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Saturday, March 7, 2009

Buyer-seller splitsville: realtors left with empty homes

If there is one thing that stands out about the Pune real estate sector today it is the huge disconnect between the buyer and the seller.

It’s almost as if the seller and the buyer are speaking two different languages.

And the estate agent who should be playing the role of a translator suddenly forgets all about his business.

The builders, sitting on a four-fold rise in rates, feel they can wait indefinitely to ride out the present slump.

The wannabe buyers say 25 to30% correction has taken place in other cities.

Both refuse to blink.

The result: A classic standoff, with almost no business being transacted.

The Indian Express begins a series.
To read more, please, visit - Ranjani Raghavan - Indian Express

Because this is not a time to own a flat!

Yes, there is a 'huge disconnect' between the property buyer and the builder. But one builder is connected. He understands what property buyers feel. Today is not a day to own a flat. Not even to rent. It's wise to save a rent. Right time to own a home? Tomorrow! If property rates come down. Right?

Can you tell me the name of the builder and the scheme he is offering? Yes, in the comments. (Comments Policy),

Feel free to call me:

I enjoy talking, sharing my views and giving advice about buying property in Pune real estate market (so, i do not charge anything for the first 5 minutes!) Call +91 98600 44110

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6 comments:

  1. Montvert ! Montvert !! Montvert !!!

    Long live Montvert.

    Montvert Jinda Raho.

    Jab tak Suraj Chand Rahega Montvert tera naam rahega.

    KHUSH??? Off-late you have gone insane just behind Montvert.

    Unfortunately you are loosing your goodwill just because you are marketing Montvert.

    - Murali

    ReplyDelete
  2. Hello Murali!

    Did i?

    No!

    You wrote it.

    However, thank!

    It only proves that you and me are connected. Right? It's huge complement for me.

    Murali, I admire your concern about my good will.

    Don't worry.

    I don't think, i am loosing my goodwill.

    Not in any lobby or those who oppose "Rent Today Own Tomorrow". In critics. In analysts. In consumer lobbyist. In anti builder lobby. In a group which see only negative in anything any builder does. In those who bother less about property buyers and focus on builder bashing.

    No. Why? I treat them seriously. I respect their opinion and views. I don't reject their comments (except when the language used is not proper, if there is a name i post about rejecting his comment and explain.) Everybody can read and comment on their views. I answer them sincerely. You may not like my answer, i may be wrong, but can not doubt my honesty.

    This discussion gives platform for those to express their anger, dissatisfaction and shows the level of trust builder community has in the minds of the property buyers.

    My blog is not for selling or advertising real estate projects or a builder.

    My blog is not for my promotion or enhance my brand image.

    My blog is the place where property buyers share their views, express themselves freely.

    I am not looking for praise, appreciation and complements.

    I am looking for free and open conversation.

    I admire and appreciate you for being so kind to me. Thanks!

    ReplyDelete
  3. Hi Ravi:
    You have been always fair in your reviews. Thanks. You have been critical of their concept of resort home in past but may have been a bit too bullish on their new idea.
    As much as I hate the builders due to their sneaky practices and "changing color attitude", I think the rent to buy option is a good idea and option.
    They were on news in Z business this afternoon and the report said it was a good idea if there were no fine lines.
    So one needs to see the details ask all questions and get answers in form of a contract before jumping to this option. I got an e-mail reply from them and I don't see any major issue except what happens after 11 months. When I asked them of this, they told me plan your rent to buy option with 11 months max in mind because if market improves at 11 month and they have a buyer they will sell and not extend the lease.
    So as per Mont Vert I should be able to make up my mind to stay or quit in 11 month. I think it is fair business decision my wife disagrees. No we are not getting divorced over this. LOL

    ReplyDelete
  4. Who reads Indian Express anymore? They better stop wasting trees. They are just running stories which will sell. Their inert journalism days are gone since Arun Shourie left them.

    ReplyDelete
  5. Who has to blame for this standoff?
    Going back to basics what is the construction cost and how much profit these builders are making by quoting unrealistic prices even in these slowdown time. Why the prices in india dont come down to 2004 level as in US the real estate prices has come down to the same?

    ReplyDelete
  6. Us works different than India. Hence we did not have subprime mortgage crisis. Thank God.
    Second. They have plenty of land we don't.
    Third In USA rents and EMI are almost very comparable. Here its 2.5 times different.
    Fourth- home loan interest rates in USA for past 15 years have averaged about 7 pct about 4pct less than India.

    Material cost escalation in US are much lower than that in India with tons of taxes and heavy stamp and reg fees.

    I worked in US for a constructtion company in implementing and supporting their ERP solution. Their margins and turnover are really huge compared to that in India considering the time needed to build a brick and mortar home in India is 3-4 times more than that in USA( wooden frames and stapled roof)

    Oh by the way I forgot a very significant factor. NO KICKBACKS IN USA TO TOWN AUTHORITIES.
    In India $$$$$$$$$ you guessed it.

    Tried impleneting ERP in India for a firm in Pune. Just too frustrating for me and the company. Two parallel books running.
    Man its too complicated in India.
    I tried to make a difference but no takers. So guess what I am going back to the USA leaving this motherland to thugs in white clothes. People with criminal records worshiped like Gods in politics.

    2004 prices in USA were also inflated compared to 1992-1994 inflation and all other price rises adjusted. SO I thinks 2004 values are justified today but were not justified in 2004. I have been a part of this industry in USA since 1985 when computers were just being used for typing a letter.

    no offence but pl dont compare USA and INDIA cose you will be miserable and will never be able to buy at either place.

    ReplyDelete