Ravi Karandeekar's Pune Real Estate Market News Blog: property rates in Pune

Showing posts with label property rates in Pune. Show all posts

Thursday, November 24, 2016

Pune property rates will keep on going down

What would be the effect of demonetisation of 500 & 1000 notes on Pune property rates?:

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I feel pity for Pune builders.

In the last couple of years, the builders in Pune had lost respect & credibility.

Somehow, with the help of private housing finance companies these builders were managing to remain in business. They were tempting the buyers to book a flat by offering discounts & easy payment plans.

The naive flat buyers were reluctantly accepting these baits & booking flats only because they were still afraid of property price rise.

In spite of the huge inventory of unsold flats laying around, investors', bureaucrats' & politicians' black money was empowering the builders in Pune to hold on the property rates.

Instead of waiting for 50 % property price correction - it is safe to surrender and accept 15 % - 20 % discount and book a flat now - was the popular idea among these naive flat buyers.

But the demonetisation completely neutralized this fear factor. Flat buyers in Pune no more fear of property price rise. Flat buyers in Pune no more belive that of property rates will remain stagnant. Even naive flat buyers in Pune strongly believe that property rates in Pune are going to fall.

So, now, the builders in Pune have lost their most effective weapon - the fear.

But, there is no cash component in Pune - the difference in ready reckoner rate and selling property prices is not much - builders in Pune go for construction finance - if you consider the land price & construction cost, the property rates in Pune are quite reasonable and there is no scope for price reduction - some experts told me.

Booking a flat is a sentimental act - not a rational decision - dude! I told him.

But, financially price reduction is impossible - one expert said.

Financially? Whose money is this? This industry runs on the flat buyer's money - if you don't bend then they will break you - I told him.

I really feel pity for these dumb, disrespectful, unreliable, untrustworthy, powerless buggers.

You know?

In the last 15 days, since the demonetisation of 500 & 1000 notes on 8th November 2016, everybody asked me only one question - "What would be the effect of demonetisation of 500 & 1000 notes on Pune property rates?"

Eventually I realized that this was not the question. It was a firm belief. Not a wish. Not even a prediction. Everyone was very much sure that because of demonetisation property rates in Pune are going to go down.

Not only that! Everyone was ready to wait till the property rates really go down. Ready to wait to book a flat. Ready to postpone the registration of agreement to sale. Ready to renegotiate the price of the resale flat. Everyone was sure that there was no point in rushing. Better wait & watch.

What happens when the flat buyers do not book a flat?

Property rates go down. Right?

What say you?

Share your views in the comments, please.

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Wednesday, April 28, 2010

Ram India Group's Unnati Heritage at Market Yard Annexe - Investing in Pune real estate is all about compromise and common sense!

1 BHK & 2 BHK Flats and Shops near Market Yard Pune:

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On Sunday, 18th April 2010, Ram India Group (www.ramindiagroup.com) launched "Unnati Heritage ( - 1 BHK & 2 BHK Apartments and Shops near Market Yard".

The site address of "Unnati Heritage" was - "Near VIIT College, Ganga Dham - Katraj Road, Kondhwa Budruk, Pune". It means that Unnati Heritage was located on the hill top starting from Ganga Dham, near Market Yard and ending at Katraj Kondhwa Road and Upper Indira Nagar and Rajiv Gandhi Nagar at Bibwewadi. My favorite locations and neighborhoods in Pune real estate market. Which, unfortunately, i haven't visited for a long time!

View Kondhwa Budruk - Market Yard & Bibewadi Annexe- Ganga Dham Katraj Road in a larger map

When i was in Pune real estate advertising, i had launched Goel Ganga Group's Ganga Dham and handled the account for more than 3 years. Launching "Purple Castle" in Chaitraban, at the end of Bibwewadi Road, was one of my last assignments in my Pune real estate advertising career. So, when i saw Ram India Group's half page launch ad in Sakal, i was eager to visit Unnati Heritage - "A New Destination of Happiness!"

When i reached the site of Unnati Heritage, around 4 PM, i realized that, i was too late. Thank God! I didn't want to book a flat! At the small booking office, Vikram Agarwal and his colleague were showing the list of bookings to the crowd gathered around them. Requesting the disappointed property buyers to write down their contact details, both of them were promising to get in touch, if some cancellations happened.

