I have got confirmed news from one of family friend who works with one of the reputed builders (from Pune), that property market in Pune is getting worse day by day. Many people who has signed but not made agreements are cancelling the deals (due to job conditions). Plenty of new projects are at High Risk. Many wise builders stopped the launch of new projects (including Paranjpe, DSK, Kumar).
People don't have money to pay EMI. Investors are not getting good rents. They want to sell off.
All in all, by Diwali rates will be down, if not the same.

You still can buy a flat if you have secured job and enough of money in hand. Those who want to take loan (more than 10L), please don't take risk.

Sansona
Read more
Reply
768 Replies
Sort by :Filter by :
  • Looking ahead

    Agreed that YoY RE loans have declined but this data is from 08-09. It does not mean that 09-10 will show further decline.
    CommentQuote
  • Pethkar Samrajya experience:

    I revisited this scheme today. They are still quoting 4500 rate and said that availability is extremely limited. Hardly 5-6 flats remaining for March 10 possession.

    From two other buildings (possession in Oct 10), the rate last time was 4200 but now they have increased that also to 4500.

    The scheme is for 11 floors but they are taking booking only for 7 floors and planning to sell the remaining in ready possession at increased costs. According to the sales person, construction was going as per schedule and very much on track.

    A 3 BHK was around 72 - 74 Lac and 2 BHK was more than 62 - 64 L.

    Pls send in your comments...
    CommentQuote
  • Originally Posted by shekhar7
    Pethkar people are very adamant...!!
    I had a same experience.....


    you can call them smart too. There are lot of folks who will book the flats thinking that the rates might increase further without looking at the overall scenario currently prevailing. This is another tactic played by builders.
    CommentQuote
  • the market is controlled by builders so I don't think the consumers can do anything other than to hope that they reduce prices. also the landowners have tasted the high rates and now they are not willing to sell at lower prices.

    the only thing that could bring prices down is if no one is buying any RE for a long time (2-3 years). We are already 1.5 years into this situation.
    CommentQuote
  • Originally Posted by shekhar7
    Pethkar people are very adamant...!!
    I had a same experience.....


    Same the same with Raviraj builder. Their property Sicillia in BT Kavede rd, I heard that they have further increased the cost & are veeery adament. Even the resale falt there is going for just couple of hundred rupees less in sf
    CommentQuote
  • Originally Posted by mandarg
    Pethkar Samrajya experience:

    I revisited this scheme today. They are still quoting 4500 rate and said that availability is extremely limited. Hardly 5-6 flats remaining for March 10 possession.

    From two other buildings (possession in Oct 10), the rate last time was 4200 but now they have increased that also to 4500.

    The scheme is for 11 floors but they are taking booking only for 7 floors and planning to sell the remaining in ready possession at increased costs. According to the sales person, construction was going as per schedule and very much on track.

    A 3 BHK was around 72 - 74 Lac and 2 BHK was more than 62 - 64 L.

    Pls send in your comments...

    Construction as per schedule?:D Joke of the day. The no. of flats being left is the same for last so many months. Note that the builder always keep some flats to sell at ready possession. This being not the case, it is false.
    Large vacancy is there. It only depends on a buyer whether he believes the builder blindly or not.
    CommentQuote
  • Tiny steps

    Hi the Govt is at least taking small steps to ease things for buyers.

    Its almost cajoling the bldrs to build smaller/ cheaper houses. So the bldrs who changed plans mid way to build budget homes will definately gain.

    Now for metro, there's nothing. The Tax benefits to bldrs, Who will ultimately gain, the bldrs. The 279 industries, the labourers are all hog wash for these bldrs to line up their pockets with Govt largesse.

    Methinks:

    *Govt should tighten building regulations. Defaulters should just be either jailed or made bankrupt or Penalised heavily.

    *Govt should impose penalties to developers holding excess land with out any development, but at the same time not delivering houses to the promised customers in Schemes. This is pure and simple Hoarding and who is suffering , the poor person waiting for his house.

    *Govt should simplify land conversion rules, development rules so that even a common man, Aam Admi can build house with less hassle. Computerisation and transparency is the important aspect of this.

