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What is the current property rate in Hadapsar - Kharadi IT belt in Pune?
When we talk about real estate, we talk about property rates. What is the current property rate in Pune real estate market? 'Real estate rates down in Pune' 'Pune property prices' 'booking rate of flat' are the most popular search terms which bring you to my Ravi Karandeekar's Pune Real Estate Market News Blog.When we argue about the current property prices in Baner and Wakad, some property buyers believe that Rs.3,500 per sq.ft. or Rs.2,900 per sq.ft. is too much. Considering the infrastructure in the area, road and all, not worth at all.
Most famous quotes of the builders are also about rates.:
1) "Builders will increase the rate according to the stage of the construction,"- Mr. Shantilal Kataria, Vice President of PBAP, announcing price hike in Pune between Rs 50 and Rs 400 from April 20.
2) “How can prices move down when both land cost and cost of construction that accounts for 60 per cent of the final price are phenomenally up over the last three years?” - from "Chicken Soup for the Pune Real Estate Developer's Soul".
Community life, Sustainability and Safety:
When i received the press note about "Magarpatta City Ganesh Festival 2008" , i said, "come on, nothing great about it. Every housing society celebrates it." Though, i do not celebrate Ganpati at my home, i look forward to participate in my society's festival. How can anybody miss an opportunity of flirting with his neighbor's wife?
But when i read it carefully and saw the photographs in the press note, i realized few things we do not consider while booking a flat or talking about the 'right' real estate rate or worth of the property.
1) Community life:
We do not feel shy to express who should not be our neighbor, for example Hindu property buyer generally does not want Muslim neighbor. Builders promote the project for the specific community and highlight the "Jain Temple", or call it as "Only for the Vegetarians".
But how much importance we give to the quality of community life we would be able to enjoy in the particular project? Is the layout of project designed to give you quality community life? Like, for example, Shree Bal Developers' Kapil Malhar at Baner designed by Arc. Vishwas Kulkarni.2) Sustainability:
In the audio visual presentation of Amanora Park Town, while talking about the size of his 400 acre township, Anirudha Deshpande says, "Townships of smaller size are not sustainable!"
I do not want to talk about the ideal size of the township but about the sustainability of any project of any size. After all, to live happily ever after in your apartment or to gain the appreciation of your property, the project has to be sustainable. Means your society should be able to afford to maintain the project and the amenities provided by the builder. It may be a 400 acre township like Magarpatta City, 12 acre township like Runwal Seagul on Hahdewadi road or a standalone single building project. Right?
When in the press conference of Runwal Seagull, while talking about eco-friendly construction, Mr.Sanjay Runwal, managing director of Runwal Housing mentioned about earning the carbon credits, i was surprised. I never thought carbon credits can be a source of a revenue and could contribute to maintain the a medium size projects like Runwal Seagull on Handewadi Road at Hadapsar. 3) Safety:
Digital home or digital security system has become a popular specification in all good projects. I am talking about simple video door phone or biometric identification system. From marketing point of view these digital security features are as important as all those features in mobile phones, which most of us do not use much but prefer to have when we buy a new handset. Besides safety from the human beings, we see that building would be safe in case of earthquake.
Unfortunately, the way terrorism is becoming the part of the developed world, i think, big townships have to consider the possible threat while town planning. We have to consult Hollywood script writers to find out the possible solutions and make changes in the planning of the on going township projects. I am sure, you must have got what i mean. There is no need to illustrate by example. You can imagine.
Your Comments:
Point is, we have to ask about the community life, sustainability and safety features of the real estate projects when we visit the sample flat. We have to give these features proper importance while negotiating the current, ongoing property rates. Otherwise there is no point in taking the trouble of saving pre-EMI or prepaying the home loan if the home is nothing but private four walls in the common compound.Please, read this Magarapatta City's press release form this point of view. Please, let me know in the comments what do you think about these features. How much importance you give to the community life, sustainability of the project and safety of you dear ones and your property. Yes, if you haven't read the new Ravi Karandeekar's Blogs's Comments Policy, please, read. If you are visiting my Ravi Karandeekar's Pune Real Estate Market News Blog for the first time, please, subscribe for free to receive an email or read it in your preferred reader. To know about my other blogs, please, visit and join for free to my Google Group, Ravi Karandeekar's Pune Real Estate Blog Group.
