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
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  • You are a smart*** are you not real pune. I am a broker who has not approached anybody for any deal and am exposing all my cards by posting news of trends in property. God bless your brains. Just because my opinion is different from you makes me a broker. You have an interest in real estate becasue you want to buy a flat. I have an interest in studying real estate trends and trying to see how things move. I may not always be right but I post what i belive in. If abusing me is going to get all you guyz good rates then so be it. Please go ahead and start a new thread on me and negotiate on that. Just dont add smileys to your posts to make it a joke. Insult me like you mean it and not like a typical IT manager who call you an *** and smiles as if he did not mean it.
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  • Originally Posted by realpune
    Sensei,

    Buddy, Please don't call a him broker.

    Don't you know, he has already a bought a flat in Pimple Saudagar. And he is just here to 'help' out the people buying and to 'guide' them :D

    And just to help people, even after buying a flat for himself, he even enquires all projects in Pimple Saudagar and posts the rates. We should not term such a "social worker" as a broker. :)


    You do such a good representation of the frustrated Indian man don't you? Oh the real estate rates are so expensive what will I do? Oh the builders are con men what will I do? Oh my manager is killing me what will I do? Oh i cannot buy property at today's rates what should I do?

    Instant solution: Let me abuse someone where it can have to repercussions. Let me abuse someone who does not agree with my dooms day scenario. Bang.. you found me. Instead of doing something about your problems and whining the whole day in this forum why dont you and neo online and some other guyz start movement where you can do something about it. Start a weekly magazine circulate it online in PDF, show the same to builders and let them know they cannot cheat people. But no, just like the typical man, you cannot do any of that. Just sit here and abuse me.

    Good for you and all the other people who want to relieve there domestic frustations on me.
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  • Public Sector Banks Witness Rise in Home-Loan Defaulters

    ]http://www.indianrealtynews.com/real-estate-india/public-sector-banks-witness-rise-in-home-loan-defaulters.html
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  • Crazy Broker

    Originally Posted by akssenti
    You do such a good representation of the frustrated Indian man don't you? Oh the real estate rates are so expensive what will I do? Oh the builders are con men what will I do? Oh my manager is killing me what will I do? Oh i cannot buy property at today's rates what should I do?

    Instant solution: Let me abuse someone where it can have to repercussions. Let me abuse someone who does not agree with my dooms day scenario. Bang.. you found me. Instead of doing something about your problems and whining the whole day in this forum why dont you and neo online and some other guyz start movement where you can do something about it. Start a weekly magazine circulate it online in PDF, show the same to builders and let them know they cannot cheat people. But no, just like the typical man, you cannot do any of that. Just sit here and abuse me.

    Good for you and all the other people who want to relieve there domestic frustations on me.


    NeoOnline, RealAcres & Sensei,

    The broker has suggested us to start a weekly magazine. Well, the broker can surely do that, as he has no business these days. No clients, you see :D But we do have a business rather than publishing the magazine. And rather than conveying our message to the builders through a magazine, a message through the broker will be the best way :D

    I think, as the truth has eventually come out, the broker has totally gone mad now.

    So many people on this forum have not gone nuts that they are calling you a broker ? Of course, everyone can publish his/her opinions on this thread and those can differ for sure, but not in disguise. Don't misguide genuine buyers by pretending to be a genuine buyer. Instead, tell em that i am a broker and this is what i think. Your posts will definitely appear more authentic then.


    You do such a good representation of the frustrated Indian man don't you? Oh the real estate rates are so expensive what will I do? Oh the builders are con men what will I do? Oh my manager is killing me what will I do? Oh i cannot buy property at today's rates what should I do?

    Instant solution: Let me abuse someone where it can have to repercussions. Let me abuse someone who does not agree with my dooms day scenario. Bang.. you found me. Instead of doing something about your problems and whining the whole day in this forum why dont you and neo online and some other guyz start movement
    From your post, it looks like you are more frustrated than us. We are at least getting our salaries. But without any clients, its really tough for a broker to survive and you must be afraid that our posts will even take the clients further away from you, but i don't have any sympathy for you.

    Instead of suggesting us about how to get rid of frustrations, go n tell your master to check the rates in time so that next time you will appear less frustrated.
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  • Why RE prices will contine to fall further.

