I'm not sure why the builders are complaining. had no symphathy for the buyers when they were increasing prices week. The market will find its footing. Based on this cursory analysis, Pune prices seem to still be above 2004 prices. More so the prices seem to an average of 2004 and 2008. If Pune buyers are hesitating to buy at 3000, what about their cousin's in Mumbai. There the builders saying they will not drop prices below 8k in far flung suburbs. For the Mumbaikar its best to sell his overpriced property to some sucker and retire in Pune at Rs 2500. For a 1000 sq ft apt worth 80L, he can buy one at half price and retire on the interest.
25% Divides Buyer & Seller
IndianExpress reports
By akansha, Section Real Estate
Posted on Mon Mar 09, 2009 at 04:09:02 AM EST
If there is a consensus among buyers, it is that the property rates need to come down further. On the other hand, most sellers insist that rates have bottomed out. In the concluding part of this series on the disconnect between buyers and sellers, both sides spell out their differences
Indeed, buyers are quoting rates that are 25 per cent lower than the offer prices. They are quick to point out that rates had grown absurdly in the last couple of years (see rate chart).
Buyers are treading cautiously and not taking hasty decisions given the economic slowdown, job insecurity and the likelihood of interest rates falling further. Sellers rue that of every 10 potential buyers, only a couple get back with an offer the rest are just buying time.
"My daughter is a serious buyer, as her friend is. Why would we run around the city, investing time and energy away from our jobs if we were not serious about buying an apartment?" said Renu Walia, whose attempts to find an apartment for her daughter has drawn a blank as she found most advertisements promising affordable/reduced rates to be incorrect.
"We liked a 2BHK apartment in Sopanbaug and the developer quoted Rs 42 lakh. How is the price any different from what it was during boom time? I have offered Rs 30 lakh," she said.
"That is precisely the trouble. You reduce the price on what was the earlier rate, and then the buyer wants to bargain on that reduced amount too. People are now quoting almost absurd figures," said city developer Rohit Gera, spokesman for the Promoters and Builders Association of Pune (PBAP).
IndianExpress reports
By akansha, Section Real Estate
Posted on Mon Mar 09, 2009 at 04:09:02 AM EST
If there is a consensus among buyers, it is that the property rates need to come down further. On the other hand, most sellers insist that rates have bottomed out. In the concluding part of this series on the disconnect between buyers and sellers, both sides spell out their differences
Indeed, buyers are quoting rates that are 25 per cent lower than the offer prices. They are quick to point out that rates had grown absurdly in the last couple of years (see rate chart).
Buyers are treading cautiously and not taking hasty decisions given the economic slowdown, job insecurity and the likelihood of interest rates falling further. Sellers rue that of every 10 potential buyers, only a couple get back with an offer the rest are just buying time.
"My daughter is a serious buyer, as her friend is. Why would we run around the city, investing time and energy away from our jobs if we were not serious about buying an apartment?" said Renu Walia, whose attempts to find an apartment for her daughter has drawn a blank as she found most advertisements promising affordable/reduced rates to be incorrect.
"We liked a 2BHK apartment in Sopanbaug and the developer quoted Rs 42 lakh. How is the price any different from what it was during boom time? I have offered Rs 30 lakh," she said.
"That is precisely the trouble. You reduce the price on what was the earlier rate, and then the buyer wants to bargain on that reduced amount too. People are now quoting almost absurd figures," said city developer Rohit Gera, spokesman for the Promoters and Builders Association of Pune (PBAP).
0 comments:
Post a Comment