Why buy flats in Pune - Indian Real Estate Forum

alice69in · 02-02-10

When builders are charging so high..!

Team,

I am residence of Pune since 1983 and seen this city grow. I have seen various parts of Pune getting developed. But the way realstate prices have grown in Pune is ridiculous......! I have been looking for 3 bedroom flat for the past one year and its amazing to see how builders in Pune are taking Pune residence for a big ride....! ( 1500sqft) 3 Bedroom flat in any part in Pune is
Kothrud : 90 lacs
Baner : 70 to 80 lacs
Wakad : 65 to 75 lacs
Kalyaninagar : 75 to 90 lacs
Vimannagar : 65 to 75 lacs

Average cost is Rs 65 lacs. This price has inclreased in the last 2 years. I did following analysis
Downpayment : 20 lacs ( this is a maximum salied person can put) and balance 45 lacs on loan which close to 48K per month EMI for next 20 years.....

Crazy guys...... What has changed in Pune ? Couple of stadiums, Bad roads and inflation..... Then why pay so much for areas which does not even have water to drink????????

Best thing is stop any new purchase and wait for right Real Estate to come up. I am from IT and really worried over Obama statement that outsourcing to India to be reduced... There have been no increments in the last 12 months. Next increments are mere 5% to 7%......!

THEN WHY TAKE LOAN TO MAKE THESE BUILDERS RICH IN PUNE????

Steve_i4u · 02-02-10

Yes i agree with you Pune does not has any infrastructure and prices is similar to Metro cities like Delhi. You can find a 2 BHK in Delhi easily better location from Pune in same price. This is only because of some IT people else Pune has no bussiness scope.

ttt43 · 02-02-10

I am in exactly same position. Although I am having enough money to buy a flat, I am waiting for last 2 years. I am not at all convinced that these prices are value for money.

But these days people are taking a loan of 50L to buy property. These people are creating peer pressure among other people and they are also buying.

I am not sure if there is any way out of this.

puser · 02-02-10

I am in same position too. I am born, brought up in Pune. Many things definitely have changed although the amount of avg cost of 65L for 3BHK is totally unjustified.

How many of Puneites can make downpayment of 20L?

These properties in Pune are not for Punekars; they are not even for common Indians. They are intended to be sold to NRIs and to business community, politicians or their workers with enormous black money.

puser · 02-02-10

MP city rate was 1700 psft in 2005

And that too was too high for most Puneites then :p

mannusingh · 02-02-10

My in laws bought a 2 BHK at Karve Nagar at 1300 in 2004. The builder Antarkar Joshi is now quoting 5000 for a new building there. What is going on?? The only thing that has changed since then around here is the huge increase in traffic.

hitmady · 02-02-10

Quote:

Originally Posted by puser

MP city rate was 1700 psft in 2005

And that too was too high for most Puneites then :p

It means Pune builders are charging rates of 5 years down the lines.
And IT guys are in-slaving themselves in 10-20 year home-loan and boast their slavery to peers

realbee · 02-02-10

As the earning power increases so are our demands. Now we look for flats in locality with Swiming Pools(note the s one is not enough), Video Cam security, Remote controlled switches, Luxury bathrooms, & the list is endless. This comes with a price tag. If you take from a xyz builder with less amenities & willing to go bit outskirts(Yes Wakad is no more outskirts) you might still be struck of a good deal. The prize in the start of the post are exaggerated.

maheshk2k · 02-02-10

Mr. Tiwari,

The amenities you have mentioned are not that expensive further to that not many really want them. Builders are forcing people to buy them so that they can get higher margins.

Btw, "prices" mentioned in first thread are not real.

jia001 · 02-02-10

I agree IT, Auto, Telco and Banking industries are inflating prices not only in Pune but everywhere else too. This is marginalising the rest of the people, especially those in govt. jobs and retirees.
It is Kalyug, it is only going to get worse before it gets any better. No wonder people look more frustrated now than 20 years ago.