I decided to enjoy the moment. For a long time, I haven't attended any wedding reception. So, i enjoyed mingling in the gathering of so many healthy husbands, young "Bhabhis" in the silks and shouting kids.

"Congrats! Sold out in half a day!! How come?," i asked Mr. Vikram Agarwal, when i could manage to reach him.

"Common sense! Near Market Yard you need more than 60 lakhs for a 2 BHK Flat. 1 BHK Flats are not made. Here (at Unnati Heritage), just 2.5 klms from Market Yard, we are offering 1 BHK Flat (557 to 622 saleable) for 20 lakhs (All inclusive property price Rs. 18.90 to 20.86 lakhs - at the property rate of Rs. 2,850 per sq.ft.) and a 2 BHK Flat (841 / 854 saleable) for 28 lakhs! (All inclusive property price Rs. 27.58 - 27.97 lakhs - at the property rate of Rs. 2,850 per sq.ft.) Tomorrow, who knows how far you have to go and how much you have to pay? Book today - common sense! Yes or No?," Mr. Vikram Agarwal said.

"Yes! But common sense is a rare commodity!!," I said.

"That's all (common sense) small trader in Market Yard has! His capital!!," Mr. Agarwal said.

Congratulating him once again, i took Mr. Agarwal's leave. At the corner, actually it's main 'chowk', i realized that, besides common sense, small and big traders in Market Yard have one more thing in abundance - faith and religion! How about experiencing the importance of religion in Pune real estate market, i asked myself and decided to visit neighboring Sri Shanti Nagar, next to Vishwakarma International Center.

It was very kind of my friend, Rakesh Rajapure, sales manager of Sri Shanti Nagar, to order his assistant, Siddhant Gajre, to give me a complete sales talk. Three years ago, when the project was launched, the property rate was Rs.1,650 per sq.ft. and today it is Rs. 3,480 per sq.ft.. Today, for a 2 BHK Flat of 834 carpet + 2 terraces of 13x6 & 9'6"x13'3" at Sri Shanti Nagar you have to pay Rs. 47.6 lakhs.

"Rakesh, what is the secret of your success? How could you book all the flats at these rates, in this location? Shatrunjay Temple? Mahesh Sanskruti Bhavan?," I asked.

"No and Yes. What do you mean by this location?," Rajesh asked me.

"Look around, Rajesh. We are almost in Upper Indira Nagar and Rajiv Gandhi Nagar! Wasn't it a challenge?," i asked him.

"Middle class home buyer knows well how and where to compromise! You know? In Mukund Nagar and Market Yard, you wont get a 2 BHK Flat for less than 70 lakhs! Isn't my project a good compromise?," Rajesh asked.

"Yes Sir! Today, I have learned a lot about investing in Pune real estate market! Here, about 'compromising' and there, at Unnati Heritage, about 'common sense'!," i said and thanked him.

However, i realized that unless you have a look at this neighborhood, you can't understand what's the exact meaning of the "common sense and compromise". So, once again, in an afternoon, i visited Kondhwa Budruk a.k.a. Market Yard annexe a.k.a. Bibwewadi annexe - Ganga Dham - Katraj Road and took some photographs. Please, have a look!

Contact Unnati Heritage:

Sr. No. 63 ( Part 1/2 & Part 2 ),
Near VIIT College,
Gangadham Katraj Road,
Kondhwa Budruk, Pune - 411 048.

Email ID:unnati@ramindiagroup.com

Phone:9850185800

Views of 2.5 Klms Road from Ganga Dham to Unnati Heritage, Kondhwa Budruk (Market Yard Annexe):

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Views of Smt. Laxmibai Pasalkar Chowk, Kondhwa Budruk and Site of Unnati Heritage, The Destination of Happiness:

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Views of Vishwakarma International Center and Sri Shanti Nagar at Smt. Pasalkar Chowk:

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Mayur Nagar and Unnati: Prestigious Luxurious Projects in Smt Pasalkar Chowk at Kondhwa Budruk, Pune:

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Views of Rajiv and Indira Nagar (Upper), Bibwewadi:

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Monday, February 1, 2010

Real estate prices will keep on increasing, until......

says KP Singh, Chairman, DLF, who has been conferred with Padma Bhushan, the highest civilian honor in India

The growth in India takes place to 8-9% gross domestic product (GDP) which personally I believe will happen. Some people it will be at 6-7%, I would say it maybe 8-9% or more but if not this year, it will continue growing because of the fine government. There is highly pro-development government.

