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Pune : Huge price difference between under construction and RTM apartments

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Pune : Huge price difference between under construction and RTM apartments

Last updated: 2 weeks ago
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  • Pune : Huge price difference between under construction and RTM apartments

    Hi guys,

    I have been following rates for past 2 years in Baner, Baner Pashan link road and have seen the prices shoot up like 20-30% once the flat is ready and even for under construction flats.
    I dont understand how come builders charge so much. In the end its as good as paying for under construcion plus pre emi. And builders say that they will not charge GST but ultimately they must be putting the GST borne by them in the cost sheet one way or another.

    I had checked out Amar serenity in pre-launch and he had given me a price of 1.10 CR for small flat. I think it was 950-1000 sq ft.
    Now when the building was completed I had visited him in Feb and he quoted 1.25 CR for small flat and for middle one 1.40 CR.


    Same is the case with other builders
    Paranjpe crystal towers 2 years back 1.23 and now 1.37 (still under construction)
    VTP solatire 2 years back 1.05 and now 1.15 (still under construction)
    Mont vert grande Dec 2018 was 1.25 and now 1.30 (still under construction)

    I have followed this forum for many years now and everyone says its a buyers market as the real estate industry is stressed.
    I really dont see that thing. Atleast in West Pune.

    What are your views on this.


    Last edited April 24 2020, 06:20 AM.
  • #2

    #2

    Re : Pune : Huge price difference between under construction and RTM apartments

    There is no way these flats are worth 1Cr+. If you buy now, you will have to wait for another 10yrs it will still be at that price or lower.

    Comment


    • kumarpraveen
      kumarpraveen commented
      Editing a comment
      i agree. However, if its for self use i dont see why you need to look for apprecition.
  • #3

    #3

    Re : Pune : Huge price difference between under construction and RTM apartments

    Yeah beat it or not Home is a basic need to that's how flats and eventaully these builders are still in demand, Ive seen these flats before below are my points

    1. Rent is increased 1.5-2 times in last 3-4 years in the areas you have mentioned here, Baner, Wakad are in great demand.

    2. Properties and projects which are near consturction or good builders always quote high as in current market everyone want to buy either ready or nearning posseions.

    3. There is less competion in market, as local builders which were actually able to offer better value in market are not really able to sustain.

    btw dont go for this Amar builder prjoet you will have to go all the way to SHantiniketan road to go there, there is no connecting road between this project and Baner Pasan link road.

    You may try to negotiate with these builders they have been trying to sell from long time try to negotiate with higher authority the regular sales staff is trained to behave like this only so that normal buyer do get into several fake impressions.

    Comment


    • bechkam7
      bechkam7 commented
      Editing a comment
      Yes. Thats right. Local builders have gone now. All are the big ones now.
  • #4

    #4

    Re : Pune : Huge price difference between under construction and RTM apartments

    I have been to this property 2 years back when i was looking to purchase a 3bhk. The prices in and around that area for a 3 bhk is 1cr+. I have almost been to all the properties in that area . The issue with Amar is the flat size is way too small, it comes around 1300 for 3bhk. He offered me 1.3cr after negotiating. However i did not go ahead because of the flat size and also the slum surrounding that area.



    I purchased a 3bhk in Baner for 1.05 in 2017 which i thought was good deal as the area of the flat is 1600 sqft.

    Comment


    • bechkam7
      bechkam7 commented
      Editing a comment
      Thats a very good deal.
      Supreme estia in baner is quoting 1.12 for 1020 carpet. Possession in 2025 and maintenance of 6rs per sq ft for 2 years.

      It seems now having a decent society of 3-4 acres is also difficult now. So builders are charging premium on that as well. There are generally single or 2 building societies now wherein amenities are on rooftop..
      Balewadi and Baner have become super costly now. 1.20 cr is like kinda starting base package now.
      I have seen resale ones but have always found something negative in the societies. Thanks to IREF and its members for there honest reviews.

