Echoes: Real Estate Revival – From the Buyer’s Perspective

Do you foresee the real estate revival as an inflation of property prices? We ask…

Jesse Cornelious, Mazagaon
Yes. The revival in real estate actually means a gradual increase in demand. With the confidence of home buyers rising, there is bound to be a surge in demand and it will obviously reiterate the direct proportion of inflation in price due to a surge in the demand. Revival has and shall always be in terms of demand and obviously prices will soar. For home buyers, the rate race has begun all over again!

Ashwin Ayyappan, Malad (W)
As per my analysis, the revival in the property market will create a very moderate inflation in property prices. Of course the housing companies will want to take the prices higher as soon as possible, but one critical factor would be demand for houses. Over the last one year demand has been slow. There is a need for affordable housing especially in the metros. The initial gainers from the revival will be companies who have created affordable housing.

Aasif Wadia, Mohammed Ali Road
I think things are normal at the moment. The prices will continue to rise, of course. I mean in Mumbai property is always very hard to acquire. Be it the property rates, costs involved in housing finance or just the sheer amount of paperwork involved. Yes, it is obvious that prices would indeed eventually it would go up. We just have to wait and ascertain the “how much” and “whens” of that eventuality. I think the city is wary of the turbulent times we faced and that may have played its part.

Anjali Naidu, Kandivali (E)
I think so. They will earn more this time around. We are coming out of the slow down or recession, whatever it may be labeled as. I have heard of builders raising the prices of their properties arbitrarily and selling it off. The justification they provide is brokering, services and everything else that is not mentioned in the initial agreement. The property I was eyeing now has a built-up area included. I already feel its reaching out of budget.

Shweta Naik, Kandivali (W)
No. Prices are still the same in my area at least (Kandivali-W). The prices have gone up a little bit but not as much as we expected. But I do believe that 2010 will see a high price rise. At very high levels I imagine. At the moment, at least, prices have become a bit stable with a few fluctuations. I think the developers are still a bit cautious when it comes to selling their wares at the moment. And I for one think it is the appropriate time to take advantage of this and buy property.

Savio Fernandes, Malad (W)
Yes. Soaring real estate prices will be a sign of times. Inflated real estate prices ensure that owning a decent house is always out of the reach of common man. It acts a parasite on his savings ensuring that the promised lifestyle has always been a myth for the poor and a reality for the rich.