Our GDP will increase and the moment GDP increases, demand is going to increase of real estate product.

But the question is are we taking sufficient measures in the urban development scenario.
Both at the State and at the Center level.
To bring major reforms in this sector
by changing our archaic town planning regulation,
changing the land acquisition laws,
bringing around including stamp duties, and
bringing transparency.

All this will lead to an artificial scarcity created by putting a ceiling on floor area ratio (FAR or FSI).
I would say
why a ceiling
and why not allow 500-600 as here in Delhi at some places its 200.
So an attitude change requires to take place then only this supply will increase.
Till the time it increases real estate prices will keep on increasing.
I do not believe they will go down.

To read more, please, visit CNBC-TV18

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Friday, June 5, 2009

Are you in a mood to purchase home?

Chanda Kochhar, CEO, ICICI Bank, sees a change in your sentiments.

Ms. Kochhar feels that you are in a mood to purchase home.
She claims that more home buyers are closing deals.
Chanda admits that "we" are not yet back to last year's levels.
But CEO of ICICI Bank sees an "improvement".

Why Chanda Kochhar thinks so? Because of the new rate cuts, ICICI's home loan interest rates, up to Rs. 30 lakh would be 9.25% (same as HDFC) and above Rs. 30 lakhs between 10 % to 11 % (depending upon you profile).

Add to it public sector banks' plan to cut the home loan interest rates by mid June!

Are these "rate cuts" changing your mood? Tell me!

Do you fear that these interest rate cuts would change the "mood" of builders to cut the property rates?

Are you going to hear threatening statements like "Book Today. We are increasing rates from Tomorrow." when you will visit the "Best of East Pune" property exhibition starting from today?

Will you be forced to buy an affordable home?

Worried about NPA, i am sure, public sector and private banks will support the real estate developers demand for extension of tax holiday for five years under Section 80-IB(10) for housing projects approved after March 31, 2007.

To give "a fillip to other industries" such as cement, iron and steel besides generating employment opportunities, Rahulbaba and his mom will order PM to give fiscal incentives to the real-estate sector for constructing affordable homes, for Rahulbaba's fans, in urban areas.

Result is, you would be forced to buy, the so called, an affordable home. An Affordable home, as Sansei says in his comment:

Affordable house means small house:-

Where one cannot keep a fridge in kitchen.

Where one cannot keep a washing machine in bathroom.

Where one cannot keep a Big TV + Home theater in living room.

Which is Indian peoples aspiration and very affordable.

I am sure, you will agree with Sansei and join him to ask:

"Why can't builders reduce their margins a bit and share some booty i.e profits with Aam admi?"

"Why should we? We share our booty with Rahulbaba. We share it with Chanda. We share it with Deepak. Why the hell should we share it with Aam Admi?," all builders will wonder!

What say you? Can you see this trend in Pune real estate market? Where would property rates go in 2009? Do you see more publicity stunts like launching of Nano Homes? Share your views in the comments!

Home loans will get cheaper as ICICI, HDFC reduce rates

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Saturday, December 27, 2008

Home buyers can expect a better deal in the New Year

The next tipping point would come when job confidence is restored along with all other factors and forces

If a developer does not sell at a particular price he will automatically come down

The year 2009 will lift the gloom in the real estate market as the property market turns buyer friendly with the cuts in property rates and home loan rates

Developers for their part would benefit as they will focus on creating volumes at affordable price points.

Wait and watch until property prices correct further:

“There is money in the market but people are waiting till January-February as they expect prices to correct further and more conducive policy announcements," say experts.

Gulam Zia, Director, National Advisory Services, Knight Frank expects the market will correct itself further by another 15 % and almost 30- 40 % from its peak. There will still be a wait and watch until all of that evens out, he says.

Smaller, value for money homes without compromising on the quality:

Developers point out that it would be a good bargain for buyers as most players would bring down their prices. Boman Irani, Chairman and MD, Rustomjee Group, says there will be more of smaller, value for money homes without compromising on the quality. “For instance , we are developing Rustomjee Urbania in Thane, a walk-to-work township with residences, schools, hospitals and convenience shopping.”

