The responsibility of ensuring that the Appt I buy is free from litigation is left to me The govt wakes up 30 yrs later when there is a flood or some calamity Banks don’t do any due diligence ever as they r only interested in their receivables
South Bopal, Ahmedabad's schemes are in Affordable Zone. Builders are suppose to sell at 45 Lac. But they are selling at 88 Lac by asking for 43 Lac as black money. The Kavisha and Ansh builders are owned by Gujarat's CM Bhupendra Patel. Being an honest tax payer, I feel cheated by Government when Minister themselves ask us to convert over white money into black and pay them so that they can save tax.
Architect in Bangalore here. Appallingly under-researched takes by the panel. Bottom line is the nexus of policy-makers with ministers-cum-builders. Affordable housing is in no one's list of priorities.
The hidden cost is corruption by local authorities which amounts to about 8 to 10 % of flat price. At every stage of construction such as demarcation, zoning certificate, NA permission grant, building approval sanction, temporary power connection for construction , permission for drilling bore well, plinth certificate, various noc from departments such as road dept, water dept, drainage, defence, garden dept etc, occupancy cert, water connection, permanant power connection, registration of sale deed etc etc ; officials have to be bribed. Builders do not get green signal for further construction/ sale at every stage unless under the table money is paid even if all the construction is done as per law and after getting their earlier approvals. Signature of babus is what that matters. Babus know that if they delay signing the paper, builder will have to surrender because interest meter by banks continues to tick. Make no mistake, construction is a very very difficult business. Ultimately it is the buyer who has to foot the bill of corruption.
Agreed with you hundred percent. All these players have to partake in corruption and it seems to be increasing not decreasing day by day. But as they're big entities they are forced to remaining PR friendly and not talk about these issues.
Main reasons behind high housing prices in India 1) Very high cost of land and government laws controls supply of land. 2) High development, approval, FSI charges taken by Metro corporations like Delhi, Mumbai, Banglore 3) GST on Cement - 28% 4) Government regulations, controls for Housing which are not there for affordable housing
Basically it’s a K-Shaped economy. Higher demand at the premium segment and no demand for the affordable segment. Similar trend has been seen in Automobile and FMCG sector. It’s bullshit to say that everyone started preferring premium- Nonsense
A construction cost of 9000 Rs per sqft is a joke Writing off the entire interest will just jack up the prices of the house. Any stepping up of prices will again be utilized by these real estate companies to jack up the prices Some reputed builders promised to build affordable houses on government’s land but later built premium houses. This is bound to repeat again
In Bangalore, new houses are being sold at >10k/sqft on super built up area. So even a flat with 1000 sqft carpet will be 1.5 Cr plus you have to spend extra for registration, interiors and loan interest.
Need to stop NRIs buying residential flats, link Aadhaar to houses and one house for 1 person. Home to live should not be an investment vehicle but need that should be available to all
This guy is orange t shirt made a lot sense our infra falls very badly behind what USA China has, living on suburbs and travel long distance is not possible in India and of course builders are greedy.
Builders don’t want to construct in tier2and3 as they know that they can maximise their profits only in metros Neither r companies willing to re locate
@@la89ondevgTell me about one functional society in Delhi, Gurgaon, Noida, Bengaluru, Hyderabad whose price has depreciated in last 20 years. I double dare you.
@Chennai suburbs 80 to 1.2Cr will get a 1000 sq.ft house. Around 2Cr available 1500 sq.ft size. Inside Chennai city prices shot beyond 4Cr and above for a match box. Tell me where is affordable homes ? Unfortunate to live in India. Land mafia created all the suffering to the society
DLF hiked the prices so high that the anchor set by other builders is against DLF in Gurugram. We go to the broker or builder, they are like when DLF is giving such homes at 4 to 5 cr why won't we charge at least this much (2 to 2.5cr)
Builders are having 5000 crores net worth the customers net worth is 1-2 crore.. To buy house customer becomes zero net worth and then we get bad quality flat.. My builder told we are going to get state of the art facility it was actually state of the art shut after delivery
If I buy a affordable flat , I have to pay 50% of black money on top of Saledeed price. So I will have to sell flat in black money as well otherwise I will face huge capital gain problem. Government hasn't thought of it.
