6,000 bookings in 3 days!
From 3rd to 5th October 2008, The Promoters and Builders Association of Pune (PBAP) had planned to sell more than 6,000 flats through ICICI scheme.Though it was raining on Friday afternoon and Saturday evening, in three days 1,000 forms were filled and as per Satinder Arora, manger of the event, 25,000 people visited the exhibition.
In these 3 days, 25,000 visitors had a look at 50,000 properties , spread over 500 locations in and around Pune and they went home.
Besides, 25,000 visitors, 90 builders, who had participated in the exhibition, also visited the exhibition, had a look at 25,000 visitors and they went home.
If you want to know, how many properties were booked, you have to wait till this Diwali. Or next Diwali.
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I was also one of the visitor in that heavy rains, but I dare to visit exhibition in heavy rains, but did not dare to book flat in such a high rates ( even PBAP offering 10% interest rate) and global economical slowdowm.. recession ..
ReplyDeleteRemember, 10% rate is just for two years. They are not putting this fact in advertisements and misleading buyers. They even threatened to hike prices now. PBAP is famous for all kind of manipulations and this is oe from them.
ReplyDeleteOnly difference is buyers are aware of the tricks and will refute such attempts.
The buyers are now well aware of builder's trick. Prices have crashed have & are falling across the country & Pune will not be an exception to it. Don't buy now & choke these greedy builders. Prices will fall soon.
ReplyDeleteI think overall the show was good. I am not sure how many properties were bought/sold.
ReplyDeleteOne thing is sure that builders are feeling a pinch now. Yes 10% floating interest rate is only for 2 years. I bargained with few just to get a feel of how low can they go when I tell them I will give full down payment.
Some wanted to drop their pants off if lump sum money was given. I mean 400/- off on a 3100/- property that too without their boss's approval. Some names did not want to even reduce a penny but very few of these. Majority were willing to drop the rate by 200-250/- per feet.
In this environment I am not sure if I want to give full payment.
BTW I already own a property in Pashan area I was just testing the waters.
If I was a buyer I would look into a scheme that is out of the grounf like 7-8 floors. Visit a few time to see how well the work is progressing and then commit.
Ravi great blog.
Glad to hear the misleading tricks of PBAP jokers didnot work this time. Hope the real buyers of property can wait for next 6-12 months, when the prices will be at least 25% down from the peak. In US average prices are down by 20%, in some places like Nevada, Florida prices down by 40%. The growth of prices in last 5-6 yrs in US was even lesser compare to growth in India. The whole assets prices were artificially inflated and will not up come up next 5 yrs and may take another 10-12 yrs to reach to the peak levels.
ReplyDeleteInvestors, party is over.Look for other avenues.Stock market has presented good opportunity to into.
Cheek of the PBAP to say that the prices will continue to rise, I read the first para of this article 'http://www.indianexpress.com/news/developers-woo-buyers/369946/' and was surprised, shocked and felt kicking their back side. why spread rumours when the reality is in front for all of us to see.
ReplyDeleteI am writing this from US.In US people & businesses worring that current crisis is of magnitude of great depression if actions not taken immigiately. Even if evrything going well current crisis will end up in moderate recession of 15 to 18 months length compare to 6 months normal recession. This means it will take 2014 untill US economy start again expanding above inflation level. As US economy is biggest in world & mostly parent economy of our IT industry, it is great concern for Pune economy as well. Current RE boom was based on mostly IT/ITES salary hikes which averaged 20% from 2003 to 2007. Now looking at current situation this will not going to happen atleast until next 10 yrs. PBAP & others including me recently thinking of current US crisis is mostly US problem, & the current downturn in RE is temporary. Unfortunately this is not going to be true. When 30% of world economy is in problem then it will definitely going to trouble everybody. PBAP is still thinking of this is temporary pause in growth. That's why they still ignoring the signs shown in last 4/5 months. It is better they reduce the rates to level where average Punekar (not only IT/ITES guys) afford the RE. Still there is thought that if builder's choke the supply they can sell the property at current level. but this is going to be tough in coming days because more & more buyers are waiting for crash & postphoning purchase decision. That's why they just came, look around & went home without much booking at PBAP exibition.
ReplyDeleteYes the PBAP will keep their cheeks at all cost. If you are an insider or know an insider ask him what they talk about internally. Everyone is kind of worried. No one will give you a discount publicly just negotiate at site with bosses.
ReplyDeleteOne of the PBAP bosses who asked builders to stick to their price guns is selling one of his property in Pashan at Rs400/- less after a bargain. I had gone to negotiate with a friend there a property of 3600/- reduced to 3200/- in 10 minutes.
I dare not mention them by name as they are very very big in Pune.
In short even the PBAP men are double faced.
# ref: "One of the PBAP bosses who asked builders to stick to their price guns is selling one of his property in Pashan at Rs400/- less after a bargain. I had gone to negotiate with a friend there a property of 3600/- reduced to 3200/- in 10 minutes.
ReplyDeleteI dare not mention them by name as they are very very big in Pune."
OK! Thanks for the tip. More than name of the builder, i think, it would be better if you explain the technique of negotiating the property price! Property rates can come down only if we negotiate! Your experiences tells us that builders are not only ready but happy to negotiate. Negotiation skills are very important!
I am sure this pbap boss will be lalit kumar jain.
ReplyDeleteI get a feeling that due to his adamant nature to loot buyers and his diktats to other builders, all buuilders will go bankrupt becase of mr. jain. Even if builders wants to lower prices, a therat of boycott from pbabp will never allow him to do so and excactly this will elad to bankruptcy of the builders. Wake up builders, do something, you are drawning. After few monhts, even if u charge 10000 per sq ft and get buyers, stil you will run into losses.
and in present condition, the rate that can get any buyer is less than 2000 for most premium property in pune. Beyond it, you can get only queries, no bookings (or cancellable bookings) and no sales.