Stable property rates and maximum 10% appreciation:

2009 will also be the toughest year for developers as they will have to work on lower margins and not increase prices. If stock markets can fall from 20,000 to 10,000, developers too have to take a hit in their margins. It would be a phase of consolidation for developers and 2010 for most part will see prices remain stable and appreciate by maximum 10%, says Ram Yadav from Orbit Corporation.

Increase the incentives for home loans up to Rs 40 lakh:

"The government must come out aggressively to increase the incentives for loans up to Rs 40 lakh which would make it more meaningful in places like Mumbai besides further reduction in interest rates." says Pravin Doshi, Chairman, Acme Group and President, Maharashtra Chamber of Housing Industry (MCHI).

Sales depends upon:

The success of real estate projects or sales in 2009 would depend on: - how quickly developers align prices to the market,
- offer attractive financial packages,
- differentiate themselves in quality,
- demonstrate delivery or keep time lines.

Property buyers can demand transparency:

1) in area calculations,

2) in provision of amenities within the time line

3) insist on escrow accounts for under construction projects - says Balaji Rao, MD, Starwood Capital
To read more, please, visit - Padma Ramakrishnan - The Economic Times

Thursday, December 25, 2008

Affordable houses to rule the roost - Dileep Athavale

(Means, in 2009, you will be happy to pay Rs. 2,000 per sq.ft. for a stripped down flat of 800 sq.ft., in a project which will not have any amenities and will be located somewhere on the periphery of Pune which will be low on infrastructure like roads, water, electricity or connectivity with the city and much lower on social infrastructure like educational institutions. Amen!)

Even as aspiring buyers of homes wait for property rates to fall further, the single most important factor that would dominate the realty scene in the city (Pune) in the New Year (2009) seems to be affordability.

Affordable flat means: stripped down smaller homes!

This subjective feeling of affordability may, however, find manifestation in the form of stripped down smaller homes, which would reduce the overall financial outgo of the buyer.

Affordable flat means: 800 sq ft @ Rs 2,000 per sq ft without lifestyle!

The real estate developers are unwilling to take a further hit in the selling prices of their products, though they have considered redesigning of the projects being built in phases.

(Do you think builder sell product? True, builders pretend to sell 'factory packed product'. But actually, real estate developers or builders are service providers. They offer service not a product. However, builders, thanks for taking trouble of redesigning!)

This essentially involves significant readjustments including reducing the area of houses from, say, 1,400 sq ft to 800 sq ft and cutting down on all the features which promised an enhanced lifestyle.

(Features - amenities do not enhance lifestyle, mostly only 'enhance' property rate and marketability of the project, what do you think?)

Another aspect of affordability would be to sell properties with a price tag of approximately Rs 2,000 per sq ft.

(Why Rs.2,000 per sq.ft.? Is it because builders can "afford" this property rate? Why not less?)

Affordable flat means: peripheral location without any infrastructure:

However, those connected with the industry feel that such housing is possible only at far away or peripheral locations which are low on infrastructure like roads, water, electricity or connectivity with the city and much lower on social infrastructure like educational institutions.

Who bothers about integrated townships (like Nanded City Pune)?

The much publicised township schemes have taken off, but will take a few years to create new stock, which will ease the demand pressure to some extent.

(Means builders can sell "stripped down smaller homes of 800 sq ft @ Rs 2,000 per sq ft without providing any lifestyle features at peripheral location which does not have any infrastructure!)

"We want Rates of 2005"!
(home loan interest rate and not property rate)

Lalitkumar Jain, president, Promoters and Builders Association, Pune (PBAP), said, "Cutting down the interest rates to the level of 7.5 per cent, which existed in 2005, and applying it to all loan amounts would be the only workable solution for now." Now that inflation has been arrested, such a cut is feasible, he added.

Interest-rate cuts failed!

The city's real estate market, as everywhere else in the country, stood tall for nearly four years, before suffering a setback as the demand for homes shrank drastically due to spiralling interest rates three months ago. The interest-rate reduction put in place by the state-owned banks, following directives from the finance minister, has not helped lift buyers' sentiment.

No property buyer in the market!

1) Real estate prices had touched unrealistically high levels and, now, despite the 10-30 per cent fall, there are no takers since the buoyant sentiment is gone," said real-estate advisor Niranjan Ghatpande.

"Projects which were selling at Rs 6,000 per sq ft are now unable to attract buyers at even Rs 4,000 per sq ft," he said, adding that in an economic situation like the one existing at present, people are unwilling to risk large exposure in terms of loans they take from financial institutions.

