Sunday, December 13, 2009

Megapolis Hinjewadi Phase 3, Pune - Are you investing in a 1 BHK for Rs. 16.87 lakh or a 2 BHK for Rs. 25.34 lakh Smart Home?

Pre-launch offer of Avinash Bhosale and Kumar Properties' joint venture Megapolis creates buzz in IT companies in Rajiv Gandhi Infotech Park, Hinjewadi!

Megapolis Island

Should I or shouldn't I recommend Megapolis Smart Homes?

Megapolis Fountain
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Now, this is my tern to ask a question! When someone asks me to recommend a project for investing in a 1 BHK or a 2 BHK Flat in Pune real estate market, should i recommend him to invest in this upcoming phase of Megapolis, Hinjewadi Phase 3? What will you advice me?
Before you answer, you may ask, "Ravi, why are you asking?" Right? Here are my reasons:

1) An investment opportunity in Pune real estate market:

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I find it difficult not to mention Megapolis' upcoming phase of Smart Homes to some "outsider", meaning not working in Hinjewadi IT company, when you all are talking so much about this pre-launch offer.
If i don't mention about this investment opportunity in Pune real estate market now, I wonder, what these people who call me from all over the world, will think of Ravi Karandeekar when Megapolis Smart Homes will be officially launched in the first week of January 2010?
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2) Returns on Investment:

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Most of these callers are interested in investing in the 2nd property which will give them some rental income.
Considering the amount you invest, all inclusive Rs. 16,87,050 for a garden facing and Rs. 16,56,150 for hill facing 1 BHK Flat and Rs. 25,34,250 for a garden facing and Rs. 24,85,300 for a hill facing 2 BHK Flat, (Click for the budgets of Megapolis Smart Homes) "return on investment" would be better in Megapolis Smart Homes at Hinjewadi than any other properties in Balewadi, Wakad, Pimple Saudagar, Bavdhan and Warje where availability of a 1 BHK Flat is very less and a budget of a 2 BHK flat goes over Rs. 30 lakh!
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So, how can i avoid not recommending Megapolis to a salaried Pune real estate investor who wants to create an asset which will give him better returns on investment?

3) Not a socio-economic crime!


Do you think, like me, that it's socio-economic crime to invest for a profit in an affordable 1 BHK or a 2 BHK Flat?
You know, when someone from Mumbai asks me to recommend an affordable property in the price range of 20 - 25 lakhs in Pune real estate market to invest for a profit, i request him not to commit a crime of inflating property rates and making these affordable properties unaffordable for the actual end user, a home buyer who was thrown out of the market when Pune real estate was booming.
In the last 3 - 4 months without any reason, property rates of these affordable flats have increased by 300 to 400 rupees, only because Pune builders realized that these investors don't mind to pay more!
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Now, i know, you must be wondering, "Ravi, Isn't it a socio-economic crime to invest for a profit in Megapolis Smart Homes?" My answer is "possibly" not! Because:
1) If you see the real estate pricing policy and a track record, from the day of the launch till today, property rates at Megapoils are stable.
2) If you see the volume, 600 Flats of 1 BHK + 600 Flats of 2 BHK = Total 1200 Flats in this upcoming phase, i think, Kumar Properties and Avinash Bhosale Group will keep the prices of Megapolis Smart Homes stable.
3) Plus, considering the number of bookings, mostly group bookings and corporate tie-ups with IT companies, according to Mr. Hemant Kulkarni, Genaral Manager of Pegasus Properties, promoters of Megapolis, booking would be over in 3 months time.
So, i believe, couple of individual readers of Ravi Karandeekar's Pune Real Estate Market News Blog who will be investing for a profit will not help the builder to hike the property rates of Megapolis Smart Homes and will not be committing a socio-economic crime!

4) Vigorous enthusiasm about life and career - returns!:


I want to infect those IT professionals, who at this point of time, are not working in Hinjewadi! I want to infect them with vigorous enthusiasm about life and career, i have experienced while talking to all of you who are working in Hinjewadi and who called me to discuss their decision to join the group in their company to enjoy the pre-launch offer of Megapolis Smart Homes.
Who knows, at some point of time, they may join an IT company in Hinjewadi! If not, there is no harm in being vigorously enthusiastic about life and career, once again! Right? Just like your previous generation of IT professionals! Who enjoyed the experience of joy of buying a home in Pune real estate market.
Before 2004, it was not exactly easy for them, your previous generation of IT professionals, but not difficult too. "What should i do first? Book a flat or buy a car? Before getting married, 2 -3 years down the line, for sure, i want to have both!" they used to plan and work on it.
Same possibility, same vigorous enthusiasm about life and career, i could hear and see, in you who were discussing about booking a flat in Megapolis Smart Homes! Let me confess, i really enjoyed it after a long spell of desperation and frustration about Pune real estate market in all of you!
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Look at the points you admire about Megapolis Smart Homes:
Possession in 18 months, July 2011
Sensibly planned 1 BHK Flat of 480 sq.ft. carpet area and a 2 BHK Flat of 760 sq.ft. carpet area with proper room dimensions,
12 story elegantly designed buildings,
Essential sophisticated specifications,
Rational amenities along with a school for your kids and grocery shops run buy the traditional Chowdharies,
Surrounded by green hills, picturesque location,
All this in the manageable budget! (Click here for "Budgets of Megapolis Smart Homes")
Isn't it an opportunity, everybody deserves in Pune real estate market. Right? Then, tell me, how can i keep mum about the pre-launch offer of Megapolis Smart Homes? So, not recommending to those who are not working in Hinjewadi won't be fair. Right?

For more information about pre-launch offer of Megapolis Smart Homes:


Pramod Fand
Asst. Manager - Sales & Marketing Megapolis
pramod.fand@megapolis.co.in
Pegasus Properties Pvt.Ltd,
R 1/1 To R 1/2, Phase III,
Rajiv Gandhi Infotech Park,
Hinjewadi, Pune-411057
Telephone Nos: 020- 32348180, 8181.
GSM: 91-9011009230
Web - www.megapolis.co.in

Updates:


1) Sunday, February 7, 2010
Megapolis Smart Homes News - flat owners perform Bhoomi Puja

2) Friday, January 22, 2010
Megapolis Smart Homes invite you to perform Bhumi Pujan ceremony!

