Realty registration on decline in Pune

PUNE: On April 10, the Promoters and Builders Association of Pune (PBAP) pronounced that property prices in the city would be hiked by Rs50-400 per square foot from April 20 onwards, giving potential buyers ten days to take benefit of the then existing rates. But the buyers rejected to take the bait and sales are in fact showing a dip instead of the rise the builders had expected.
Indicating a genuine slowdown in the Pune property market, property registration figures available with the deputy inspector general of registration and deputy controller of stamps have shown a turn down.
From April 1 to April 10, a total of six thousand two hundred thirty seven property documents were registered in the city. The number declined to four thousand one hundred twenty six during April 11-20, the period in which the buyers were aware of the imminent price hike but had the opportunity to buy before the hike was applied.
Figures available between April 21 and April 29 suggest that there was no considerable increase in the number of new bookings either — a total of five thousand three hundred sixteen documents were registered during this period.
However, PBAP president Lalit Kumar Jain refused to confess the slowdown, rather he said that “The builders are getting a good response, which is better than that of last month,”.
Besides escalation in the price of steel and cement, Jain had previously cited the Pune Municipal Corporation’s charges on real estate developers as the cause for rising prices.

7 Comments

  1. Posted May 16, 2008 at 4:32 am | Permalink

    But at the all places the Real estate growth is on high level which have directly effect on all the states.I cann’t satisfy that point because the real estate will not be on down level foreever until through any reason or anything

  2. Posted May 19, 2008 at 1:33 am | Permalink

    It’s a known fact that India Real Estate sector is booming and it has provided innumerable opportunities for investment throughout the country. All throughout the country, whether it is the metropolitans or the two or three tier cities are exploding with commercial high rises, residential townships, industrial parks and shopping malls.Where should we invest ? Everywhere this question is being asked. Flying high on the wings of booming real estate, property in India has become a dream for every potential investor looking forward to dig profits.
    Investing in Pune for the medium-to-long term makes the most sense in today’s real estate scenario. For the perfect portfolio, one should concentrate on the more developing areas that still feature competitive rates. The safest and most potential laden investment opportunities in Pune today lie in its townships, as they provide highly saleable property with the right mix of basic amenities and add-ons. For more view- realtydigest.blogspot.com

  3. pmahajan
    Posted July 14, 2008 at 4:19 am | Permalink

    The prices are coming down for sure. In Kothrud, Paud road in April a builder was giving rate of 5500/- psqft. for new semifurnished flat( including TV, fridge, geyser, washing m/c etc). Now he is welcoming customers for 4500/-. Still the booking is meagre. The rates will dfinitely come down & settle down some where near 3000. Definitely the rising prices are stable now & bound to come down if there are no buyers. Many of my friends have cancelled there plans ofbuying new propoerties.

  4. Rahul
    Posted July 16, 2008 at 7:53 am | Permalink

    I am surprised as the way the property rates have increased in the past one year. It seems that all the builders have a understanding.

    The problem is with our masses also who can easily be carried away/ fooled. No doubt the builders are making millions.

  5. Shyam
    Posted November 17, 2008 at 12:45 am | Permalink

    This is what i was expecting..Property Prices on decline…
    The increase in Property Prices was non-sense. Everyone were afraid that the prices would increase so lets make the deal right away. Now if no body purchases the property then there wont be a question of any furthe increases.
    The builders have made millions now they have to settle down at certain point. Unnecessary increase due to unnecessary demand made the prices to shoot like anything.
    I request you all humans to avaoid going for any purchases untill all the builders relaizes that its not about money its about the living that one thinks of. If one thinks that he can live very happily without purchasing a flat (at this exorbitant rate)in his entire future without worrying anything then the prices will come down…Apart from that the person taking a huge property loan will always live in tension of Property value getting down or Interest Rates getting up…..
    So leave the idea of purchasing any prroperty and live happily your SINGLE LIFE.

  6. Prakash
    Posted February 11, 2009 at 1:12 am | Permalink

    Its very clear….. the SIMPLE DAMN thing we humans, people who stay in Pune are not understanding is – [1] Oil has fallen to the levels of 2004-2005, [2] Share Market is on the verge of falling to 2004-2005 levels [3] there is nothing on ground i.e. salary, investment returns or anything one term of…. has grown 400%-500% then why the HELL PROPERTY PRICES…..
    I urge let all sane humans living in Pune JUST AVOID making purchase decision, keep calling builders, ask for rates and then just scold them off saying you are horrible the rates should be at Rs. 1100 / 1200 per sq.ft and finish it off. The pressure will mount like anything….
    LET THEN DROP TO 2004-2005 LEVELS, ITS CLEAR…. else salaried people will find it terrible to pay an EMI of 20000 – 30000 per month for 15 – 20 years…..
    I mean just imagine you are ruining your life for the sake of lust ridden builders….
    don’t let this happen….
    Feb’2006 I remember the rates in Bibwewadi were quoted Rs.1150 per sq. ft and within 6 months it was Rs.1800 per sq. ft…. today its Rs.3500 per sq.ft. CAN YOU IMAGINE….
    NO NEVER…. RATES SHOULD COME DOWN TO Rs.1200 per sq.ft levels and in prime areas like Kothrud to Rs.1450-1500 per sq. ft level & this is what it was in 2004-2005.
    SO AVIOD MAKING PURCHASE DECISIONS…. BUILD PRESSURE ON BUILDER BY MAKING ENQUIRY CALLS AND THEN ASK FOR THESE RATES. I AM SURE WE ALL THE PEOPLE OF PUNE WILL BE BENEFITED BY IT. EMI WOULD BE JUST 10000-11000 @7.5%-8% INTEREST RATE OF 2004-2005 LEVEL (Interest Rates will come to that level by March’09 remember this).

  7. miind
    Posted April 29, 2009 at 6:34 am | Permalink

    Builders in pune in last five years earn more than what all india’s auto industrialist earn in last 100 yrs.
    They are sucking the blood of home buyers.
    What they will archive at the end of life is SIN.

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