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Afsana Begum
Terrified of buying at the peak in Koregaon Park
Koregaon Park property rates have completely detached from practical rental math. My landlord raised rent again, so I'm fed up of renting and finally taking the plunge to build equity. But looking at 2BHKs, pricing shot up over the last 18 months, easily crossing ₹15,000 per sqft... actually wait, even older societies want top rupee now. Am I buying at the absolute peak, or is waiting just going to price me out forever? Has anyone pulled the trigger recently?
#koregaon-park#price-trend#emi-vs-rent#first-time-buyer
Comments
On one hand renting feels like throwing money down the drain, but on the other hand, buying at these peak rates feels like financial suicide. Has anyone here actually closed a deal in KP this month, or did everyone put their plans on hold?
I completely agree, Sinhagad Road is far more grounded in reality. Even in Amanora Park Town, though modern and gated, the 2BHK ticket sizes touch 1 crore plus easily. We went to visit a tower in Amanora Park Town last Saturday and the salesperson was literally talking down to us because our budget was strict. It made me feel like an outsider in my own city. But if we keep delaying, will property rates in Pune ever cool down, or will we regret waiting?
Honestly, Pune rates rarely crash, they just stagnate for a few years. So to answer your worry, waiting might not bring prices down to 2020 levels, but buying under pressure at ₹16,000 per sqft in KP could lock you into negative cashflow for a decade.
KP is impossible for middle class first-time buyers now. I gave up last week and started looking along Sinhagad Road instead. At least around Sinhagad Road you can find a decent, peaceful 2BHK under 75-80 lakhs without giving yourself a heart attack every month over home loan repayments.
Are developers giving any discounts right now or are they quoting non negotiable rates? I saw one broker claiming prices will hike another 10% post Diwali.
True, I asked a broker for a project by Pride Purple Group in other parts of the city just to compare, but in core Koregaon Park, Pride Purple Group has literally 0 projects. Brokers are just hyping low inventory in KP to create pure FOMO so first-timers like us panic buy.
Nobody is offering direct discounts on the base price in KP right now, only tiny waivers on stamp duty if you are ready to book on spot. The builder confidence is somehow sky high despite high repo rates.
Same fear here yaar! My rent in lane 7 went up by 25% last month and I started searching resale flats in KP out of anger. But quoting 16k to 18k per sqft for a 15 year old building without proper parking? It feels like complete madness right now. Should we even stretch our loan eligibility for this?
Bilkul sahi keh rahe ho. To answer your question, stretching is scary because maintenance costs on these older societies are also insanely high, easily 6k to 8k per month extra on top of your massive EMI.
Bhai stretching your budget right now is pure risk. Even I checked a few projects in KP and my bank executive showed an EMI chart that literally gave me anxiety. If interest rates fluctuate further, our monthly savings will vanish.