Harmonious community living in Magarpatta City
The Magarpatta City Foundation:
The concept of Magarpatta City was not only to make homes and office space on the ‘walk to work, walk to school, walk to recreation’ but also to create a new vibrant community. With a zeal to promote community living, various initiatives have been taken for an active participation of the residents.
The Magarpatta City Foundation has been formed with its objectives being Magarpatta Citizen-centric and all unit holders become members of the Foundation by default. Thirty percent reservation on the council is for women, to align with the National policy of women empowerment.
Magarpatta City Council:
The working of the foundation is very democratic and for every hundred units there is one representative on the Magarpatta City Council for its period of tenure of two years.
The Council conducts and manages major events celebrated in Magarpatta City i.e. Republic Day-26th January, International Women’s Day-8th March, Maharashtra Day-1st May, World Environment Day-5th June, World Eye Donation Day-10th June, Independence Day-15th Aug, Ganesh Festival, Navratri, Deep Mahotsav on 1st Day of Diwali, Childrens Day-14th November, Magarpatta City Foundation Day-3rd December, Christmas Eve-24th December, etc.
Belonging and Sharing:
Committees in the Magarpatta City Council i.e. the Library, Senior Citizens, Children’s, Sports, Ladies, Social, Cultural, Magazine, etc. contribute to strengthen social ties by means of activities for environmental upkeep & awareness amongst Magarpatta Citizens.
Besides the above - competitive sports, games, chess tournaments, blood donation & yoga camps, etc. are conducted regularly to encourage and promote a sense of belonging and sharing amongst the fraternity. The current Ganesh Festival had Healthy Baby, Drawing, Dance, Singing, Mehandi, Rangoli, Fancy Dress, Cookery & Salad Decoration competitions, Fashion, Traditional and Magic Shows, Bhajan Sandhya, Open House and Marathi Drama.
Magarpatta City Ganesh Festival 2008:
The idol of Ganeshji being brought in at Magarpatta City:
Residents & IT professionals celebrating:
Cultural performance at Festival:
Mr. Raman Lamba - Executive producer, Ms. Shona Urvashi - Director of SAAS, BAHU AUR SENSEX & Mr. Satish Magar - performing puja:
Corpus for Sustainability:
Magarpatta City along with Cybercity Magapatta - its integrated infrastructure, clean green surroundings, wide roads, features, parks, water bodies, sports club, scenic locale is now turning out to a hot destination for films and advertisement shootings.Films like Aitraaz, Sivaji the Boss, Thodi Life Thoda Magic, Patta Cut and advertisements like Maruti Swift, Chevrolet UVA, Birla Super Cement, TVS, Bajaj and Hero Honda motorcycles have been shot here.
Saas, Bahu Aur Sensex:
The latest – the first Indian presentation having a worldwide release this week by the internationally renowned Warner Brothers - ‘Saas, Bahu Aur Sensex’ and produced by PLA Entertainment Pvt. Ltd. Production has been extensively shot here at the Cosmos neighborhood, the Central – Aditi Gardens, Cybercity Magarpatta and other scenic locales of Magarpatta City.
The proceeds and contributions for allowing these cine - shootings and promotions here are pooled into the Magarpatta City Foundation creating a healthy and regular corpus for the foundations activities.
Carbon Emissions Saved:
As a part of energy conservation measures Magarpatta City has implemented Flat Plate Collector (FPC) based Solar Water Heater Panels for all the residential dwellings and installed 4,710 to date with a capacity of 5,92,650 litres per day (lpd) saving over 95,62,987 electrical units (KwH) annually.The flat solar panels are connected to the water storage tanks above each building, ensuring hot water without any additional cost to every home.
The environmental conscious effort has appeared in the latest Limca Book of Records, 2008 - the largest energy saving project by a single entity.
On completion a total of 7,160 Solar Water Heating Panels will be installed - totaling a capacity of 8,98,900 litres per day which will materialize into a saving of 1,45,48,447 electrical units(KwH) annually.
As on date this saves 8,890 tonnes per year of carbon emissions which will finally reach over 13,483 tonnes per year of carbon emissions saved.