02-02-10	#1
alice69in Member Join Date: Jan 2010 Posts: 80 My Mood: Thanks: 0 Thanked 0 Times in 0 Posts	Why buy flats in Pune When builders are charging so high..! Team, I am residence of Pune since 1983 and seen this city grow. I have seen various parts of Pune getting developed. But the way realstate prices have grown in Pune is ridiculous......! I have been looking for 3 bedroom flat for the past one year and its amazing to see how builders in Pune are taking Pune residence for a big ride....! ( 1500sqft) 3 Bedroom flat in any part in Pune is Kothrud : 90 lacs Baner : 70 to 80 lacs Wakad : 65 to 75 lacs Kalyaninagar : 75 to 90 lacs Vimannagar : 65 to 75 lacs Average cost is Rs 65 lacs. This price has inclreased in the last 2 years. I did following analysis Downpayment : 20 lacs ( this is a maximum salied person can put) and balance 45 lacs on loan which close to 48K per month EMI for next 20 years..... Crazy guys...... What has changed in Pune ? Couple of stadiums, Bad roads and inflation..... Then why pay so much for areas which does not even have water to drink???????? Best thing is stop any new purchase and wait for right Real Estate to come up. I am from IT and really worried over Obama statement that outsourcing to India to be reduced... There have been no increments in the last 12 months. Next increments are mere 5% to 7%......! THEN WHY TAKE LOAN TO MAKE THESE BUILDERS RICH IN PUNE???? Last edited by alice69in; 02-02-10 at 05:42 PM.

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02-02-10	#2
Steve_i4u Member Join Date: Jan 2010 Posts: 132 My Mood: Thanks: 0 Thanked 0 Times in 0 Posts	Yes i agree with you Pune does not has any infrastructure and prices is similar to Metro cities like Delhi. You can find a 2 BHK in Delhi easily better location from Pune in same price. This is only because of some IT people else Pune has no bussiness scope.

02-02-10	#3
ttt43 Member Join Date: May 2009 Posts: 145 Thanks: 0 Thanked 0 Times in 0 Posts	I am in exactly same position. Although I am having enough money to buy a flat, I am waiting for last 2 years. I am not at all convinced that these prices are value for money. But these days people are taking a loan of 50L to buy property. These people are creating peer pressure among other people and they are also buying. I am not sure if there is any way out of this.

02-02-10	#4
puser Veteran Member Join Date: Apr 2009 Posts: 1,602 My Mood: Thanks: 30 Thanked 12 Times in 10 Posts	I am in same position too. I am born, brought up in Pune. Many things definitely have changed although the amount of avg cost of 65L for 3BHK is totally unjustified. How many of Puneites can make downpayment of 20L? These properties in Pune are not for Punekars; they are not even for common Indians. They are intended to be sold to NRIs and to business community, politicians or their workers with enormous black money.

02-02-10	#5
puser Veteran Member Join Date: Apr 2009 Posts: 1,602 My Mood: Thanks: 30 Thanked 12 Times in 10 Posts	MP city rate was 1700 psft in 2005 And that too was too high for most Puneites then :p

02-02-10	#6
mannusingh Member Join Date: Mar 2009 Posts: 155 My Mood: Thanks: 0 Thanked 1 Time in 1 Post	My in laws bought a 2 BHK at Karve Nagar at 1300 in 2004. The builder Antarkar Joshi is now quoting 5000 for a new building there. What is going on?? The only thing that has changed since then around here is the huge increase in traffic.

02-02-10	#8
realbee Member Join Date: Oct 2009 Posts: 188 Thanks: 1 Thanked 0 Times in 0 Posts	As the earning power increases so are our demands. Now we look for flats in locality with Swiming Pools(note the s one is not enough), Video Cam security, Remote controlled switches, Luxury bathrooms, & the list is endless. This comes with a price tag. If you take from a xyz builder with less amenities & willing to go bit outskirts(Yes Wakad is no more outskirts) you might still be struck of a good deal. The prize in the start of the post are exaggerated.

02-02-10	#9
maheshk2k Member Join Date: Jul 2009 Posts: 136 Thanks: 0 Thanked 0 Times in 0 Posts	Mr. Tiwari, The amenities you have mentioned are not that expensive further to that not many really want them. Builders are forcing people to buy them so that they can get higher margins. Btw, "prices" mentioned in first thread are not real.

02-02-10	#10
jia001 Member Join Date: Dec 2009 Posts: 240 Thanks: 0 Thanked 0 Times in 0 Posts	I agree IT, Auto, Telco and Banking industries are inflating prices not only in Pune but everywhere else too. This is marginalising the rest of the people, especially those in govt. jobs and retirees. It is Kalyug, it is only going to get worse before it gets any better. No wonder people look more frustrated now than 20 years ago.