3) Wednesday, January 6, 2010
Megapolis Smart Homes Carnival, Hinjewadi Phase 3

4) Sunday, January 3, 2010
Megapolis Hinjewadi Phase 3 news - Visit puneprophinjewadi's Picasa Web Album

Related Stories:


Thursday, March 19, 2009
What's up at Megapolis Hinjewadi?

Thursday, May 1, 2008
Thanks to Megapolis at Hinjewadi! Inspired by it's success, i am announcing my first integrated township based on "swim to work" concept!

Tuesday, April 29, 2008
Kumar Properties' Megapolis at Hinjewadi - 3rd integrated township after City Group’s Amanora Park and Paranjape Schemes' Blue Ridge

Thursday, May 1, 2008
Megapolis - views and property rates of Kumar Properties' and Avinash Bhosale Group's 150 acre integrated township at Hinjewadi, in Pune

Thursday, May 8, 2008
What real estate investors want to know about Kumar Properties' Megapolis Township at Hinjewadi in Pune?

Thursday, December 3, 2009
November 2009 - Top 10 popular blogs on Ravi Karandeekar's Pune Real Estate Market News Blog

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105 comments:

  1. Hope you are not promoting this project. This project already had a flopped launch a year back. Now a relaunch under different price category.
    So once again this is a special prelaunch offer come and buy or you will miss the boat. Who are they kidding.

    ReplyDelete
  2. Let the builders' relatives, friends, well wishers, etc. invest and become rich.
    Actually the Builders should construct, buy their own property, and then wait for price escalation so that they becomes rich twice! (once virtually, once real)

    Poor end user (IT guy?), he has to cater for builder profit, and profits of n number of investors,
    each of whom will make profits on the same property by buying, hoarding, and selling.

    So how much 25L flat will fetch after say 10 years? 1 cr? 1.5 cr? or 2.0 cr? By that time Hinjewadi woulds have become a Hi-Fi City, totally detached from rustic Pune. There could be an entry tax as well.

    ReplyDelete
  3. Hey Ravi, just want to check what is the 1.5 Lakh charged by builder in column "Other Charges".

    ReplyDelete
  4. # Ref: "Other Charges".

    What would it be........very naughty!

    ReplyDelete
  5. ok let me guess. Perhaps parking but nowadays it has many aliases.
    Infra charges.... perhaps the old name was MSEB.
    Well does not matter how you cut it, its still money out of your pocket dear consumer.

    Ravi come on at least give an ambiguous answer. Don't be so naughty!! LOL

    ReplyDelete
  6. Hi Ravi,
    Will this now affect Blueridge? I am sure it will. What's your take? Can we see such pricing for BR?

    ReplyDelete
  7. # Ref: "ok let me guess. Perhaps parking"

    You are right!

    ReplyDelete
  8. # Ref: "Will this now affect Blueridge?"

    Blue Ridge has studio apartments!
    May not affect...because Blue Ridge has project specific Foreign Direct Investment and their investors 3i and Piramal Group's Indiareit are doing well!

    ReplyDelete
  9. I thought Blue Ridge was a flop show.... Anyway ...

    ReplyDelete
  10. reading this blog story getting a feeling that megapolis smart homes is ONLY FOR INVESTORS not for somebody like me who is interested in buying "apartment -at reasonable rate" to stay . ???

    ReplyDelete
  11. # Ref: "ok let me guess. Perhaps parking"

    But why one has to pay for the parking?

    The land price of the parking is anyway recovered in the flat price.

    The top of the parking area is part of first-floor floor. The bottom is taken care by the 25% load factor.

    Also, 100% for balcony is pure arrogance. That should again be part of 25% load factor.

    Builders need some Jog/Chate classes in arithmetic...

    ReplyDelete
  12. # Ref: "But why one has to pay for the parking?"

    1) Please read this blog:
    http://ravikarandeekarsblog.blogspot.com/2009/03/parking-space-pune-property-buyers-have.html#comments

    2) Consider the total all inclusive amount you pay for the carpet area of your flat.

    ReplyDelete
  13. # Ref: "not for somebody like me "

    I wonder, why do you feel like this!

    ReplyDelete
  14. total cost(all inclusive except stamp and reg)divided by carpet area of the flat should be used as a basic cost indicator. Stamp reg are at actual and goes to the State not builder.
    Terrace should be looked as carpet area of terrace.
    eg
    1000 sq ft carpet of flat(excluding terrace) Total cost 55 lacs ie carpet rate of 5500/ sq feet.
    Attached terrace area 150 sq feet.

    ReplyDelete
  15. # Ref: "Stamp reg are at actual and goes to the State not builder.
    Terrace should be looked as carpet area of terrace."

    - This is the way i used to look at the cost of a flat when i started working as on site salesman.

    - Why quite a few property buyers look at real estate as if they are real estate salesman, i wonder!

    - Buyer should look at the real estate from a buyer's point of view, Isn't it?

    ReplyDelete
  16. No I am not a real estate salesman. I think I am better when it comes to evaluating property than my father who did his property purchase 30 years ago. He had not many choices and rate sheet used to be simpler than today's gimmick filled rate sheets. I must be very careful today than he was then. No offence Dad you still had more wisdom than I can ever have. But in few things gen-x is smarter than yester- years.

    ReplyDelete
  17. Hello,

    We want to invest in 2 BHK could you please suggest us good area.

    Where we can do investment in Pune.

    Singhgad road or piple saudgar which is better.

    After 4 to 5 years we want to sell our property.

    ReplyDelete
  18. # Ref: "We want to invest in 2 BHK could you please suggest us good area."

