Tuesday, April 29, 2008

Kumar Properties' Megapolis at Hinjewadi - 3rd integrated township after City Group’s Amanora Park and Paranjape Schemes' Blue Ridge




Avinash Bhosale Group and Kumar Properties' joint venture:

Megapolis, 150-acre township in the 3rd phase of Rajiv Gandhi Infotech Park in Hinjewadi, to be built under the Special Township Act, was announced here on Monday by Pegasus Properties Private Ltd, 50:50 % joint venture between Avinash Bhosale Group and Kumar Properties.

The Rs 1,400-crore project - Megapolis - comprises 5,800 flats, studio apartments and an IT special economic zone.

1st Phase:

In the first phase, close to 900 apartments — both 2 and 3 BHK — spread over about half the land will be ready in 24 months, by April 2010, while the rest of the project — about 5,800 apartments — will be completed in 5 years, by 2013, said Amit Bhosale, director of Pegasus Properties.

Property Rate:

The inaugural rate of the flats works out to Rs 3,250 per sq ft for 2 BHK and Rs 3,300 for 3 BHK, with increased pricing for every additional floor of the 21 storey buildings.

In all, there will be 58 such towers, which extend to 20 per cent of the 150-acre township.

“We are working at a pace of two apartments in three days to meet the scheduled time deadline,” said Rajas Jain, Director, Pegasus Properties.

Homes for IT Professionals and their Parents:

While the first phase will consist of apartments, in the subsequent phases, the project envisages six blocks to be earmarked as old age homes. “This is so that the parents can at least stay on the same campus,” said Manish Jain, Kumar Properties.

The project is banking on its proximity to IT companies. “Megapolis is bordering the Tata Consultancy Services (TCS) facility. Other IT firms, Wipro, Infosys, Tech Mahindra are close by. We are promoting a walk-to-work concept,” he said.

Speaking on the occasion Mr. Vimal Kumar Jain, Director Pegasus Properties Pvt. Ltd said, “Pune is emerging as one of the top seven cities promising high growth potential. In the days to come, Megapolis is destined to become one of the crowning landmarks of modern Pune.”

Singapore-based RSP architects and Belt Collins International are the architect and landscape designer respectively for this project.
- ExpressIndia.Com
- Business Standard
-IndiaPRwire

Related Stories:

1) Bhosale among Maharashtra's top builders

2) Bhosale, a man of contacts

76 comments:

  1. Sheer non sense. There are no customers in the city area to purchase flats, these guys are building town-ships in Phase 3 which is in a black hole and offering flats to retired people as well at the rate of 3225 per sq ft. Joke of the day, haa haaa haaa...!!!!

    What I am wondering is, this is all Lalitkumar Jain lobby, why they have priced these flats so cheap at 3500 why not Rs. 12,000 per square feet?

    ReplyDelete
  2. Ravi, you as a real estate promotor and marketing agent, really believe that there is still great demand for properties in Pune at this rate? Do you justify current rates are fair priced?
    If you are thinking of buying a flat for your own, will you buy at this rate?

    ReplyDelete
  3. 1)In Pune real estate market property rate Rs.3,000 to 3,500 is generally considered OK / reasonable / minimum / must. 2) Generally not much but enough bookings happen at this rate. 3) Builders are concerned with the bookings of the flats they build and not about everyone in the city getting a home. 4) Builders have a long time frame, 18 to 36 months, depending upon the size of the project and type of finance, to rethink about the pricing and clear the unsold stock. 5) Great demand is not exactly necessary. Means it is not actually must to sell all the flats in a building in the first week / month or even in the year because the construction process is time consuming. Reasonable ratio between booking and progress of construction is ideal. 6) Price is never fair or unfair. Both the parties have to agree and transaction has to happens, that's all. Builder or any service provider will always try to get maximum and buyer must try to pay minimum. 7) Besides service, real estate is considered necessity as well as an instrument of investment. When more people have more money real estate becomes more of an investment and those who consider it as necessity find it out of reach. It happens with gold, food and even education. 8) I buy when price is low and sell when price is high.

    ReplyDelete
  4. Ravi, You still did not answer the question. Would you buy or suggest buying to your close friends at 3300/sqft in Phase 3?

    ReplyDelete
  5. Yes! I will. At Rs.3,300 in this project in phase 3. Because like Paranjape Schemes' Blue Ridge, this project will also provide good infrastructure.

    ReplyDelete
  6. hi ravi, i read ur blogs regularly... sitting far from home, they provide me with a insight into the pune realestate scenario. thanks for providing such reliable info.

    i am looking to buy a 2BHK apartment in pune and i am fascinated by these 3 projects currently - blue ridge, kumar properties megapolis and the lavasa development.

    i am looking to live in the apartment i purchase, its not for investment purpose only.

    which one of these projects do you think has the best combination of infra/construction quality/amenities etc?

    thanks
    inder

    ReplyDelete
  7. Hello Inder! Book 2.5 bhk at Megapolis today! Visit http://www.megapolis.co.in/costing.html
    Rate and budget is on the website! If possible, book 2 flats. I liked the project and plan of 2.5 bhk. All are good on these fronts so you could have booked anywhere. But toady, Megapolis' booking is open. So go for it.

