Does it make sense to buy a basic 2 crore 3 bhk or 1.5 crore 2bhk?
I want to have my own house in few years. But looking at the current rates ,I wonder what the prices will be few years later.
Who is actually buying 2 crore apartment? I see ads of villas worth 5-8 crores. The emi for such apartments ,villas can range from 1 lakh- 5 lakh.
On an average, who in the right mind is paying 2 lakhs emi for a basic apartment in a multi-storey building? Most of the guys in hand salary won't be that much.
We are in a housing crisis. The price is super inflated.
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My plan is to build a big villa in my home town instead of buying one in city. I really see no point of spending 2-3 crore for a shared building with all the restrictions and no open area. Unless I have my own business in the city, then I will go for good villa with open space just outside city.
PS my town is < tier 3 town. But good hospital and schools are accessible.
It does but to a certain extent. I have bought a 3.5bhk in Blr for around 2Cr. My rationale was , i am going to stay a better part of my life here working , so whats the point if i cant enjoy and have things my way while i can.Yes would have loved to have a villa but thats all i could do at point in time.
And yet, after some time, you will see those ₹2 crore to ₹8 crore villas/flats having more than 80% occupancy. They exist because they are in demand among a certain earning class in India. This is not a crisis, just normal supply and demand for people who can meet the requirements.
It can be a housing bubble. A lot of folks just give nominal booking amount for projects that have a handover date of as late as 2027-29.
They plan to sell it at double cost.
The housing sector either has to see time correction (stagnation of price for 2-3 years) or a crash and recovery back to normal prices.
TLDR: Prices increase until 2026-27 then stagnate by 2029-30
Going by the larger trend, there will be supply crunch and price appreciation for housing in metro cities up until 2026-27 at least.
Because in Covid phase no new schemes were launched and construction was stopped for old schemes, in general it takes 6-7 years for a builder form scheme launch to final possession, so majority of new post Covid supply will become available by 2029-30 that would rationalize demand supply mismatch.
As of who is buying "expensive flats" in cities, ask the property dealers how easy it has been for them to sell.
Even in a city like mid size Ahmedabad 1cr 3bhk flats (at launch) have become 1.6cr (at possession) still had people living in them as soon as first few towers construction is complete, while remaining towers, amenities took another 6-8months to be completed.
I am facing the Same Dilemma, Buying Such Costly flat with huge loans does it make sense, When there is no Job Security also
For FAANG company employees, with just two to three years of savings, they can easily buy it. That is why prices are increasing so much.
absolutely no. RE is no longer expensive. Its hyper inflated. In my village, over the last years, the prices have doubled.
Except agri and construction work, my village has no employment opportunities. Yet prices have gone up like crazy. My theory India will experience its "lost decade" soon. May be , it might begin within the next 5 years.