    *Govt should provide infra - Road (connectivity),Water +electricity(basic needs), Amenities (Schools,bill points etc.) to peripherial areas so that alleged land scarcity is done away with. The water affadavits is a Big Sham btw Bldrs and PMC, and residents r footing the bills.

    *Lastly and not least, Govtn should raid these bldrs to get all the required Black documents (Benami) + Black monies to wipe out some deficit:D
    The last part is the hardest and most improbable.
    CommentQuote
  • Who is Govt- Politician
    Who is Builders- Either Politician or a person doing business for them....

    So how come govt (politician) will punish builders (Himself)....

    The points you have written, if at all followed then India would be a developed country not a Developing country...

    *Govt should provide infra - Road (connectivity),Water +electricity(basic needs), Amenities (Schools,bill points etc.) to peripherial areas so that alleged land scarcity is done away with. The water affadavits is a Big Sham btw Bldrs and PMC, and residents r footing the bills.

    You are talking infra for residential purpose, out govt is not able to provide infra for Industry from where they earn lots of money....You just see infra in Hinjewadi...Approach road is in such a pathetic situation, enchrochments all along the road, this is when almost 1 lacs ppls are working there & we say this is world class STPI :)
    CommentQuote
  • Sansei,
    Remembered from what ash7979 said:- As you are looking at east Pune get the project verified for PMC waterline. I know you will see it, but I am posting for my mental satisfaction. ;)

    Also, if possible name the projects in East Pune having water problems. Will prove immensely useful for fellow members here.
    CommentQuote
  • A very Good Article on Real Estate in India...A must read...

    The real state of real estate:

    ]http://www.equitymaster.com/ht/detail.asp?date=7/30/2009&story=2
    CommentQuote
  • Next year out look

    Hi c the link abt TCS

    ]https://www.blogger.com/comment.g?blogID=19740856&postID=8639257871827268250

    Also BT is closing down 4k jobs, relocating to UK.

    So what do u think

    Also BT is closing down 4k jobs, relocating to UK.

    So what do u think
    CommentQuote
  • Dear Ashish,

    That is a very nice article and worth a read for everyone wanting to buy Real Estate. Repasting the link here for everyones benefit. Thanks once again for sharing the wonderful article.

    www.equitymaster.com/ht/detail.asp?date=7/30/2009&story=2
    CommentQuote
  • Originally Posted by Sansei
    Hi c the link abt TCS

    ]https://www.blogger.com/comment.g?blogID=19740856&postID=8639257871827268250

    Also BT is closing down 4k jobs, relocating to UK.

    So what do u think

    TCS strenght is around 130000 and as IT companies utilisation is always around 70% 40000 are always unbillable. That does not mean TCS is going to remove them. Look at raising profit and share of TCS for analysing situation. All bloggers are not true.

    TCS strenght is around 130000 and as IT companies utilisation is always around 70% 40000 are always unbillable. That does not mean TCS is going to remove them. Look at raising profit and share of TCS for analysing situation. All bloggers are not true.

    TCS strenght is around 130000 and as IT companies utilisation is always around 70% 40000 are always unbillable. That does not mean TCS is going to remove them. Look at raising profit and share of TCS for analysing situation. All bloggers are not true.

    TCS strenght is around 130000 and as IT companies utilisation is always around 70% 40000 are always unbillable. That does not mean TCS is going to remove them. Look at raising profit and share of TCS for analysing situation. All bloggers are not true.
    CommentQuote
  • Rentals fall.

    Vacancy in Pune rentals for commercial areas in over 19%. Rentals are falling & so are the prices. Residential correction usually starts after fall in commercial premises. Note that over 54% of residential units are unsold in Pune, add to it investors apartments.

    http://www.livemint.com/2009/07/27212105/Boost-for-retailers-as-rentals.html?h=B
    CommentQuote
  • stag

    Hi all,

    the paper ADs have started to show the slide once again.

    the temp blip is over and the resale prices r coming down again.

    There seems to be no saviour for the lux and exhorbitantly priced flats.

    There seems to be only one way - down.

    And govt has extended the period limit of Tax holiday.

    Now the bldr can hold his excess land and at the same time delay the

    underconstruction projects.

    Poor Aam admi.
    CommentQuote