Reason of high cost - increased fsi? What is he talking about. Higher fsi will also allow you to build tall buildings with increased number of apartments. High fsi = high revenue = high profit.
No one talk about this but almost every builder of India has a political leader as a silent business partner right from a small town to the NCR and the financial capital Mumbai. If they really want to control the corruption then simply match the circle price to the actual market price and reduce the stamp duty accordingly. Booooom, here is the solution. Does any politician has balls to do so ? Corruption is not in the system instead system itself run under the corruption.
It's not that people don't want affordable houses. The fact is as a buyer you won't find any within city limits. Even tuny 1 BHKs are priced at 1.5 CR. So if you want a 2 BHK you are looking at a price tag of 2.5 Cr. These are not luxury by any means. But if you need a barely decent sized home that's what you are forced to pay. The high price does not automatically make them luxurious. They should be called overpriced matchbox houses.
They say embassy , shobha and all are invested by in politician in karnataka , lodha in mumbai is himself one . These guy have to clarify if they have vested intrest in jacking up land cost and then build jacked up box building
We should have multiple slabs for capital gains. In last budget, when they removed indexation, they should have removed upto a limit. Then only speculators would have been targeted.
Take any large state - only about 2 % of its area is a Tier 1 (or even Tier 2) city. We keep fighting and making that 2% a housing and infrastructure hell - look at the bigger picture.... the wider possibilities
The biggest issue is the corruption in the approval process. Developers and builders are looked at by the society and public as cash cows and everyone doesn't leave a chance to bleed them for as much money as possible. As approval costs and corruption by officials for various government clearances is rampant and is increasing day by day. Other economical factors are like people in 5-15lpa range are also bitten by inflation and other issues that buying a house right now is hardly on the cards as people want freedom with their careers and are not looking to be tied down with a single house. Secondly, the rich are getting richer the poorer are staying where they're upward economic mobility is being hampered and a Kshape economic situation is brewing in Indian economy. Hence the bottom rung of players are in no position to purchase houses, while premium properties are increasingly bought as an investment by real estate investors to get yield/ rent and not for their consumption.
The #1 reason is lack of urban infrastructure which makes land prices cheaper in far flung areas. There is a huge deficit in urban/semi-urban infrastructure including urban expressways, speedways to nearby cities, rapid rail connectivity, water/sewer/drains/trash collection etc. Urban administration in India is archaic and corrupt. Build excellent connectivity and infrastructure in areas with cheaper land. Bring down corruption in real estate, have clear titles and easy way to buy/sell/consolidate land. Then you can build affordable homes there. Modi has hardly done any urban reforms or anti-corruption reforms other than smart city projects which is insufficient. He has left it to the states leading to wide variances in implementation. Plus corruption is highest in India at local levels and states control local bodies.
The interviewer could have done a better job by posing specific questions on projects of these builders. A simple question of why not sell at ready reckoner rates was not asked.
Higher housing prices don’t allow people to spend on other things as most people are under the burden of disproportionately high loan amounts causing consumption slowdown of other goods, overall slowing down the economy. So in a way it’s not even in the interest of builders to have higher prices as overall slowness will bite them as well at some point. Let’s see
Real state sector is the most corrupt business sector. Every one whether it is politicians, policy makers, business men they all try reap benefit on the agony of common man.