    - Of course, Megapolis Smart Homes at Hinjewadi Phase 3.

    # Ref: "Singhgad road or piple saudgar which is better."

    - These areas were good in 2002 - 2003. Not in 2010!

    ReplyDelete
  19. # Ref: "This project already had a flopped launch a year back."

    Sorry. I didn't get you. What do you mean by "flopped launched"? If you mean not much bookings at the launch then you must be aware about the "cancellations" in the projects which were enjoyed "hit launch"!

    1) Ravi Karandeekar's Pune Real Estate Investment Blog: Should i cancel my booking at Nanded City Pune?

    2) Ravi Karandeekar's Pune Real Estate Market News Blog: How many cancellations happened at Blue Ridge?

    In fact, Megapolis was not never launched in a big way! There was no big advertising. Not even a full page launch ad. Like other townships. Booking at Megapolis is enough and consistent since the launch. You feel so only because you are not aware about the facts.

    # Ref: " Now a relaunch under different price category."

    - This is not a "relaunch" my dear friend. This is a launch of "low budget product" in Megapolis, which they hadn't launched yet! Every township, you know well, has a product mix. Variety of types of flats in different budgets. Including low budget flats. Isn't it? For example, Amanora Park Town lhas Trendy Homes:

    Ravi Karandeekar's Pune Real Estate Market News Blog: Amanora Trendy Homes - Pre-Launch Offer

    Considering all these facts don't you think it is very childish comment? Unexpected from a knowledgeable person! However, thanks for the comment. Hope, now, i can recommend Megapolis Smart Homes!

    ReplyDelete
  20. I heard that Megapolis has completely cancelled Phase 2 which was commercial and replaced it with low cost 1BHK/2BHK phase.Are they facing any financial problems? Why they cancelled the phase 2 Commercial? Ravi could you please check?

    ReplyDelete
  21. Ref: "I heard that Megapolis has completely cancelled Phase 2 which was commercial and replaced it with low cost 1BHK/2BHK phase."

    No! Smart Homes are not replacing commercial. This is just approx. 10 out of 50+ Acrs of land on the other side of the road. Commercial would be there as planned.

    Financial problems? MIDC is a land lord and partner in this project! Which looks at this residential development as a part of development of IT - BT park. Like Pradhikaran in PCMC. Known investor is Singapore Government. Besides that this project is not that big. It;s around 6,000 Cr. Which Avinash Bhosale Group can finance, i believe.

    ReplyDelete
  22. Hi Ravi - I heard that Megapolis have leased the land from MIDC for 'x' years and don't own that land. Is that true? In this case do people purchasing apartments in Megapolis have a lease for that 'x' years and not ownership?

    If true, for how many years this lease is for?

    ReplyDelete
  23. # Ref: "If true, for how many years this lease is for?"

    Yes. It's lease agreement. For 99 years. Of course, renewable. Same as Amanora Park Town has for 999 years.

    Considering the 44th Amendment, this is not a big deal. Because, 44th Amendment withdrew the Right to Property as a Fundamental Right. in India.

    ReplyDelete
  24. Hi Ravi - You are correct. As per 44th Amendment "right to property" is a legal right not a fundamental right. But that is applicable for all context not specific to lease context viz. even in case of freehold hand i do not have right to property as fundamental right.

    The question is what if MIDC does not extend the lease ?

    I understand 99 Years is more than a person's lifetime but a 99 Yrs might impact on the price appreciation (All buyers would have same pysche as I have). As you mentioned Amanora has 999 Yrs of lease which is more comforting than 99 Yrs of lease.

    ReplyDelete
  25. # Ref: "The question is what if MIDC does not extend the lease ? "

    Don't you think we have to check and update our beliefs and values, time to time?

    ReplyDelete
  26. Megapolis is approved under special township act. Who manages the township after it is completed? Is it the builder or is there a body of residents who take care of it?

    Who is the governing (i mean from Govt perspective) body in case of disputes? For example it is Registrar of Co-operative Soceities in case of Co-operative soceity

    ReplyDelete
  27. Wouldn't the maintenance charges for Megapolis be significant as compared to rental it would command considering the ameneties the whole project boasts of? Or will it be separate for different offerings? Ravi - Do you have any idea?

    ReplyDelete
  28. 1) Ref: "Who manages the township after it is completed?"

    2) Ref: "Who is the governing"

    3) Ref: "maintenance charges for Megapolis"

    Very important concerns. I will try to get "official" answers. Thanks for raising these points.

    ReplyDelete
  29. Ravi Ji,

    First of all, allow me to thank you with all my heart for writing about the Smart Homes in your blog. I chanced upon it and have actually booked a flat in this beautiful scheme.

    With the Grace of God, I am expecting to see myself in my first home in the next 18 months.

    Since I have a small kid, I am also happy to learn from the Megapolis folks that Sybiosis will launch a school just adjacent to this scheme in the same plot stretch.

    Also, a polyclinic from Birla will come inside the same plot.

    On the left side is TCS ofcourse... and the larger part of Megapolis scheme is on the right side (across the road).

    What a beautiful place to live in...

    My sincere thanks to you for writing about it and helping the likes of me.

    God Bless!

    ReplyDelete
  30. Ref: "have actually booked a flat in this beautiful scheme. "

    Congrats! I am happy for you!!

    Thanks for the inputs about school and polyclinic.

    ReplyDelete
  31. Sir - what is this 99 years lease thing? Do we not become owners of such a house. After 99 years, what will be the amount that our grandchildren need to repay? This was never told by the Sales people at Megapolis, or on their website. Can this lease thing affect the resale after say 20 years from now when we want to earn profits on our investments?

    PLEASE HELP ADDRESS THIS RAVI SIR

    ReplyDelete
  32. Has someone booked a house in Megapolis Smart Home? What is the rate @ which builder is coming to?

    I also wanted to know the salient points about this 99 Yr lease. This 99 Yr lease is the only discomforting point about this whole project

    ReplyDelete
  33. I am not sure why everyone is worried about 99 yrs lease. In Bombay mostly 60% constructions are on leased land either for 99 yrs or 999 yrs..

