Hat tip Harish Nagpal
Category: Realty
Source:ET
I was amongst the first people to attend the investor presentation of Lavasa. I didn’t invest as I did not like the fact that maintenance fees etc would be arbitrarily decided by Lavasa Corporation.However lots of people in the meet came with their cheque books and invested.Everyone thought that this project was backed by Sharad Pawar and so nothing would go wrong-Pune after all is the fiefdom of the Pawar family.
All realty investors must read this-How Lavasa investors were cheated http://t.co/S32EDqtipc
— alphaideas (@alphaideas) September 27, 2013
The deepening economic slowdown, rising cost of living and low wage revisions, coupled with higher interest rares, are forcing salaried professionals who had earlier invested in properties to put them up for sale, say industry experts.
People who had invested in properties some 10-15 years ago are now finding it difficult to service their home loans which have become too expensive now due to the rising interest rates and falling rental yields.
According to a survey, resale inventory has increased nearly 30 per cent over the last six months.
“Economic slowdown has hit the real estate industry. Salaried professionals who had invested in properties five-six years ago to cash in on the boom, are now looking to sell them as they are finding it difficult to cope with the high cost of living,” property portal Housing.co.in co-founder and marketing head Advitiya Sharma told PTI.-from TOI
The figures quoted for a South Mumbai building brings into stark effect the corrosive effects of inflation !