How To Find Right Price Of Your Dream Home

It is the fact that land price varies with locality but the extent it is varying, is unbelievable. The price of a house at Malad, a Mumbai suburb, is Rs 3000 to 6000 per square feet; whereas, the price of the same at Vasant Vihar (Delhi) is Rs. 19500-32000. It is enough for confusing buyers and sellers.

Not only that the increment in price is also unbelievable. Price of Koramangala in Bangalore was Rs 1,250 per square feet, a single number. In 2008, prices were in the price range of Rs 7000-8000 per square feet. Prices in Park Street in Kolkata moved from Rs 3,500 in 2003 to a wider range of Rs 7,500-10,500. Prices of Worli (Mumbai) moved from the price band of Rs 5,500-10,500 in 2001 to Rs 16,000-40,000 in 2008. Places with wider price band include Alwarpet and Nungambakkam in Chennai, Andheri and Santacruz in Mumbai, Vasant Vihar in Delhi, Koramangala and Bannerghatta in Bangalore, Ballygunge and Park Street in Kolkata and Kalyani Nagar in Pune.

This trend of price variations though seems to be Indian phenomena. In the western world, prices don’t vary as much.

4 Comments

  1. Posted April 15, 2008 at 6:07 am | Permalink

    What’s the price of a house at Malad (a Mumbai suburb)? It is Rs 3,000-6,000 per square feet, mentions the recent report of real estate consultant Jones Lang LaSalle Meghraj. What about a premium locality like Vasant Vihar (Delhi)? Rs 19,500-32,000. The residential price is no longer a single number to be taken as reference points to buy or sell houses. The price band is only elongating — confusing buyers, sellers and analysts alike. Though earlier, prices of houses varied within the same locality, the extent wasn’t as much.

    “Our analysts are increasingly finding it tougher now to put up a single residential price for a locality. The price band has gone up and our data reflects that,” says Jones Lang LaSalle Meghraj chairman and country head Anuj Puri. Pick up any real estate report and you will find similar findings. The price band of residential prices in the same locality has been the highest in 2008. This is as per data provided by the above-mentioned consultant over a period of five years across Delhi, Mumbai, Bangalore, Kolkata, Chennai and Pune.

    Price of Koramangala in Bangalore) was Rs 1,250 per sq ft, a single number. In 2008, prices were in the price range of Rs 7000-8000 per sq ft. Prices in Park Street in Kolkata moved from Rs 3,500 in 2003 to a wider range of Rs 7,500-10,500. Prices of Worli (Mumbai) moved from the price band of Rs 5,500-10,500 in 2001 to Rs 16,000-40,000 in 2008. Places with wider price band include Alwarpet and Nungambakkam in Chennai, Andheri and Santacruz in Mumbai, Vasant Vihar in Delhi, Koramangala and Bannerghatta in Bangalore, Ballygunge and Park Street in Kolkata and Kalyani Nagar in Pune.

    What could explain the reason for such varied market prices? Says Dharmesh Jain, CMD of Nirmal group, a Mumbai-based residential property builder: “Every suburb has its own hierarchy and currently there is a 25% price band in Indian markets. This is mainly on account of product differentiation (coming in luxury, super luxury and other segments) and differences due to construction quality. While sometimes the price varies because of builders’ pricing strategy, many a time it is also the builder’s reputation in delivering quality products that plays a key role.”

  2. Posted April 19, 2008 at 12:55 am | Permalink

    Before finalizing the deal, one must go through any real estate web portal and compare the price.

  3. Posted April 23, 2008 at 5:54 am | Permalink

    Firstly you should findout the full conditions of that particular area where you want to buy the house.And see all the relative facilities which you have required.

  4. Posted April 23, 2008 at 7:18 am | Permalink

    Before buying i think sury is the best way to find the best price

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