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Monday, March 31, 2008

Pune real estate slowdown - HDFC says correction will not be as drastic as 1996, simply because Pune real estate market is driven by the end user

Nobody can deny that there is a definite slowdown in the Pune real estate market:

Sonal Modi general manager (Maharashtra), Housing Development Finance Corporation Limited (HDFC), said the market sentiments were low, despite strong fundamentals in the city (Pune) with migration and economic growth continuing to fuel demand.

“But what we are seeing now are the first signs of a kind of easing out in the market," Modi said.

Officers at the HDFC said that in Pune, people are not buying because property is not affordable. Unlike other markets like Gurgaon, Delhi or Mumbai, Pune is not as much investor driven. The city real estate market has seen growth because of automobile and manufacturing sectors doing well, besides IT.

“But customers are waiting and watching and expecting a certain rationalisation of prices in the city,” Modi said.

All signs of market correction there, say loan institutions - ExpressIndia.Com

Posted by Ravi Karandeekar at Monday, March 31, 2008 1 comments
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Sunday, March 30, 2008

Pune real estate slowdown: school exams may be the reason says Sachin Bora, director of Samrat Constructions

Optimistic Pune Real Estate Developers:

The builders, however, still hope that the IT sector will see boom times once again and the present slowdown turns out to be a temporary phenomenon.

Says Sachin Bora, director of Samrat Constructions, “All opinions are based on past records and here we cannot deny that the kind of growth the real estate market has seen is unprecedented. It is the hype and not market that has slowed down,” he says, adding that school exams may be the reason for the present slowdown.

Frustrated Pune Property Buyers:

With rising home loan rates leading to the EMIs sometimes even exceeding their salaries, the IT sector in the city has gone a wait-and-watch mode.

“I think the price hike was not just fueled by the IT industry, but also by the NRIs. But today those investments aren’t paying off because of the rise in prices. Thus, you find that 70 per cent of the flats are empty in many high-end housing projects in the city. In fact in IT-specific areas like Magarpatta, where the official price is Rs 3,500 per sq ft, resale flats are there at Rs 3,100 per sq ft,” adds Aashish Kapoor working as a manager in IBM.
IT sector finding Pune rates too hot for comfort - ExpressIndia.Com

Posted by Ravi Karandeekar at Sunday, March 30, 2008 15 comments
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Wednesday, March 26, 2008

Property prices at Hingewadi, Wakad and Chakan in Pune are still seeing appreciation - observes Sanjay Dutt, Joint MD of Cushman & Wakefield

Excerpts from CNBC-TV18's exclusive interview:

Q: We have been getting all sorts of reports, ICICI Bank saying unit sales have come down, couple of developers said that prices are relatively holding at this point in time - what is your assessment of value in this industry as a whole right now and how has it changed over the last three months?

Dutt: It is a given that the prices have actually slowed down, the markets are stagnating. But if we were to elaborate on the buyer segment, if we were to distinguish between end users and investors, I may agree with Rajiv that the overall slowdown is 20-25%. But when it comes to investors which are a speculative component of the markets, the fall has been significant. We assume it must be over 40-50% and that is where the impact is being felt by the developers, overall.

Over the last three months it's the erosion of confidence which has led to the psyche of the developers and they are now being more cautious in approaching new developments.

Q: Give us an idea of what are the zones - either geographically it is National capital region (NCR), Tier II cities where you are seeing a substantial amount of downtick, is there a Bangalore which is unwinding more rapidly than Chennai? Is it possible to give assessment in that aspect?

Dutt: India presents a combination of unique markets; if you were to divide between Tier I and Tier II, Tier III cities, then clearly Tier I cities have maximum economic activity and the demand side has not really gone down, except for the investors who have gone down.
What we have discovered and we came out with the assessment some time back that there are some emerging corridors in well-established cities and there are some emerging cities which are being viewed as future potential of economic activity and that is where the corporates investors and developers have parked their capital. We expect those are the pockets where the appreciation is still being registered. A good example would be Hingewadi, Wakad and Chakan in Pune.
Overall I feel the prices in the market where they have peaked customers have taken a cautious approach and are stepping back a bit and are not committing as they were in the past and there is a wait and watch overall situation.
Moneycontrol India :: News :: Truth behind realty: Where are prices headed? : real estates ,Rajeev Piramal,Peninsula Land

Posted by Ravi Karandeekar at Wednesday, March 26, 2008 0 comments

Thursday, March 20, 2008

Great news for those who earn around 1 lakh p.m. & wish to book a 2/3bhk flat at Park Royale at Rahatani or anywhere in Pune real estate market

20th March!

I have to check my birth date. I must have born between February 19-March 20! Because i have got to step in when a friend or coworker (or you - a property buyer!) needs help -- i can't help myself!

