 |
| Megapolis |
Property Rate Rs. 2,800 per sq.ft.?
 |
| Mr. Hemant Kulkarni, General Manager, Megapolis |
The other day, when i met Mr. Hemant Kulkarni, General Manager, Pegasus Properties (SPV of Kumar Properties and Avinash Bhosale Group), developers of Megapolis (www.megapolis.co.in) , 150 acre integrated township in the third phase of Rajiv Gandhi Infotech Park, Hinjewadi, Pune 411 057, to confirm the rumor about additional floors in Megapolis Smart Homes, Mr. Hemant gave me the news about Megapolis Smart Homes 2!
Mr. Hemant Kulkarni said, "Ravi, write about these upcoming bigger and better 2 BHK Flats on your blog! Property rate would be only Rs. 2,800 per sq.ft."
"Great! What would be the size and the total budget of a 2 BHK Flat?," i asked Hemant.
"As per the feed back we have received in the last 3 months, around 600 property buyers have suggested that they would like own a conventional size of a 2 BHK Flat - approx 1050 to 1150 sq.ft. saleable - for their own residence in this 3rd phase of Hijewadi. Means, a 2 BHK Flat - bigger in size than Smart Homes and fitting in the smaller budget - Rs. 32 to 35 lakhs - than the high-end 2 BHK Flats in Megapolis," Hemant Kulkarni said.
"How many flats? Where? When will you open booking?," i asked.
"Next to Megapolis Smart Homes. We have to build at least 1,000 flats because 600 are already interested. Hoping to sell like Megapolis Smart Homes - in the pre-launch offer, without advertising, in the next 3 months - July, August and September! Write this on your blog!," Mr. Kulkarni said.
"Yes, My Property Guru!," i said and took his leave. Though, he is "High Flying and Flamboyant", Mr. Hemant Kulkarni is very well-grounded real estate professional and i call him "Property Guru!"
Come Home to Megapolis, Hinjewadi, Pune:
 |
| Megapolis Smart Homes - construction in full swing |
When i came out of Megapolis Site office, it was 6.15 in the evening but light was very bright and pleasant. I could see that, in a month, TCS has added one more floor in it's all buildings. So, i decided to take an evening walk in Megapolis.
I was surprised to see that, at the site of Megapolis Smart Homes, one contractor was erecting the tower crane! Means, he was getting ready to cast higher slabs!! When i went closer, i could see that he was casting 2nd slab of most of his buildings. Only one building was at the foundation stage. The supervisor told me that they are working day and night to complete the foundation in the next 4 -5 days, before monsoon begins.
"Our plan is to complete the buildings 6 months before the schedule and start the next phase!," the supervisor said.
"What next phase?," I asked him.
"We are going to get few buildings in Smart Homes 2!," he said, pointing to east!
When i reached the high end Megapolis, i received a call from Mr. Kak. He was speaking from Gaziabad. "Ravi, i read on your Google Talk that you are in Megapolis. Right?," Mr. Kak asked.
"Yes!," I said.
"Ravi, i want to buy a 3 BHK Flat in Hinjewadi and rent it for a corporate guest house. Which would be a better project? Blue Ridge or Megapolis?," Mr. Kak asked me.
I told him to hold on for a moment, so that i could take a few photographs before it got dark!
"Not Megapolis, for sure! Not for investing to rent out. Now, Megapolis is home!!," looking at the lights at the construction sites of Megapolis Smart Homes and TCS, i said.
"Why?," he asked.
"Because, home is a home!," i said.