One Time Maintenance Deposit:
For those living in Magarpatta City, a one time maintenance deposit is charged, hedging them from future inflation and recurring maintenance outgoings.Reduction in the Property Tax:
Sincere efforts of Magarpatta City are perpetually on to conserve the environment - like solar water heating, garbage segregation at source, bio gas, vermi-culture, rain water harvesting, tree plantations, cleanliness and maintaining the roads. The Pune Municipal Corporation (PMC) recently reduced the Property Tax by 10% of the Magarpatta City residents.All the above go a long way in making Magarpatta City, the first planned, integrated township – the pride of Pune, an ideal for community living.
Related Story:
Have you received Magarpatta City's Web-mailer?
real estate Indian real estate Pune real estate Pune news Pune news Pune real estate news Pune real estate market Pune real estate market news blog Pune real estate blog Pune property blog Pune realty Pune real estate investment Pune real estate marketing upcoming and ongoing real estate projects in Pune current property rates in Pune latest real estate prices Ravi Karandeekar Magarpatta City current property rate in Hadapsar - Kharadi IT belt in Pune property rates Real estate rates down in Pune Pune property prices booking rate of flat current property prices in Baner and Wakad Shantilal Kataria, Vice President of PBAP Chicken Soup for the Pune Real Estate Developer\'s Soul Shree Bal Developers\' Kapil Malhar at Baner Arc. Vishwas Kulkarni Amanora Park Town Anirudha Deshpande Runwal Seagull on Handewadi Road at Hadapsar Sanjay Runwal, managing director, Runwal Housing carbon credits digital security system biometric identification system terrorism Hollywood Google Groups Ravi Karandeekar\'s Pune Real Estate Blog Group The Magarpatta City Foundation Warner Brothers - ‘Saas, Bahu Aur Sensex’ carbon emissions Flat Plate Collector (FPC) based Solar Water Heater Panels Limca Book of Records, 2008 One Time Maintenance Deposit Pune Municipal Corporation (PMC) Property Tax community living
Solar Water Heaters and Solar Thermal technology can save 30-50% off the total cost of your electric bill easily paying for themselves within 5 years. plus you get massive tax credits, rebates, and other incentives.
ReplyDeleteCall now, Nationwide advise enabled
727-366-2068
Joseph
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ReplyDeleteUnfortunately, the way terrorism is becoming the part of the developed world, i think, big townships have to consider the possible threat while town planning. We have to consult Hollywood script writers to find out the possible solutions and make changes in the planning of the on going township projects.
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Ravi, you raised a very important point. Hope the builders take a note of this and come up with more robust town architecture and plan to stand against increasing terror in this modern world. I think, our tody's capability have already overcome the threat of earth quakes and developed EARTH QUAKE sustaining structures, so thats not an issue.
Keep it up...!!! Surely this is a selling point of the future real estate.
Ravi, bye the way, what is the current property rate in Hadpsar-Kharadi IT belt in Pune?
ReplyDeleteDon't give us surprise :)
(of-cours things are not in your control, you will obviously tell us the real fact, as usual)
nice post to read on.... see some great Navratri Greeting Cards here....
ReplyDeleteSo what is the 'actual' going rate in Magarpatta city right now? The website lists 3750 psf (Sylvania). On Magicbricks - older flats are available ranging from 3000 psf - 3500 psf. I am looking to buy a 3br there - does someone have more updated knowledge if the builder negotiates below official price? Or are there investors selling under construction flats/ready possession new flats for lower rates? Thanks in advance.
ReplyDeleteProperty investors in India forced to sell at a loss by global downturn
ReplyDeleteThursday, 25 September 2008
Indian properties being sold at a lossYoung property investors in India are selling at a loss because they can no longer afford to pay the interest and costs associated with owning multiple properties.
The global downturn has set off a panic reaction, inducing investors to close deals at losses. It has become almost impossible for those who invested in real estate last year to exit the scene as the downturn has deepened and the prices being quoted do not even cover the purchase costs and interest expenses.
Typical is 35-year-old Rahul Verma, who works with a Noida-based IT company. He bought a flat in Greater Noida early last year purely as an investment with a bank loan to finance 85% of the cost.