  • #5

    #5

    Re : Pune : Huge price difference between under construction and RTM apartments

    I guess its better to wait till this year end before closing any deal . My bet is prices will be coming down on a average of 15 to 20% and will stay there for a long time .

    Comment


    • bechkam7
      bechkam7 commented
      Editing a comment
      15-20 % I really doubt.
      Maybe 5 %. Atleast in Baner-Balewadi-Wakad patch.
      Bhugaon, Undri, Wagholi, etc areas can see price correction.
      But West Pune its very difficult for prices to come down.

      Builders now a days give 4-5 years in RERA for single tower completion. They will wait patiently unless they get there desired price.
      Plus in RERA you can modify completion date once and can extend till 1 year.

      Resale flats are also sold at almost same rate. My colleague took a 1250-1300 carper flat for 1.3 in one of the mont vert society in pashan sus road..the society being more than 10 years old.
      Personally somehow I dont find it worth to spend so much money on 10+ resale flat even when it is big.


    • GlobeSon
      GlobeSon commented
      Editing a comment
      Job losses and uncertainty in the IT sector will take the sheen out of Baner-Balewadi-Wakad. Just wait for a year.

    • bechkam7
      bechkam7 commented
      Editing a comment
      It will be great if the prices come down.
      However as logistics and material cost will go up, builders will pass this cost also on consumers. All builders are the same. They will also wait unless they get a good deal.
  • #6

    #6

    Re : Pune : Huge price difference between under construction and RTM apartments

    BTW my in-laws budget is max around 1.10 CR ready possesion or close to completion.
    Preferred location is baner and balewadi..

    Comment


    • kumarpraveen
      kumarpraveen commented
      Editing a comment
      The good thing about older flats is the bigger carpet area as the loading % was less at that time. I am staying in Pashan for more than 10 years now..Prices have gone up like crazy. I purchased 2bhk in 2009 for 28 lacs. Sold it for 70 lacs last year. So i guess age of the flat doesnt matter as long as the area is developed. Also Mont vert charges more as compared to other builders.
  • #7

    #7

    Re : Pune : Huge price difference between under construction and RTM apartments

    Well I heard Kalpataru exquisite has recently launched their 4th tower it's in wakad, it's a mid sized project with 4 buildings 2 Towers construction work has been completed already, though their possession is still away by 1 year.

    Altough I heard there are some liquidity issues with Kalpatru but you may give it a shot, someone sent me this booklet, cheapest apartment they are quoting is 1.15 but you may negotiate hard.

    Also do check availability in first 2 towers they may have it.

    btw anyone betting on VTP Blue waters ?

    Attached Files
    Last edited April 24 2020, 04:56 PM.

    Comment


    • kulkarni.sandeep41
      kulkarni.sandeep41 commented
      Editing a comment
      Amar serenity project was started 5yrs back. It’s still not completed. Phase2 booking is < 5%. How long you are ready to wait? Completed flats are liability & hard to maintain.
      Look around Baner area & you will see shabby flats which were completed couple of years back. How many people has seen completed project pictures on website or brochure?
      Why builders are hesitant to display it? All the hype & gimmicks only work till building is under construction. When I visited one of the preimum project(1.5cr+) site in Baner, the sales person only showed model & virtual(dream) presentation.
      After 3 follow up they agreed for site visit. Not to surprise, it was a modern chawl. I don’t see any reason for hurry as rents are going down for coming years.

    • GlobeSon
      GlobeSon commented
      Editing a comment
      +1 to Sandeep's comment. Property maintenance is not easy, and its very difficult for builders to make 2-3year old buildings look like new. Cracks on exposed walls, leakages, and leaking drain pipes take the sheen out of the property.
  • #8

    #8

    Re : Pune : Huge price difference between under construction and RTM apartments

    I am also looking for flat and comparing Kalapataru Exquicite wakad and Supreme Estia. any pointer, which oen is better? Interms of Builder and Locality?

