years back, Why u have to pay 80 lakhs for a 40 lakh worth flat . Property appreciation of 100% in a period of 8-10 years is ok, but 3 years is not that good.
Just search some listing about 8 months back , you could have found similar flat for 63-65 lakhs. Please dont pay these people by buying at 80 lakhs, try some other project , 20 lakhs saved is 20 lakhs earned ..
Pranav,
I am not sure where you are getting your information from. I am an owner in Crysanthemum and got the apt more than 3yrs ago at 70 lakh plus. Even if you consider a simple interest of 7% per year on the capital which was 85% paid up at the time of booking, the amount comes to 15 lakh. So if you are getting flats below that price then people are getting rid of their investment at a loss to pay of the loan.
I liked what you wrote in the end “I am increasingly having a feeling that I should keep looking for a flat which fits my budget and expectations rather than simply going by a builders reputation”. Should try good tier 2 builders rather than these.
Hi Pranay,
Can you suggest some 2nd tier builder names, I have just jumped into search for a house. my mail id is thanks a lot.
what range and which area you are searching ?
whitefield, sarjapur road and near around outer ring road..
looking for 2BHK, within range of 50-55.
thanks
In whitefield area you can try SMR Endeavour, Habitat aster. If your budget is bit more then you can chk out Skylark esta, Rohan Avriti. Prestige and Assets have some projects near to hope farm junction.
you can try Mahaveer Tranquil behind Vydehi Hospital and TCS office in whitefield… 2bhk starts from 45L + reg
Nice to see people coming up with their views and be vocal about the specifics.
Unfortunately there are some members in this forum who think that if someone complains against a builder/apartment, they are competitors.
People should wake up and post their bad experience as well as good experience in this forum.
I have written a true experience, i think many have experienced it. I feel its not just with this builder, all are doing it. Tell me the population in bangalore, how many are interested in buying flat. and Do you know How many buildings are coming up.
Its not like Mumbai or Delhi where space is a constrain. Bangalore will keep on expanding. After some years we will hear the hottest investment place is after nandi hills. As a buying I have a choice of finding a new house instead of buying a old one, unlike mumbai where its just an island and no further expansion is viable.
Flat prices are in the hands of the buyers.
http://economictimes.indiatimes.com/opinion/comments-analysis/why-india-urgently-needs-a-real-estate-regulator/articleshow/15523186.cms
Today’s economic times article on real estate issues.
Big builders are nothing more than ransom holders, they think they are above all else, and add nasty clauses in their agreements. I have never seen any more fearful and panic driven community other than software engineers in bangalore. They are experts in “throwing” money. I am one among them, but i have refused to throw my money. When i see something which “i” am convinced, i will buy, and I am pretty much ok without an apartment, no worries.
True, s/w guys have lost the ability to think now a days, simply throw money in panic. later repend
Few get good salary, we have to repend though.
Can you imagine people staying in front of a mobile tower , hardly 25 feet from their house.
I doubt whether they have done any kind of engineering or working on a fake degree.
very buyers concern well captured!
One of the reason why didn’t book in Sobha City is the segmentation you mentioned
No , i couldnt afford that much Mr.Kalyan. I think thats worth around 50-60 lakhs. 30-40 lakhs as premium, forget it
I dint like the idea of dividing also.
I am with you Pranav. We left our homes to make some money in Bangalore but here to get a home what all sort of circus we need to do.:(
Quiet a sad situation
:).. good my dear friend.
We all must flock together
Yes, btw, I am actually looking for projects in North bangalore…are you guys looking for flat in north bangalore?..if yes, lets all discuss on the projects we have seen, share information and so that everyone gets benefited…
I was searching house near to Manyata or ITPL. I had seen good houses in yelahanka new town. Some issues i saw was the diesel power plant pollution , and the traffic near to the railway crossing.
But these are temporary issues may be for 2-3 years, The diesel plant will give way to Gas plant and I think a provision of underpass or over bridge instead of the level crossing wll come .
I liked the location very much , but its 30 kms from ITPL to this area, so was half hearted in my approach .
I am with you Pranav. I have also experienced the same.
I was searching a house 15-18KMs in & around ITPL. Happen to visit lot of builders but same story mentioned by Pranav. In fact i have seen land near Prestige tranquility. Land Owner’s guy told me only 1 plot available; i thought they are playing; then i told them i am not interested in this property. Now marketing guy told me that lot of sites are still available with them. Bugger the same guy (Owners guy) i have scene marketing for other project. i think these are bloody 2% commission guys. We should be more cautious while take such decision of buying plot or flat.
Any ways if any of you come good & affordable project please let me know.
Suhas, dont go to buy land from unknown people, not just in bangalore , i feel anywhere in India. Prefer gated community like confident (just an example, hv been seeing plenty of advs, not reccomending though) . Some of my friends had lost 3-4 lakhs by investing in land near to devanahalli similar to ur kind of experience. One of them got the money back along with the interest rate for the duration. Once you pay the money , during regstration , the land will belong to him as well as one of his brother , and this guy wll not sign the deal. Sometimes after paying 1 lakh, we wont even see a glimpse of them
Hmm..seems one week away from personal laptop, lot of things being missed online…btw yep, I did looked at projects in yelhanka – sriram suhana, sahana, ramky one north and there was one behind the california resorts, the aparment was really good but was costing about 67+lakhs way beyond my budget;
Hence shifted my focus to hennur and tanisandra…has someone heard the price being quoted by Mantri…ridiculous, flats without balcony, the whole point of buying a flat in aparment is gone for toss.
Till sometimes back, I thought bangalore is the only place where in rates are fair, compared to mumbai, pune, chennai, delhi but seems I was wrong.
Does any one of you have any idea of this builder CHOWRIAPPA??
can you share some more information near hennur road or thanisandra,
I havnt heard CHOWRIAPPA ..