Mostly, i must have born on March 20. No wonder such an important thing happened today. No, i am not talking about "invasion of Iraq" which happened in 2003 or Libby Riddles wining the Iditarod Trail Sled Dog Race® in 1985. But today, March 20, 2008!

March Madness:

Today, on the first day of Spring, while i was eating my pure veg rice plate, you in U.S. were busy in 'The Great American Meatout' and the entire globe in celebrating World Water Day, i received a SMS. Thanks to eZeeSMS, a leading National Bulk SMS service provider!

This SMS, i felt, has the power to end your March Madness and even February Foolishness of locking yourself at home on the weekends and not even sending SMS to the short code 54646 to inquire about the recently launched and on going real estate project in Pune.

After reading the SMS, i am sure, you are going to start, once again, visiting the site offices, see the sample flats and book your 2 bhk or 3 bhk flat at the current property rate in 'booming' Pune real estate market, without westing time in waiting for real estate prices to come down in 2008.

Dynasty Teams, Dramatic Underdog and Friendly Wagering:

Finance minister of India, P Chidambaram, cares only for those who's home loans are up to 20 lakhs. But, do not think there is nobody for you, who has a budget of 45 lakhs to book a 2 bhk flat in the Park Royale or anywhere in Pune real estate market. There is someone for you, who has come ahead, on it's own, to help you even before Indian National Congress requests the Indian Bank's Association (IBA).

No, not any dynasty team of Indian Home Loans, HDFC or ICICI Bank but the underdog Axis Bank is reducing it's interest rate by huge 0.25%! Why? Because, according to the SMS, Axis Bank wants to bring smile on your face. Just imagine, @10% floating rate of interest how much more loan you can get and how less your EMI would be! If you find it difficult to imagine, do not worry, call Raghavendra on 91 94227 87278.

Oh! besides this offer of 10% floating rate of interest, Axis Bank is also offering you Free Property & Personal accident insurance!

Big Dance:

Yes, you can book a 2 bhk flat even if you earn 70,000 p.m. but if you want 2&1/2bhk flat it is better to go for it only if you earn around 1 lakh p.m. Please, talk to any loan executive or a real estate salesman. He will explain you why you should have your own funds 'ready' to pay your own contribution and besides EMI, how it is beneficial to pay your 'Kamwali-Bai' in cash, every month.

However, because of this great offer if your salary is around 1 lakh per month, you can do many things. For example -
1. You can book a 2&1/2 bhk flat at Park Royale! Property rate at Park Royale - Rahatani(or Wakad!), Pride-Purple Group Project, is in the range of Rs. 3,100 to 3,300. Budget of 2 bhk flat is 45 lakhs, 2&1/2 bhk - 50 lakhs, 3 bhk - 60 lakhs.
2. Or you can book at Amit's Bloomfield, Ambegaon on new Mumbai Bangalore bypass where property rate is Rs.4,300.
3. Or you can book at Pethkar Projects' Samrajya - Balwantpuram at ShivtirthNagar on Paud Road - Kothrud, where property rate is 5,675 per sq.ft.

4. But, sorry, you cannot book a 2 bhk flat at Darode Jog's Blossom Boulevard at Koregaon Park where property price is Rs. 8.500 per sq.ft.

5. However, you can book a flat in any part of Pune!

Oh!! what an offer!!!

Please, express yourself in the comments and subscribe to RSS of this blog in "fast loading Google Reader" which now has a bigger reading area and keep smiling!

Posted by Ravi Karandeekar at Thursday, March 20, 2008 0 comments
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Monday, March 10, 2008

Because grandparents also want independence...freedom...to travel...to pursue hobbies

Shashank Paranjape, the real-estate developer generally credited with introducing retirement homes to India, opened his first project, Athashri, in 2003 in Pune as a complex explicitly modeled on Western retirement homes.

With roughly 1,000 residents in four branches, Athashri is a thriving community that looks as though it were plucked straight from Florida, right down to the early-bird specials — spicy lentils and rice.

Paranjape plans retirement homes in five more Indian cities, but he and other developers face major hurdles. To read more, please,visit:
The Associated Press: In Booming India Retirement Homes Spread

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Posted by Ravi Karandeekar at Monday, March 10, 2008 0 comments
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Friday, March 7, 2008

Pune realty prices: Exodus: an excuse to boost real estate price or an opportunity for a contractor to renegotiate labour rates with the builder?

Whatever may be the reason but ,for sure, property buyers will have to suffer because of the delayed possession and shell out more for their flats:

“We have informed our customers that there will be a delay in the delivery of flats due to this force majeure situation. We can’t say when the sub-contractor’s labour will be back, when normalcy will return or when flats will be ready” said Gera Developments chairman Kumar Gera, who is also founder chairman of the Confederation of Real Estate Developers Association of India.
“We believe that 50% of labourers have gone back and labour rates have surged from Rs 350 a day to Rs 750. We are not even sure if the labourers will come back. The Builders Association will wait till the end of March and assess the situation. The members will then take a decision on informing their customers about the possible rate hike,” Mr Lalit Kumar Jain, Kumar Builders chairman and president of the Promoters and Builders Association of Pune (PBAP) said.

