No to buying property yet in Chennai
So should I buy a property now? The answer is no. Definitely not in Chennai. Yes the property prices have fallen, that does not mean that the property has a fair price. Just imagine, can you own the property fully in 5-years, of course after taking care of other expenses? If not why? Think why the prices are so high?
The basic reason for astronomical prices of property is greed. People did not buy seeing what will be the buying potential of people in future, but they bought home and lands so that magically they will become rich. This also made sure that lot of people with black money invested in thus driving up prices further. Now none can buy a property at a sane price.
5 years of ones life is more than 5% of your life. Imagine should you waste so much for a house? Even if you buy a flat or an independent house in a colony, you need to pay maintainance fees. In cities like Chennai it would easily be Rs 3000/- or higher. Thats Rs 100 a day. If you can cook, 100 rupees will be enough for you to make a decent food a day (of course it will be vegetarian). Plus there will be all these restrictions you must abide.
The greed must vanish, people must look at what people can really purchase and they must lower the price. Rather than some company or individual deciding the prices of flats and land, the market should determine it. Though there are ready made homes now, none are buying it. When the prices were high didn’t the Realtors made us to wait for years even before lifting the foundation? Why they were so evil then and why they appear to advertise they are so good now?
Think people, think. We have bowed to marketing weather by corporates or by politicians and we have made our lives difficult. So think a lot before taking a life changing decision.