Have a look at my evening photo-walk in Megapolis!:
 |
| Megapolis, Hinjewadi Phase 3 - Construction workers |
 |
| TCS |
 |
| Megapolis Smart Homes, Hinjewadi Phase 3 |
 |
| Megapolis Smart Homes, Hinjewadi Phase 3 - construction site |
 |
| Megapolis Smart Homes and TCS |
 |
| Megapolis Smart Homes, Hinjewadi Phase 3 - Progress of Construction |
 |
| Megapolis Smart Homes, Hinjewadi Phase 3 - Progress of Construction |
|
| Megapolis Smart Homes, Hinjewadi Phase 3 - Progress of Construction |
 |
| Megapolis Smart Homes, Hinjewadi Phase 3 - Avenue View |
 |
| Megapolis Smart Homes, Hinjewadi Phase 3 - Progress of Construction |
 |
| Megapolis, Hinjewadi Phase 3 - Premium Homes - Progress of Construction |
 |
| Megapolis, Hinjewadi Phase 3 -Premium Towers - Progress of Construction |
 |
| View of Megapolis Smart Homes, and TCS, Hinjewadi Phase 3 |
 |
| View of Megapolis, Hinjewadi Phase 3 |
 |
| Megapolis, Hinjewadi Phase 3 - Progress of Construction |
 |
| Megapolis, Hinjewadi Phase 3 - Progress of Construction |
 |
| An evening in Megapolis, Hinjewadi Phase 3 |
 |
| An evening in Megapolis Smart Homes, Hinjewadi Phase 3 |
 |
| Megapolis, Hinjewadi Phase 3 |
 |
| Add caption |
Megapolis Smart Homes, Hinjewadi Phase 3, Pune, on Google Maps:
View Megapolis Smart Homes Hinjewadi Phase 3 in a larger map
Related Stories:
1) SATURDAY, JUNE 5, 2010
Yes, Megapolis Smart Homes Hinjewadi Phase 3 will have 15 floors, means 160 additional 2 BHK Flats!
2) THURSDAY, MAY 6, 2010
Megapolis Smart Homes Hinjewadi Phase 3 Pune - construction begins!
Smart "Homes" or Smart "Home Owners"?
3) 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!
Should I or shouldn't I recommend Megapolis Smart Homes?
4) WEDNESDAY, JANUARY 6, 2010
Megapolis Smart Homes Carnival, Hinjewadi Phase 3
5) SUNDAY, JANUARY 3, 2010
Megapolis Hinjewadi Phase 3 news - Visit puneprophinjewadi's Picasa Web Album
Construction progress, sample flat and bus terminus at Megapolis:
6) FRIDAY, JANUARY 22, 2010
Megapolis Smart Homes invite you to perform Bhumi Pujan ceremony!
11AM on 30TH January 2010 at Hinjewadi Phase 3:
7) SUNDAY, FEBRUARY 7, 2010
Megapolis Smart Homes News - flat owners perform Bhoomi Puja
It's all about integrity and integration:
8) WEDNESDAY, JUNE 2, 2010
May 2010 - Most popular blogs on Ravi Karandeekar's Pune Real Estate Market News Blog
Feel free to call me:
I enjoy talking, sharing my views and giving advice about buying property in Pune real estate market (so, i do not charge anything for the first 3 minutes!) Call +919860044110
If you like to chat, join me, RaviKarandeekarsBlogs on Google Talk.
Yes, my email id is RaviKarandeekarsBlogs@gmail.com Feel free to write. I reply as soon as i can.
Join me on Google Buzz at
http://www.google.com/profiles/ravi.karandeekar
Subscribe for Free!
To receive free emails or free RSS feeds, please, subscribe to Ravi Karandeekar's Pune Real Estate Market News Blog
For my blogs on real estate projects near Hinjewadi, real estate investment, advertising and other related topics, please, visit and join my Ravi Karandeekar's Pune Real Estate Blog Group
now builder will not need to showcase smart homes -1 in order to sell his other flats.
ReplyDeletehope that will not lead him to compromise on quality of smart homes.
As it is the smart homes-2 is said to be "better" in quality. Now there seem to be three types of qualities available.
1) The same but different : smart homes-1 ( God only knows the Differance)
2)better: smart homes-2
3)best- tower luxury flats.
hope all this is not at the cost of quality in smart homes -1
potential buyers of smart homes-2 beware
builder may introduce a still "better" version as smart homes -3 and compromise on your quality as well. after all he had 140 acres of land to utilise and sell flats on!!!
Hi Ravi,
ReplyDeleteThank you for your great work of keeping your blogs up-to-date on the Pune realty market.
I am interested in 3BHK apartments at Baner/Balewadi/Hinjewadi/Wakad/Bavdhan area. I am impressed with the Megapolis township project and contacted them for their quote. They have offered me the following:
Apartment: 3BHK (1495 Sq.ft - 1215 Carpet)
Rate per sq.ft - 3050/sq.ft
Possession - Mar 2013
Can you please provide your take on this in terms of the following points?