Exodus boosts Pune realty prices - The Economic Times

Posted by Ravi Karandeekar at Friday, March 07, 2008 2 comments

Sunday, March 2, 2008

Hot Pune Real Estate News:
Pethkar Projects launches Samrajya, township with swiming pool in Balwantpuram at ShivtirhtNagar on Paud Road in Kothrud

Township in the heart of the city:

Mindspace Realty's Queenstown and Elpro Estates' The Metropolitan, launched in the last couple weeks, are in the heart of Chinchwad. Amit Enterprises' (promoters of Amit's Bloomfield at Ambegaon) Treasure Park and 9 Green Park are in the heart of Sant Nagar (Satara Road) and Sahakar Nagar. And now, Samrajya, a new phase of Balwantpuram, a township with swimming pool, clubhouse and all amenities in ShivtirthNagar is launched on Paud Road in Kothrud!

Property rates in Pune real estate market:

Pune is doing well! And Punekars are coming back to Pune. When you know how valuable it is to stay in the neighborhood of your origin, property rate is not a problem. Pune is happy to pay a good property rate.
Rs.5,600 to 5,800 per sq.ft. at Balawantpuram Samrajya on Paud Road in Kothrud.
Rs.5,600 per sq.ft. at Amit's Treasure Park and 9 Green Park on Satara Road and Sahakar Nagar.
In the heart of Chinchwad, Rs.2,800 to 3,500 at The Metropolitan and Rs.3,200 at Queenstown.
At the current real estate price, Punekars do not mind paying 70 lakhs to 1 crore for 3 bhk flat in these townships!


View Larger Map

Quality Construction and Customer Satisfaction:

Pethkar Projects is a typical Pune real estate developer, who does not need a marketing hype and advertising blitz to boost the property rate or get the bookings.

Pethkar Projects' Balwantpuram, a 40 acre township, is in my neighborhood at ShivtirthNagar. In the earlier phases 'Ornate Park' and 'Shefalika Heights' of Balwantpuram, Pethkar Projects have constructed more than 350 flats. As a real estate marketing consultant and also as a nosy neighbor i had come to the conclusion that flats in Balwantpuram are sold by mail order and people visit the site only when they come to take a possession of their flats.

But with the launch of this phase, Samrajya, for the first time Pethkar Projects had published half page ads in the local newspapers and put few hoardings in Pune. Late evening on the day of the launch, yesterday, at 9 P.M. (2100 hrs!) i went to the site office of Pethkar Projects' Samrajya. No, not to meet the salesperson to inquire about Samrajya but to complain about letting us down.

We, all the residents of ShivtirthNagar, Paud Road and Kothrud have been boasting that the launching booking rate of the property at Balwantpuram would be Rs.6,000.

But Pethkar Projects have opened the booking at only Rs.5,600 to 5,800! Result a 3 bhk flat fits into the budget of less than a crore, in only 92 lakhs!!

Because of this, as a real estate marketing professional i was disturbed; somebody may think that Pune real estate market is slowing down, Pune real estate boom is over, Pune real estate bubble is busted!

More than that, as a proud neighbor, people, particularly in Sahakar Nagar of Pune, will think less of me, when they will come to know that 3 bhk costs less than 1 crore on Paud Road in Kothrud, Pune. What a shame!

Subscribe to my blog in the Google Reader:

To keep a track of Pune real estate market news, please, subscribe to my blog. This official Google reader blog explains how easy it is with the use keyboard shortcuts. Visit my Google group to know more about all my blogs and subscribe to it if you are interested in all blogs. You are welcome to call me on my mobile phone ( you know, i do not charge for first 15 minutes!) but not to ask the phone number of Samrajya. So here are the contact details:

Site Office Address
Pethkar Projects.
S. No 110/1/A CTS No 1148,
Balawantpuram, Paud Road,
Shiv Tirthnagar, Kothrud,
Pune, Maharashtra (India)- 411 038.

Corporate Office
Pethkar Projects.
S. No. 117+118, Plot No. 21/B,
Madhav Bag Co.-Op. Hsg. Soc.,
Shivtirthnagar, Paud Rd., Kothrud ,
Pune, Maharashtra (India) - 411038.

Tele : +91-020-25401234
Fax : +91-020-25401240

Email: mail@pethkarprojects.com

Website: www.pethkarprojects.com

Posted by Ravi Karandeekar at Sunday, March 02, 2008 63 comments
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