Remaining unsold properties in Pune boost the sentiments of the home buyers who expect to gain properties at lower rates after a good bargain with the builders.
Large number of unsold properties in Pune gives a chance to the home buyers to have a good bargain with the builders and developers. Home buyers expect that the remaining unsold properties will force the builders to lower the prices to attract takers.
This is true that the builders are troubling to find takers for their unsold properties. Yet it has to be noted that how far they will cut short prices to persuade any takers. On the other hand the situation is watchfully waited for by the home buyers who wish to attain some properties at lower rates and prices.
Pune has been witnessing a stabilized property prices in the city. This was mainly due to the sharp fall in the home launches in the city. According to Cushman & Wakefield home launches in Pune fell sharply in the final quarter of last year. The real estate consultancy firm added that the rate of fall was 60% in comparison to the first three quarters of the year.
In the opinion of Cushman & Wakefield the fall in the new launches was mainly due to the increasing number of unsold properties in the city. However vast numbers of unsold properties give the buyers a chance to select from vast number of options. Further they are likely to bargain well and settle the deals at lower prices.
Mr. Gaurav Jain of Purple Realtors; a Pune-based real estate firm, the difference between the buyers’ budget and the property prices is the main reason why there are more number of unsold properties in the city. For instance when the buyers plan to buy a 2 BHK within the range of 50 lakhs, the actual cost is around Rs.65 lakh to Rs.70 lakh, Mr. Jain added.
This disparity exists in the other housing units as well. However, only the sale of top-end housing units is not affected; mainly because the takers for this segment are not as price-sensitive as others.