Why you must not buy a house in Chennai

Real estate builders and Bankers are literally pushing homes to people in Chennai and its suburbs. They are relaxing loans, prices, putting cream topped ads and blah blah. But lets bite the bullet. Real estate prices are still high. In fact I would say real estate prices were high in 2007 and still many people foolishly bought homes.

There is much needed correction in prices, the prices of real estate must fall at the least 30% , many builders who rode on high profits must get bankrupt, and big real estate companies must slash the cost. If one buys an home, one should be able to pay it off in 5 years rather than in 15 or 20. Only if that happens people must buy.

There must be new innovative techniques in building construction. The same brick mortar and concrete approach must go away. Its too costly, custom made and slow. Producing a home must be like a factory system, where one layer or floor of a high rise should be built in 5 days or less.

Currently many builders are riding the Indian sentiment of getting white collared job, getting a car, getting married and getting an house. They use the last weakness woven into our mind to make huge profits. So please don’t let your greed to spoil the city. Wait for price correction and buy possibly after 2 years from now.

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