    1.) The prices have already started to fall. Look anywhere, Vimannagar, Kharadi, Kalyaninagr, Baner, Wakad, Nanded City, Magarpatta etc.
    2.) Projects getting abandoned which means acute cash crunch to builders & no bookings.
    3.) Withdrawal of money by NCP for coming state elections. Nanded City price reduction from INR 3500/sq ft to INR 2500/sq ft is classic e.g. for the same.
    4.) Rising no. of home loan defaulters, making banks wary to lend despite rate cuts.
    5.) 30% correction in major builders like Rohan, Gera etc. with further nego. possible.
    6.) Builders' sources of funds has totally dried up, be it PE, FIIs, banks etc.
    7.) Affordable housing has made under-construction high priced projects inviable.
    8.) Most importantly, prices have crashed by 50% across India, Pune can't be an exception.
    9.) Major builders like Paranjape & DSK floating FD schemes. No sales offices at their site is clear indication that sales are not happening. Even other builders like Darode-Jog don't have site offices.

    Some good links here:-

    ]http://www.indianrealtynews.com/real-estate-india/public-sector-banks-witness-rise-in-home-loan-defaulters.html

    ]http://www.indianrealtynews.com/real-estate-india/indian-developers-seek-share-sales-to-settle-debts.html

    ]http://wealth.moneycontrol.com/authorarticle.php?id=12612
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  • You really hate me dont you.. you still are not willing to solve the problem you are facing.. still not ready to say take on builders... anyway this fight is getting too petty.. this is the last you will see me reply to your posts.. why dont you post your real name.. if we meet some time i will know "real pune.." my name is Akshay Iyer and i work for BMC ...
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  • and by BMC i dont mean Brihan Municipal Corporation..
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  • eco sense!

    Originally Posted by realpune
    Someone who has made so much money from stock market, has to be called a good investor.

    Will such a good investor, 'invest' in Pune RE market in such scenario ? A 3BHK which costs 50L struggles to fetch even 14k per month => Annual rent => 1.68 L. And if you make FDs of 50L, you can get 4.5L per anum. Buying right now is similar to the people who were buying when stock market was 21k, just because of the hype.

    In my opinion, people who have made good amount of money from stock market won't buy at these rates at all. If at all someone has 50L in case, he will invest in land but not in flat.


    Yup,

    RE does not make any economic sense, except for some vague notion of security.

    Better comments r avble on this topic, on other threads by senior people. People better educate ur self. Govt is also targetting speculators as reported in news - incentives for first time buyer, tax benefits in own staying accomodation than renting etc.

    The vague notion of security stems fm the fact that u have something to show for the money u have spent. What abt stocks just paper rubbish some times or gold the other time. However people fail to understand that stock r perhaps the only medium that reflects the some what true state of economy and factors in inflation, demand - supply, sentiments etc. Though it overshoots almost every time on either side, gets manipulated some times, it has consistently given returns over a period of time.Someone who has made so much money from stock market, has to be called a good investor.

    Will such a good investor, 'invest' in Pune RE market in such scenario ? A 3BHK which costs 50L struggles to fetch even 14k per month => Annual rent => 1.68 L. And if you make FDs of 50L, you can get 4.5L per anum. Buying right now is similar to the people who were buying when stock market was 21k, just because of the hype.

    In my opinion, people who have made good amount of money from stock market won't buy at these rates at all. If at all someone has 50L in case, he will invest in land but not in flat.


    Yup,

    RE does not make any economic sense, except for some vague notion of security.

    Better comments r avble on this topic, on other threads by senior people. People better educate ur self. Govt is also targetting speculators as reported in news - incentives for first time buyer, tax benefits in own staying accomodation than renting etc.

    The vague notion of security stems fm the fact that u have something to show for the money u have spent. What abt stocks just paper rubbish some times or gold the other time. However people fail to understand that stock r perhaps the only medium that reflects the some what true state of economy and factors in inflation, demand - supply, sentiments etc. Though it overshoots almost every time on either side, gets manipulated some times, it has consistently given returns over a period of time.
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  • Originally Posted by akssenti
    I am hoping you are right and i am wrong friend. It will do all of us a world of good if real estate prices correct further. Lets check back by Diwali and see what happens. I am praying that you are correct but my instinct tells me otherwise. I can see a lot of people buying today in Wakad, PS, and Kharadi. If it keeps going that way ... who knows..