    ReplyDelete
  8. Dear Ravi,

    I have been looking out to invest in a residential property in Pune. I had a look at Megaplois last week. I felt the 3250 is bit high for the location. I understand that the response is not as good as they expected. I would like to get your suggestion on whether it would be better to buy from Megapolis or better to wait for Blue Ridge second phase?

    ReplyDelete
  9. better to buy from Megapolis or better to wait for Blue Ridge second phase?1. Better buy where booking is open - Megapolis! 2. In Pune property rates are going to remain in the range of 3,000 - 3,500 3. You are not the only one who thinks Rs.3250 is bit too high. Only because, Kumar and Bhosale have not presented - positioning of the project - it in a right way. But those who are aware about pricing and development are booking so rate is established. I do not think it will come down. Kumar and Bhosale will not let it come down. 4. Builders are not interested in the number of bookings but establishing the rate. 5. What would be the rate of 2nd phase of Paranjape Schemes' Blue Ridge? Rs. 4,000? or 4,500? I am not kidding!!

    ReplyDelete
  10. Ridiculous rates and absolute nonsense. 3250 is way too high for this considering that there are no shops near by, no vegetable market (dont think anyone who buys flat @3250 will buy veggies from the hinjewadi village market)..nothing...even if you travel 6 km you reach Wakad flyover and make no mistake..proper Pune is 7-8 km from there...and Pune station even further.The failure of "township" projects like DSK Vishwa and Amanora coupled with the ridiculous rate do not make it an attractive proposition. Not recommended.

    ReplyDelete
  11. Complete non-sense. this guy must be getting paid handsome to promote unjustified prices.

    For phase-3, sucha remote location, prices should not be more than 1000-1200 psf.

    Anything more and you are very well screwed.

    ReplyDelete
  12. Ravi, I have been fillowing your blog for some time.

    Being away from home its good resource.

    I have already put deposit with a builder in Wakad area for 2.5 BHK
    with 2900 rate

    But I saw this project and looked great on website.

    That time we wanted to book at Paranjape but did not get.
    I need your advise if you think I should cancel the booking in Waakad and book in Megapolis project?

    Thanks

    ReplyDelete
  13. Thanks Yogesh!

    Wakad or Megapolis?

    These townships - Blue Ridge, Magarpatta, Amanora - provide infrastructure - road, water, electricity, essential conveniences and security. Plus neighborhood of the same kind. Which municipal, state or central government is not able to provide. If you value these things then you should go for it. Of course, there is a risk. What if these promoters are not able to run these townships? Because, builders are not service providers. They build and sell, do not have a experience of managing even the small township projects. In Wakad you do not have this risk. Because, you do not ask this question. You expect nothing from government. You only wait and see what happens!

    ReplyDelete
  14. Thank you Ravi I appreciate your response.

    I am thinking of Returning to India in near future. By that time I would have spent about 13 years in USA by that time and I do value cleaner environment, quieter neighborhoods, infrastructure and amenities.

    Being an Architect myself I was amused by the ideas proposed at
    Megapolis or Blue ridge.

    But as you know being so far away and out of touch it is hard to guess how much is going to be delivered.

    Being in MIDC would water be a concern to this project? Or being further west from highway be an issue?

    What is your take on if those promises will be delivered looking at market, hinjewadi infrastructure, builder reputation and your experience with real estate?

    Are these kinds of projects successfully delivered in other cities of India like Bangalore, Chennai or Gurgaon?

    I would appreciate your advice.

    Thank you again

    ReplyDelete
  15. Thank you Ravi I appreciate your response.

    I am thinking of Returning to India in near future. By that time I would have spent about 13 years in USA by that time and I do value cleaner environment, quieter neighborhoods, infrastructure and amenities.

    Being an Architect myself I was amused by the ideas proposed at
    Megapolis or Blue ridge.

    But as you know being so far away and out of touch it is hard to guess how much is going to be delivered.

    Being in MIDC would water be a concern to this project? Or being further west from highway be an issue?

    What is your take on if those promises will be delivered looking at market, hinjewadi infrastructure, builder reputation and your experience with real estate?

    Are these kinds of projects successfully delivered in other cities of India like Bangalore, Chennai or Gurgaon?

    I would appreciate your advice.

    Thank you again

    ReplyDelete
  16. Hi Ravi,

    Read your blog about Megapolis. Project looks very good on website. I am new to Pune, could you please provide answers to below questions:

    1. Have phase 1 and 2 of megapolis already completed and people are living there ?
    2. When do you think these apartments be ready for possession ?

