Do you think that the property market in Bangalore is currently overheated?
Thanks.
Answers:
yes. not only in Bangalore, almost across the country. When talking about speculation, projections from property developers
indicate a 15-20% decline in about 3-4 months, followed by subsequent recovery in another 6 months. Of course, loans were
available easily a few months ago. Following Govt's instruction to
curb excess speculation and overheating, the banks advise us to
postpone availing loans for the second house. Further more, the
interest rates have gone up. My assumption is that the realty market has not yet stabilised and it would be prudent to take a wait
and watch stand before taking any decision. All the best !
In Bangalore Many flats are vacant and those who have purchased flats are very much worried;
Otherwise also real estate agents are telling market is very dull.
Still some developers are trying to sell their Villas at costs more than that of USA rates . Some villas are priced at Rs3.50 crores and how many people will purchase.
Many plots are remaining unsold : sellers expecting good selling price but purchasers have become very less due to various reasons.
1. Very High price, even life time earnings would not be sufficient for 99.9 percent of people.
2. High percentage of interest on bank loans.
3.Many of the banks have started refusing or reducing their advances on real estate.
4. Many youngsters who are affordable have already invested in real estate and hence no.of persons in investment in real estate has really reduced.
I am observing that market is going to crash in
3 to 4 months from now.
See the no.of ads appearing for sale of flats and plots.
Observe the no.of plots remaining continuously for sale.
yup definitely
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