    Also its with MIDC so no worries !!!!

    ReplyDelete
  34. Hi Amit -
    99 and 999 have 900 Yr in between :)
    I wanted to know the salient points of lease agreement...

    One more question - "Also its with MIDC so no worries !!!!" - What does this mean?

    ReplyDelete
  35. I think 99 or 999 is a standard practice.

    Also "its with MIDC so no worries !!!! means MIDC can increase it after 99 yrs (Silent point according to me - Lease rate may increase increasing per month maintenance cost). If it would have been with some private party then it is a risk.

    Ravi.. Please correct me if I am wrong.

    ReplyDelete
  36. Ref: "Ravi.. Please correct me if I am wrong"

    Yes, you are right!

    However, the objection to 99 years lease comes out of a belief system about "ownership of property". For example, even in case of a co-operative housing society, not you but the society is the owner of the land and the building. You are only a share holder of your society.

    Those who worry about the 99 year lease, i request, should not forget that MIDC has acquired this land from the farmers who had owned it for many hundred years. MIDC has "shifted" their villages to develop this software and bio technology park. This has been happening for ages and will happen in the future too. Some point of time, who knows, some other industry may become "in thing" and MIDC will shift this township to some other location, Be ready! In this country you don't have a right to property!!

    ReplyDelete
  37. Hmmm.I am getting convinced.
    Thanks Amit & Ravi.

    Final step - Let me have a look at the lease agreement for Megapolis as well before finalizing this

    ReplyDelete
  38. Ref: "Final step - Let me have a look at the lease agreement for Megapolis as well before finalizing this"

    Yes, please, consult legal expert.

    ReplyDelete
  39. Ravi - forgive me for the straight question..are you getting paid for promoting this project?

    I have been reading your blogs from quite a few months and not seen a blog as compelling as this one(except mount vert). While reading the blog & posts, it felt like you are trying to convince something rather than provinding the info. Just my thoughts...

    Now everything mentioned in the blog is ONLY good..but there must be some points that buyer should be concerned/aware about before making decision to buy the flat...why you would not list them down to make the fair business? For EX: there is not enough infra available, day to day grocery items will need a long travel..threat to IT is threat to your investment in Megapolis.etc..

    ReplyDelete
  40. # Ref: "Ravi - forgive me for the straight question..are you getting paid for promoting this project?"

    - Forgive? Oh, no! Thanks for asking. No, I am not paid for promoting this project.

    # Ref: "why you would not list them down to make the fair business?"

    - Good point! Why don't you write down your concerns? My friend, blog is a two way communication. It's discussion. You are free to express your point of view, your objections. Come on, make your point.

    Certainly, you need to read the blog carefully and understand exactly what is an offer. For example :grocery shops run buy the traditional Chowdharies is quite a rational "amenity". Isn't it?

    Along with this blog, you should take a note of related stories which cover few points not discussed in this post. For example, here is a list of questions buyer wanted to know about Megapolis:
    Thursday, May 8, 2008
    What real estate investors want to know about Kumar Properties' Megapolis Township at Hinjewadi in Pune?

    # Ref: "threat to IT is threat to your investment in Megapolis.etc."

    - Good point. Is any investment ever "safe" ? There is always a risk factor involved. Isn't it, my dear friend? Obviously, there is a success rate too. Isn't it? So, point is, while investing what you see is, "Is it worth taking a risk?" Am i correct?

    ReplyDelete
  41. Ravi,

    I disagree with your following statement.
    "In this country you don't have a right to property!!"

    If you buy a NA plot and build your home on that plot, ownership is all yours.
    If you are farmer and buy agriculture land, ownership is all yours which you can transfer to the following generations.
    Do you agree?

    ReplyDelete
  42. # Ref: "you can transfer to the following generations."
    This can be done at Megapolis too!
    It's called Legal Righ.
    Not a fundamental right! Have a look:

    Right to property

    The Constitution originally provided for the right to property under Articles 19 and 31. Article 19 guaranteed to all citizens the right to acquire, hold and dispose off property. Article 31 provided that "no person shall be deprived of his property save by authority of law." It also provided that compensation would be paid to a person whose property has been taken for public purposes.

    The provisions relating to the right to property were changed a number of times. The Forty-Forth Amendment of 1978 deleted the right to property from the list of fundamental rights[46] A new provision, Article 300-A, was added to the constitution which provided that "no person shall be deprived of his property save by authority of law". Thus if a legislature makes a law depriving a person of his property, there would be no obligation on the part of the State to pay anything as compensation. The aggrieved person shall have no right to move the court under Article 32. Thus, the right to property is no longer a fundamental right, though it is still a constitutional right. If the government appears to have acted unfairly, the action can be challenged in a court of law by citizens[40].

    The liberalisation of the economy and the government's initiative to set up special economic zones has led to many protests by farmers and have led to calls for the reinstatement of the fundamental right to private property[47].The Supreme Court has sent a notice to the governmentt questioning why the right should not be brought back as in 2007 the supreme court unanimously said that the fundamental rights are a basic structure of the constitution and cannot be removed or diluted.
    http://en.wikipedia.org/wiki/Fundamental_Rights_in_India

    ReplyDelete
  43. OK..Here is the outcome of discussion with Mr. Shirode from Marketing of Megapolis...

    1. This Pre-Launch offer is for affordable housing scheme....which does not boast about the same specifications as of other megapolis schemes..like..floring, window sliders (or something like that) etc..used will be of medium or less quality....when compared with other phases of Megapolis.

    2. There is no list of differences in specification between affordable housing and luxury housing..

    3. There is no sample flat available for which pre-launch offer is going on...

    That means you do not know what product you are buying....definately you can not book the flat without having to know all the specs of the flat...at least I will not be confortable putting down huge amount just becase plan is on paper...irrespective of who is constructing it

    4. Possession date will be Dec 2011,

    I was expecting that Mr. Shirode will say July 2011..as specified in Blog...but he surprised me by saying Dec 2011 (not that much surprised as we all know Possession date could be anytime after the first proposed date by builder) so I asked him again..are you sure....and guess what..he was very much sure than anything..but I felt like he was laughing while answering this.

