I just wanted to start this discussion ...
Now, if a person is a genuine buyer, wants a nice home .. what should he do ? if he should wait ? for how long ? Do we really think prices are going to fall ? If yes, when ?
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  • Originally Posted by shekhar7
    If I am not wrong, some of the builders will return you whole amount...
    if you cancel the booking..
    yeah few catches are there, like, builder will delay payback until he gets new customer for same flat...


    If the said flat in not registered then the builder shud refund the amount ASAP.
    Why shud the original buyer or the builder wait for new customer?
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  • folks,

    I have decided to cancel as i do not want to go thru any stress incase i land up having job issues in the next 2-4 years. I have calculated that i will lose some money on cancellation, the builder has not been agreeing to cancellation initially, I have to do more negotiation with the builder for the cancellation as well ;-(

    Thanks to Bacardi for keeping me patient and balanced during the last 2 days ;-)

    will post details later once i am sure i have come out of this trap. Its a lesson learnt in a hard way, but i think folks under similar situation will most probably may not take the steps backward, its happening since I am scared and not fully confident of my own finances, and may be i am more pessimistic of the IT job market in future. Not sure if I am doing the right thing by cancelling though. The builder told me he will have a better deal before this week ends for the same flat as there have been a lot of enquiries. I know folks who have paid almost 7-8% more than what i booked for in the same project.

    Regarding refunds, it looks like i may have to lose the initial booking amount for sure.

    Anyone has gone thru the experience of cancellation after 1.5 months of booking?

    Thanks !
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  • Learn from the experience and think all the time ...

    Originally Posted by millcat
    folks,

    I have decided to cancel as i do not want to go thru any stress incase i land up having job issues in the next 2-4 years. I have calculated that i will lose some money on cancellation, the builder has not been agreeing to cancellation initially, I have to do more negotiation with the builder for the cancellation as well ;-(

    Thanks to Bacardi for keeping me patient and balanced during the last 2 days ;-)

    will post details later once i am sure i have come out of this trap. Its a lesson learnt in a hard way, but i think folks under similar situation will most probably may not take the steps backward, its happening since I am scared and not fully confident of my own finances, and may be i am more pessimistic of the IT job market in future. Not sure if I am doing the right thing by cancelling though. The builder told me he will have a better deal before this week ends for the same flat as there have been a lot of enquiries. I know folks who have paid almost 7-8% more than what i booked for in the same project.

    Regarding refunds, it looks like i may have to lose the initial booking amount for sure.

    Anyone has gone thru the experience of cancellation after 1.5 months of booking?

    Thanks !



    Millcat,

    Second guessing and driving looking at the rear view mirror gets you nowhere! Ask me. I have made as well as lost more money that most of you will in your lifetime! And in the process, I have learnt many lessons!:D

    There are many possibilities after you have made a decision and crossed the line (rubicon). Two of them will look good to you:

    1. As you guessed, prices may crash and you will feel very good that you got out before it became too late

    2. Prices may stagnate. And you will feel good that, after 2 years you can get back into RE with much better financial strength and confidence.

    But, there may be many things that may not go your way!

    The time you squared up may be the real bottom and prices may hand around for a while and go up so that you can only buy at a higher price. You will definitely feel bad about that one.

    In the final analysis, there is only one way to do it - and that is to do it right! At the right time, with the right finances and when you feel right when you visit the property.

    Before you have completed the deal, look at every possibility to use the 7-8% lower price you got to see how you can get out with minimal loss!

    Once you got out, its over. Learn your lessons (better write it down as we all are very good at forgetting our mistakes too soon). And don't look back!

    There are so many things to do like becoming more skilled at your work so that you can earn more and ensure you have a job and so on (and these are far more important than living in the past all the time). Move on and start plotting for the second round when you will do your RE investment right!:D Don't lose confidence in your ability to do it right second time around. After all, you are one of the few who took the call and moved onto better things, while so many others continue to live with their mistakes, not having the guts to take the call when it needed to be taken.

