Archive for the ‘Real Estate’ Category

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.

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