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Saturday, July 26, 2008

Pethkar Projects' Samrajya - Balwantpuram compact 2 and 3 bhk flats at an affordable property rate of Rs. 4,000 - 80% flats booked in 2 days!

2 bhk flat in 43 lakhs at ShivtirthNagar on Paud road!

On Saturday, July 12, 2008, Pethkar Projects opened the booking of O and P wings of Samrajya - Balwantpuram. Booking rate for these wings was Rs. 4,000 sq.ft. On Sunday, as per the policy, property rate was increased by Rs.100. On Monday, real estate rate at Samrajya - Balwantpuram was Rs. 4,200 per sq.ft.

The builder, Pethkar Projects, was sure about the response because they had the data base, collected over the last 4 months. On March 2, 2008, the day Samrajya - Balwantpuram was launched, property rate was Rs. 5,600 per sq.ft. and flats were big - 2 bhk flat was 1,200 or 1,250 sq.ft. and 3 bhk flat 1,450 or 1,500 sq.ft. Because of the rate and the size, many people who visited the site, found out that flats on offer were not fitting in their budget.

So, Pethkar Projects reduced the size of flats in wing O and P. Now, the saleable area of a 2 bhk flat is 961 or 974 sq.ft. and of 3 bhk flat is 1420 or 1456 sq.ft. Along with the size, Pethkar Projects also reduced the property rate. O and P wings were launched at an affordable property rate of Rs. 4,000 per sq.ft. At this rate, a 2 bhk flat fits into the budget of 42-43 lakhs and a 3 bhk in 62-63 lakhs. Pethkar Projects send the emails to those who had that much budget and on July 12, released the launch ad in the local Marahti daily Sakal. Result was, on Saturday, people came not to inquire but to book the flat at Samrajya - Balwantpuram!

Story of the year!

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  1. Another wel-plnned attempt to fool and panic investors. Still there are few fools left in the market.
    Ravi, not sure how this 80% is calculated (is it 8 out of 10 OR 240 out of 300)
    There are many builders coming up with cheap offers these days, these are not great offers though, Pune real estate market will soon go in a slow down in next quarter and then the investors should expect a fall in the prices after 9 to 12 months from now.
    So this is not a GOOD TIME to buy at present pricing.
    Just imagine, an investor who booked in Pethkar project at Rs. 6000 per sq. ft. a year before. He clearly lost Rs. 2000/- per sq. ft. today and now it will take ages to appreciate his property and by that time, his asset will be too old and out dated.

  2. Generally project cost is covered when 50% of flats r booked...
    And then builder start increasing rates....
    Pethkar is saying 80% r booked and still asking for a rate 4000-4200......
    Ye baat kuch hajam nahi hui....
    This is clear indication that builder is giving false info.

    Already residence of Phase1 has suggested that don't believe on this builders....he never give the
    promised things....
    U will be King only till u do the agreement.
    If u still insists to book with him.....I am sure,...if u negotiate hard...he will reduce teh rate further.

  3. If you study last 10 Real Estate slowdowns in worlds one thing is common that it takes about 10 quarters to start next boom after stockmarket perceives overvaluation & normally about 6 to8th quarter rates are at lowest level. If this is true then Stock market shown its sign about overvaluation of RE in Jan 2008. so one should wait untill May - june 2009 atleast before start buying stocks or RE.
    This is just what history & of countries other than India. I don't know if India will be same or different than those countries.
    Personally I am waiting till next year.

  4. Nothing great about bookings. Are they getting converted in Agreements? IT IS NOT A GOOD TIME FOR AGREEMENTS. "MARKET IS DECLINING WITH THE INTEREST RATES"