There is ups & down for everybody/every sector. In 2002 the cost for 3BHK flat in metro cities was 13-14Lakh, now it is 70 Lakh. In six years the property rate has gone up by 5-6 fold.
When the demand of property was high builders/property dealers were talking arrogantly to the common people, Now its time for the consumers to press the builders/dealers. This is the best time & certainly consumers will never get better time.
My suggestion is first wait for reduction of price of at leat 20-30%. Right now no builders are accepting the meltdown. Still they are asking the same price (with some gifts). We should wait for the time when they will reduce the price by atleast 30 %.
Also we should buy property on our terms, we are consumers & we have all the powers. When we are buying small things like TV, Refrigrators etc we are bargaining for the best deal. Why not in case of propery buying? For this we have to pay loan for next 20 years also we have the give all our 5-6 years of savings as booking amount.
We should buy propery only when we are comfortable with the price, not because everybody is buying so i should also have one house.
Definetly everybody will have one house when the price will be affordable for everyone & rightnow i can definitely say that if you are earning 9-10 lakhs per annum then also u can't afford 2 BHK in any of the metro city.
Propery price growth was exponential till Jan 2008 & also it will come down exponential like sensex.
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