Thursday, February 7, 2008

Congrats Pune real estate investors, for thinking irrationally and paying illogically high price for the newly launched property

In any given situation Pune real estate developer is always positive. Builder will never talk negative or complain. For example, lot of retail and commercial real estate - shops, showrooms and office space - on Nagar Road, Yerwada, Kalyani Nagar, Kharadi is laying vacant because of the high rent. Is it a big problem? No! Pune real estate developers say 'rent stabilization and correction is a healthy sign for the market!'

Suppose, on Singapore (SIN) to Poona, India (PNQ) flight you happen to sit next to Aniruddha Deshpande, Managing Director of City Group, promoters of Amanora Park Town. You know all about 'India's first 400 acre integrated and digital "real" township, located between Mundhwa and Hadapsar on Hadapsar Kharadi bypass. Only what you do not know is the current real estate rate.

Obviously, you do not want to miss this opportunity of knowing the ongoing property price of Amanora Park Town. But since he took the seat, Aniruddha Deshpande has closed his eyes and covered his face with the white handkerchief. You are not sure whether he is taking a nap or what. But you can't control yourself, hoping not to disturb him if he is really sleeping, you murmur,"what is the current booking rate at Amanora Park?"

"I have opened the booking of "Amanora Ten Towers" in Sector R2, one of the most premium sector of Amanora Park Town. Amanora Ten Towers are glass structures ranging from 18-22 storey’s. They consist of 2, 2.5, 3, 3.5 & 4 BHK apartments. Currently, T-001, T-002, T-004, T-005, T-006, T-008, T-009 are open for bookings. The ongoing rates are Rs. 4,000/sq.ft. till 4th floor & Rs, 4,300/sq.ft. for the 5th floor. Floor rise of Rs. 50/sq.ft. is applicable above the 5th floor after every three floors." You hear the voice. But who's vice was that? You were closely watching the white handkerchief covering Aniruddha Deshpande's face. You did not see Aniruddha's lips moving! For sure, there was no movement under the handkerchief. Aniruddha did not even open his eyes. He was fast asleep. Was Aniruddha talking in the sleep?

"But i heard Rs.3,500! Hope you are not dreaming...," you express your doubt only to make Aniruddha Deshpande aware about the reality. "Rs.3,500 per sq.ft. is the ongoing booking rate of Towers 015-017 in Sector R4 of Amanora Park Town. In these towers, currently, only 3 BHK apartments are available. The 2, 2.5 BHK apartments have been sold out. The possession would be given by Oct. ’09. Initially, for booking an apartment you have to pay 10% of the agreement value (rate*area + car parking)." You hear the voice. But it was not the same voice you had heard before. Your eyes were on the handkerchief and again, for sure, Aniruddha did not opened his mouth to talk. What is going on?

You stand up, did not know why, but look at the person sitting in the back row. You remember, you have seen this cuddly figure with the kind smiling face with nearly bald head at Pune realty exhibitions. Mostly, near Amit Enterprises, Pune' stall. Is he Mr. Sanjeev Wani? Promoter of Amit's Bloomfield? If Mr. Wani has brought Singapore to Ambegaon why had he been to Singapore?

You stop wondering and instantly remove the handkerchief covering Aniruddha Deshpande's face and start speaking as if you are Prabhu Chawala on Aajtak, "What do you feel when Pune real estate investors, instead of booking at Rs,3,500 in your Amanora Park Town, pay Rs.3,800 per sq.ft. for a smaller and typical township projects like Amit's Bloomfield at Ambegaon on new Mumbai Bangalore bypass or Rs4,000 per sq.ft. for Darode Jog's Crossover County on Sinhagad Road? Do you blame Pune real estate investors? Do you blame your marketing? Tell me honestly"

But Aniruddha Deshpade's mouth, decorated with well trimmed beard, does not move at all. You look at the cuddly person in the back row. But now he has also closed his eyes. "Congrats Pune real estate investors!" a voice comes from the front row! Who is this? You try to see. One more well known Pune real estate developer on the Singapore flight? "keep on thinking irrationally and paying illogically high price for the newly launched property" he completes the sentence and before you could see his face he covers it with the white handkerchief!

6 comments:

  1. I am amazed by the fact that is there a potential Upside in the real estate market or it more hype.
    Nashik Blog

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  2. too good stuff ravi, hilarious.
    Btw Aniruddha is supposed to be backed up by sharad pawar. Anyway the prices at amanora should not be more than 1500Rs per sq ft. anything above that is a BIG JOKE

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  3. When it comes to Amanora, a serious thought comes to my mind about the legal status of the property being sold.

    As I understand they are selling the flats on 999 years lease. Though I understand that 999 years are too much to worry about, legally, the land stays owned by builder. In this situation, after the age expiry of the buildings or in case of natural calamities, if there is some harm to the building structure, how the buyers can be protected for their investments?

    As a common man, I can compare the transaction with age-old 'Pagadi' system prevailing in Mumbai.

    Is there any legal opinion available?

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  4. What ever the cases; the thing is real estate is giving the good ROI, and seeing that the amanora is being completed as projected down the line of 10 years the investments will be more that double for sure.
    Mumbai dont have space to expand and even Navi Mumbai has less space to expand. So Pune is good place that many people (specially IT and Software) will prefere.
    I have seen similar kind of projects and infrastructure planning in indonesia and philippines and they are dams successfull (only thing they were located at the capital of the country)
    Seeing this there could be great potential if the projected plan is completed in the same manner
    Afterall if you wanna get more you have to take great risk. Thats how it is.... Lets see.

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  5. Urban Nirvana pune is a big fraud. Builder over promised and under delivered. He looted the maintenance amount from the residents.

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  6. Hello All - The " 999 year lease pain" has started -

    1. Aspire ten towers sector is still incomplete, dogs roaming around etc

    2. We paid a one time maintenance and pay an annual infrastructure charge, they have built a pond size swimming pool for 600+ flats and a club house which cannot accomodate more than 15-20 people at a time and want us to pay 10000/yr for a family of four....

    3. We forcibly pay Rs 75/month for their shabby battery operated vehicle from the main gate to the sector

    4. We are paying Rs 565/month as water charges ! ( Ganga Jal we presume )

    5. Cannot put your own TV sattelite dish, they provide a really bad cable owned by one of their family or friends

    6. They mentioned in some contracts to pay 9% penalty if the possesion was delayed beyond Sept 2009, some of us got our apartment 14-18 months late and they refuse to pay a single paise as penalty

    7. R3 sector towers 11 and 12 are now being clubbed with Aspire ten towers, the sales people are misleading prospective buyers by telling them that all facilities of ten towers can be used by them.

    8. Most Obtuse and arrogant management and a their CEO Mr.Deshpande never bothers to reply or talk to citizens.....

    Icing on the cake is that they do not have a Occupation Certificate or a Completion Certificate from the collector and people have been given possesion.....fire hydrants etc do not function....the fire engine cannot throw up water more that 3 stories and their is no snorkel ladder....


    THE 999 YEAR LEASE IS A HONEY TRAP & CCL ARE THE MOST UN-PROFESSIONAL PEOPLE ....BEWARE !

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