    Have the right attitude. After all, its only money and that can easily be replaced in the future!!!:D

    Good luck!

    cheers
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  • millcat,
    Congratulations!. I am pretty certain that you will not regret your decision later, looking at the current scenario it looks like its will be 2 yrs before its going to be the right time to buy in Pune.
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  • Thank you wiseman, your words are encouraging and i agree I should be investing more in the basic things like career and skillset rather than jumping into the RE space.

    Today when i went to the builder, i see a signboard which i probably missed to see earlier, or this is a fresh one he has in his office.

    "Recession started in US, and it ended in Pimple Saudagar".

    I felt he is making a fool of me and many other folks who are still crowding into this builders office.

    Anyways I felt much better today and know exactly what i should be doing the next time.

    And I am trying my best to make use of this 8% increase in prices to my advantage, it will defenitely minimise the losses.
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  • I have a feeling that most of us use more heart than head while buying RE. While its necessary that your heart need to be involved in buying a home, let the head be the decision maker.

    I have also a similar experience, but i did not proceed anything further other than the booking amount, expecting the booking amount to be refunded next week.
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  • Have conviction and go ahead

    MillCat,

    Can't be sitting on fences and thinking that water will retreat and I will climb on the boat then. Rather look for the opportune time and jump on the board.

    Just ensure that liabilities (Loan) remain under control and you have enough liquidity to ensure that you have got 2-3 months EMI.
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  • Just ensure that liabilities (Loan) remain under control and you have enough liquidity to ensure that you have got 2-3 months EMI.
    Above shud be considered whether boom or bust.
    Why to risk saving when one can clearly see world-wide recession (worst of it's kind)?
    Big companies with millions $ in banks are doing cost-cutting.
    It is not sitting at the fence but sitting behind it to make sure that storm does not enter your house.

    Anyway, most of us have house to live in, may be rented one :D
    Why this hurry to buy now at inflated prices?
    There are better things to do then just buying house :)
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  • Originally Posted by Sansei
    Man people r worried abt jobs, and u want to talk abt growth?


    For a change. Lets talk about future.
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  • Lessons learnt

    Man i got in the fray to buy house, to start my EMI and end it before i retire.

    But guess what the prices were jumping before i could even calculate

    my finance at the last stated price.

    Thought abt whether stock markets have been replaced by RE houses.

    The gold diggers story came to mind in the wild wild west.

    Finally ended with a good land deal as was uncomfortable with the sabzi market RE price.
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  • Originally Posted by Sansei
    Man i got in the fray to buy house, to start my EMI and end it before i retire.

    But guess what the prices were jumping before i could even calculate

    my finance at the last stated price.

    Thought abt whether stock markets have been replaced by RE houses.

    The gold diggers story came to mind in the wild wild west.

    Finally ended with a good land deal as was uncomfortable with the sabzi market RE price.


    Sansai, the real and hard truth is that regardless of Stock Market or Real Estate Market or FII coming in or going out, elections, IT in (?) sability, Wipro/Infy posting profit, some focks loosing their jobs etc etc, PEOPLE ARE STILL BUYING FLATS IN PUNE.

    Around me, in just 6 months of time 13 people have booked a flat... which is a pretty dam good rate is today's condition. And I also know there are 7 more looking for a deal including myself. No wonder Pune developers are still kings.... Baner 3300/-, Bavadhan 3200/-, Sinhgad Road 3300-3700/- these rates are not really going down since last one year....

    People who can not affort housing right now, are buying homes in budget projects or buying some land in place like Hadpsar, Bhugaon or Hinjewadi, thinking that in future they will buy something better by selling these ones... I know this thought process is not going to work.. because in the name of budget house / in budget land purchases, they are paying too much already to get a real resale value.

    I fear most from the people who are just buying the house in the name of investment ... they already have homes/flats ... now buying another one ... especially because both husband and wife are working .... or came back from a long term onsite visit etc.

    I also heard, few IT and Manufacturing companies have started recruitments in Pune.

    Worst is yet to some or is it a start of a better growth/future ?
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  • Originally Posted by gsa177
    Hi,

    I am planning to cancel my flat booking. Would I get my booking amount back or would it dissapear in a black hole? In retrospect, I should have come on this forum earlier. Atleast it would have given me some wisdom to wait before booking in this market :(


    Luckily I have got my booking amount back. But only after some other bloke had booked the flat that I had cancelled :-)
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