    Appreciate your help !

    ReplyDelete
  17. Ravi,

    How are they going to supply water and electricity at Blueridge and Megapolis? what's the source?

    Is that sustainable over long term? e.g. if they are going to bore wells then would it not dry over few years.

    I heard Paranjpe at Blueridge are going to supply water from the river. How can they purify and certify that?

    As usual your valueable and comprhensive input is appreciated.

    ReplyDelete
  18. Under which muncipal corporation Megapolis comes ?

    ReplyDelete
  19. I have booked a flat at megapolis wonder if is anyone else in my boat? now I am in two minds weather it is a good move considering that the real estate market is slowing down and might go down in the future.
    Ravi, would like to know your toughts on this decision.

    ReplyDelete
  20. Congrats Anonymous! But why are you in two minds? Because of the slow down? Slow down and real estate boom is a cycle. In worst case you have to hold on for a long time. But good project always appreciates well. These bigger projects are going take more time to complete. Who knows by the time it is totally complete and mature second boom may have come! I am not kidding. Visit Hiranandani at Powai and see their initial phase!!

    ReplyDelete
  21. Hi, I have seen this blog and some of the related comments. I have been following the real estate in Hyderabad and Chennai closely. I feel anything upwards of 3000 is HIGH for a city of Pune's calibre. Prices in Hyd have stagnated at around 2700-3000 in and around the IT hub and same with Chennai. I guess Pune is a bit overhyped in the sense that it neither has the infrastructure ( roads) nor there is political will to change something here. The only consolation being that it is close to Mumbai, which well is no consolation. And I strongly feel it is people like us who have egged on the builders to charge more and more by the day.

    ReplyDelete
  22. Ravi

    I have booked flat in Megaplis too.

    I am still in having second thoghts but I thought the same thing about Hiranandani Pawai when I booked.

    When Hirananadani came up we all thought Its so remote. its big project is it going work?

    I would say that time there were very few who could afford those prices compare to how things are in India now.

    But if you see these kind of project could change the skyline of the area. Infrastructure and development follows these projects.

    Now in pawai after its all and done where would you prefer to live? In Hiranandani gardens? or a stand alone building next to it?

    I would certainly prfer the first

    Am I thinking right?

    ReplyDelete
  23. These high rises sometimes give a scare.Looking at the aftermath of the earthquakes in china and the poor quality construction offered in pune , remember what happened in Ahmedabad one has to really careful with the builders

    ReplyDelete
  24. Ravi, I am debating between weather to go for megapolis or blueridge (incidentally both options are open to me and I have decide on one) if you had to choose between the two which one would you go for and why?

    ReplyDelete
  25. megapolis or blueridgeBlue Ridge! 1) People - builder and flat buyers, both. 2) Exit route: if down the line, i realize, my decision was wrong. No problem. I am sure, i can sell it off easily. Because, from the day one, Blue Ridge has established it self as a brand. 3) Megapolis - 100 times better. But not sure about the neighborhood. Megapolis failed to establish itself as a brand. Going to remain as a good commodity. There is no risk in Megapolis but brand is a brand. Blue Ridge!

    ReplyDelete
  26. Ravi

    what do you think the floor plan SF. for three bedroom for Blue ridge and megapolis.
    Blue ridge 1750 approx.
    Megapolis 1495.

    I looked at the spaces and they seem comparable

    Is blue ridge super super buil up when it comes to sellable area?

    ReplyDelete
  27. well let me say ive just booked a flat in megapolis as an investment but now after readin your blog im realizing that my decision may be wrong.i had predicted that by 2 years hinjewadi will have a mall,multiplex veggie market etc etc and it would be a posh area but will it be is my decision right?

    ReplyDelete
  28. @hanumant the rocking dude, congrats! Good decision. 2 years is a short time frame. As per the news: the first phase - of 900 apartments — will be ready in 24 months, by April 2010. While the rest of the project — about 5,800 apartments — will be completed in 5 years, by 2013, said Amit Bhosale, director of Pegasus Properties." Which itself is a tall claim! So, better consider 2015 for "optimum appreciation".

    ReplyDelete
  29. Dear Ravi,

    Thank you for the content and responses on your site. Megapolis seems like a good bet and I will be looking at booking a 2.5bhk flat after osme more research. Keep up the good work.

    Regards

    Lakh

    ReplyDelete
  30. Hello , I would like to say that i liked reading the comments and replies with regards to megapolis project , undoubtedly the project looks good but there are other things i would like to have some inputs on before i could take this decision.

    All said i have the below concerns to buying this or matter of fact any new property . I am looking as an investment of residential property in Pune , but that doesnt mean i have all the money that i can pump in to invest. Here are my concerns , hope your scenarios would be similar to mine and we can share our thoughts and guide each other .

