Friday, January 16, 2009

Severe cash crunch and falling sales bring more than 450 real estate projects in Pune to a standstill - Promoters and Builders Association of Pune

Is PBAP begging for your sympathy?

"Around 450 real estate projects in Pune and surrounding localities were at a standstill since developers do not have cash in hand. Since projects are held up, more than 5,000 workers have lost jobs and a number of engineers, architects and allied workforce too have received pink slips." Rohit Gera.

No! PBAP is threatening you!!

"Be ready to face the consequences,!!"

"Next year, most of you will be homeless!,"

Builders in Pune are warning you!

Because of this "standstill" by December 2009, only 16,000 new apartments would be ready for possession in Pune while the demand is more than 50,000.

You can take it as an advance intimation of "property price hike in 2010!"

Who is responsible for "No Booking, No Cash and No construction?":

Certainly not PBAP!

Not irrationally inflated property rates in Pune!

But...
the blame game continues!

Are builders unhappy about this?

Yes, builders are very much unhappy. In search of happiness, most of them have gone to Chinese gambling enclave of Macau!

Poor fellows!! What else they could do?
To read more, please, visit - Kaustubh Kulkarni-Business-Standard

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9 comments:

  1. Ravi,

    Thanks a lot for this input. You seem to be agreeing now to the noise that I had been making since some time.

    I definitely would like to help Builder community of Pune if they reduce the price back to 2004 levels. However, honestly, at this moment my own job is on stake, so not sure if I should create any liability or not.

    ReplyDelete
  2. Yes Atul! Now, I very much agree with you!! Take care!!!

    ReplyDelete
  3. All people , please read this and do go there : The builder is not even ready to negotiate for prices and is selling crap , I went there yesterday and saw this building , only promises not fulfillment.

    The track record of the builder is so bad , I happened to go to Audumber and Trimurti apartment he has done in Sinhagad road and believe me , u can see what mockery he has done. Talk to some of the residents and you will get to know ...

    http://www.r2iclubforums.com/forums/f25/www-ziggurat-co-ziggurat-dont-even-go-there-9148/

    I had read this info before and I am very happy to not book my flat at Ziggurat .....Altrack group is running just after money , no practices nothing being done to help people .....All rubbish

    ReplyDelete
  4. Come on guys... PBAP can't begg like this... they are the LORDS...

    Lalit Kumar, where are you...!!!
    Please pass a resolution in the PBAP and increase Pune Real Estate rates by 500/- per sq. ft.
    If you wish, you can take it up by any price, can't you?

    It's a shame, you big shots are cribbing like this.

    ReplyDelete
  5. maala vaatale navate ki lalit kumar etka garib aasel...

    lalit kumar vayane aani paishya-ne vaadhala mahanje kaahi to mootha nave...!!!

    ReplyDelete
  6. As per my Market research, there are 150,000 unsold apartments in the ONLY PUNE REAL ESTATE...
    I DO HOLS A COMPLETE SURVEY REPORT OF 2008.

    Whatever PBAP says is not true, it's just another foul attempt to threaten prospective buyers and cheat them.

    ReplyDelete
  7. First of all, threat and fear tactics from PBAP is no more a news or new to us

    Let PBAP stop the constructions and see how many people queue for cancellations and refund...forget abt the artificial demand/supply gap they are planning next year and hike prices again..

    According to me..they have only two options and none of that can they execute now...
    1. Stop constructions as there is no sale et all and as they are saying in your article. They can't do it because the those who already booked (actually very few) are still holding the flats in hope that there will be timely delivery and there is some kind of construction activity...

    follow the below link to know more...

    http://indiahousingbubble.blogspot.com/2009/01/builders-under-pressure-as-buyers-press.html


    2. Construct as per plan with their own money which is less likely as they are not used to...they are used to flashing fancy dreams on paper first and collect money from buyers beforehand..

    Also, request you to publish ET editorial which it seems is somewhat out of reach of lobby (thank god!). Otherwise we know ET,TOI and PT journalism

    http://economictimes.indiatimes.com/Opinion/
    Realty_sector_must_adjust_to_new_reality/
    articleshow/3991492.cms

    Thank you!

    -Anil

    ReplyDelete
  8. Hi,

    I am silent reader of this forum and writing for the first time.
    Initially after reading this page I thought PBAP is asking for sympathy by spreading the news of construction job losses in Pune. But, when I thought for a while about it, I realized that, they are not. Infact, they are trying to cash this moment too.
    Firstly, they sacked the ppl who worked for them in the boom period on the same/constant wages, whereas property prices were changing on an avg by Rs200 per sq ft per week. Who was really benefited with this price increase? It was builders, but who is suffering in downturn, the workers. Ideally builders should have kept thier staff on payroll and should have paid from the huge profits which they earned previously. That would have been the ideal guesture of showing how concerned they are about the economy. Government, Banks are trying to ease the recession by reducing interest rates, but builders in Pune are not ready to reduce their profit margins(especially the big lobby). The fact is that they are so much used to such huge profits they are blaming every other possible reason except themselves. They, the big ones know they they can sustain this situation for a while and meanwhile they are trying to test the prospective buyers patience. I think, this time we should not fall for such statements made bye PBAP. Let us see how long they can sustain by paying interest on the huge loans they have taken.
    -- Prospective Buyer

    ReplyDelete
  9. ^ Anonymus - you put in exact words. These builders have ditched their staff for their greed of retianing profit - the same poor people who helped them make huge profits in boom periods. Shame on you builders ! and the ridicuoulsly they are trying to put blame on bouyers.

    ReplyDelete