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Monday, December 11, 2017

Property Festival of Positive Vibes

Pune flat buyers give a good dose of hope to participating builders in CREDAI Pune Metro Mega Property Festival:

CREDAI Pune Metro Mega Property Festival of Positive Vibes

"I am humbled by the generosity of the Pune flat buyers," with tears in his eyes, one salesperson said.

"Look around.....all are genuine buyers.......no crowd of casual visitors.....in 3 days I got some 200 serious enquiries.... just imagine what will happen even if 2 - 3 per cent of these guys booked flats in the next 3 - 4 months......this is overwhelming...." wiping his eyes the salesperson said.

"3 - 4 months! Why?," I asked.

"Now a days flat buyers take that much time to study and compare all options.....they not only visit sites 2 - 3 times to negotiate the price and check the progress of the construction - they do online research too - and book only when they are sure," the salesperson said.

"But some have booked in this exhibition itself!," I said.

"Those are exceptions....," the salesperson said.

"If the booking is going to happen after the usual 3 - 4 months followup - why are you so happy about the exhibition?," I asked.

"Because....though in the last 2 - 3 months number of enquiries & site visits have substantially increased - I don't get 200 enquirers in a month!," the salesperson said.

"Why are site visits increased?," I asked.

"Mainly because of MahaRERA.....buyers have started feeling safe," the salesperson said.

"Are they really safe?," I asked.

"Sentiments matter! Of course, GST is still a big threat....that's why most buyers prefer to go for ready possession flat...no GST on ready possession....straight away you save 12% ," the salesperson said.

"But everyone is passing input credit - no GST impact offer!," I said.

"General perception is - builder recovers that amount by increasing property price - so no GST impact offer doesn't work....buyers have become very smart," the salesperson said.

"Good to know that there is only one hurdle GST!," I said.

"DSK is a bigger hurdle than GST!," the salesperson said.

"But DSK is no more in the running!," I said.

"That's a blow to the entire industry! Old and big builder has become a risk. Flat buyers prefer new & lean builder. Look around. You will find that old established builders' stalls have less visitors.....multiple ongoing projects is no more a qualification!," the salesperson said.

"Then what is the qualification?," I asked.

"Ready possession...or at least early possession," the salesperson said.

"What about the property price?," I asked.

"Banks are there to care of the price!," the salesperson said.

"How?," I asked.

"See....major problem is no one has money to buy a property....so more than the property rates...home loan offer plays important role in flat booking," the salesperson said.

"You mean to say that - only those who have their own money can dare to negotiate rates?," I asked.

"Yes! Beggars can't bargain! You know how much money people have in their accounts? Most have only 5 - 6 per cent of the property cost! No one has 20 per cent own contribution - still, they can book a flat because these banks are offering 95 - 100 per cent loan - subversion schemes - differed payment options!," the salesperson said.

"You mean to say that all these people in this exhibition have empty bank accounts?," I asked.

"Yes! They know that if the banks refuse to lend them 95 - 100 per cent of the agreement value - the banks will go out of the business! Today's buyers are very smart!," the salesperson said.

"It means that this is the gathering of empty pockets!," I said.

"Yes! Our pockets are empty but our hearts are full of positive sentiments!," the salesperson said.

"Yes! I feel positive vibes all around!," I said.

Related Stories:

1) 2018 will be Pune flat buyers' market

2) Visit CREDAI PUNE METRO Mega Property Festival - Today or Tomorrow

3) How to use RTI in your day-to-day life - Empowering Moneylife Foundation Seminar at Pune!

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  1. "See....major problem is no one has money to buy a property....so more than the property rates...home loan offer plays important role in flat booking," the salesperson said.

    - LoL. What matters is the price & not interest rates. Had this been the case, people would have bought Bentleys,Rolls Royce rather than Maruti, Honda, Hyundai etc.
    If the product is not affordable &/or worth the price, people won't buy, simple. And people won't even think about buying if delivery is not assured.
    That time of booking any flat, anywhere & at any price is gone. The earlier the builders understand this, the better it would be for them.
    Some builders are still to come to terms that major price fall is already happening in the market.

    And it's not just DSK, even bigger ones are going bankrupt with flat buyers being stuck in under-construction projects.

    Unitech: The fall of a real estate giant -

    Unitech’s promoters are in jail, it has exited telecom, its projects have mostly stalled and it is battling disgruntled homebuyers and investors.


    Some builders could go to jail under RERA -


    1. The Monk. You echo all my thoughts. I have been analyzing the Indian Realty Market for years predicting a fall every year. But there are certain factors still holding the prices. There are certain factors that will change in the future that will Rapidly cause a fall in prices. Your views please. -- Dr Doomsday

    2. When prices are hiked, it easy to give illogical logic (sometimes as silly as population is increasing!) to justify it. It is even more easier to publish this via paid media especially newspapers. Builders, hoarders are happy & so are buyers thinking they made good choice by buying flat before big hike in prices took place. They will also go out & tell 10 people how buying xyz flat was profitable decision etc.

      But when the prices start to crash, everyone is mum (don't say population is decreasing !), builders don't have money to give ads so media stops publishing gung-ho news about real estate market, hoarders are busy to divest of their properties & buyers maintain silence because they don't want 10 persons to know how bad their decision was to buy a property.
      This means there is absolute silence on this subject, which itself is a clear indicator to find out in which direction the wind is blowing.

      See, when some student scores excellent marks in exam, he goes & tells this to everyone around but if someone scores say 40%, does he go & tell everyone around ?
      The silence around real estate sector itself is a major indication of what is happening inside. Add to it the news about builders going bankrupt, Govt figs about revenues from real estate sector etc. tell the true story.
      Few years ago, Unitech share price was Rs.517 & now it's around Rs.6 !

      As mentioned in my comment on Ravi's other blog several builders are now officially giving min 25% cash discount, hoarders rates are 30-35% less than builders rate card rates. And this is just the start, major bloodbath is going to come in property market & this was shown in detail even on channels like CNBC last week.

    3. Thanks for your analysis. Yes I agree, currently there is absolute silence about a real estate crash happening. Absolutely no articles out there on the Internet about India's own hosuing bubble

      . I guess contra (but truth) thinkers like us have been tired out but our still holding our guns. The liquidity brought about post demonetization has lengthened the stay at the builders death bed. I believe if the next GDP number comes any place below 6%, the foreign investors will bid good bye to the Indian equity market which is currently at atrocious valuations.

      I truly feel Private equity investors and now NBFC's have been the cause of the state of our realty market. In their absence we would have seen a blood shed.

      Wait is on...

  2. Hi Ravi,
    Did you see Kumar "The Fraud" builder in the exhibition? He's one of the top most fraud giant in Pune/Mumbai real estate market. It's heartening to see buyers are becoming more prudent in their research. This was not the case when I bought my flat in 2011. 6 years of agony and pain with KUL and it doesn't seem to end anytime soon.

    1. This is latest news about crook KUL builders. You Pune flat buyers should also follow footsteps of Mumbai flat buyers to get some justice from RERA.

      Two builders asked to advance deadlines -
      MahaRERA gets tough

      The Maharashtra Real Estate Regulatory Authority (MahaRERA) has asked wellknown Pune developer Kumar Builders and Mumbai based Ekta Parksville to advance their possession deadlines