Real Estate prices are really…really down

In case you are still thinking that Real Estate prices are not as low as the market pundits predict then here’s what — A 2BHK flat that was priced somewhere around Rs 23 lakhs four months ago is now priced at Rs 21 lakhs.

Isn’t it an eye opener, certainly it is.

How do I know? Read on and you will know too…

Last week my friend Abhishek who works for a reputed media company came visiting and he told me that he was still keen on buying a house.

Incidentally, he wanted to buy one three months ago in Indirapurm and had also met a builder for the purpose. At that time the builder had quoted a price of around 24 lakhs for a 2BHK flat and he would have bought it but for the paucity funds.

Around, the same time I had told him to check out Ramprastha (again in Ghaziabad), only because it is better connected to Delhi via busses and other means of transport and the price range is almost the same as Indirapuram.

That was then.

Now when he visited me, he told me that he had met a property dealer in Ramprastha and actually seen a couple of flats before coming to my place. And the fall was actually shocking.

The property dealer had told him “whatever was prices at around Rs 23 lakhs then could be easily bought for Rs 21 lakhs and if you bargain you could ask for a further reduction in prices.”

Now, that’s what I call a steal.