The buzz word among realty consultants at the beginning of the year seems to be price correction. After the real estate firms like Jones Lang LaSalle India and Cushman & Wakefield forecast of a correction in real estate prices in 2011, now Crisil also forecasts a price correction, though in select pockets.
While the foreign direct investment flows (FDI) dependent Indian realty market is awaiting a good fortune, a World Bank report brings cheer to the industry. It says the FDI into developing countries including India is expected to recover over the next couple of years and is projected to increase by 17 per cent in 2010.
The Confederation of Real Estate Developers’ Associations of India has expressed displeasure about the proposed Model Real Estate (Regulation of Development) Act in its present form, saying it could lead to an escalation of prices of housing stock in the country by Rs 300 per sq ft.
The status of seniors in Indian market is experiencing a sea-change, owing to their growing cohort size, augmented financial independence and change in mindset. They are no longer considered as a withdrawn, risk averse and financially dependent class of citizens.
In the year 2007 Preeti Banerjee bought a house in Royal Legacy, Vasundhara, Ghaziabad with the obvious high expectations of moving into a hassle free living. However, the dreams were soon shattered and she was exposed to the agony of an average middle class home buyer, often left alone at the mercy of the builders.
In order to confuse and mislead the purchasers, the builders use various concepts like, ‘carpet area, construction area etc. The developer even includes area available for car parking and staircases as total area. The purchaser should pay as per the area that he actually gets. To ascertain the sum he can take the help of a surveyor.