Tuesday, June 30, 2009

Pune real estate market has revived!


Now, too less for too much!

Swiss County Too and Silver Mist to increase property rates from 1st of July!!
Rama Groups thanks Pune property buyers for booking Umeed se zyada budget flats!!!

It is true that a proper demand is yet to be seen in the Pune real estate market in the residential segment.

However, Pune builders beg to differ.

According to them, the momentum started picking up April onwards and they quantify it at around a 40 per cent increase — that’s in comparison to November, December and January, when sales were nil.

“In Pune, a revival is happening across the board. The genuine buyers are back in the market. The responses were phenomenal in the last two months.

The response in April was around 10 per cent, but right now, it is over 50 per cent,” said Rohit Gera, vice-president, Confederation of Real Estate Developers Association of India (CREDAI).

“The price in the city has not risen like it has in Mumbai and Delhi. So, the correction was also not that steep.

The buyers realized that the prices have bottomed out and also read the indication of possible price hike from this level. That is the main reason behind the movement we see in the market,” he added.
To read more, please, visit - Pune Mirror

Is there anybody who says "No! Pune real estate market is not revived!!"? Please, share your views in the comments!

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12 comments:

  1. So what do you think about Krome reducing the rate by 50 percent from the current prevailing rates to 1500 - 2000.

    http://www.mid-day.com/news/2009/jun/240609-Krome-builders-Mumbai-builders-Vishrantwadi-Koregaon-Park.htm

    ReplyDelete
  2. Ravi,
    Price increase by how much???
    Don't tell me that stupid number like 100 or 200 :)
    I am expecting rise by at least 1000 per sq ft, after all Pune builders deserve this greed, right...!!!
    Good luck.

    ReplyDelete
  3. Dear Ravi

    Could you please provide information on Viman Nagar Rohan Builders Projcet or any new project in Viman Nagar Area.

    Thanks
    Deep

    ReplyDelete
  4. Hello Deep! Yes, sure. Thanks for the suggestion.

    ReplyDelete
  5. I hope, government doesn't help these builders when they go bankrupt due to their own super greed.
    Even at slightest sign of so called start of booking they try to raise the prices!
    Way to go my dear Pune builders.

    ReplyDelete
  6. Pune Builders launched majority of projects in 2006-08. As the market was good that time, most of the projectss were booked before take off.The prices went up by almost 20% to 40%.Monies were collected for all these projects.Developers were having cash flow till now.Now when the sales have dropped since october, they are trying publish attractive news about the revival of the market. This is all marketing stunt as the buyers are not aware of the developers strategies. They have bought the land in 2004. Project is suposed to be completed by 2009/10.As such the cost of constrcution is not risen much,But the profit margins have gone up due the greedy developers. Now they are not ready to reducce the prices.Some buyers who are afraid of what will happen in future, they get carried away by these comments from big developers/advt of price rise/agent interviews about the market improving. I strongly feel that there is still no buyers in the markets, Builders will need cash they are trying to lure us, we should fall trap to these marketing stunts and wait and watch. July/August/Septemeber are testing times. With no business in these months they will be desparate to generate cash and there will be competitive selling in OCT/NOV/DEC, these will give way to price war and hence there will be some more drop in prices. Right time to buy should be in and around OCT. Till then do not panic and Do Not BUY. The prices more or less will remain the same or there will be a increased negotiations in coming months to generate sales and cash funds.

    ReplyDelete
  7. Ravi, in last few years, builders developed certain habits, which are impossible to get rid of.

    Builder-: Day 1: XYZ IT company is giving 10% raise, lets increase the prices. Day 2: People are making money in share market, lets increase the prices. Day 3: ABC company gave 100% bonus, lets increase the prices. Day 4: Sun is shining in the sky, lets increase the prices!!!!!

    But fortunately or unfortunately, life is different these days...

    ReplyDelete
  8. # "But fortunately or unfortunately, life is different these days..."

    - Really! Good to know that!!

    ReplyDelete
  9. Builders arrange property shows in crammed crowded 5 star hotel Halls. On weekends you get 200-300 people in these Halls and whoooa you feel the demand has gone up.....ooooooh what a response to the Property Exhibitions. Next day you have photos articles in newspapers about grand success of such exhibitions. How long will this game continue??

    If only these exhibitions were held in large college grounds, the we can see the reality. There will be more stray dogs and curious toms than real customer.

    Maybe the builders are cutting a good deals with such Hotels, Newspapers journalists to hype situations. Ground reality is still indifferent. Salary hasn't gone up, Bank is still fussy, where should I repay the loan from........then suddenly you have Mr Builder increasing rates again. Greedy builders should be getting a tight slap on their face and a boot in rear end....no no not in reality but financially.

    ReplyDelete
  10. There is still no revival in the market..its fluctuating more freely now.. a lot depends upon the revival of US markets.. primarily jobs and pay checks... i still do not see much rise in realty market (as overly hyped by builders) till mid 2010....

    ReplyDelete
  11. I am sure people will not mind even if the builders receive these goodies in reality ! !
    except for the builders and a few real estate salesmen/agents everybody else will be happy to see the builders getting sumptuous deliveries in the rear ;)

    ReplyDelete
  12. Ravi,

    Will you please let me know the rates one should pay in Warje area.
    I found Aditya's garden city flat spacious so planning to buy a flat.
    But they are quoting 3100 per sq.ft.
    Is it proper rate in recession time?
    if not according to you what should be rate in these area and particularly in Garden City?

    Thanks,
    -Abhishek.

    ReplyDelete