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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  • Originally Posted by maggi
    Property rates have never come down during Diwali time, they rise infact in festival season.

    As I had said earlier, Jun-Aug is the best season to buy property.


    I agree. Diwali time is bonanza time for builders,with many end users, trying to book their dream homes & investors, trying to cash in on the perceived discounts on offer.
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  • Wondering which Diwali is that :D
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  • Next Diwali....
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  • Originally Posted by kothrud_pune
    Next Diwali

    Wait wait . still one day to go. There still is hope.
    LoL :D . Anyway. Happy Diwali to all bears and bulls
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  • Whatever is the case, it is also a fact that sales didn't take place they should in this Diwali. This year seeing people buying cars/bikes/TV/Comp rather than flat. Talked with 3 people & they said it doesn't make sense to buy house at these rates & high interest rates so buying other stuff :). Btw, I called Tata Croma yesterday & the salesrep used to get disturbed as people were asking him queries continuously (more buyers & less salesrep ratio). He now has invited me to the store to show some festive offers :)
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  • This thing happens every year...
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  • Originally Posted by kothrud_pune
    This thing happens every year...

    Last year was very bad for consumer durables as well. This year, RE fares badly in this period while consumer durables has picked up really well. That's the difference as people find more value in later.
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  • I think "the Diwali" which we are talking about is still 2-3 years away. I dont anyways see a crash but the RE prices should stay around the same level.

    I think we should have a regulator by March 2012. The DTC would kick in. The inflation should be around 7%. Hold good cash , and then its time to start the search.

    My Buying year is 2013-2014 or maybe 2015.

    Right now, I think its a good time to just FORGET about RE.
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  • Diwali bonanza from RBI - Banks can now only lend 80% for home loan , so borrower shells out 20% downpayment now . Lot of RE guys are saying that doesnt make any difference :D
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  • Originally Posted by suryawork
    Diwali bonanza from RBI - Banks can now only lend 80% for home loan , so borrower shells out 20% downpayment now . Lot of RE guys are saying that doesnt make any difference :D


    These type of RE guys will put 10% & borrow 10% from friends/relatives :D

    A friend exhausted mutual-fund/investments, applied for max home-loan. Now wants personal loan from me. He's ready to give 15% (mkt rate 18%).
    I denied coz don't want NPA in my balance-sheet and invested in Coal-India.
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  • Originally Posted by realacres
    Last year was very bad for consumer durables as well. This year, RE fares badly in this period while consumer durables has picked up really well. That's the difference as people find more value in later.

    Ok. Will try to believe you :D
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  • This is the best thread to read on the speculative RE crash with year of Diwali not mentioned in the title. :D Although Diwali for this year is a bit far, let's hope the RE price correction happens this Diwali atleast. :bab (6):
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  • This thread should get alternate name "Never say die" .
    It has spawned so many version of it but original is original after all.
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  • 2 diwalis have already passed... hopefully rates will drop this 2011 diwali...
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  • Originally Posted by tushart
    2 diwalis have already passed... hopefully rates will drop this 2011 diwali...


    Rates in pune will drop only if Pawar lobby drops...otherwise it will keep on rising...
    Better invest somewhere else, outside Maharashtra...
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