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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  • akssenti,

    I admire your patience !! You are still trying logical reasoning with "realpune". Continue if you wish but remember the response would always be pure garbage
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  • Down &Down

    Originally Posted by akssenti
    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.



    Same is the case with other projects in kharadi. I can tell fm horses mouth that the payments to the suppliers down the chain have been stuck up and pending for bldrs. They have even suggested to buy flats instead at lower offer prices (discounts and barter?).

    Monitered the resale ADs of these projects. The ADs r on & on & on for some months i.e fm last year and the prices have consistently decreased. It presents a dilemma to a buyer whether to buy or wait. Frankly, i would most probably strike a deal as soon as it hits my affordability level, my bearish out look not withstanding.
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  • Originally Posted by Sansei
    Same is the case with other projects in kharadi. I can tell fm horses mouth that the payments to the suppliers down the chain have been stuck up and pending for bldrs. They have even suggested to buy flats instead at lower offer prices (discounts and barter?).

    Monitered the ADs of these projects. The ADs r on & on & on for some months i.e fm last year and the prices have consistently decreased. It presents a dilemma to a buyer whether to buy or wait. Frankly, i would most probably strike a deal as soon as it hits my affordability level, my bearish out look not withstanding.


    Sansei,

    I guess that is something we (I ans akssenti) have been talking about for a while. Its all about striking the best deal as soon as its affordable. For realty, I have been bearish for 2 years now but finally finalized my deal a month back. Was expecting the "recession" wave to hit Pune realty hard too but somehow found myself disappointed that it wasnt hit that hard afterall.
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  • I think you are perfectly right when you say, strike a deal when you can afford it. Timing real estate can be tricky. Would be hard to predict the bottom. When you think a place gives you value for your money, jump in. We may be near the bottom now if not at the bottom.
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  • I completely agree with "Sansei". When you strike your affordability level, you should immediately invest in that property. After seeing the trends in last 6 months and having negotiated with "n" number of builders in search of my dream home,I have decided to go for the deal that satisfied me completely. I do not think RE prices will go down any further. Thx -
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  • Originally Posted by vbrege
    akssenti,

    I admire your patience !! You are still trying logical reasoning with "realpune". Continue if you wish but remember the response would always be pure garbage


    Thanks for you vote of confidence friend. Only can only try.. :)
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  • Continue the good Work

    Originally Posted by akssenti
    Thanks for you vote of confidence friend. Only can only try.. :)

    If it helps then let me tell you that you are doing a good job with quite balanced view. Keep up the good work.
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  • Originally Posted by badethakur
    If it helps then let me tell you that you are doing a good job with quite balanced view. Keep up the good work.


    Thanks dost.. it does help..
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  • how!

    Originally Posted by akssenti
    Thanks dost.. it does help..



    Hi Guys,

    There r still some hurdles.:o


    If one goes to bank, u will get a feeling that he does not want to give u loan.

    Above 20 lakh is absolute NO-NO.
    Below 20 lakh its SO-SO.
    Low amt loan COME-COME.
    Below 5 lakh absolute WEL-COME;)
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  • I did take a loan from LIC Housing and that worked out fine.. they were quick and efficient.
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  • Loan

    Originally Posted by akssenti
    I did take a loan from LIC Housing and that worked out fine.. they were quick and efficient.



    Hi man,

    can u PM me the details of the loan formality.

    Even if u go to a bank (PSU); they want u to take compulsory Life policy, as if one does a suicide because of loan or what ever reasons , they would get their dues. If no such thing, they get their profits.
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  • Originally Posted by Sansei
    Hi man,

    can u PM me the details of the loan formality.

    Even if u go to a bank (PSU); they want u to take compulsory Life policy, as if one does a suicide because of loan or what ever reasons , they would get their dues. If no such thing, they get their profits.



    Actually it might be a good idea to take a life insurance policy of the same amount as your flat so that in a worst case scenario something happens to you then yuor dependants will not loose the flat. If you do not have any dependants then ................... Quite a few of my friends have done it.
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  • Man i m already insurance heavy
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  • I have applied for a loan with Bank of baroda for 30 lacs, I dont think they have any issue in giving me 30 lacs loan...I dont know whch bank has refused u to give loan more than 20 lacs...even Now PSU banks are coming very aggressively in home loan...

    For ur info...in BoB RoI for loan less then 30 lacs ( I have applied for 29 lcs 50 thousand:) ) 8.75 & they are not charging any processing fees as well fron 15th June to 14 Aug period...this shows that they want ppls take home loan from them....I dont know why ppls have -ve feelings abt PSU banks...


    and now continue with the main topic, why price of property will go up in near future.

    1. in next coming months govt will aks to reduce ineterst rates on the Home loan, & they will do in next 2-3 months defiantly.

    2. Govt is also going to increase tax rebate on home loan for interest from 1.5 lacs to 1.5 lacs in this budget that is on 6th july, that indirectly will increase demand.

    3. After 6th pay commission many ppls got good amount of arrears, only govt babus though :( those ppls are ready with money to buy property.

    4.During diwali season ( I mean from oct to Dec months) anyway Indian ppls buy new things & they will new houses at any cost (I mean at this time prices & even at somewhat higher price as well).

    5. At last but not least...here in this forum as well,I have seen many ppls has already booked & in process of booking flats, so why price will go down :)

    Any positive criticism welcome....
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  • OK ur Not a Broker

    Originally Posted by akssenti
    I did take a loan from LIC Housing and that worked out fine.. they were quick and efficient.



    I think this guy Akshay is not a Broker, but is a buyer who has bought property at an unreasonable price and is trying to up the price by posting blogs... :D
    else why does he have to be on a realestate site when he has already purchased the flat.

    Mr. Akshay it is is better that you chill out and stop posting blogs, do some other productive work instead.

    Else if you really need to help people out here then post something that will really help buyers.

    AND yes there no need to react sharply to my posts
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