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21 October 2011

You Need Crores For Buying a House

Yes it is true and also not in very posh and upper end locality. Even the suburbs and out skirts there are properties and homes coming up with the budget range of a crore or more.
Just some years back we remember that houses cost in lakhs of rupees and people would get a very good house in about say 20 to 25 lakhs. But at present this budget is the beginning and starting level of housing development projects. From 15 to 20 lakh rupees for a house on the outskirts of the city or far away places with no roper infra structure the buyer sure needs to either increase their income or go rob a bank! Not literally.
Selection property within budget range has become an important task for new buyers. Especially the working category of class three employees like peons and ayahs and maushis, are all those people we need regularly and their services are irreplaceable. The Tata housing projects or the nano projects are the need of the hour. We really need many houses in this category of we want our dream of giving every citizen a roof over their head.  
Property redevelopment is another very important and promising option to increase the supply of houses. The owners of the buildings can go through legal procedures with proper guidance from lawyers and  enter contracts for redevelopment. Many people also get redevelopment housing loans approved for their society and with these they can build good homes out of their old dilapidated buildings.
Many places have rates that are a minimum of 4,000 to 5,000 per square foot which go on till 15,000 or more rate per square foot on the outskirts and suburbs of the city. With a two bedroom hall kitchen or larger house it is well understood how the rates of houses have increased. You either need a larger budget or you will have to compromise with the location of your house to be purchased. In the city homes are much much dearer costing more than a crore, even our favourite developers are helpless as the supply for houses is lower and the demand for purchase is higher. With so many projects developing and under construction it is important to see which projects have got government approval and clearance title documents.  
With one end buying home for investment,  what about the lower end of people. How do they purchase a house within their budget, will they get a housing loan, will they get a home loan on lower down payment, will they be able to dream of owning a home? Chawls and small budget homes are still dearer and with all the documents required is it really possible for every citizen to own a home , an important though to leave you with!

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