Sunday, May 10, 2009

HDFC property exhibition - over 1,000 Pune real estate investors visited on Saturday and the same response is expected today, the last day

Happy days are here again!

On Saturday, May 9, 2009, HDFC exhibition was scheduled to open at 10 am at HDFC House, Shivaji Nagar. But Pune property buyers started coming at 9.30 am. By 8.30 pm, more than 1,000 property buyers had visited the exhibition displaying ready possession and early possession properties in Pune real estate market.

At 9 pm on Saturday, when i called Sunil Bhosale, my dear friend and star salesman of Park Street at Wakad, he was very happy and equally tired. Today, he has attended 50 "genuine visitors", means visitor who are serious about buying property. Sunil said, all 22 builders participated in the exhibition must have got the same kind of response.

Current trend in Pune real estate market:

Good news is, this is happening on the third consecutive weekend. It started with PBAP (Credai Pune) property exhibition at Hotel Orchid, Balewadi. On the next weekend, there was Sakal Property exhibition. And HDFC exhibition, this weekend.

Add to it, DSK Vasantotsav, a daring effort for reduce real estate prices (!), which opened on 3rd May. On the first day, as per the "computer register" at the reception of the exhibition, 1,600 families / couples visited DSK Vasantotsav. However, today is the last day of DSK's ready possession properties exhibition. As per DSK's ad in Sakal, if you visit DSK's office on Monday you wont get the discounts offered at the exhibition (!)

Recession and Sentiments:

When i asked Sunil about the expected bookings in this month, he said that May would be better than April. Besides number of bookings, Sunil Bhosale said, the change in the "sentiments of the property buyers" is noticeable.

Customers are arguing less about property rates. If the project is at their preferred location, visitors ask for the detailed information. While talking about property rates, they ask, "Is there any scope of negotiations?" Standard answer to this question is "come to the site and we will see!". (I suggested he should use "please" more often because as per the exclusive news on the TV, even "bhai" of Mumbai underworld has started using "please" when he calls the builder for protection money!)

Property rate negotiations:

From the exhibition, "genuine visitors" prefer to go to the site, on their own. However, majority of the property buyers are not "new property buyers" but "returning property buyers" who had left Pune real estate market. In this exhibition, Sunil saw some fresh blood! Because, HDFC had put it's old data base to good use and had invited their loyal home loan applicants.

"Is this response going to influence property price negotiations?," I asked Sunil. "Yes and No," Sunil said. "In June and July because of the monsoon every year we see less site visits and bookings. So, i will prefer to close the deals in this month itself," adding this, Sunil Bhosale confessed that, "Plus, i have to keep in mind that property buyers don't have a stamina for more than 3 -4 rounds of negotiations!"

Stimulus package: compact homes!

"Are people asking for smaller flats? Compact homes?," i asked. "Yes! They ask for 2 bhks in 800 -850 sq.ft. which will fit in their budget comfortably!!," Sunil gave the expected answer. I realized that this is the end of the conversation. Now, Sunil has started reading the script given by his boss.

For Pune builders, at this point, more than the bookings in "on going projects", what is more important is "interest free finance" from the home buyers. For that they are counting on "redesigned small - compact flats!". This is a stimulus package which will bail them out. To achieve this, i think, Pune builders are using their combined strength for self hypnosis and if possible they try to hypnotize Pune property buyers too. What say you?

If you consider the carpet area, the present flats are already small and compact. Only unreasonable and illogical saleable areas make these flats look big. Isn't it? What say you? (Comments Policy)

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  1. I get a creeping suspicion that there is more to these "property exhibitions" than meets the eye. Are builders finally getting the message that there will be less takers for their expensive wares. If a name like TATA can sell houses for 6-7 lakhs then just imagine what we have been paying these looters (read builders and developers of Pune) for the past 4-5 years. Common man should get the emerging market messages and stop buying expensive houses. It is better to pay rent and live happily than to become indebted for the best years of your life. There is a nexus between media, banks and so-called developers to rob the common man/women of his/her entire life savings and make every one indebted to banks.

  2. i have a friend who works with one of the reputed builders in pune, he shared some details and asked me not to buy a flat for the next 2 months, he mentioned the prices will come down more than 50% not sure though on what basis he mentioned this. He said the builders are already in deep shit and will get mad if the market does not come up. He said they are trying to hold as much as possible and try to sell with all these exhibitions and scheme. I think there is no harm in waiting for 2 months more for the prices to come down.

  3. Hi Ravi,

    I been looking for 2BHK apartment 1000 sq ft. Visited many sites in pimple saudagar and nilakh area.
    with budget of 25-26 Lakhs with not much amenities coz i am looking for house not club house. But wasnt able to find any thing in this range.
    I cant afford more than this and their are many with same condition, but this market is still driven my Builders (connected to politicians) who are not ready to sale flats at reasonable prices and one more i am not into IT field so dont have lucrative salary as well.

    I dont wanna say, but the bottom line is people like me still cant afford to buy home of my own. At this fact. and to comment on economy it aint moving nowhere.

    waiting for you reply

  4. @Anonymous
    >> There is a nexus between media, banks and so-called developers to rob the common man/women of his/her entire life savings and make every one indebted to banks.

    Very well said!
    I really doubt that these builders are getting similar response for booking; or these are just enquiries!

    Builders should realize the market condition and stop fooling the buyers!