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 Thanks to the global meltdown, city's builder community and estate agents are at opposite ends while discussing issues related to price-cuts in the real estate sector
While uncertainties loom large over Indian real estate market, the builder community in the city seems tight-lipped about the impending price cuts and lower demand situation.
The current state of the real estate market seems to be tricky because the agents view the situation in a complete contrast to the city's builder community.
Pune's real estate market saw a phenomenal increase of 200 per cent in the last three years with close to 250 builders operating here. The boom seems to have taken a beating after the economic meltdown.
Kruti Kumar, executive director, Kumar Builders, describes the current situation as mere correction of mistakes, "I will not say we have reached an excess supply situation.
Even today a buyer is not able to find what he wants.
Prices of only those properties will fall which were built in the outskirts or in places with least infrastructure facilities."
Moreover, Kumar builders, have an ongoing Rs 25 crore project in Baner called Buena Vista. According to Kruti, "The market in this segment has not been affected at all, while the IT client might not buy, but the local businessmen does not want to compromise on his luxury."
While the builder community is not ready to accept any anxiety or slow down, local real estate agents give a complete different picture.
Ram Pawar, estate agent said, "Every day I receive calls from at least 5 to 6 builders asking me to get them buyers. They are prepared to lessen their prices by at least Rs 200 to 300 per square feet."
He added, " Finding a tenant for a rental property has become difficult." According to Pawar more than 30 per cent of residential projects in the city have come to a halt.
Most builders anticipate about six months to a year for the market to bounce back.
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