Sky is falling … when it comes to the hyped up apartment prices of Hyderabad.. Prices of apartments have come down so quickly that even the strongest of the developers are now getting desparate to dump their inventory.
It was getting obvious over the past few weeks as the builder cartel of Hyderabad tried everything to convince people by buying space in real estate sections of all major news papers talking about why apartment prices will never weaken in Hyderabad. They even used the news and print media to spread their stories but looks like no one showed up to buy in the end.
This week I heard from a realtor that Land-Owner partners are willing to dump their units in the apartment projects at what ever rate they can get. He told me an example of how a Land owner who gave his 2000 yards for apartment development is all worried and is willing to sell his share of the units for less than 2000 per sq ft while the developer is still driving 3000 per sq ft.
So whats a good rate now ?.
I feel that spending any more than 2500-3000 per sq ft for a good construction in Hyderabad is an overkill. Aparna Sarovar, L&T and every body else are in a panic mode and have dropped their asking prices, so there is no need to buy from the smaller developers at a premium.
Today we hit the lowest point when aparna sarovar announced on front right bottom of DC that they are offering guaranteed gifts to buyers of apartments including a few cars and the latest Jetta 1.9 TDI. There may be a lot of fine print, but think about a year ago when developers were not even willing to talk to you unless you went in with an advance check or cash.
DC Bangalore edition had a better offer on its e-edition. Make a down payment of 1 Lakh for the apartment and get 7500 Rs Month in rent until the project is complete and the project also comes with a buy back guarantee. If Lehman could not stay afloat, you think the developer will really be around to buy your apartment back ?.
All opinions are mine and mine only.. Do your own research before you jump.. Whether its R2I or Apartments or Land or the penny stocks that seem to be back in fashion in India now .. Look before you leap !!!
09
Nov
08
Hyderabad Apartments Update
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Yours is the only blog i try to look at to get a realistic picture of what is going on in Hyd RE. Thanks for the info and keep up the good work. I still think 2500-3000 for an apartment is on the higher end. I am betting on them coming to 2000-2500 per sft in the next year or so. Lets see..
At this time 2500 - 3000 for quality construction is reasonable. Certainly the small time builders who build on 1000 to 2000 sqyds are at 2000 - 2500 per sq ft. Last night I also got an email from a prominent web site that some owner is selling apartments at 1900 in Kukatpalli.
I m planning to buy 3BHK in Pragathi Nagar. Asking price is 2200 per sq ft for a Ready to occupy 3rd floor one. Is it a good offer?
There is another one from SV Green Homes, Kondapur one for 3600 psft. Is it worht to buy?
Any idea as to what are the prices of apartment in L&T serene county?
Do you have any Idea regarding sft rates in Kondapur for 2BHK?