Real Estate Musings

It is amusing how shamelessly do sellers and builders lie about their upcoming apartments or office complexes. Every day when I commute to office, I see this ad hoarding which displays a picture of misty, beautiful and green mountain side, probably shot somewhere in the malnad area like Coorg or Chikkamagalur and an ugly apartment complex copy-pasted into the middle of this! And the words below it say that it is 5 minutes from Marathalli Bridge! There may be all other standard greenery, tranquility and such words thrown in, but I did not bother to read it all.

And then there is this huge office complex with ugly buildings packed as densely as possible on the outer ring road. Oddly, they call themselves as ‘Ecospace’ and their punch line reads ‘More greenery per square feet’. In reality, with buildings constructed on every possible corner of their land and still some more coming up, you will have to go searching for this missing greenery per square feet.

I am not sure if the marketers think that the consumers are gullible enough to believe these words or they just got used to hyping things up. But I have noticed that many apartments are seen unsold these days, which could be forcing them to hard sell. Last week when I was driving past wind-tunnel road, I was surprised to see a completely built apartment ready for occupation and still had some flats available. And then there is a major apartment complex on Marathalli-Whitefield road which is also complete but has unsold flats. With so many apartments having come up in the last two years in outer ring road near Agara and Marathalli and also around Whitefield, I wonder if the demand-supply equation is moving in favor of buyers. But the prices have definitely not come down, as the sellers tend to hold on as long as they can. So it needs a few more months to see if the supply is really in excess to demand.

3 Comments so far

  1. Ravi (unregistered) on July 13th, 2006 @ 10:25 am

    Welcome on board MB! Very relevant points being raised by you. An extreme thought. Should something of a ‘tectonic’ nature happen that drives IT out of Bangalore, boy, the demand-supply imbalance will ensure that apartments can be picked up for a song! Should that happen in the not-so-forseeable future, I think I might have something like that in my bank! Say, will 2 lakhs get a decent penthouse, you think? ;)

  2. Arun (unregistered) on July 13th, 2006 @ 12:55 pm

    “..drives IT out of Bangalore”

    Don’t worry Ravi. Our gov is working hard on it! :)

    And it is always good to know how much money someone has in the bank!! ;)

  3. rubic_cube (unregistered) on July 16th, 2006 @ 11:18 pm

    Another amusing thing that each apartment advert shows is their apartment standing alone in the space with no neighbours to them. Funnily, if you visit the actual site, there would be another huge apartment complex that would be coming up barely 100 meters apart! Case in point are the Rohan Vasantha and Purva Riviera. I would not be surprised if anyone from Rohan Vasantha can actually see TV shows in Purva Riviera’s homes. :-)

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