1) Rate appropriateness at this point in time
2) Investment view - Appreciation and rough timing of appreciation based on your experience
3) Ownership view - Do you think the area will be developed by 2013 considering the SEZ infrastructure the township is going to offer.
4) Comparison with any similar property in Baner/Balewadi/Wakad/Bavdhan area from ownership point of view Is it worth spending 12-15 lacs more in Baner/Bavdhan considering that the areas are just 8 KMS apart. I am an IT pro and hardly care about accessibility to Pune city.
Please advise.
Thank you in advance!
Cheers
Nikhil
Hi Ravi,
ReplyDeleteCan you please help me out with your inputs?
Thanks
Nikhil
Hello Nikhil,
ReplyDelete1) Rate appropriateness at this point in time:
"Appreciation?"
"What's that? I haven't seen properties appreciating in years!"
Property would be treaded at the higher rate but not sure about the appreciation. For example: Against 3050 you pay today - you may get 3,400 but would it be an appreciation or an effect of an inflation? Can't say!
2) Investment view - Appreciation and rough timing of appreciation based on your experience
It depends upon your individual financial profile. For example: 1) are you borrowing the funds? How much? At what rate? Duration of the repayment 2) Would it be self occupied or rented out? You have to pay tax on the rental income. Wont get tax exemption if it is your second home.
Depends upon the rental market: 1) Societies put restrictions on whom to rent and charge more maintenance charges if you rent out. Society generally prefers to create corpus funds which you have to pay from your pocket 2) Property tax, increasing water and electricity charges affect the rental income. 3) Since buying home in the preferred area is becoming difficult for those who earn bellow 50,000 per month, I am hoping that, real estate investment funds will start developing the project for renting out which will make individual renting unprofitable. In general, return on investment - rental income - would not be attractive - if your funds are borrowed.
Not so attractive rent and no assurance of an appreciation makes investing risky.
Product may become unattractive, out dated and even obsolete - because of the new finishing materials, fittings and fixtures, construction technology, hi-rise buildings property's shelf life is reducing. So, possibilities of finding it difficult to rent out or sale have increased.
Depreciation and valuation of the property: now, banks have started doing valuation for the resale property. In valuation like any capital equipment, property also depreciates per annum. When the Bank considers valuation and pays 80% of it the buyer may not get enough funds to pay your asking property price.
3) Ownership view - Do you think the area will be developed by 2013 considering the SEZ infrastructure the township is going to offer.
Depends upon IT industry and economy - no one can predict.
4) Comparison with any similar property in Baner/Balewadi/Wakad/Bavdhan area from ownership point of view Is it worth spending 12-15 lacs more in Baner/Bavdhan considering that the areas are just 8 KMS apart.
There is no similar property in Baner/Balewadi/Wakad/Bavdhan area.
For me it doesn't matter where you book. For me what matters is you. If you are afraid to explore the new concept and going to feel happy if you live in a familiar area, i will suggest that you should go for what makes you happy. Because, your happiness is more important than doing something right and rational.
As a real estate salesman, for me "your expectations" are more important. Instead of comparing properties and location - you should give more importance to which property will fulfill your expectations and go for it, even it is "comparatively" not so good.
Ravi, Do you have any idea about phase IV developement in Hinjewadi. The reason i am asking is i want to book the flat at smart home phase - 2. It seems TCS and Tech Mahidra going to operate from phase 3. I am just wondering if these are the only 3 companies working and if there is not further developement in this area then appreciation for the flat may not be fast. Also i read the article says phase III and IV reserved for biotechnology industry. Any guidance/comment appreciated on this.
ReplyDeleteDear Ravi, Awaiting your feedback. Thanks for your help. Regards.
ReplyDeleteDevelopment of IT companies depend upon the economy, so i don't see any point in predicting. Appreciation of the real estate is, obviously, related to the development of these establishments.
ReplyDeleteSo, at this point, every thing depends upon your attitude - if you are an optimistic - you are free to expect appreciation!
For me, housing facilities Megapolis is providing for the IT workers matters more than the appreciation of real estate.
please write more information on development in dhanori(Vishrantwadi annexe)like infrasturucture malls it park or like sahare city home project and off course the water woes. i heard that pmc is laying a new big pipeline to erradicate water problems in dhanori lohagaon road. pls comment...
ReplyDeleteAwaiting for your feedback.
Regards