The bubble grows bigger day by day. Most buyers are priced out as the flats are sold to investors or with folks with pots of black money. I'm sure the journalist who wrote this article is facing the pinch as well. 13000 is Andheri is 3 times the rate in 2006. Add to that the usual bogus built-up rate the sq/ft rate is over 18,000. Just rent the same property for 30,000 rs and enjoy it. One blogger asked the opinion of SS and BB on Bangalore real estate. I would say that Bangalore real estate is priced right and if you have need an apt you can get one from 40L onwards though you might have to goto the outskirts for that. Apartment sizes are generally larger then Mumbai and it is not uncommon to find rates in the vicinity of 3,000-4,000. Also the built up loading is roughly 20%, unlike the 40%+ loading applied by the Mumbai crooks
DNA reports
Mumbai: If the projects displayed at the annual property fair by the Maharashtra Chamber of Housing Industry are any indication, purchasing a flat will be a daunting task for home buyers this year as well.
Buyers will have to contend with property prices, which have almost doubled, and a dwindling stock of ready properties in “affordable” areas beyond Kandivli in the western suburbs and Panvel on the harbour line.
Take for instance Athena and Astraea buildings being constructed in Rustomjee’s Urbania project near Majiwada Junction at Thane. In a year’s time, the price of the project has increased from Rs4,000 per sq ft to Rs6,143. Similarly, Gundecha Symphony in Andheri (West) has increased rates from Rs8,000 per sq ft to Rs13,000.
The rates were a huge disappointment for visitors. Lillu Asurlekar, a prospective home buyer, said, “I am looking for a flat in Andheri or Goregaon, but the prices are very high. I will now have to go beyond these areas. How can anyone shell out Rs4,000 a sq ft for a flat in Panvel?”
Barring Everest Developers, who offered a discount of Rs100 per sq ft, there were no discounts offered by any top ranking developers. In fact, for the first time, developers like Lokhandwala and K Raheja Universal did not participate in the property fair.
DNA reports
Mumbai: If the projects displayed at the annual property fair by the Maharashtra Chamber of Housing Industry are any indication, purchasing a flat will be a daunting task for home buyers this year as well.
Buyers will have to contend with property prices, which have almost doubled, and a dwindling stock of ready properties in “affordable” areas beyond Kandivli in the western suburbs and Panvel on the harbour line.
Take for instance Athena and Astraea buildings being constructed in Rustomjee’s Urbania project near Majiwada Junction at Thane. In a year’s time, the price of the project has increased from Rs4,000 per sq ft to Rs6,143. Similarly, Gundecha Symphony in Andheri (West) has increased rates from Rs8,000 per sq ft to Rs13,000.
The rates were a huge disappointment for visitors. Lillu Asurlekar, a prospective home buyer, said, “I am looking for a flat in Andheri or Goregaon, but the prices are very high. I will now have to go beyond these areas. How can anyone shell out Rs4,000 a sq ft for a flat in Panvel?”
Barring Everest Developers, who offered a discount of Rs100 per sq ft, there were no discounts offered by any top ranking developers. In fact, for the first time, developers like Lokhandwala and K Raheja Universal did not participate in the property fair.
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