Friday, March 7, 2008

Pune realty prices: Exodus: an excuse to boost real estate price or an opportunity for a contractor to renegotiate labour rates with the builder?

Whatever may be the reason but ,for sure, property buyers will have to suffer because of the delayed possession and shell out more for their flats:

“We have informed our customers that there will be a delay in the delivery of flats due to this force majeure situation. We can’t say when the sub-contractor’s labour will be back, when normalcy will return or when flats will be ready” said Gera Developments chairman Kumar Gera, who is also founder chairman of the Confederation of Real Estate Developers Association of India.
“We believe that 50% of labourers have gone back and labour rates have surged from Rs 350 a day to Rs 750. We are not even sure if the labourers will come back. The Builders Association will wait till the end of March and assess the situation. The members will then take a decision on informing their customers about the possible rate hike,” Mr Lalit Kumar Jain, Kumar Builders chairman and president of the Promoters and Builders Association of Pune (PBAP) said.

Exodus boosts Pune realty prices - The Economic Times


  1. Ravi,
    Thanks for the information. I read your blog pretty regularly.
    Hyderabad RE has begun to slowdown already. Do you think it will be Pune next ?


  2. You are welcome! Thanks for reading my blog regularly. Reading your comments gives me a lot of encouragement. Please, feel free to suggest the topics and improvements. I will appreciate it. About Pune real estate slowdown, you say,"it will be Pune next?" Means is it not, already? If i am true Punekar, I should say, "Hope not!".