What perhaps corroborates Ghatpande's observation is that there is no significant movement in sales, in spite of real-estate brokers being offered brokerage at double the rate they got till six months ago from builders.

Moreover, freebie offers, such as luxury cars, have also not thrilled buyers.

Property rates to go down!

Industry observers said there may be a further decline in the realty prices over the next few months. According to Anuj Puri, chairman and country head of real-estate research and advisory firm Jones Lang Lasalle Meghraj, prices would come down as developers would find it increasingly difficult to hold the stock they are saddled with.

"Hold on than cut the property rates!"

Sunil Puranik of Nirmitee Developers, however, said the prices have come down to their lowest and no further fall could be expected. "We would rather hold on to the stock, than cutting the rates further."

(Yes, few can hold on. Let them. Go to his neighbor.)

Who needs affordable housing? Buyer or Builder?

"The slump in the realty market has brought centre stage the need for affordable housing, though we cannot hope to create it within the city limits," said Jain.

According to him, the city has a wide gap between availability and supply of housing. This, he said, has skyrocketed the land prices which is being reflected in the prices of homes. The slide in prices, according to Jain, is due to the redesigning of the units and cutting of frills.

"Until a couple of years ago, when the EMI for Rs 1 lakh was Rs 900, people were demanding three-bedroom apartments or row-houses. Now that the EMI per Rs 1 lakh in hovering around Rs 1,300, people do not mind a compact 800 sq ft two-bedroom house," he said.

Affordable housing, with rates ranging from Rs 1,500 to Rs 2,000 can be provided only in peripheral areas, but the government will have to ensure infrastructure there, said Jain. Since this is not possible in the near future, the only other aspect of affordability which needs to be considered is a further cut in the interest rates on home loans, he said. (!)

In 2009 property buyers may buy affordable homes!

Kumar Gera, chairman of the Confederation of Real Estate Developers' Associations (CREDAI), said there is a shift in the end products on offer and the term affordable' has taken on a high priority.

Both the developer and the buyer are attaching greater significance to affordability, he said. According to him, since the expected lower interest rates, reduced prices and a general stimulus to the economy as a result of government initiatives become available in the market, the unfulfilled pent-up needs of 2008 will result in home buyers translating their intentions into purchase decisions in the coming year.

The 2008 Story

-The year began with very high realty prices, making it impossible to buy a house for anything less than Rs 40 lakh anywhere in the city.

-In April, developers introduced a further hike of Rs 50-400 per sq. ft citing rise in costs of inputs, principally cement and steel.

-Three townships were announced between January and March under the Maharashtra Township Act, aiming to create additional housing stock of 6,000-8,000 units. Prices, however, hovered around Rs 3,500, indicating a high cost of acquisition.

-The global financial meltdown, that started in September and is still continuing, sent tremors through the realty market, stagnating sales and eventually sending the prices rolling down.

-In October, developers joined hands with lending institutions to share part of the interest burden with home buyers; the initiative failed to generate any significant response.

-Around November and December, high-end realty went on offer with attractive freebies, such as luxury sedans, but buyers were not amused.
Dileep Athavale - The Times of India

Monday, December 15, 2008

Real estate developers will have to be realistic about the situation and bring prices down

"The bubble has gone bust in this sector. There is a slowdown in the global economy. Realtors cannot expect to maintain profit margins of the boom era. They will have to cut prices and set realistic targets for the future"

Not in metros, may be in tier II / III cities:

The real estate sector is unlikely to see any movement even after measures like bringing Rs 20 lakh and below loans under the priority sector. However, it will trigger demand in the tier II and tier III cities.

Though much activity is not expected in Mumbai and Delhi, suburbs like Thane, Virar, Vashai and Panvel will see movement in the housing sector.

End-users x investors:

The reason for demand to pick up in these cities is that here most of the buyers are end-users and hence genuine buyers, whereas in major metros investors majorly drive the demand.

For the demand to start picking up in metros a price cut for the properties is essential.

Interest rate 6% to 7%

Currently the interest rate of the priority sector hovers around 9% to 10%. PSU banks are likely bring it down by 2% to 3%. Banks are even looking at waiving off processing fees and reducing money margins.

Developers also think a further reduction in home loans to 6% to 7% for the priority sector is going to trigger demand.