    If i Book a Megapolis - Phase-3 @3250 . IS it worth it , does it have growth potential in this slowing real estate . Each Year till 24 Months what could be the cost at the time of posession in 24 Months by 2010. These points are imp for an investment perspective bcoz my overheads(Booking amount,Initial Interest on Loan , My Blocked Amount) will begin as soon as i invest? Whole point of investing is the vision to make some money. Some how i have seen many pojects after the initial hoola hoo , fizz out and the rates in todays times remain stagnant for very long times , sometimes i have even experienced some price falls and since this is a huge project of 5800Flats , any further swing in real estate ...

    I hope , you all get my concerns , feel free to share . Also i would like to know about the growth potential of ganga constella Kharadi , how is that area as an investment point of view.
    Ravi , waiting for your thghts and feedback as well.
    Thanks
    Darshit

    ReplyDelete
  31. waiting for responses , feedback ,suggestions to my comments earlier .

    ReplyDelete
  32. @Darshit IS it worth it , does it have growth potential in this slowing real estate. Sorry for the delay, Darshit. You are looking purely from investment point of view. Let me confess, personally for me it has become difficult to predict. 1) Because i do not know what kind of returns you are expecting. Generally, every one has accepted that there will not be jump in the property prices like 2005 -07 in coming years. 2) Supply of properties has increased but booking rate has not much come down, still in the range of 3,000. Because of the end users, for residences, can "afford" this and builders can hold on. But when you will sell it after 2 years. How long can you hold on to get the expected rate? (you have too, lots of people are!) 3) Add buying capacity to the supply of new + availability of re- sell flats (like yours) picture is not rosy. Economic slow down is not encouraging. What kind of rise you expect in the salaries of IT? Like 2005-7? 4) Appreciation of any project is at a maximum level only when the project is totally complete. Isn't it? All big township take 10 years (minimum)! 4) In townships builder has to provide infrastructure. Which is going to play important role in the appreciation. Construction quality, amenities and all is good but what if the water supply is not enough? Builders till now do not have the experience of providing infrastructure. 4) Conclusion - principally real estate appreciates. Keeps on appreciating too, to the certain point. It is safe to expect only that much appreciation. But real estate is basically for use - residential / commercial. Profile of the users and quality of use play important role in appreciation. This will happen on a very small scale in 2 years.

    ReplyDelete
  33. Thanks Ravi for your detailed resp. I understand what you tried explaining about investing vs owning and that is fully justified . But the rates in Pune suburbs are around 4500/-(Brahma Suncity and other related prjcts) which is almost equivalent to Mumbai Subarbs(Thaneetc).Thanks again for your resp and yes very difficult to predict the trend since the current prices are at peak.

    ReplyDelete
  34. Hi Ravi,
    Any idea if the booking for phase 1 is still open. Also what is the current rate. And builder has not provided internal details of the flat. Is it something that I need to concern about.

    ReplyDelete
  35. @Ash Mehta, "Any idea if the booking for phase 1 is still open" At 7.47 am i can not confirm but i think yes, booking is open. Please visit (and send a mail to confirm): http://www.megapolis.co.in/specifications.html
    http://www.megapolis.co.in/costing.html

    ReplyDelete
  36. Hi ravi,

    What you say about pune real estate now? Market is not good and expert says it will take 2 yrs to touch 21K, real estate stocks are going down.
    I have contacted some of my friends in Mumbai who do real estate business are saying do not by property in Pune for at least 6 months.Rates will come down. What you say? I am inclined to buy land instead of flat from these Builders who are charging to much. Need your honest opnion.
    Regards,
    Vijay Kumar

    ReplyDelete
  37. @Vijay Kumar, yes, good things are happening in Pune real estate market. 1) For example, Kumar Properties' Megapolis at Hinjewadi almost booked the complete first phase without raising the initial rate. Otherwise, you know, how rates used to go up on the second day of the launch. Remember? how property rate went from 3,200 to 4,000 per sq.ft. at Amit's Bloomfield at Ambegaon. 2) Kumar Properties' latest launch Park Infinia at Fursungi is for the middle budget! 2 bhk in 35 lakhs! 3) Recently, Wagholi has become favorite in middle budget. 2 bhk flat in less than 30 lakhs!! 4) Nanded City launched 4,000 flats of 1 bhk in 18 lakhs! 2 bhk in 35 lakhs. Received 7,000 applications to book, almost 50% out of 18,000 flats, in the 700 acre township. What you say is right Pune real estate market is changing. Wait for 6 more months and it will change more. Change for good. Budget, product and location wise. 5) I am inclined to buy land instead of flat from these Builders buying land is a great idea. Most of the builders have above 500 acres of land around Pune. In Baner Balewadi plots are above Rs. 1,600 per sq.ft. If you could get few good plots, please, let me know. Some of my small builder friends are bored. They are sitting idle. Because they do not get a 5,000 to 10,000 sq.ft. plots for the scheme. Please, keep commenting. Your different perspective helps us to learn a lot about Pune real estate market.

