1) According to Promoters and Builders Association of Pune (PBAP)"I had personally written to all members of PBAP to sell apartments at the lowest possible rates and they have responded positively. The properties are being sold at affordable prices to customers and prices have been lowered up to 30 per cent," Lalitkumar Jain, President, PBAP, said.
2) According to real estate agents in Pune:"There was no formal reduction of rates but builders were open for bargaining. Even then, there is no response from the potential buyers and this has resulted in almost no deals taking place for a few months now,” Maj Mathew Oommen, a real estate consultant, said.
To read more, please, visit - Express India
3) According to Ritu Goyal Harish in DNA:The real estate market in the country has dipped, but city builders say a Rs100-Rs200 fall is not indicative of a slowdown. It is part of the business policy!
Not Rock-Bottom for property buyers in (Pune) city
4) According to Mr. Anonymous:there are 3 types of projects:
1. Alomost Complete:
Almost 80%-90% are already sold, as these projects were launched when market was booming. Builders have already invested huge money in buying land and big construction cost. These builders are not ready to reduce prices by much. Don't expect more than 10% correction here.
2. The project started in Last year, and those will complete in year or two (God knows..) (20% complete):
These project were launched, when marketr was booming, but within few months reverse trend started. Only 10%-20% flats are sold. These projects does not come in affordable housing catagory, as they were launched 1 year back (market was not that bad). You can expect 15%-25% correction in those.
3. New Projects:
Mostly they are of 'affordable housing' catageroy (less quality???). They are launched with reduced prices by 15%-25%.
Now, what is the benchmark to say the priced are somewhat reduced. So, we need to see the average prices at same location when market was at peak.
Planning a home buy? Do it in first 3 months of 2009
5) What is your take on rate cuts in Pune real estate market?:Real estate rates were always "negotiable"! Only difference is depending upon circumstances while quoting the rate salesman says "negotiable" or "fix rate" or "let us see".
As a real estate salesman, i believe that ultimately it depends upon how many people negotiate. Few months ago, most of the property buyers were booking without negotiating so the property rates were fix. Now, everyone negotiates, so today, property rates are negotiable.
What is your experience? How much negotiations "happened" when you booked your flat? Please, share your experiences in the comments. (Comments Policy)
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