    4. Corporate tie ups may come in future..but rates will definately higher than the pre-launch offer...

    In short, according to me, affordable housing of Megapolis is for those who -

    1. Wants to invest and do not care about the Possession date
    2. Fine with putting down the money without even physically looking the product
    3. Do not much care about the materials/specs
    4. And as Ravi mentioned....Can take the risk..as this project will only give returns if IT continues to grow and more and more companies open their offices in Hinjewadi..because if you take out IT factor from this project...there is nothing much left in it.

    ReplyDelete
  44. Thanks Prajju, for adding valuable inputs! Possession date is a big shock. However, sounds realistic.

    ReplyDelete
  45. Ravi, this is what I found on Megapolis website..."Only 20% of the land is earmarked for residential property development, while the rest is left green"....how true is that?

    ReplyDelete
  46. They told me July 2011 for 1BHK and Dec 2011 for 2BHK...They are confused

    ReplyDelete
  47. # Ref: "Only 20% of the land..."

    True. But meaningless. Generally it's 60 - 40 or 70 - 30. Here builder talks about the developed FSI and open space which includes roads and all kind of space where these is no construction. When you construct 22 floors and parking is under ground, obviously ,ratio would be on the higher side.

    ReplyDelete
  48. Ravi, what do you think about the quality of construction as it is clear now it won't be as good as other phases. Do you still recommend this project? If yes, why?

    I personally feel this as very tempting offer and fine with the risk involved but not at the cost of quality.

    ReplyDelete
  49. Well, I had detailed discussions with almost all sales people (Chetan Shirode, Pramod Fand and Deepak Chaudhary) at Megapolis. I am summarizing the discussion points -

    1. The possession date is Jan 2012 not Dec 2011 or Jul 2011
    2. The project plan is still not approved and hence the agreement / registration is not done (expected date is 3rd week of Jan 2010)
    3. Megapolis are projecting Smart Homes as Luxury Housing and Phase 1 as Premium Housing (now beat that !!!).
    4. Megaolis claim that Smart homes would be better or at par with other Kumar Properties constructions / buildings
    5. A2, A3, A4, A5 and A6 are open for booking and all garden facing are booked (hard to believe but that's what sales people claim)
    6. A4, A5 and A6 are booked even for non garden facing apartments (again hard to believe but that's what sales people claim)
    7. Megapolis is on 95 Yr lease from MIDC which has an automatic renewal clause (not sure if there is something like)
    8. Megapolis executes a sale agreement with you not a lease agreement (again not sure how this happens)
    9. Rates might go up in future as the pre launch targets are acheived
    10. I enquired if there would be co-operative soceity / condimonium, who runs after completion, whom to approach is case of disputes etc....Well at least sales folks had no idea about that

    Conclusion, there are risks (if's and but's) however there is scope / room for appreciation. Risks are

    1. In terms of execution capability or past record (not many builders in pune have done a township project).
    2. IT dependence but I believe the real estate is Pune is driven by IT. So downturn in IT will impact all areas leave alone Megapolis
    3. Avinash Bhosale Group (I somehow don't have postive image for this group). Kumar's reputation somehow balances.
    4. Supporting infrastructure would take long time to come-up
    5. There might be further delay in pocession date (add 6 - 12 months)

    Like they say, in equities world, investors with high risk apetite can consider investment in Megapolis Smart Homes.

    ReplyDelete
  50. # Ref: "Ravi, what do you think about the quality of construction as it is clear now it won't be as good as other phases"

    - You can't say quality of construction would not be "as good as" other phase!

    It's misleading statement. Creates wrong impression.

    It would be correct if you say that quality of construction of Megapolis Smart Homes would be as good as any Kumar Properties' project!

    # Ref: "Do you still recommend this project? If yes, why?"

    Why not if the quality of construction is as good as any Kumar Properties' project? Isn't it?

    # I know quality of construction is not the only parameter. It's one of the parameter. Many times, (actually, most of the times!) property buyers go for a certain project even if, by any definition, quality of construction is not "that" good.

    ReplyDelete
  51. # Ref: "Risks are

    1. In terms of execution capability or past record (not many builders in pune have done a township project).

    Two years ago, when Megapolis was launched. yes, this was an issue. Now, after 2 years, you can't raise the same objection!
    Why?

    1) because, now, we all know that, the developer is developing Megapolis in "phases." Which is very much within his "known" capacity.

    2) The actual construction contractors are experienced players. For example, Man Infraconstruction Ltd. (www.maninfra.com) which has given a contract of "Construction of 9 residential high rise buildings over 11,34,000 sq.ft. with basement, podium of 3,00,000 sq. ft. and 21 upper floors located at the base of a hill."
    http://www.maninfra.com/t_megapolis.htm

    ReplyDelete
  52. # Ref: "4. Supporting infrastructure would take long time to come-up"

    Vague statement!
    What do you mean by the "supporting infrastructure"?
    Please, be specific.

    Dear friend, your comment has added valuable information. Readers are going to consider your views seriously. I am sure, you know specific points, but how can we come to know about it if you make such a vague statement! Please, list out.

    ReplyDelete
  53. Ravi...I think you should invite someone from Megapolis sales team on this blog..Let them face the heat and answer all questions.

    ReplyDelete
  54. # Ref: "Ravi...I think you should invite someone from Megapolis sales team on this blog."

    I have had. But no response!

    ReplyDelete
  55. Reference # ...Vague statement!

    Hi Ravi - Fair enough. Let me elaborate on 2 points, hope that would help

    1. Execution capabilities - In 2 Yrs since project launch, the pocession dates have been extended twice. I have been to the Megapolis site and right now 1 building has 14/15 slabs, 1 has 4/5 slabs and 1 has exacavation going on. This does not give confidence to me about the pocession date.