I buy a 3bhk in blore for 3cr with registration,separate bribe, then for interiors ,khata n electricity transfer and regular maintenance charges for the bldg; can I be hopeful that I double my money say in the next 10 yrs at least ? If I have reached the maximum The generation coming after me is simply going to bypass me if I need to sell In the sixties n seventies of the previous century govts used to provide playgrounds swimming pools dedicated shopping areas in Malleshwaram n Chamarajpet Now they have passed on the burden to the builders for a price who then again pass it on to the middle class in the name of amenities and lung space We have no choice left now but to cough up for our peace of mind
Whole discussion clearly says how inflation plays out.. incessant playing with prices…make people believe “luxury” is the only option which is made on shit neighbourhood with slums around.. don’t compare with US.. there no juggi in the cities..
Ye sab guest ek hi baat bol rahaihai,jhoot hai yelog coustmer ko push kartehai amenities bolke 42%loadiing,lelete hai,kisne bola inko affordable demand khatam hogaya😂😂😂😂😂😂 mtlb India,Bharat m garib khatam hoggyi jai,jai ho modi sarkar
I purchased from top 3 builder My building has still not finished 5 years warranty period and building is leaking like crazy during rainy season.. Builder and politicians made money my property has not appreciated rent has not gone up since taking possession but maintenance has gone up... So not worth to buy property in mumbai
what rubbish..first talk to different set of people (who is earning white money) and what they want. Yes i agree that construction cost has gone up..But i still do not think that a decent flat with some air flow could cost 3 to 4 crores. everyone knows that Real state is market to park the black money so price will definitely increase.. In Gurgaon most of the flats in some society i have seen is vacant but still the price has not gone down..i dont understand why?
Because india is poor but bharat is house to 140 billion billionaires so when every one has billions to spend .... product has to be lavish and pricey right. This is what our govt and cabinet thinks or those who actually go to a poor office building that is even builded after collection of donations from local ppl of this country called sansad bhavan and for them if people can afford them this big sansad they can atleast go for 2 - 5 cr houses easily simple ...no thinking required let's plan some other mela and freely we have to give govt more time which state it needs to focus on for next polls😂
What premium housing are they talking about? They are selling match boxes for crores
This is truth, such hypocrytic statement...they are selling affordable houses only thing is that consumer is paying premium.price
😂
The responsibility of ensuring that the Appt I buy is free from litigation is left to me The govt wakes up 30 yrs later when there is a flood or some calamity Banks don’t do any due diligence ever as they r only interested in their receivables
South Bopal, Ahmedabad's schemes are in Affordable Zone. Builders are suppose to sell at 45 Lac. But they are selling at 88 Lac by asking for 43 Lac as black money. The Kavisha and Ansh builders are owned by Gujarat's CM Bhupendra Patel.
Being an honest tax payer, I feel cheated by Government when Minister themselves ask us to convert over white money into black and pay them so that they can save tax.
Same in Karnataka, DKS builders are looting people of banglore.
I am ashamed as a citizen of Karnataka, can't understand how people voted such a govt.
vote for bjp
@@Adharsh6 all are same bro
Architect in Bangalore here. Appallingly under-researched takes by the panel. Bottom line is the nexus of policy-makers with ministers-cum-builders. Affordable housing is in no one's list of priorities.
The hidden cost is corruption by local authorities which amounts to about 8 to 10 % of flat price. At every stage of construction such as demarcation, zoning certificate, NA permission grant, building approval sanction, temporary power connection for construction , permission for drilling bore well, plinth certificate, various noc from departments such as road dept, water dept, drainage, defence, garden dept etc, occupancy cert, water connection, permanant power connection, registration of sale deed etc etc ; officials have to be bribed. Builders do not get green signal for further construction/ sale at every stage unless under the table money is paid even if all the construction is done as per law and after getting their earlier approvals. Signature of babus is what that matters. Babus know that if they delay signing the paper, builder will have to surrender because interest meter by banks continues to tick. Make no mistake, construction is a very very difficult business. Ultimately it is the buyer who has to foot the bill of corruption.
Agreed with you hundred percent. All these players have to partake in corruption and it seems to be increasing not decreasing day by day. But as they're big entities they are forced to remaining PR friendly and not talk about these issues.
Well said
Developers don't habe margin and proft. Netas are not corrupt, thieves don't steal😂 Just great,!!!!