    ReplyDelete
  38. Dear Ravi,

    Megapolis? This is just for IT consultant or who are on-site in US,UK etc. not for us who are working in TELCO, CUMMINS, BAJAJ. We just can't afford 3200 per sq feet. Why Builders are charging so much? 50% profit margin is too much. I know builders are not running charity but rates should be realistic. What you think?
    Regards,
    Patil

    ReplyDelete
  39. 1) Megapolis? This is just for IT consultant or who are on-site in US,UK etc. not for... yes, Mr. Patil, not even for any IT pros. I agree with you. 2) rates should be realistic. What you think? I agree with you 1000%. You wont believe, even most of the builders, typical Puneri Builders - ex-COEP - also agree on this point. 3) But this is the reality of new economy. If you see all over the world all assets are owned by very few. Including in developed country like USA. 4) "Home ownership" is no more going to remain basic right. We have to accept this from now on. 5) Read: Indian middle class salaried families turning naxalite? 6) Builders profit: earning max profit is the basic motive of any business. But you know what happens in higher - education. When more people get more marks admissions are closed at 95%? Same principal in business. If more people can pay higher rate why charge less? Difficult to accept. But it's happening. Isn't it?

    ReplyDelete
  40. Dear Ravi,

    Thank you for your reply and detailed explanation. We visited to Megapolis site and looking the present development, not at all impressed. (My wife said, Just fun - Our village is better than Megapolis). Do you know what builders promised for road, water, transport, grocery etc etc?
    We are doing survey nearby area and sites, we really impressed with some sites. Let's see. As someone suggested market is going down (Today -600.20) and this is not good time to invest in property. Let's see. Hopw I am not giving you hard time.

    Regards,
    Patil

    ReplyDelete
  41. Do not buy Megapolis, it's not worth. What Ravi is saying don't listen. He must be getting paid by the builders. Ask ravi, Is he going to buy flat at Megalolis? For Buying vegetables you need to travel 5 to 10 kilometers. What else? I am telling you guys wait for 6 months.

    ReplyDelete
  42. Thanks for the comment Anonymous!What Ravi is saying don't listen. Yes, Anonymous is right. Listen to me but follow your own heart! (or you can listen to him...!) He must be getting paid by the builders. Thanks Anonymous! Now, i can send my bill to Kumar Properties and expect a big payment! Ask ravi, Is he going to buy flat at Megalolis? 1) Ravi as a real estate investor: Thanks! Great suggestion. If i had done this - buying a flat in each project i write about / advertise / market - since i started my career in real estate as an advertising and marketing executive, i would have become a owner of more than 200 flats by now! OK! 2) Ravi as a home buyer: I am born and brought up in Pune. I am 53 years old. I stay in ShivtirthNagar on Paud road. For the rest of my life, i wish to stay in the same home. Of course, quite often, i am tempted to have one more home with one more "family" but...who knows...god is great!

    ReplyDelete
  43. For Buying vegetables you need to travel 5 to 10 kilometers. You may have read this comment more than ones on this blog. I was amused when i read it for the first time. Because as a real estate salesman people have asked me this question at Wakad, Rahatani and everywhere in Aundh annex because PMC / PCMC is supposed to provide these facilities. In a township like Megapolis developer not only provides but going to manages these infrastructures services. When i read this comment again, toady i called Megapolis on 91 020 3234 8180. Real estate salesman Malay took my call. He said "where to buy vegetables and grocery?" is obviously one of the top questions people ask when they visit the site of Megapolis, because it is far way from the city. Malay's answer is "Megapolis will have a hyper market in the amenities area." When will be it ready? Possession of the first phase is after 2 years. Not exactly at that time but soon after that, he said. Obviously. I found his answer realistic.

    ReplyDelete
  44. Thanks for the comment Mr. Patil! Yes, you are right. This is a good time. Please, share your and your wife's comments on the other projects you visit. It will help all. Do you know what builders promised for road, water, transport, grocery etc etc? yes, i am very much interested to know!

    ReplyDelete
  45. Dear Ravi,
    Thanks you very much for your update. I am asking you what builders(Megapolis) promised for road, water, transport, grocery etc etc? I am not going to ask you any more questions now for Megapolis. We have finalised one property and soon going to buy it. We are really thankful for all your effort and initiative for this blog. Please do keep writing.
    Regards,
    Patil

    ReplyDelete
  46. Congrats Mr. Patil and thanks for the complements! For the grocery and all necessities Megapolis will have a hyper market in the amenity area.

    ReplyDelete
  47. Hello Ravi,

    Can you provide some comparative information between "Megapolis" and "Sahil Serene"? Considering that Megapolis is a township project whereas Sahil Serene is a complex of two buildings what would be the pros/cons of Sahil?
    Appreciate all your help
    Thanks
    Dr Preeti

    ReplyDelete
  48. "Megapolis" and "Sahil Serene"

    what would be the pros/cons of Sahil?

