Updated: Feb 9
Projects booked at rate of Rs 2500 to 3500 per square feet are hovering at 8000 to 12000 with old construction & nothing new to match as "need of the hour" living.
Buyers are paying 350 to 400% appreciation to sellers which are actually exorbitant, just because the rates have been established by deal facilitators & largely on account of lack of subject matter expertise, incomplete knowledge transfer, biased feed backs.
One very important role which plays in such rushed decisions is lack of patience; people sometimes are so fast forward that they end up in taking wrong decisions.
The other way is to buy projects equipped with latest technologies at say 8000 per square feet and wait for 2 to 3 years and see appreciation of 4000. Few top builders of west have forayed into NCR market which is giving stiff competition to existing players. The flip side of buying old projects at higher & inflated rates is when someone wants to sell then it is almost impossible to recover the renovation & registry cost.
So, what's next, one should invest | buy in a project backed with deep pocket brand and with extended business verticals to ensure timely possession, un paralleled construction quality & promising returns.
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The writer is a top real estate consultant giving unbiased & unfiltered insights, views of the writer are personal and not bound by anybody or any organisation.