"A house for everyone in New Year!"
Congrats, Dileep Athavale (TNN), my friend, for writing a great head line! "A house for everyone in New Year "!!
Technically, a sub-headline, in today's Times of India, talks about recycled "studies" conducted by Jones Lang Le Salle Meghraj (JLLM), Cushman & Wakefield (C&W) and adds "insights" of Mr. Satish Magar, president of the Confederation of Real Estate Developers’Associations of India (Credai), Pune, and Business Intelligence Unit of Gera Developments Pvt. Ltd.
Moral of the story is " 5 Home Truths". If you read these "Home Truths", you will call them "Wish-list of Pune Real Estate Developers!" Have a look:
1) Age demographics indicate strong, sustained demand for homes
2) Demand fuelled by low cost of home finance
3) Not a significant dent in the disposable incomes
4) Confidence levels rising in tune with rise in mood globally
5) Price levels stable and likely to be so for some time to come
What say you?
We all know that these studies and survey reports are supposed to draw expected conclusions. Isn't it? So, for you and me, what you say and Google search is more important.For example, in this month, Decemebr 2009, you were searching Google and calling me mostly to discuss about booking a flat in Megapolis Smart Homes or Celestial City Ravet. From today, i am sure, one more project will be added to the list. Pharande Spaces' Woodsville at Pradhikaran in PCMC.
Considering the volume of these projects, i believe, these projects will not only dominate Pune real estate market but dictate price reduction too! Property rate and budgets in these projects will force other projects to recalculate and reconsider their offers.
These projects, Megapolis Smart Homes, Celestial City Ravet and Woodsville at Pradhikaran in PCMC, have proved that Rs. 2,400 per sq.ft. could be an acceptable property rate and budget of 2 BHK and 3 BHK Flats should be in the range of Rs. 20 to 40 lakhs. Thus, these projects define "affordable housing for the salaried middle class in Pune real estate market".
Considering the expected rise in interest rates of home loans, ever increasing cost of food and living, announced rise in the stamp duty and registration charges, in 2010, the acceptable property rates and affordable budgets of these projects may become unaffordable for many. So, in 2010, you will need a lot more confidence to create a liability!
In short, after 2 years of recession, in the uncertain economy of 2010, builders in Pune have to realign themselves with the property buyers and tailor their offers in the budget range of 2009, 2 BHK & 3 BHK Flats in 20 - 40 lakhs!
What say you? Share your views, demands and expectations in the comments, please! How long we have to keep on reading ridiculously obnoxious statements like "A house for everyone in New Year " and builders' Wish-list? Go ahead and prepare your charter of demand! Happy new year!!
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 919860044110If you like to chat, join me, RaviKarandeekarsBlogs on Google Talk.
Yes, my email id is RaviKarandeekarsBlogs@gmail.com Feel free to write. I reply as soon as i can.
Check my Google Profile: http://www.google.com/profiles/ravi.karandeekar
Subscribe for Free!
To receive free emails or free RSS feeds, please, subscribe to Ravi Karandeekar's Pune Real Estate Market News BlogFor my blogs on real estate projects near Hinjewadi, real estate investment, advertising and other related topics, please, visit and join my Ravi Karandeekar's Pune Real Estate Blog Group
I am not sure about the rates quoted by Woodsville but for sure 2400/sq ft at Ravet is not acceptable. What Rama group and Pharande spaces have done is - set the rate as 2400/ sq ft at Ravet & all builders would follow it up...
ReplyDelete# Ref: "I am not sure about the rates quoted by Woodsville but for sure 2400/sq ft "
ReplyDeleteProperty rate at Woodsville is Rs. 2,400 per sq.ft.! Is it acceptable?
Reg Woodsville...
ReplyDeletePradhikaran...Yes
For self living ...Yes
For Investment...Not sure
Rates not at all acceptable !!!!
ReplyDeleteWhat is so sacrosanct about 2400?
ReplyDeleteThe rates in Pune should be in the range of around 1500 to 1600 per sq. ft.
At Ravet Celestial, 1200-1400 max.
Rates in Pune were 800-1600 in 2002. Considering the inflation, current demand/supply which is similar to 2002, the current rates should be 1600-3200.
ReplyDeleteYes may be we should ask for free Apartments now from builders. Guys lets be logical. How can we expect Pune at Rs 1500-1600.
ReplyDeleteThe salaries in 2002 were 1/4 what we get today. So our employers should also ask for pay cut.
Please be logical when we blog.
Has anybody observed that megapolis people removed Tenis Court from smart home aminities.
ReplyDeleteAnd one more changed, earlier master bedroom was 10.6*14 but now it is 10.6*13.6. But still on paper sq ft is 950 and costing also for 950 sq ft.
No official confirmation from megapolis.
Has anybody observed that megapolis people removed Tenis Court from smart home aminities.
And one more changed, earlier master bedroom was 10.6*14 but now it is 10.6*13.6. But still on paper sq ft is 950 and costing also for 950 sq ft.
No official confirmation from megapolis.
Real estate is one of the best businesses now a day. Nice real estate blog. Thanks
ReplyDeleteI am coming in late to check with you are the Pune property around Wakad likely to witness price fall or likely to raise. Currently building under construction are being offered at Rs. 3300/psf while the price 2 months back was only Rs. 3000/psf. (in Aug 2010)
ReplyDeleteWould there be price correction is there any lull phase to appear?
Please comment. I wanted to buy in this month is it safe to book at Rs.3300/psf