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Blog Your dream house @ affordable prices - Hold, Negotiate hard, BudgetPosted by derebail2009 on 24 November 2008 READ: 1071 
How much cheaper ?
The CNBC analysis reveals during the last bloodbath in real estate the prices had come down across the cities by following percentage : Bangalore 52% Delhi 30% Mumbai 32% Madras 26% Hyderabad 24% Poona 40% Now the reality check across the real estate market shows there has been a drag on the prices, but not upto the previous levels. Some builders have bought down the prices to around 20% level, but it is still a long way my friends. If you are looking at buying now thinking that prices have rock bottomed please hold back. There is downturn or more slide in the offing. All construction raw materials will start slashing their prices to realistic levels for example steel which is now at 36 k per tonne will have to fall below 30 K level in 2004 it was 20 K level. Cement L & T was sold at 120 per bag and it is now selling at 250 plus, it should drop to 180 levels which is nearly 30% drop. Further paints, tiles, electrical fittings will also drop substantially. How do i expect or anticipate further drop of prices, it is basically because supply is greater than demand, secondly petroleum prices are heading southward. This will have a cascading effect on rawmaterials by 20 to 30%. Builders will realise that working on 60 to 70% margin is unreasonable and will slash their profit margin. The combined effect will drive down price to a large extent. Any middle class housing project should be available between 1600 to 2200 per sq feet from reputed builders and non reputed builders should be selling at 1200 to 1600 per square feet. Of course it would depend on area and land prices prevailing. So please don t hurry to book your flat, at the same time keep exploring and negotiating with the buildings, please make them approach you 10 times. Finally reveal that your budget is only 20% less than what he is quoting, you will realise that they will bite the bullet. Please perfect the fine art of negotiation otherwise, you will end up as a looser. Meanwhile the interest rates are bound to drop to 8 % for housing loan. Go for floating interest, this will insulate your loan. All the best friends, i hope my advice is useful
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