No Private Equity:

With banks being more apprehensive about lending to this sector and chances of PE deals happening in the near future being equally grim With banks being more apprehensive about lending to this sector and chances of PE deals happening in the near future being equally grim, industry experts feel that developers will have to be realistic about the situation and bring prices down to drive demand.
To read more, please, visit - Cheaper home loans may not cheer realty sector - Kakoly Chatterjee

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Wednesday, December 3, 2008

You can demand to reduce your property rate even after signing the agreement and paying loan installments!

If you read the following links, you will realize that not only at the time of booking but even after the booking you can negotiate the property rate.:

1) Omaxe offers 1-5% discounts to existing clients who have not defaulted on any payments:
This discount would be offered on the balance amount to be paid. The discount would be applicable for about a year or according to market conditions.

2) Confederation of Real Estate Developers’ Associations of India (CREDAI) requests all 3,500 members to reduce the property price

3) While the builder community is not ready to accept any anxiety or slow down, Pune real estate agents give a complete different picture

4) Following the recent terrorist attacks in Mumbai, India, real estate in India is expected to be significantly affected - analyst

Ask Mint:

Question:
When I took the loan in 1997, it was at a fixed interest rate but then the interest rate came down and I was advised to convert to a floating interest rate by paying a small fee. I changed it to floating in 2001 and now interest rates are soaring — my EMI (equated monthly instalment) has increased a lot. Is it time to switch back to a fixed rate?
Answer:

Thursday, November 24, 2016

What would be the effect of demonetisation of 500 & 1000 notes on Pune property rates?:

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Wednesday, April 28, 2010

1 BHK & 2 BHK Flats and Shops near Market Yard Pune:

Contact Unnati Heritage:

Views of 2.5 Klms Road from Ganga Dham to Unnati Heritage, Kondhwa Budruk (Market Yard Annexe):

Views of Smt. Laxmibai Pasalkar Chowk, Kondhwa Budruk and Site of Unnati Heritage, The Destination of Happiness:

Views of Vishwakarma International Center and Sri Shanti Nagar at Smt. Pasalkar Chowk:

Mayur Nagar and Unnati: Prestigious Luxurious Projects in Smt Pasalkar Chowk at Kondhwa Budruk, Pune:

Views of Rajiv and Indira Nagar (Upper), Bibwewadi:

Related Stories:

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Monday, February 1, 2010

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Friday, June 5, 2009

Will you be forced to buy an affordable home?

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Saturday, December 27, 2008

The next tipping point would come when job confidence is restored along with all other factors and forces

If a developer does not sell at a particular price he will automatically come down

The year 2009 will lift the gloom in the real estate market as the property market turns buyer friendly with the cuts in property rates and home loan rates Developers for their part would benefit as they will focus on creating volumes at affordable price points.

Wait and watch until property prices correct further:

Smaller, value for money homes without compromising on the quality:

Stable property rates and maximum 10% appreciation:

Increase the incentives for home loans up to Rs 40 lakh:

Sales depends upon:

Property buyers can demand transparency:

Related Stories:

Thursday, December 25, 2008

Even as aspiring buyers of homes wait for property rates to fall further, the single most important factor that would dominate the realty scene in the city (Pune) in the New Year (2009) seems to be affordability.

Affordable flat means: stripped down smaller homes!

Affordable flat means: 800 sq ft @ Rs 2,000 per sq ft without lifestyle!

Affordable flat means: peripheral location without any infrastructure:

Who bothers about integrated townships (like Nanded City Pune)?

"We want Rates of 2005"!(home loan interest rate and not property rate)

Interest-rate cuts failed!

No property buyer in the market!

Property rates to go down!

"Hold on than cut the property rates!"

Who needs affordable housing? Buyer or Builder?

In 2009 property buyers may buy affordable homes!

The 2008 Story

Monday, December 15, 2008

Not in metros, may be in tier II / III cities:

End-users x investors:

Interest rate 6% to 7%

No Private Equity:

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Wednesday, December 3, 2008

If you read the following links, you will realize that not only at the time of booking but even after the booking you can negotiate the property rate.:

Ask Mint:

Related Stories:

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The year 2009 will lift the gloom in the real estate market as the property market turns buyer friendly with the cuts in property rates and home loan rates

Developers for their part would benefit as they will focus on creating volumes at affordable price points.

"We want Rates of 2005"!
(home loan interest rate and not property rate)