Hello friends, I was pretty late in posting on blog as I was busy with something else but now with couple of more active members added, I think I'm getting closer. Thanks Mr Vivek Gupta for joining the active team.
I recently visited one of the reputed school in Latur (Rajashree Shahu Education institute) whose trustees are my uncles friends. They constructed a school building on their own without subcontracting anything to contractor. The total constructed area is - 60,000 sq ft and what I learned about the construction cost is unbelievable but true which I confirmed with others as well. It is < 400 / sq ft. Yes less than 400 per sq ft! If it comes to City like Pune, you add taxes, octroi and some extra for city labor as per your judgment and I will leave up to you on how much it will be in Pune. Ofcourse there is land cost but how much at the max?
And as I mentioned before, I just can't think of being a slave of some company for 15-20 yrs just for the 2 or 3 BHK house with no expansion scope unless your next generations do the same until their end of working lifetime! All HNIs,NRIs and onsite migrants may be exception to this which I don’t believe is entire picture to sustain RE in long run.
Housing prices are keeping pace with your salaries and they are closely monitoring it. They simply think as you earn more you give it all to RE companies just because you still consider home is something like next to impossible to build for individuals, always appreciates and you will buy from builder and builder only period. Yes there is need but can't we survive without? Certainly yes. Renting is the best option these days - ask any financial expert (not RE agent or builder salesman) and he will tell you if its viable in todays scenario and todays prices.
Hoping to be more active myself going forward.
All the best!
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