Monday, March 31, 2008

Pune real estate slowdown - HDFC says correction will not be as drastic as 1996, simply because Pune real estate market is driven by the end user

Nobody can deny that there is a definite slowdown in the Pune real estate market:

Sonal Modi general manager (Maharashtra), Housing Development Finance Corporation Limited (HDFC), said the market sentiments were low, despite strong fundamentals in the city (Pune) with migration and economic growth continuing to fuel demand.

“But what we are seeing now are the first signs of a kind of easing out in the market," Modi said.

Officers at the HDFC said that in Pune, people are not buying because property is not affordable. Unlike other markets like Gurgaon, Delhi or Mumbai, Pune is not as much investor driven. The city real estate market has seen growth because of automobile and manufacturing sectors doing well, besides IT.

“But customers are waiting and watching and expecting a certain rationalisation of prices in the city,” Modi said.

All signs of market correction there, say loan institutions - ExpressIndia.Com

1 comment:

  1. I am planning to purchase a 2 BHK flat in hadapsar and I saw there is diffrence of 1000/- Rs in rates with in just 2 KM. But every one is having threat of raising price due to bigger projects with more facilities in that area. And on other side every one is expecting a down of 15-20 %. can any one suggest?