    2. Supporting Infrastructure - In Hinjewadi Phase 3 MIDC has 60 : 40 or 70 : 30 (don't recall the exact ratio) break-up for residential and commercial space viz. certain part of phase 3 is reserved for residential spaces. Megapolis is one township which has been announces / launched. There would be more residential projects announced.

    Coming back to the Supporting Infrastructure - From Supporting Infrastructure I meant School, Health Center, Groceries, Basic amenities shops, alternate approach to township etc.

    I know that there would be some shops within Megapolis as well but certainly all of us would like to have options. These options would be available if we have more projects developed in that area hence the statement of about supporting infrastructure. Just to cite an example - I am residing in Pimple Saudagar which has most of the basic amenities but I have an option to drive down 4 Kms either to Aundh / Pimpri / Chinchwad to have more options.

    Alternate approach - Again am working in Hinjewadi so know the night mare of crossing Phase 1 > Phase 2 > Phase 3. I understand in few years (can't predict numbers :) ) our town planner will have develop the Megapolis > Pirangut > Chandni Chowk stretch, Megapolis > Phase 1 stretch and Megapolis > Phase 1 > Mahalunge stretch which provides better entry / exit to Hinjewadi in general and Phase 3 in particular.

    BTW however pessimistic I sound, I have booked a 2 BHK flat in Megapolis. As I said, there are risks but there are opportunities as well

    ReplyDelete
  56. 18 months is what the sales folks old me when I made the booking. I will definitely want to ask the GM (he sits in the same office)... what the actual date is!

    ReplyDelete
  57. # Ref; "Let me elaborate on 2 points, hope that would help"

    Thanks! Sure, now it's very helpful to all!!

    # Ref; "
    BTW however pessimistic I sound, I have booked a 2 BHK flat in Megapolis. As I said, there are risks but there are opportunities as well"

    Oh! You have booked a 2 bhk flat in Megapolis!! Congrats!!!
    After reading your comment, i feel, you have done something without understanding what you are doing! Or there is a big communication gap between you and salesperson at Megapolis!

    For example: 1) 1. Execution capabilities - you are not told what Megapolis has done at site since the project is launched. You are not told what things are involved in pre-construction stage. You are not told who is the contractor and how schedules are re - scheduled.

    2) From Supporting Infrastructure I meant School, Health Center, Groceries, Basic amenities shops, alternate approach to township etc.

    I think, because of no communication from the builder, you don't have enough info which has raised in your mind the question about the capability of the builder to deliver.

    Besides shops at Smart Homes, you are not told about other facilities coming at Megapolis, is very difficult to believe.

    Please, excuse me, but i really want to ask you this question! "Are you aware that Megapolis is an integrated township, a gated community which will be managed and owned by a private company?"

    How can you compare it with a part of a city like Pimple Saudagar!

    You remind me someone who had complained about Magarpatta City. He said everything is monopolized at Magarpatta! Only Tata Phone is allowed to provide service. We don't have a freedom to choose! Don't you think, this is like joining an army and complaining about the uniform?

    I request you to understand exactly what you are getting into!

    Please, be assertive and ask questions to the salesperson. See, you are the boss. You are paying them in advance to construct a home for you. So, you have a right to ask them how they are spending your money!

    I am writing this not to prove that you are wrong, but because i believe that the builder is answerable to the property buyer and you should be completely aware about what you are getting into!

    ReplyDelete
  58. Ref # BTW however pessimistic I sound, I have booked a 2 BHK flat in Megapolis.

    So did you get Hill side flat OR Garden Facing? I assume it would be Hill facing as they are only left with that...is that so?

    ReplyDelete
  59. Dear Ravi... and blog peers...

    Wish you a very happy New Year. I have... and three friends of mine booked a flat at Smarthomes. I have a Garden facing one and the other two folks got a school facing one. All are happy though... because the school/hill facing are West facing ones and lot of breeze :-)

    Folks, I suggest that we form a group and keep communicating on web. Once in a while we can visit the site and talk to the Sales guys about our doubts also...

    Any cool suggestions on names of the community. We (who have booked)... (and thanks to Ravi) can be the proud Admins :-)

    Ravi rocks!

    ReplyDelete
  60. # Ref: "Ravi rocks!"

    Thanks for the complements!

    # Ref: "Folks, I suggest that we form a group and keep communicating on web. Once in a while we can visit the site and talk to the Sales guys about our doubts also."

    Great idea! I will promote your group, like i promoted InSignia_Pune Group on my blog regularly, so that everyone who books down the line will join your group.

    Schedule a meeting on 1st Saturday of the month at site and insist for a monthly progress report form the project manager. Publish "minutes of the meeting" for the record as well as for those who are out of town.

    At Megapolis, like any other project, relation between the builder and the property buyer is not going to end after the possession. So, establishing communication at this stage is very essential for the management too.

    Thanks, once again. Happy new year!!

    ReplyDelete
  61. Ref # Have done something without understanding what you are doing
    It's not that. I am citing all possibilities out here for other readers. Clarifications from Ravi and other bloggers would clear their doubts. Each project would have hits and misses or to put in other forms - Each individual might interpret things as hits and misses in different manner for a project. Clarifications help in refining interpretation.

    Ref # Are you aware that Megapolis is an integrated township
    Yes sir...But I won't mind couple of more using ameneties (options available) outside Megapolis as well.

    Ref # this is like joining an army and complaining about the uniform
    No complaints. It's again the more the merrier thing I was pointing to

    Ref # I request you to understand exactly what
    I do otherwise would not bet 25 L...LOL

    But I am infected by your enthusiasm and conviction. Thanks much for posting clarifications.

    Someone mentioned about a group / community - Great idea.....!!! Lets do that

    ReplyDelete
  62. I have booked a 2.5 BHK flat in megapolis in 2009. They told July 2010 as possesion date and they are on time (+/- 3 months in expected).