    Infrastructure support: water, electricity, waste management, security, roads depends upon Pune Municipal Corporation. It will happen only after all people start living in the area. May take couple of years. Quality and quantity depends upon many unknown factors, including political!

    More vibrant and colorful neighborhood: because of the budget, time frame, less investors. May become a better community. OR fragmented (!)

    Quality and finishNot exactly quality, but because of the construction technology, definitely, finished building or flat would be better in Megapolis. (For example difference in the branded shirt and shirt by a tailor at the corner.)
    This includes the design of the flat and elevation of the building too.

    Costing: single building is more expensive or because of the "large scale" townships are less expensive.
    "Less than MRP" prices in hyper market.

    Ownership:One can become a chairman of the society! Builder generally does the "conveyance deed" and handovers the land to the society.
    Megapolis will be owned by, ....god knows by whom ....and management company will manage it!

    Quality of services:You know "How bad PMC can provide". Promoters of Megapolis do not have the experience of providing infrastructure services.

    These are general pros and cons.

    Completion of the project - possession dates is major factor.

    But if you can wait 2 years for possession and bare inconvenience of not having amenities for the next 5 years then, i feel, Megapolis is the best! You can live happily there after!

    ReplyDelete
  49. Wow , Very agressive discussion Mr Patil and Mr Ravi. I happened to read this blog again after weeks and now the market is very clear. Builders are playing with IT / Or that matter any professional earnings. Huge Earnings does not mean that we pay huge EMIS and hence exhaust our savings. This is a fake , bullish real estate market where everyone linked with real estate business(Realtors,Financers,Estate agents,brokers) is involved in hiking the prices . No one is to be blamed here . It their business . I would have done the same. This in no ways means that real estate prices would fall drastically , i see a 10-15% dip at max and that too for large township projects over a year. Nothing more beyond that. This is my opinion ,IT and other salaried Professional mindset and approach needs to change , Flat ownership should not be the whole focus point , bcoz if thts the case we all will be exploited . refocus on rental , in todays times , rental apts is a better way of living , highly economical , great value of money and one can enjoy good status life without being over committed . This is more practical as you would end up paying much less monthly rent as compared to same EMI @ 14% . and you can always jump higher. Demand has to go less for these builders to come out of belief that they can sell anything. this is all my points based on my experience, I could be wrong but i think otherwise.

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  50. Hi Ravi,
    If you compare Megapolis with Blue Ridge...

    Blue Ridge is worth buying a flat and settled down.
    This is my personal opinion. My friend bought a flat and it's perfect.

    Pramila

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  51. can you please comment on Park Royale Phase II?

    Matthew

    ReplyDelete
  52. Hi Ravi

    I read your blog regularly and find it quite interesting . I am out of India for last 8 months . I had booked a 2 BHK flat in Amanor before travelling from India . I have 2 questions regarding it .
    1) How does Amanora compare with respect to Blue Ridge, Nanded City, Megapolis etc ?
    2) What is the current status of completion of Amanora ? I have a doubt that it has got delayed but am not too sure about it .

    Your help will be highly appreciated . Thanks .

    ReplyDelete
  53. MIDC has given a land to Megapolis on lease for 95 years. I am not sure how many of you are aware of this. Ravi - Please let everyone know this and provide their comments on this...

    ReplyDelete
  54. Hi Ravi,

    I am located in gulf for my employment.But interested in buying a property in Pune. I came to know about 'Megapolis' from one real estate agent. He said 'Hinjawadi IT phase 3' is under construction and so property will fetch good value in future.

    My objective of purchasing flat is a pure investments and expect good returns in terms of rent (for some years - say 2-3 yrs) and good resale value thereafter.

    From your blog I learnt:
    1. This property is located at remote place from Pune city (approx 7-8 km)
    2. 900 flats will be ready by Apr2010 and rest 5800 by yr 2013
    3. Current rates Rs. 3100 - 3300 psf. of Pune city are charged to this project, which are high, but bulders will not let them decrease.
    4. There is still uncertainty about mall,multiplex veggie market etc in Hinjawadi.

    My queries are:
    1. Doesn't IT phase 3 have any impact on the flat prices in future? (as this was nowhere discussed in your blog)
    2. Will the flat fetch rent during the period 2010 to 2013 (the period where possession will be given but project wii be under construction)
    3. If the answers to above are positive is it wise to wait for 6 months more in the anticipation of good rate.

    Awaiting your valuable reply.

    Ragards,
    Pramod

    ReplyDelete
  55. @ Pramod, thanks for the comment. I am sure you must have subscribed for free to my Ravi Karandeekar's Pune Real Estate Market News Blog.

    # : "4. There is still uncertainty about mall,multiplex veggie market etc in Hinjawadi.
    "
    No there is no uncertainty. These things are planned in Megapolis, visit website.