    So as you say lets keep patience and hope for the best....

    Ya, there does seem to be lot of interest in PS and Wakad area.

    Recently, ( yesterday) two of my friends have booked at some dwarkadesh project by GK developers, after a search and wait of 3 yrs. The rate was 2700 psf.I am hoping you are right and i am wrong friend. It will do all of us a world of good if real estate prices correct further. Lets check back by Diwali and see what happens. I am praying that you are correct but my instinct tells me otherwise. I can see a lot of people buying today in Wakad, PS, and Kharadi. If it keeps going that way ... who knows..

    So as you say lets keep patience and hope for the best....

    Ya, there does seem to be lot of interest in PS and Wakad area.

    Recently, ( yesterday) two of my friends have booked at some dwarkadesh project by GK developers, after a search and wait of 3 yrs. The rate was 2700 psf.
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  • Originally Posted by akssenti
    You really hate me dont you.. you still are not willing to solve the problem you are facing.. still not ready to say take on builders... anyway this fight is getting too petty.. this is the last you will see me reply to your posts.. why dont you post your real name.. if we meet some time i will know "real pune.." my name is Akshay Iyer and i work for BMC ...


    Buddy,
    I don't hate you. Everyone loves you on this forum :D
    Don't feel so bad because you have been hit black n blue on this forum.
    I am here to express my views, not to reveal my personal details.
    I will meet you for sure, only if you have good deals :)
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  • Markets flooded with resale flats

    Visited magicbricks, to check if there is any decent distress sale. To my surprise, i am finding everyday the no of properties for sale increasing.

    Pimple Saudagar - 2803 !!! (2803 is a big no for PS like area)
    Kharadi - 2732.
    Viman Nagar - 2584.
    Kalyani Nagar - 2509.
    MagarPatta - 2113.
    B.T. Kavre`Road - 1241.
    Koregaon Park - 1168.

    This is just a single portal and there are many others too.
    I was just wondering, whether the investors have started selling their flats ? From last year and a half, the RE prices have not gone up(In fact got down).

    I had been monitoring the adds in news paper and i noticed that during from last one-two months the rates for resale flat owners are quoting 10-15% lesser than ongoing rates and ready to negotiate further.

    Just like, few buyers who are buying after lossing patience a few investors too can loose their patience to be happy with decent gains and selling for 20-30% lesser.

    If the investors have started selling their flats for lesser rates, is this just a tip of the iceberg ? A wise investor walks away with decent gains and invests his gains again in a reasonably valued asset which will fetch him better returns. Which i guess, RE does not look like fetching looking at current prices which don't look like growing 3 fold again.

    Is this a classical stand off, a step towards fall in RE prices ? Is this an end of a bullish cycle and start of a bearish cycle again ?
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  • realpune,

    Here is the deal. You go ahead and wait patiently for the doomsday. When the builders come begging to your doorstep to sell their flats, buy at whatever price you like. Just tell us what price you got, possession time, scheme name, area etc etc if you have guts. Then we'll compare and see who got a better deal. Till then, dont waste your energy here. Just go find some more articles to enlighten you and your followers here
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  • I dont see any point in talking to you.. and thats why i said you reflect the typical indian man mindset. Cocky, confident of everything even if you may be wrong, and abuse of anonymity that a forum can offer you. Add to this the ability to gang up with two more people..

    You still say i have been hit black and blue... just because you and some people got some malicious posts in..

    Thats so typical and so childish.. this urge of wanting to dominate and win..
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  • Look at the date of the article Real Pune. Its Jan 2009. Prices have fallen since then. In fact prices have fallen since peak. A friend booked a flat in Urban Nirvana in Kharadi at 2415 Per Sqft. Look at Urban Nirvana's site. He was quoting 42 L for a 2.5 BHK which my friend got for around 35 L. So the correction has happened. Mahesh is right when he says we cannot predict +- Rs 100.
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