    They have started furnishing flats from 1st floor and curretly 15th slab is going on.

    Also Symbiosis school & Birla polyclinic construction is starting from Jan end.

    Ravi..I have lot of photographs. Where can I upload that ?

    ReplyDelete
  63. # Ref: "Ravi..I have lot of photographs. Where can I upload that ?"

    That's great! Create PICASA album (http://picasa.google.com)
    and send a link to me. I will blog your link so that all can see your photos!

    You can invite others to contribute their photos and create collective album of Megapolis! Please, visit:
    http://googlephotos.blogspot.com/2009/08/collaborate-on-picasa-web-albums.html

    ReplyDelete
  64. Megapolis smart homes does not feature on the website at all. Why is it so? Any idea?

    ReplyDelete
  65. # Ref: "Megapolis smart homes does not feature on the website at all."

    Because it is not yet launched!

    ReplyDelete
  66. Hello Ravi & Investors of Megapolis Smart Home

    I have invested in a 2BHK flat in the same project.

    I found this a great idea to create a community & post our concerns/queries on the project & share information.

    Also I liked Ravi's idea to gather/assemble on a particular day at site location & take a progress report from the Builder. This will keep us all updated on the project status.

    I am sharing my mail id (lovem_786@rediffmail.com)with you guys.

    Ravi please help us to create a blog for the same. Thanks for your initiative & help in advance.

    ReplyDelete
  67. Hello Ravi
    Please help me understand whether the construction quality & specifications of Building offered under prelaunching offer of Magapolis Smart Homes (Building Number (A 4-5-6)is different from other buidings offered after officially launching the scheme of Smart Homes?

    ReplyDelete
  68. Ref: "pre-launching offer of Magapolis Smart Homes (Building Number (A 4-5-6)is different from other buildings offered after officially launching"

    - the construction quality & specifications are the same. Only property rate would be different. Launching rate would be more than the pre-launch offer. Mostly 100 rupees more, as per i have heard at Megapolis yesterday evening.

    Instead of taking a project finance from the financial institution and paying interest, in pre-launch offer builder gives rate benefit to the property buyer for giving him interest free finance.

    ReplyDelete
  69. Just to answer the question raised by the gentleman/lady :-) above... the difference in construction for A4-5-6 is that the flats 101 to 1201 and 104 to 1204 will have new entrances that will be west and east facing respectively. Earlier on these were all south facing (dakshin mukhi...!) To accomplish this some space inside the owners hall will be compromised and the main door will be moved inside... Not a too good visually sounding proposition though :-( as this reminds me of Mumbai type flats where the flat entrance is just next to the lift door. Same here... dont know how people will react... but I surely did not like this! All such flats are booked FYI... any owners here for such flats that knew of this...?

    ReplyDelete
  70. Megapolis photos...

    http://picasaweb.google.com/puneprophinjewadi/Megapolis?authkey=Gv1sRgCMa3_Ji764WRngE&feat=email#

    ReplyDelete
  71. Today is the expected launching day for Megapolis Smart Homes but again they have missed the timelines. Dont know exactly what is the reason & whether this will have a positive or negative impact on the project. Please share your valuable inputs

    ReplyDelete
  72. I heard its 3rd week of Jan...:-) not today.

    ReplyDelete
  73. Thanks for the inputs SD.
    I agree with you that initially flats were south facing & later it has been changed to east & west facing. But it has no impact on space of hall & no space of owner has been compromised because of this. Lift has been moved slightly to accomplish the task.
    Also the lobby area of the building is quite big (unable to recollect exact area as of now)& it will not look like Mumbaiyya style.:)

    ReplyDelete
  74. Ravi...Did you get a chance to look those photographs?

    ReplyDelete
  75. Ref: "Did you get a chance to look those photographs?"

    Yes, of course! Visit this blog:

    Sunday, January 3, 2010
    Megapolis Hinjewadi Phase 3 news - Visit puneprophinjewadi's Picasa Web Album

    Construction progress, sample flat and bus terminus at Megapolis:

    http://ravikarandeekarsblog.blogspot.com/2010/01/megapolis-hinjewadi-phase-3-news-visit.html

    ReplyDelete
  76. What is the current construction status of the Smart Homes Project?

    ReplyDelete
  77. Launch is on 30th Jan. They are clearing the plot where construction will start. Ravi can confirm as he has the best view of things Megapolis...

    ReplyDelete
  78. Does the township fall within PMC limits? Which agencies will be supplying power & water to the township?

    ReplyDelete
  79. Ref: "Which agencies will be supplying power & water to the township?"

    Megapolis is not in PMC.

    It's integrated township formed by the special law of Maharashtra government.

    Just like Pune City, Megapolis has to buy water and power from Maharashtra Government.

    As per the information given by Mr. Hemant Kulkarni, general manager of Megapolis, MIDC owner of Rajiv Gandhi Infotech Park and one of the partners in Megapolis, pipe line from Pavana dam is laid out and water storage tank is already constructed in this phase.

    For power, construction will start soon and the third phase will have it's own sub-station.

    Since, water and power supply are important for the IT companies in this SEZ, supply would be better than Pune city, Mr. Kulkarni said.

    ReplyDelete
  80. Ref: "Launch is on 30th Jan. "

    Property buyers would like to see the works.

    So instead of spending around 50 lakhs on launching and increasing property rate to cover those expenses, better start the construction.

    I said this when Mr. Kulkarni told me that he has postponed the launch for those who were enjoying the Xmas vacations. What say you?

    ReplyDelete
  81. My 2 lac chk was finally debited on this Monday and I heard that there will be a formal launch on 30 Jan and they will send us emails... The launch for me is more to do with the completion (moving towards at least) of the Legal Agreement... the sooner the better :-)

    ReplyDelete
  82. Ref : Property buyers would like to see the works

    Spot on...Instead of launching big time the developer should focus on starting work & show progress to buyers.

