10th June 2009 - Last date to finalize your booking!
Deepak, thanks for giving this breaking news! When i called the site office of Nanded City Pune, a salesman confirmed the news about the reduction of property rate to Rs. 2,500 per sq.ft.
Now, instead of Rs. 2,750 per sq.ft., till June 10, 2009, you can finalize your booking at Rs. 2,500 per sq.ft. he said.
What is your take on the property price reduction at Nanded City Pune?You may remember that Rs. 2,750 was the special pre-launch invitation offer for the residents and "family members" of Magarpatta City and Nanded Village.
On 1st of June 2008, when Nanded City Pune was launched and bookings opened for all, property rate was Rs.3,250 per sq.ft., which eventually went up to Rs.3,500 per sq.ft.
Now, at this point of time, when you don't believe in booking in a project where work has just started, i wonder what Nanded City Pune is going to achieve by reducing the property rate to Rs. 2,500 per sq.ft!
I feel this is not the price reduction but serious devaluation of the 700 acre integrated township. Instead of motivating the property buyers, this reduction in the property rate is going to demoralize the existing buyers who had expressed their confidence by taking early decision to confirm their bookings.
These property buyers are going to ask themselves, "Why Rs. 2,500 per sq.ft.? Why not Rs. 2,300 or Rs. 2,200 per sq.ft.?
When Nanded City Pune asked for Rs. 2,750 per sq.ft. i did not ask for the justification. I didn't bother to see the plan or any details. I trusted Nanded City Pune.
Now, when they themselves, the promoters of Nanded City Pune, don't trust in the value of their project, how can i trust it? How can i believe that Rs. 2,500 per sq.ft. is the right property price? I won't make the same mistake again!"
It is going to create a doubt in the minds of property buyers like you, who haven't confirmed your bookings yet, about the possible depreciation of the property in 2 years down the line, when it will be ready for possession. When your sentiments will become completely negative, you will consider "lock in period" as a trap and not a protective net around your investment.
Am I right? Or is this property rate reduction going to motivate you to confirm you bookings in Nanded City Pune? Please, share your views in the comments.
Related Stories:1) Everybody in Pune is talking about Magarpatta City's upcoming project 'Nanded City' on Sinhgad Road
2) Launching of Nanded City, Pune - A farewell to India!
3) Is Nanded City, Pune all about real estate development?
4) Magarpatta's Nanded City Pune closes it's offer of phase 1 with a promise to open 2nd phase in December 2008
5) How many cancellations happened at Blue Ridge?
6) Satish Magar on Nanded City Pune
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