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Despite 90,000 flats lying unsold in and around Mumbai, MiD DAY finds that Rs 50 lakh will not get you a home even in places like Kandivli, Ghatkopar & Deonar.
Armed with a budget of Rs 50 lakh, MiD DAY reporters went to areas like Kandivli, Malad, Ghatkopar and other suburbs distant from the island city, where one would expect to find a flat in this range, but came back empty handed in every case but one. The only flat we could find within our budget was a 1-BHK for Rs 46 lakh in the poorly connected Kurar Village in Malad, which would be ready for us to take possession of only in 2013.
You have to wonder, why Government is sleeping at Wheel. Indian policies were admired when RE and finance bubble burst in US. Indian media and government were all praise saying how smart they were compared to US. Now, if the prices below do not yell, BUBBLE...., then what does? What happens when this bubble bursts? Do Indian Banks have no exposure to these absurd prices? I think we are in for a big surprise when this bubble crashes....
RNA Royal Park, Charkop (Kandivli)
Price: Rs 1.64 cr
Nand Dham, MG Cross Road (Kandivli)
Price: Rs 70 lakh
Orchard Residency, LBS Marg (Ghatkopar West)
Price: Rs 1.25 crore*
LBS Marg (Ghatkopar West)
Price: Rs 2 crore
Vrindavan Terrace, Sion-Trombay Road (Deonar)
Price: Rs 8 crore
Wednesday, 22 June 2011
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