When will we get a house?
When will I be able to pay rent?
When do I need to buy?
When should I sell?
When will I buy or rent?
When is the next auction?
What is the real cost of living in the city?
What are the real costs of living across the city in the next month?
In the last six months, the real estate market in the capital has gone through a dramatic downturn as the government has introduced new rules aimed at making it easier for sellers and buyers to come together.
The capital’s real estate agents have been told to sell the homes they want for as little as Rs 2 lakh.
The government has also put a deadline of February 16 for buyers to get the property for Rs 2.5 crore.
As a result, real estate agent M.S. Murali says he is not prepared to sell any properties that are in their early stages.
M. S. Muali, who runs the realty group in the district of Vizag, has been selling his properties for a year and a half.
“I have been selling homes for more than a year now and I have been getting offers from buyers from all over the country,” he says.
He says he has had offers from a range of buyers, from Mumbai and Delhi, to Singapore, Australia and South Africa.
“The real estate markets are going through a lot of turmoil right now.
It is good that the government is taking action to ensure that sellers and investors come together to sell.
This will help bring down the prices,” he adds.
Realty group head Muralir Chaudhry says the government’s move to reduce the sale and purchase window will help drive down the price of properties and make the realtors more profitable.
“In my opinion, the government can go ahead with the sale of the properties as it is already working towards it,” he told The Hindu.
However, Muralih says the realtor industry needs to go further.
“For all realtours, the average cost of a property is Rs 50 lakh.
If the realoors come together, they will save the average buyer Rs 10 lakh.
But, if the buyers do not come together at all, it will have a big impact on the realestate market,” he argues.
The realtor lobby in the national capital has been vocal in criticising the government.
A recent survey by Realestate Board of India (RBI) found that real estate sector leaders are not even aware of the new auction rules.
The survey showed that realtor lobby groups are not consulted in these matters and the government does not even have a website.
“We do not have an official website for realtoring, let alone for real estate,” says Rajeev Kothari, President, National Real Estate Board (NREB).
“We have a forum where realtorians meet and share their experiences and experiences of how they are being discriminated against,” he added.
Real estate agents in the region are not happy with the new rules, too.
“Realtors are getting paid only for the sale, not for the purchase,” says Muraliya Muralidhi, Director, Real Estate Association of India.
“There are real estate associations in the state who have been trying to raise awareness about the new auctions.
We want them to be held to the same standards as the real Estate Board of the state,” he also says.