    ReplyDelete
  83. 1 . Same for me.....my 2 lacs chk has been debited last week....& now waiting for some formal email or communication from Megapolis. I am more interested in getting agreement signed & get property registered with my name.
    Ravi ji please give some inputs as to what are the next steps & formalities are to be done?

    2. I also heard that for Smart homes number of buildings have been reduced to 12 (for 2 BKH) which was initially planned 13. When asked with Megapolis, they said it is because to give better & more spacious look to the project..:) good to hear but hard to believe....Ravi ji again we need your thoughts on same?

    ReplyDelete
  84. .... Ref ## Just like Pune City, Megapolis has to buy water and power from Maharashtra Government.

    1. Raviji can you please help us to understand whether this mean that we have to buy water ?

    2. Will Electricity rates are at par with MESB rates ?

    ReplyDelete
  85. Instead of discussing here shall we create MegaPolis smart homes yahoo group? We can discuss over there and share photos from our visits.

    ReplyDelete
  86. .....Ref# Megapolis smart homes yahoo group is a great idea. I m in.

    ReplyDelete
  87. Does anyone have insight into what other residential projects are to come in Hinjewadi other than Blueridge and Megapolis...?
    until the area gets populated with such projects I do not think this particular project in phase 3 especially can be successful...any thoughts ?

    ReplyDelete
  88. I have received a bhoomi poojan invitation from Mr. Kulkarni - the GM. Be there on Jan 30 folks... lets all meet up and say Hi! How about a dress code to recognize each other ;-)

    ReplyDelete
  89. Ref : Dress Code
    Congrats Bro... yes we will meet on 30th ...How do we identify each other????? I am sharing my mail id (lovem_786@rediffmail.com)....drop me a test mail & we will chat together..

    ReplyDelete
  90. Ravi ji ....... u there?????Lots of concerns & queries are waiting for your expert comments?

    ReplyDelete
  91. After lot of thoughts and if's and but's I have also booked one yesterday. Hope it's a right decision :-).
    Guys we were talking about the yahoo group to be created any progress on that ?
    I think it would be good to meet on 30th and then share our id's there...

    ReplyDelete
  92. Ravi, I guess there is change in layout Plan compared to what you have posted on this blog. Would you please update the new Layout plan here..for the interest of buys/investors...

    ReplyDelete
  93. Any idea about the number of bookings done in Megapolis Smarthome . I am told that the scheme is already sold

    ReplyDelete
  94. Did anyone attend their bhumipujan ceremony? Can you share the site photographs?

    ReplyDelete
  95. Has anybody observed that megapolis people removed Tenis Court from smart home aminities.

    And one more changed, earlier master bedroom was 10.6*14 but now it is 10.6*13.6. But still on paper sq ft is 950 and costing also for 950 sq ft.

    No official confirmation from megapolis.

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  96. I heard that now the rate of smart home is 2500 per sq. is it true?

    ReplyDelete
  97. hi,

    glad to see all the info that was exchanged on this project. i have created an yahoo group with the idea of bring all those who have invested in this project together and have members exchange ideas which are more exclusive to them. as its a long to go before the project finally takes a shape and investors start realsing their dreams home getting completed, till then we can share our ideas/views/ other vital infor on this yahoo group.
    the yahoogroup name is megapolisparklet and its mail id is megapolisparklet@yahoogroups.com
    i would request all those who have booked flats at the given project, to kindly subscribe to this group and actively contribute to it so that all are benefited.

    Tahnks Ravi, as you provided a flatform to get in touch with fellow investors of megapolis project. people will continue to exchange views and seek your advise on what you are very good at.


    chandra, Pune

    ReplyDelete
  98. Please do not create multiple groups. There is already one group megapolis_smarthomes with already 10+ members. Please join that group which is already active.

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  99. What happened to all the activities on this blog?????????????????????

    ReplyDelete
  100. how is megapolis smart home rates currenlty? I am plannig to buy a flat,

    ReplyDelete
  101. Does anyone have idea how tall TCS buildings would be? I have booked the North facing A13 tower on 6th floor.

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  102. Ravi,

    Is it a good time to buy 2.5 BHK flat in Megapolis now? They are quoting 3100 with possession in March 2013. I am looking from an investment purpose.

    Piyush

    ReplyDelete
  103. Read this:

    Hi,
    I booked a flat in SmartHomes, Sparklet A4, Megapolis.

    First of all they never informed in letters that they sent for payments to be made slabwise about the late payment fees that are applicable. Then later when the possession time was near, that is after 2 yrs they mentioned late payment charge around 40k which I negotiated and paid 28k.

    Later, after I got possession from last 6 months i have been complaining about so many things that is not done propoerly. The best answer they give is to repaint which is not the solution.

    1. In kitchen the slab fell over when they were grilling a hole in the neighbouring flat. Thankfully, i was saved.
    2. Bathroom flooring was not proper. Water used to come in flat instead of going in the drainage. I got that repaired but then it was not done properly. I had to get them put a slab to prevent water coming out.
    3. There was a leakage in kitchen ceiling and common bathroom which i doubt they repaired. They just painted.
    4. There are more than 6 colour shades tiles in master bathroom.
    5. Doors have been getting inflated and got them cut 3 times in 6 months.
    6. There were iron rods coming out from the walls which I got cut.
    7. Finishing is extremly poor in the whole flat.
    8. Now, there is leakaege coming to the walls of master bedroom from bathroom and all paint etc is coming out.
    9. If you put curtains, the holder comes out as the walls are hollow from within.
    10. Kitchen sink does not drain water properly.
    11. All pipes etc are leaking from period to period.
    12. Walls are ceilings are uneven.

    Overall, there is extremely bad quality of work and no audit done in this buildings. I wonder how can such a big builder not have audits and pass on flats in haphazard manner. I feel i have wasted my hard earned money by investing in thhis builder - Pegasus :(

    Can I get justice?
    Megapolis Complaints. Extremely bad quality of construction, Builders, Pune,Consumer Complaints Company Complaint India

    ReplyDelete