    # ref: "1. Doesn't IT phase 3 have any impact on the flat prices in future? (as this was nowhere discussed in your blog"

    Yes, sure! It takes less time to construct IT buildings than residential towers. So gap between demand and supply remains constant: 3 to 1! Even in the economic slow down never comes down to 1 to 1.

    # ref: "2. Will the flat fetch rent during the period 2010 to 2013"

    Yes! Why not?

    # ref: "is it wise to wait for 6 months more in the anticipation of good rate."

    I will answer this after 6 months!
    Kidding!! Pramod, i blog on Pune real estate but basically, i am real estate salesman. In last 15 years i have not seen anybody who could exactly "time the rate". Plus i do not see or predicts the future. But i have seen one thing - every one lives his life by his own time table. Means, if this time is right time for you to invest then invest now! Real estate investment is basically long term investment. In the long span, you always get point of times when price comes down or stagnates or increases many fold. But at the end of the minimum period, here it is 7 years, you get good returns on your real estate investments.

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  56. Hi Ravi,

    I am based in PA, USA. I have recently booked a flat at Paranjpe Phase 2 at Rs. 3800 psf on 3rd Oct, 2008 (base rate). However, after reading all the comments on your blog I am wondering if I have over paid. As I have paid only Rs 1 lac so far, I am thinking if it might be a better idea to exit before commiting any more money and watch the market for some more time before committing to buy in the project. Based on all the posts I get an impression that anything more than 3200 psf is over priced?

    ReplyDelete
  57. # ref:"Paranjpe Phase 2 at Rs. 3800 psf "
    1) Yes, 3,800 is over priced. So was 3,200!
    2) But is it wise to compare the rate of the property in integrated township with the small township in 'developing neighborhood' of PMC or PCMC, like Wakad? I do not think so. I believe these townships should be compared with the developed area of Pune. For example, Aundh or Kothrud. Why? Because these townships are supposed to develop like these areas. Difference is over the years, these areas develop organically, whereas these townships are planned developments.
    3) Everybody has paid for the development which will happen after few years down the line. Every one knows he is paying more than the current market rate in the nearby area.
    4) If you do not believe in 'promise' then go for the 'present'!

    ReplyDelete
  58. hi,
    i bought a flat in bramha suncity at a high price.just want to know what is the ongoing price.i bought it for investment but the appreciation is very slow even if its a good project.why is it so?

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  59. recently I visited megapolis. the site is definitely away from city. but it is nicely located to enjoy the nature. it is unique. ravi, the marketing people showd me a paradise to happen. i ask you if these promoters are able to do so? or is it just a fake promise.

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  60. I am sure that this place will be like Hirandani powai after 6 yrs. I think development will be fast once TCS Sahyandri starts.

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  61. Hi Ravi,
    I am also looking for FLAT is MEGAPOLIS /BLUE RIDGE. Whats is the progress as Nov 2009. I am following you blogs and they are very helpful. Please tell me about the Megapolis current status.

    ReplyDelete
  62. Hi Ravi, Thanks for your valuable inputs.

    Is there any road planned from wakad to hinjewadi phase 3 directly? I have heard there is plane. Is that correct.

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  63. Hi Ravi,

    Please let us know the current status of megapolis...What do you say, if its a good investment...

    Thanks

    ReplyDelete
  64. Ref: "Please let us know the current status of megapolis...What do you say, if its a good investment..."

    Sure. i will write a post on the current status. Till then, in short:
    1) Out of the 3 buildings opened for bookings only 25% flats are available.
    2) Structure of these buildings have come up to 14-15 floors.
    3) In a couple of months Megapolis is opening booking of 3 more buildings.
    4) At this point of time, property rate, up to 11 floors, after discount is Rs. 2800 per sq.ft.
    5) Certainly, Megapolis is a best investment.

    ReplyDelete
  65. Hi Ravi..Iam in process of booking a flat at megapolis and went throught the aggrement and some legal documents. I noticed that the land lease is of 95 years and the builder have paid quite a large amount in lease (more than 100 crore).
    But it is not clear what will happen after 95 years. Iam sure that MIDC will ask for money at that point and would have made some provision onto who will pay the due lease after 95 years. Iam sure it will be society.
    Do you know how that will work ?
    Wouldnt that be a extra cost burden each month for each flat holder? How are they going to calculate that. What impact this would have while selling the flat.
    Have you seen such model anywhere else.
    I know in expnesive cities like NY its a very common thing since land is expensive.

    Your comments appriciate.

    ReplyDelete
  66. In my openion, IT peoples are incresing the prices of property in pune. They should stop buying property in such high rates that to in outscirts of city. BlueRidge/Megapolis being so far from city are charging very high. Who will pay 3200-3500 psf in this undeveloped and bare area.

