This is with respect to the recent hot property news traveling with the speed of 3 × 100000000 meters per second. I am Sanjay Masawan working in IT at Seepz, Mumbai and staying at Malad West.
The latest property news has created an immense chaos not only in the country but abroad also. The upsurge in the property rates has resulted in making the lives of people miserable. The average class people, who dreamt of staying in their own houses, now are living distressfully with the fact that they can never buy a house. The house that was 10 lakhs 2 years back is now selling in 21 lakhs. Even the old building resale flat prices have boosted unnecessarily. This in-affordability has caused great tension in the minds of people, which in turn carry this tension to work also.
Finally there is hope for the people and the property may very soon be affordable again. The government has taken the initiative to coerce the builders to sell the area on Carpet and not "Built Up" or "Super Built Up" area. The government should also keep the key factor in mind that the whole purpose of the Carpet Area exercise should result in reduction of the property prices. If the sellers are selling the properties on Carpet area but at the same price then there is no benefit for common man. Government should do something to make the property affordable to common man.
Finally there is Good news that the property prices have started falling in some the areas of mumbai (thane)
The various factors that have triggered to the rates going down:
1. The new housing policy proposing to make sale of flats only on the basis of carpet area.
2. The government making a positive attempt to repeal the Urban Land Ceiling & Regulation Act (ULCRA) in the winter session of the state legislature beginning December 4 at Nagpur. Government has acquired more than 2,000 hectares across the state under the Act in past two years, including some 400 hectares in Mumbai alone. Unlocking this land would also bring down the property cost in Mumbai by 30% to 40%
3. Govt planning area-wise cap on realty prices across country
FACT: Till now the buyers and sellers both were confused. Even though the sellers were coating a huge price for the flats and the property rates was touching the sky, there were hardly any outright deals taking place.
Rates have already started going down and everyone will definitely move to cheaper areas.
Happy Home
ur friend
The latest property news has created an immense chaos not only in the country but abroad also. The upsurge in the property rates has resulted in making the lives of people miserable. The average class people, who dreamt of staying in their own houses, now are living distressfully with the fact that they can never buy a house. The house that was 10 lakhs 2 years back is now selling in 21 lakhs. Even the old building resale flat prices have boosted unnecessarily. This in-affordability has caused great tension in the minds of people, which in turn carry this tension to work also.
Finally there is hope for the people and the property may very soon be affordable again. The government has taken the initiative to coerce the builders to sell the area on Carpet and not "Built Up" or "Super Built Up" area. The government should also keep the key factor in mind that the whole purpose of the Carpet Area exercise should result in reduction of the property prices. If the sellers are selling the properties on Carpet area but at the same price then there is no benefit for common man. Government should do something to make the property affordable to common man.
Finally there is Good news that the property prices have started falling in some the areas of mumbai (thane)
The various factors that have triggered to the rates going down:
1. The new housing policy proposing to make sale of flats only on the basis of carpet area.
2. The government making a positive attempt to repeal the Urban Land Ceiling & Regulation Act (ULCRA) in the winter session of the state legislature beginning December 4 at Nagpur. Government has acquired more than 2,000 hectares across the state under the Act in past two years, including some 400 hectares in Mumbai alone. Unlocking this land would also bring down the property cost in Mumbai by 30% to 40%
3. Govt planning area-wise cap on realty prices across country
FACT: Till now the buyers and sellers both were confused. Even though the sellers were coating a huge price for the flats and the property rates was touching the sky, there were hardly any outright deals taking place.
Rates have already started going down and everyone will definitely move to cheaper areas.
Happy Home
ur friend
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