Pune Real Estate

It's been quite long since blogging but today I am trying to reach out and see how many of you are in Pune or outside Pune but looking at purchasing the apartments here from the builder.

I have been looking for the dream home to be purchased but the kind of price quoted by builder is amazing. It is easier to buy similar home in USA in places like Boca Raton, Florida than in Pune Wakad :)

So, we found similar minded few people and created 10-15 group who can together bargain with developers. we went to places like ParkStreet, Rajeev Palace and few other places. We also got in touch with few investors to see if they are interested in getting rid of some of their assets to increase cash in their hands. Ironically, many of the investors are ready to sell the same flats that builders are selling at lower price.

Builders have no buyers and or very few buyers. There is lot of interest but very few sales. Everyone is hanging in there in hope of turn around. And to add to that, there is lot of confusion.

We sent different people at same locations and found that every sales buy provided us different rates for same flats, told us different availability numbers and when you merge all together, you figure it out that they have lot of flats available and rate is variable as much as 700 rupees /sq ft in quotation inself.

Park street, which has sold flats in recent past to rates lower than 2500 Rs/sq ft will quote you 2900 to 3200 depends on which day you go there :)

Gk Builder is quoting 2300 Rs/sql ft and will mostly sell at under 2000 Rs/sq ft if you buy from places where nothing is built yet but trust them. In this economy, not sure anyone would like that :)

What you guys are doing? In for purchase but only at lower cost? Leave a comment... and I will contact back. We are expecting 2000-2100 is a good price for places like Parkstreet. what do you guys think?

And how legal is Pune Builder's Association Cartel system? Not much if there is no political support for them.. but let's leave that aside for now.

Update: My dear friends, thanks for your encouraging comments and your wish to join the group if we are able to get the rate down. But I have no idea how to contact you unless you leave some information. Few of them left Mobile # which is good too.. but otherwise.. not sure.
You can contact me at "srinivas dot rc at gmail dot com"


Update (12/Oct/2012): It is almost 3 years since then. I would like to inform that we did buy few flats ... almost eleven at Parkstreet at that time and at the rate of 2600. We could have bought at 2500 or less if people had more interest and were not chickening out :) Ultimately, builder is professional and people who unite for small window of opportunity didn't stick. But again, we had lot of people in our group .. almost 20+ and lot of other people in the group we didn't know about. It was great experience and even though I was doing it for few of my friends ended up buying and now updating this blog from my very own house.