Will flats go cheaper post-elections?
Posted on: 29/Mar/2014 6:16:15 PM
Constructing a new house has been a lifetime dream for most of us. For those who are lucky and hardworking with hand full of money, this somehow gets true, and for the rest it remains a dream throughout. What makes it too tough is the increasing price of construction land area and raw materials. Particularly, getting a plot within Chennai city is literally a nightmare.
In the recent days, building constructors are struggling without being able to sell the finished flats. It has also become a tiring task to find a decent land area to buy within city limits. One should owe minimum one crore rupee to get it. The building constructors and promoters make use of a single ground (2400 sq ft) to construct around 10 excellent flats. The selling rate is finalized based on the amenities and features they avail.
If one should get a land and construct flats from the scratch, it would cost them in crores. They should face various stages of tax payments in places including: registration, electricity board, water department, etc. At last, they include each one of the money spent in the final pricing of flat that in turn falls on the buyers head.
The scenario is slowly changing. Previously, people showed heavy interest towards buying a new flat with all sort of amenities, at least through bank loans. But now, most people are disappointed because of the exorbitantly increasing rates.
Speaking to one of the brokers, he said even if they clearly explain about the money spent towards tax payment at various stages, people are not convinced to buy flats at such huge rates. This has left a number of flats unsold. If the same condition prevails, we may even have to leave our business that really scares us!
Asked if he expects any depreciation in rates of flats, he said building constructors and promoters are looking forward for the same. We hope our business would shine well after the elections get over. Expenses on construction and taxes may hopefully get reduced. If that happens, the flat rates may become lower, he said.