Main reasons behind high housing prices in India
1) Very high cost of land and government laws controls supply of land.
2) High development, approval, FSI charges taken by Metro corporations like Delhi, Mumbai, Banglore
3) GST on Cement - 28%
4) Government regulations, controls for Housing which are not there for affordable housing
You conveniently forgot corruption😂
Basically it’s a K-Shaped economy. Higher demand at the premium segment and no demand for the affordable segment. Similar trend has been seen in Automobile and FMCG sector.
It’s bullshit to say that everyone started preferring premium- Nonsense
True bro because in K-Shaped economy corporates becomes more richer and common public conditions get even worst that is what the reality is 😢😢😢
Black money by politicians and corrupt officials playing all over India
A construction cost of 9000 Rs per sqft is a joke
Writing off the entire interest will just jack up the prices of the house. Any stepping up of prices will again be utilized by these real estate companies to jack up the prices
Some reputed builders promised to build affordable houses on government’s land but later built premium houses. This is bound to repeat again
In Bangalore, new houses are being sold at >10k/sqft on super built up area. So even a flat with 1000 sqft carpet will be 1.5 Cr plus you have to spend extra for registration, interiors and loan interest.
Don't go for flats...they will realise
Corrupt government officials
Greedy developer
Clueless customer
Extortionist government taxes
Need to stop NRIs buying residential flats, link Aadhaar to houses and one house for 1 person. Home to live should not be an investment vehicle but need that should be available to all
I think when time come we see plenty of homeless people in many top cities 😢😢
all these panel speakers have vested interest,. they are there to make money. thats all. don't expect any real picture.
Complete BS arguments, in India luxury apartments = normal houses of US Europe China
This guy is orange t shirt made a lot sense our infra falls very badly behind what USA China has, living on suburbs and travel long distance is not possible in India and of course builders are greedy.
Builders don’t want to construct in tier2and3 as they know that they can maximise their profits only in metros Neither r companies willing to re locate
No middle class person should buy for years then we will see what will happen to this real estate builders
True
Buy land wherever it is still affordable and available apartments going to depreciate after 20 yrs anyways.
@@la89ondevgTell me about one functional society in Delhi, Gurgaon, Noida, Bengaluru, Hyderabad whose price has depreciated in last 20 years. I double dare you.
@Chennai suburbs 80 to 1.2Cr will get a 1000 sq.ft house. Around 2Cr available 1500 sq.ft size. Inside Chennai city prices shot beyond 4Cr and above for a match box. Tell me where is affordable homes ? Unfortunate to live in India.
Land mafia created all the suffering to the society
why lack of affordable housing - "it all boils down to the margins"
a very disturbing thing to happen
No body is honest in their opinion 😮
Builders are greedy crooks, thats it
DLF hiked the prices so high that the anchor set by other builders is against DLF in Gurugram. We go to the broker or builder, they are like when DLF is giving such homes at 4 to 5 cr why won't we charge at least this much (2 to 2.5cr)
Builders are having 5000 crores net worth the customers net worth is 1-2 crore.. To buy house customer becomes zero net worth and then we get bad quality flat.. My builder told we are going to get state of the art facility it was actually state of the art shut after delivery
They are selling piegon holes and con the customer
Then don't buy
@@bibhuprasadparida7287builder and politicians mafia
@@bibhuprasadparida7287I made loss of original investment after tax
@@bibhuprasadparida7287new chutias come while old ones burned hands
If I buy a affordable flat , I have to pay 50% of black money on top of Saledeed price. So I will have to sell flat in black money as well otherwise I will face huge capital gain problem. Government hasn't thought of it.
The price you pay to buy will not match the price when you want to sell in future.
Reason of high cost - increased fsi? What is he talking about. Higher fsi will also allow you to build tall buildings with increased number of apartments. High fsi = high revenue = high profit.
