An apartment complex completed way back in December, 2017 and obtained Occupancy Certificate in 2018, still has to find 500+ buyers, the sellers/developers/agents are not willing nor offering the properties at todays price, the ignorant internet/digital buyers are paying a very high price.
Another project of 2015 has been completed by the end of 2019 having Occupancy Certificate for few blocks, are STILL SELLING THE APARTMENTS as hot cakes. Even here, the agents/developers/investors have formed an unholy alliance and are selling these properties at a very high price.
There are few NRI sellers, (too smart) have entered into unregistered sale agreements, and are in the realty market, selling the unsold properties at a very high price. NRI properties or agreements carry with it some risk. It is noticed that many are BENAMI. The Benami transaction act will catch up with the buyers one or the other day, sooner or later. None of these NRI have any proper documentation and have their own unholy group. NRI are selling their properties on the basis of General Power of Attorney, (It is very difficult to verify its genunity-GPA) by trapping Digital Parrots. These NRI Sellers cannot even talk to the buyers over regular phone calls. All of them use Whatsapp or other modes to avoid the identities, even, if they come on line, it is fake, as their agreements are not registered. BEWARE Guys.
The best part of this illegal activities include renting out the properties, which do not have any proper titles, except the PAKODI/BONDA Papers. In one such rental agreement, the tenant passed away inside the property, the alleged owner was arrested along with the sale agreement holder.
Please exercise utmost caution and care, while letting out the property as well as taking it on lease or on rent.
ALL THE ABOVE ARE Internet birds and Digital parrots, and go by the brand name and PAID REVIEWS.
The property prices might not go up in the recent future, at least for another year. The recession has just begun to set in. It is a matter of few months, before the reality sets in. Another big XXXX/XXXXX/XXXXXXX is
FARM HOUSE AND MANAGED FARMS. These bubbles will burst.
BUY THE PROPERTIES AT TODAYS PRICE. DO NOT PAY MORE. VERYFY AND CHECK ALL THE DOCUMENTS THOROUGHLY WITH THE EXPERTS.
For example: One such huge project completed in 2018, does not have the basic foundation. The titles are not clear or imperfect. Their argument is over 500 have bought, Banks have financed over 500 and there is no litigation till date. But, their titles are TOTALLY DEFECTIVE AND ABNORMALLY IMPERFECT. It was pointed out to the seller/builder, he could not digest and accept his crime. Selling a property without proper titles (foundation) is an offence. But, did not relent.
“The criminal is the creative artist; the detective only the critic.”
― G.K. Chesterton
( “All men make mistakes, but a good man yields when he knows his course is wrong, and repairs the evil. The only crime is pride.”)
Finally, the builder/owner/seller/agent said, this is what we have, if you are interested, buy it. This is the real scenario in some of the projects, which are being marked with fanfare.
As on date, the prices are crumbling, but the buyers in a hurry and drown themselves with all unwanted and useless amenities.