    Comment


    • bechkam7
      bechkam7 commented
      Editing a comment
      Please check out my review on kalpataru exquisite. I will advise not to purchase flat here. I have purchased flat here.

      https://www.indianrealestateforum.com/forum/city-forums/pune-real-estate/2591589-kalpataru-exquisite-zenith-in-wakad-pune

    • bechkam7
      bechkam7 commented
      Editing a comment
      Supreme Estia will take 4-5 years to complete. There apartment starts from 1.15-1.20 plus maintenance. By the time you will get possession you will end up paying 15-20 lacs as interest(depending upon how much down payment you make)

      The only reason I bought flat in kalpataru cause was because they offered subvention scheme. It was a good deal that time.
  • #9

    #9

    Re : Pune : Huge price difference between under construction and RTM apartments

    Letsbuyhome1 I have booked a flat in kalpataru exquisite and will post the update on the project in short while

    kulkarni.sandeep41 I didnt got what you are trying to convey here. Do you mean even ready construction flats are not good to buy? Renting is good but till a certain time man.

    I am living on rent for close to 10 years and have switched flats 5 times till now. It has its share of pain as well.

    Owners were bad sometimes, flats not in good condition, increasing rent more than 10 percent every year..Then taking all our luggage and furniture and shifting again.

    As there is less projects in baner balewadi strech, builders will charge a premium..pride platinum plus is quoting 1.25 for 2.5bhk for 950 carpet..

    So most builders are now shifting there focus on Sus, Mahalunge and Bhugaon belt..I believe infrastructure will take 10 years to come here..

    I am so surpried builders quoting more than 1.2 CR for flats in bhugaon. Agree you get 100-150 sq ft more bigger flat but the traffic on chandni chowk, no proper roads and infrastructure is big no no.

    Mont Vert had given a final offer of 82 lacs for 1600 sq ft to me in 2018 december. This was really a good offer. After visiting bhugaon many times and looking the trafic conditions, specially in rainy season I decided not to go for it..

    BTW, which project where you referring in Baner.
    Last edited 4 weeks ago.

    Comment

    • #10

      #10

      Re : Pune : Huge price difference between under construction and RTM apartments

      bechkam7 - are you recommingding to kalpataru as compare to Supreme Estia? in todays scenario?


      Comment


      • bechkam7
        bechkam7 commented
        Editing a comment

        I will not recommend Kalpataru. Its way overpriced. 1.15 for 2.5BHK 950 sq ft.
        Supreme is 1.15 for 1020. Its location is good.
        You can negotiate.
        I cannot comment on build quality.
        Both will take 4-5 years to complete. You will end up paying 15-17 lacs in pre-emi.
        You can wait for few months and then check it out. As everyone is saying that RE prices can crash. (I really doubt though)

        You can check out Ready to move flats. Thats always best.
        My wife's friend took 1200 sq ft carper in Kapil Akhila for 1.29. Few flats are still there. You can try your luck there.
        Last edited 4 weeks ago.

      • amancrapbox
        amancrapbox commented
        Editing a comment
        Even in RE prices dont crash because govt will most-probably assure liquidity measures, and builders will have a good enough reason to justify to Rera authorities (Covid-19) and delay possession after constructing all slabs, and collecting major part of payment and earn interest on it.
        All current buyers of under-construction properties are doomed to lose big, irrespective of govt relief of any kind for real estate.

      • bechkam7
        bechkam7 commented
        Editing a comment
        I completely agree..That the problem..
        I searched Ready construction properties for 2 years. The price difference between launch and complete is around 10-20% more.
        And there used to be very less options in good location like balewadi and baner..

        Guys who have booked flat in kalpataru in 2015 have still not got possession. cant imagine what hell they must have gone through.

        Its better to wait for nearing completion and buy those flats.
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