I heard about lack of demand. And i understood these guys are not real. Not watching the full interview
No one talk about this but almost every builder of India has a political leader as a silent business partner right from a small town to the NCR and the financial capital Mumbai. If they really want to control the corruption then simply match the circle price to the actual market price and reduce the stamp duty accordingly. Booooom, here is the solution. Does any politician has balls to do so ?
Corruption is not in the system instead system itself run under the corruption.
Because of Rich people’s greed
Almost 1 crores residential property are owned by NRI in India . So that there black money gets converted into white money.
What makes u think that NRIs have black money? Pls do the research - they pay one of the highest taxes in India.
Eroded disposable income , job insecurity and high cost has marred the sentiment for home ownership.
Sunlight, Ventilation, Parking, Space, Distance from office, Distance from Dispensary/Hospital, Security are some basic elements of Housing.
It's not that people don't want affordable houses. The fact is as a buyer you won't find any within city limits. Even tuny 1 BHKs are priced at 1.5 CR. So if you want a 2 BHK you are looking at a price tag of 2.5 Cr. These are not luxury by any means. But if you need a barely decent sized home that's what you are forced to pay. The high price does not automatically make them luxurious. They should be called overpriced matchbox houses.
Government is unable to stop society transfer fees loot.
Because no one is regulating it and instead Vasuli Nirmala wants some cash.
They say embassy , shobha and all are invested by in politician in karnataka , lodha in mumbai is himself one . These guy have to clarify if they have vested intrest in jacking up land cost and then build jacked up box building
This is the issue faced by middle class due to taxation and low/no increment in salaries..!!
Remove extra costs & taxes. Bring foreign players. Also reduce import & export taxes on materials.
We should have multiple slabs for capital gains. In last budget, when they removed indexation, they should have removed upto a limit. Then only speculators would have been targeted.
Premium house - 1600 Sqft - 3cr to 10 cr
1BHK house - 450 Sqft - 60laks
2bhk House - 990 - 80 laks
3 Bhk hourse - 1100 - 1cr to 2 cr
FYI 80 percent people don’t make
More than 5lac rupee per annum
Great reading for those who want to learn about how the economy in reality sector
Take any large state - only about 2 % of its area is a Tier 1 (or even Tier 2) city. We keep fighting and making that 2% a housing and infrastructure hell - look at the bigger picture.... the wider possibilities
As per few experts here, everyone in India has become dollar millionaire and looking for a flat with starting price of 3 crore uowards.
Rich man's problem😊
The biggest issue is the corruption in the approval process. Developers and builders are looked at by the society and public as cash cows and everyone doesn't leave a chance to bleed them for as much money as possible. As approval costs and corruption by officials for various government clearances is rampant and is increasing day by day.
Other economical factors are like people in 5-15lpa range are also bitten by inflation and other issues that buying a house right now is hardly on the cards as people want freedom with their careers and are not looking to be tied down with a single house.
Secondly, the rich are getting richer the poorer are staying where they're upward economic mobility is being hampered and a Kshape economic situation is brewing in Indian economy.
Hence the bottom rung of players are in no position to purchase houses, while premium properties are increasingly bought as an investment by real estate investors to get yield/ rent and not for their consumption.
The #1 reason is lack of urban infrastructure which makes land prices cheaper in far flung areas. There is a huge deficit in urban/semi-urban infrastructure including urban expressways, speedways to nearby cities, rapid rail connectivity, water/sewer/drains/trash collection etc. Urban administration in India is archaic and corrupt. Build excellent connectivity and infrastructure in areas with cheaper land. Bring down corruption in real estate, have clear titles and easy way to buy/sell/consolidate land. Then you can build affordable homes there. Modi has hardly done any urban reforms or anti-corruption reforms other than smart city projects which is insufficient. He has left it to the states leading to wide variances in implementation. Plus corruption is highest in India at local levels and states control local bodies.
All bulshit they are taking most of the profits
400 /600 sq ft 😂😂😂😂 mumbai
35lac income required to buy a 1cr 2BK flat in any cities.