Since then his EMIs have continuously gone up thanks to a series of rate hikes by the RBI. However, the prices haven't climbed as expected and the outgoings have made the property expensive. Rahul is now left with the only option of selling at a loss. And given the global economic gloom, he is willing to take a hit.
'Several investors are stuck simply because there hasn't been enough price appreciation in the past one year,' said Raheja Developers Chairman of Navin Raheja.
He said that young investors bought at the peak of the property cycle last year. Many purchased two apartments simultaneously, assuming that they would finance one by selling off the other at a premium. They are now caught in a difficult situation as they bought at a higher market rate and are compelled to service two EMIs.
Some investors have started defaulting. Others are approaching developers to cancel their bookings and return the money.
Meanwhile developers are finding it hard to finance projects and banks have started taking proactive measures to prevent defaults in their real estate portfolio by cutting exposure to loans against property.
State lender Punjab National Bank (PNB) has taken a lead and has stopped giving such loans, while Bank of India, Bank of Baroda and Indian Overseas Bank have decided to go slow on such loans.
'We are discouraging loan against property by refusing to provide overdraft facilities and charging higher margins,' said a spokesman for Bank of India. Other banks are discouraging such loans by valuing the property at distress level or by valuing the property at the price it was purchased.
# ref: "Property investors in India forced to sell at a loss by global downturn
ReplyDeleteThursday, 25 September 2008"
Thanks for the comment but sorry!
Good info but irrelevant. Please, be relevant. Add value to the post. Comment on the topic of the post. Irrelevant comments will be rejected, not published hereafter.
Quick Question.
ReplyDeleteIs this the rate for Kharadi-Hadapsar or Kharadi? Is the rate for Kharadi-Hadapsar & Kharadi different?
What would be the rate Kharadi - around Zensar? Does anyone have any idea about old and new apartments?
Ravi,
ReplyDeleteA question for you. What is your prediction on Pune Real Estate ? Is it going to go down or up ? I understand you don't want this unpleasant question, but still I ask.
Here is my belief: From what happened in US, I believe it's about time for the same show to begin in Pune. The price of proprty depends on supply and demand. Now that India is going to suffer due to US financial crisis, it will have ripple effect on India and Indian real estate. IT guys will get washed out in India. People are going to have a hell of a time in India.
# ref: "What is your prediction on Pune Real Estate ?"
ReplyDeleteI am real estate salesman. I can not predict. But i agree with you about the impact of US economy on Pune real estate. I welcome it. In Pune only 25,000 flats are constructed in an year when the demand was around 1 lakh in the last couple of years.
If the demand comes down bellow the supply of 25,000, small builders and small and medium flats would go out of the market. Only big builders will be in the market and they will construct high budget flats.
Instead of booking a flat after 2 / 3 years service, people will plan to buy the flat before they retire. Real estate was always like this in Pune and every where in the world.
But the governments see the profits in subsidizing real estate. Indian as well as U.S. Plus, lot of industries run because of the construction industry and lots of people get employment. So industry will keep on going. Volume will come down. Product mix will change. Everybody will try to maintain the turnover till the next boom.
This has already began. See the flats available for booking in Magarpatta City, mostly above 50 lakhs whereas the flats in Nanded City Pune are bellow 50 lakhs.
I write more on Tanaji Malusare City (TMC) Karjat. Where flats are for Rs. 3, 5 and 7 lakh. My next post is on Paranjape Schemes' bungalows, all are above 1.5 Cr.
Everybody knows Real estate or any boom always has a short span of life.
Ravi, fate of real estate is always a fascinating topic to discuss - to ask and to answer :)
ReplyDeleteIn that thread, I think you missed the request for clarifucation I was asking:
Is this the rate for Kharadi-Hadapsar or Kharadi? Is the rate for Kharadi-Hadapsar & Kharadi different?
What would be the rate Kharadi - around Zensar? Does anyone have any idea about old and new apartments?
Hi Ravi, Could u pls tell me what should be the rate in magarpatta pune for 2 bhk 900-1000 sqft flat.
ReplyDelete# ref: "rate in magarpatta pune for 2 bhk 900-1000 sqft flat"
ReplyDeleteHello Sumit, thanks, sure. Please, visit this post - Have you received Magarpatta City's Web-mailer?