First of all, let me introduce myself. I am an engineer by education and consultant by profession and currently working and staying in Magarpatta.
Recently, I got married and decided to buy a 2BHK flat for my self. Keeping the rates in mind, I decided to go with a budget of 50L for 1000 square feet area. My searching journey started with nearby location of Magarpatta and I looked over 30 projects within 7KMs of Magarpatta.
Most of the project I visited were so overrated and I was surprised by the price builders were quoting. Even more surprising factor for me was that most of the projects were having <20% available flats with so high rates. (I am not sure if the same is true)
Amanora was quoting 9.5k per square feet for their swarovski apartments, 1BHK flat was costing me above 1Cr. I moved to few near by projects and 2BHK costing me >85L. Then I moved to Kharadi side, where the rates were 6K and the package was going till 75L. Again not in my budget. I then went to keshavnagar, The surprising quotation was by a builder, who was having the project on the extreme end of the road and was quoting 5.5k per square feet. WTF!. There I was able to find a project which was close to my budget. But I was not satisfied with the project.
Finally, the only 2 areas I haven't explored were North East (Wagholi), South (Hadapsar, Mohammadwadi and Handewadi road). I got a sense that other areas will not come in my budget. One fine day me and my wife explored the South area. Mohammadwadi we found over ratted considering the locality. Builders were quoting rates in the range 4.5-5.5k. Then we went to Handewadi road and bingo the prices per square feet changed drastically as soon as we crossed the railway crossing. We found that small projects were having lower rates close to 4K and big projects were having rates 4.4k.
I still haven't finalized the property but have a few projects in mind. We haven't explored Wagoli yet.
I spent my 4 weekends in the search and one question started buzzing me. How come people are ready to pay so high rates but in reality the real state market is not doing well? The only thing I could think of is the Mumbai and US factor -
1) People who live in Mumbai, can't afford a property there but they can in Pune
2) People earning in US and converting the money in a non-movable asset in Pune
I could be wrong. I just wanted to share all this information. Let me know if you faced the similar issue.
Thanks!
Recently, I got married and decided to buy a 2BHK flat for my self. Keeping the rates in mind, I decided to go with a budget of 50L for 1000 square feet area. My searching journey started with nearby location of Magarpatta and I looked over 30 projects within 7KMs of Magarpatta.
Most of the project I visited were so overrated and I was surprised by the price builders were quoting. Even more surprising factor for me was that most of the projects were having <20% available flats with so high rates. (I am not sure if the same is true)
Amanora was quoting 9.5k per square feet for their swarovski apartments, 1BHK flat was costing me above 1Cr. I moved to few near by projects and 2BHK costing me >85L. Then I moved to Kharadi side, where the rates were 6K and the package was going till 75L. Again not in my budget. I then went to keshavnagar, The surprising quotation was by a builder, who was having the project on the extreme end of the road and was quoting 5.5k per square feet. WTF!. There I was able to find a project which was close to my budget. But I was not satisfied with the project.
Finally, the only 2 areas I haven't explored were North East (Wagholi), South (Hadapsar, Mohammadwadi and Handewadi road). I got a sense that other areas will not come in my budget. One fine day me and my wife explored the South area. Mohammadwadi we found over ratted considering the locality. Builders were quoting rates in the range 4.5-5.5k. Then we went to Handewadi road and bingo the prices per square feet changed drastically as soon as we crossed the railway crossing. We found that small projects were having lower rates close to 4K and big projects were having rates 4.4k.
I still haven't finalized the property but have a few projects in mind. We haven't explored Wagoli yet.
I spent my 4 weekends in the search and one question started buzzing me. How come people are ready to pay so high rates but in reality the real state market is not doing well? The only thing I could think of is the Mumbai and US factor -
1) People who live in Mumbai, can't afford a property there but they can in Pune
2) People earning in US and converting the money in a non-movable asset in Pune
I could be wrong. I just wanted to share all this information. Let me know if you faced the similar issue.
Thanks!
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