Builders and government runs real estate like a mafia. Clean air, clean water, nice roads ? No city has this
Badlapur ajjao 16 lakh mein flat dila dunga in Bhawani Shankar Residency
The interviewer could have done a better job by posing specific questions on projects of these builders. A simple question of why not sell at ready reckoner rates was not asked.
Higher housing prices don’t allow people to spend on other things as most people are under the burden of disproportionately high loan amounts causing consumption slowdown of other goods, overall slowing down the economy. So in a way it’s not even in the interest of builders to have higher prices as overall slowness will bite them as well at some point.
Let’s see
Rising cost should in turn go back to the same people’s pocket who are the buyers so in that case they should be able to afford.
Builders were responsible for banking npa.. And they are asking benefits from government
Gross margin of DLF as per recent balance sheet is 52 percent, only adani and ambani with govt can bring some relief.
Real state sector is the most corrupt business sector. Every one whether it is politicians, policy makers, business men they all try reap benefit on the agony of common man.
So easy to buy a house..
I buy a 3bhk in blore for 3cr with registration,separate bribe, then for interiors ,khata n electricity transfer and regular maintenance charges for the bldg; can I be hopeful that I double my money say in the next 10 yrs at least ? If I have reached the maximum The generation coming after me is simply going to bypass me if I need to sell In the sixties n seventies of the previous century govts used to provide playgrounds swimming pools dedicated shopping areas in Malleshwaram n Chamarajpet Now they have passed on the burden to the builders for a price who then again pass it on to the middle class in the name of amenities and lung space We have no choice left now but to cough up for our peace of mind
NRI Dollar Euro money is inflating prices
and what about corruption , and artificial increased prices , end labor don't get hefty salary
these developers are just greedy. There is no point in buying match boxes.
Whole discussion clearly says how inflation plays out.. incessant playing with prices…make people believe “luxury” is the only option which is made on shit neighbourhood with slums around.. don’t compare with US.. there no juggi in the cities..
Ye sab guest ek hi baat bol rahaihai,jhoot hai yelog coustmer ko push kartehai amenities bolke 42%loadiing,lelete hai,kisne bola inko affordable demand khatam hogaya😂😂😂😂😂😂 mtlb India,Bharat m garib khatam hoggyi jai,jai ho modi sarkar
I purchased from top 3 builder
My building has still not finished 5 years warranty period and building is leaking like crazy during rainy season..
Builder and politicians made money my property has not appreciated rent has not gone up since taking possession but maintenance has gone up... So not worth to buy property in mumbai
Just wait and watch till these houses are Ghosted
Who creates this demand? Are this Developers Garg little stunted…
what rubbish..first talk to different set of people (who is earning white money) and what they want. Yes i agree that construction cost has gone up..But i still do not think that a decent flat with some air flow could cost 3 to 4 crores. everyone knows that Real state is market to park the black money so price will definitely increase..
In Gurgaon most of the flats in some society i have seen is vacant but still the price has not gone down..i dont understand why?
real estate market is burst, people will be on road with no money, stay away
Corruption in real estate.
.. corruption and builder politician nexus..
Rs5000cores blder were vl they take this😂😂😂😂
Govt and this businessman are looting,and 42%loading only looting😂😂😂😂😂jai hoo modi govt
Bunch of snobs crying about not earning much 😂
Just pure greed...😂
2bhk in 400sqft 😂
Mafia
Why buy in Mumbai if reruns for properly is higher in dubai
How much of a house's cost is because of (a) corruption and (b) high taxes?
Because india is poor but bharat is house to 140 billion billionaires so when every one has billions to spend .... product has to be lavish and pricey right.
This is what our govt and cabinet thinks or those who actually go to a poor office building that is even builded after collection of donations from local ppl of this country called sansad bhavan and for them if people can afford them this big sansad they can atleast go for 2 - 5 cr houses easily simple ...no thinking required let's plan some other mela and freely we have to give govt more time which state it needs to focus on for next polls😂