    We can get more good house in Baner/Aundh itself in this rate, which is well connected.
    3 BHK in BlueRidge is costing arond 67Lakhs while i'm getting Rowhouse in 75Lakhs at Baner.
    You yourself think which is the better option:)

    Currently Hinjewadi is not at all suitable for living with family since nothing is reachable. For every small need, you need to drive to Baner/Wakad/Aundh.
    It will take at lease 7-8 years more to develop this place and these big society will also take the same time to develop fully.

    As long as it is not fully developing you won't get any amenities for which they are taking money from you right now.

    I have seen Magarpatta city. After launch it took around 7 years to develop.

    Another big problem in staying very big society is the Water problem. When a large number of people staying in same area, water problem start occuring mostly at summer. Society need to buy water from tanker.
    Same issue is faced by my friend at Magarpatta city.

    Let BlueRidge/Megapolis quote prices whatever they want to quote, i don't think people's are so fool to book there at such high rates.

    Anyway BlueRidge/Megapolis prices will be coming down soon as other builders started some good project in Hinjewadi with much less rate, like Air Castel.

    Also since land is not an issue at Hinjewadi, since it is expanding,it is better to go bit inside of Hinjewadi and check projects/builders who are giving in competitive rates.

    As per common people prespective rates in BlueRidge/Megapolis should not go beyond 2400psf.

    Also you might be knowing that Megapolis's builder Avinash Bhosele was arrested by airport agencies for not paying duty. So you can imagine how these builder's are sucking our hard earned money.
    I request all sensible people and investors that please don't invest your money in these bullshit projects in such high rates.Let them review and decrease their property rate to 2400psf.

    Pune property rates are coming to saturation since other than IT people don't get such high pay packages.
    In IT also most of the people get pay pkg between 3 to 6 lakhs. So there are very few people left who can invest.
    So as long as property price won't come to some reasonable range It people also won't be able to buy it.


    Now it is better to stay in rented house instead of purchasing.


    Jai Maharastra, Jai Bharat

    ReplyDelete
  67. s i agree better to stay in rented

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  68. Hi Ravi,

    i am interested in buying a property in Megapolis.
    Questions:
    1)what is the current per sq ft rate.
    2)is there any special discount for Tech Mahindra employees?
    3)shall i go for 2.5 or 3 bhk?
    4)i went throu blue ridge also, but was very expensive

    Thanks.

    ReplyDelete
  69. Hi Ravi,

    It was nice talking to you regarding the lease between MIDC and Pegasus property.
    Based on my understanding i would type in the details about the lease so it's easier for any user visiting this blog.

    This is the information based on my discussion with a Megapolis executive.
    1> When you book any flat you are paying only "1 rupee x flat_area" as the price of the land.
    2> After 95 years the lease would get renewed and you need to pay "Flat_area x (Inflated value of 1 Rupee).

    what it means is if you can purchase a CANDY for 1 Rupee today, and if the same CANDY is worth 100 Rupee after 95 Years then you need to pay 100 Rupees x Flat_area.
    E.g if you buy a flat with selable area of 1495 sq feet. You pay today 1495Rs after 95 years you may need to pay 149500 Rs to MIDC.(This is just an example).

    I want to know one more thing Ravi, is this land under any dispute or Litigation right now. (I know that Major Banks like SBI have approved the project, but still??.)

    A feedback--> IT people these days are literally blamed for everything; priced hike, Higher package etc etc. But the fact is they are the ones who end up paying major chunk of their salary as Tax(Without having any under the table kamai), Get exploited by house owners for higher rent/Deposits.
    I agree that most of the IT people would have brought up the flats at the rates quoted by the builder which really means that the rates won't go down. But that's the reality, this happen because consumers(IT guys or anybody) are not united nor is he/she protected.

    Regards,

    Anand.

    ReplyDelete
  70. Ref: "I want to know one more thing Ravi, is this land under any dispute or Litigation right now. (I know that Major Banks like SBI have approved the project, but still??.)"

    Hello Anand! No. When the land is acquired by the government it becomes "clean, clear and pure"! Please, don't ask why!

    ReplyDelete
  71. Hi Ravi,

    Could you please confirm, which bank has approved this project so that I can check on with them for housing loan details as well.

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  72. Currently Blue Ridge , Hinjewadi has Rs.4200/- as base rate and Rs.20/- as floor rise.
    1.Can you suggest if it is worth buying a flat @19th/20th floor for Rs.4500 psf ?
    2. What are the chances of another entry point for phase -1 ? Any hopes for balewadi-baner road ?

    ReplyDelete
  73. Hi Ravi,
    What is the current rate at Megapolis?
    Also Could you please confirm, which bank has approved this project so that I can check on with them for housing loan details as well.

    ReplyDelete
  74. sparklet at megapolis floor plan same as aditya builders.. old style ... no dry balcony for kitchen only terrace to hall .. then y to pay 37 lakhs for that . .. just for hill view !!!! dont think its worth !!!!

    ReplyDelete