Saturday, June 13, 2009

It's easier to buy a home in USA in places like Boca Raton, Florida than in Pune Wakad - Srini's Blog

I have been looking for the dream home to be purchased but the kind of price quoted by builder is amazing. It is easier to buy similar home in USA in places like Boca Raton, Florida than in Pune Wakad :)

So, we found similar minded few people and created 10-15 group who can together bargain with developers. We went to places like ParkStreet, Rajeev Palace and few other places.

We also got in touch with few investors to see if they are interested in getting rid of some of their assets to increase cash in their hands. Ironically, many of the investors are ready to sell the same flats that builders are selling at lower price.
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9 comments:

  1. A post without subsatance and it found a place in your blog Ravi. You can do better than that. What relevence it has ie who care for price in Boca raton, FL. Like I am going to get a private jet to commute from there daily.
    In Kansas you can get land for $500/- an acre or in North Dakota at even cheaper. Approach US Govt with some good business plan and they will give land for almost free in Nowhere Town, USA.
    We talk of Pune, Lets talk of fair market valuation of Pune. Then that of each area and then of each builder.
    No two project are alike let alone two contries.
    I think Wakad is fair at 2000-2600/- based on project, its completion, design, brand reputaion etc. Just my opinion.

    ReplyDelete
  2. # Ref: "A post without subsatance and it found a place in your blog Ravi. You can do better than that. "

    Really! After reading your comment i felt very sorry, so i visited Srini's blog. (You have to click on the link to visit.)

    There are interesting comments on his blog. Srini has posted after a long time. I am sure these comments will encourage him to post regularly.

    Good. Isn't it?

    ReplyDelete
  3. Hi Ravi,
    Earlier if we compare two projects in Pune like any township and any other residential project, you tend to say that the township is township and can not be compared with ordinary apartment.

    Now you are comparing Pune real estate with US.

    I have to say nothing to this article but only have to say that you have to be consistent in your approach regarding the comparision.

    ReplyDelete
  4. There is a saying in Marathi

    I will pretend do beat you.
    You will preternd to cry.

    Thats cat and mouse game which is played with clever words. and some people think buyers can be influenced. Pity :)

    Wakad deserves no more than 1300-1500. ANything on the upside, just forget it.

    ReplyDelete
  5. # Ref: "Now you are comparing Pune real estate with US."

    Sir, I am not! About the post: I just blogged it because it tells us what property buyers are doing and thinking!

    About the comment: I am very much worried about the "Foreign Direct Investment" in India.

    I find it very difficult to accept that by becoming a customer how we, as a country, can prosper! Particularly, when American citizens are fighting for the liberation from consumption based economy!

    Oh! What i am talking!!

    ReplyDelete
  6. # Ref: "Wakad deserves no more than 1300-1500. ANything on the upside, just forget it."

    - Let us assume that you are right. How are you going to get that rate?

    For a long time many people are making this claim, now, you have to give action plan to achieve this rate. Don't you think so?

    - Consider this, as if the face value of the share is 1300 and it is traded for 2500! How can you bring it down to face value?

    - Few minutes ago, i was talking to one builder in Wakad. I know he can earn decent profit at Rs. 1700 per sq.ft. But he said, "I wont "cut the rate and start the war"! "Why should I, when people are happy to pay Rs. 2,600 per sq.ft.!"

    - Making statement is not enough. Now, some action plan is needed. Don't you think so?

    - Please, don't think that i approve your rate!

    Recently, everyday i am meeting increasing number of people who are suffering because of the price reduction.

    I really feel sorry for them.

    ReplyDelete
  7. "Why should I, when people are happy to pay Rs. 2,600 per sq.ft.!"

    Precisely, but with a correction.

    People WERE happy to pay Rs. 2,600 per sq.ft. NOT anymore. You may find an idiot or two who is still willing to waste the money but one swallow does not make summer. There are hundreds of empty flats waiting to get sold in Wakad and many moer will add.

    So dear, don't worry. No action plan is needed as there is inaction the market anyway and that will take care of the rest. Till then, happy dreaming.

    ReplyDelete
  8. "Recently, everyday i am meeting increasing number of people who are suffering because of the price reduction."

    And how is that ? Probably you are running into investors who traded speculatively and got into bad assets. If thats the case, you will continue to run into them.

    Btw, there are many who are suffering because of price increase beyond affordable limits. How about them.

    ReplyDelete
  9. I agree with Post#1 "Easier to find home in USA..Boca Raton..."
    Reason =
    2 BHK home in US (FL) is available on rent in between $900 to $1200. If you purchase a home there, your EMI will be also about the same, plus govt. will give you decent tax breaks (Not like our nincompoop India Govt, which gives tax breaks to Builders and Banks) so your cost of living justifies your earning power.
    Race back to Heady real estate markets of PUNE -- if you purchase comparable home (minus all the amenities that u get in US) you will end up paying EMI of Rs 15000 to Rs 21000; which good Rs 5000 - 11000 more than your rent money. Hence living rented is good here in India (You get tax breaks on Rent as well); plus if you get relocated (like many of us know for sure...) then u dont carry the baggage. Just contact packers and movers and they will transfer all your belongings to new rented home. You can take offers from different locations if you dont get bogged down by a HOME .. there are enough people who want to give their homes on cheap rent these days.

    ReplyDelete