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Real estate slowdown has hit the property buyers, sellers, brokers and builders. However, it is the investors who are the worst of the lot here. People who had purchased property expecting huge sums are in a for a ride shock. Not only have the property prices stagnated but their overall appreciation has also gone down.
Further, there are very few property buyers in the market at this point of time. Hence small investors have much to lose while the big investors can still breather easy thinking that the market conditions will improve further and their investments will real some profits.
India is not the only country going through this crisis. Even regional property markets are reporting similar trends. Pune property market is a case study here. Property transactions in Pune have recorded stagnation.
A recent media report specified that the number of property registrations at the regional registrar's office has dipped by 10-15% in the last quarter as compared to the corresponding quarter last year.
Private Pune real estate developers assert that only serious property buyers are enquiring about property now. Since the surplus funds on the market are not available, thanks to high home loans rates and stringent borrowing terms. Hence, there are very few property buyers in the market. The numbers have definitely dwindled.
Pune-based property brokers like Rohan Shetty of Smart Properties are still optimistic about these developments. Shetty says that this downturn or stagnation in the property segment was very much predictable. Hence, it hasn't come as a rude shock for property professionals. However, such tides don't last for long and he is hoping that good times will return in the Pune Real Estate segment.
The current capital value for residential apartment in Pune ranges between Rs 3,500-Rs 4,500 per sq ft. The rental rates for a similar apartment are anything between Rs 4,000-5,000 for a two-bedroom flat in areas like Dhakwadi.
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