Tuesday, May 3, 2011

Megapolis, Hinjewadi Phase 3, Pune 411 057 - from 28th April 2008 to 30th April 20011

Hemant Kulkarni, G.M., Pegasus Properties, reviews the first 3 years of Megapolis, 150 Acre Township in the 3rd Phase of Rajiv Gandhi Infotech Park, Hinjewadi, Pune 411 057:


Hemant Kulkarni, GM, Pegasus Properties Pvt. Ltd., Promoters of Megapolis, Hinjewadi Phase 3, Pune 411 047
Hemant Kulkarni, GM, Pegasus Properties Pvt. Ltd., Promoters of Megapolis, Hinjewadi Phase 3, Pune 411 047

On Saturday, 30th April 2011, i visited Megapolis Hinjewadi Phase 3 (www.megapolis.co.in).

Actually, on Thursday, 28th April 2011, for a couple of hours, i was at Megapolis and had visited Sangria Towers and Megapolis Smart Homes 1 & 2 - Sparklet & Sunway.

On Saturday, i wanted to meet Mr. Hemant Kulkarni, G.M., Pegasus Properties, to know his views about the progress of Megapolis in the first 3 years and his future plans.

Yes! 3 Years!! Remember? Pegasus Properties, a joint venture of Kumar Properties and Avinash Bhosale Group, launched Megapolis on 28th April 2008! Paranjape Schemes launched Blue Ridge Hinjewadi on 27th October 2007. And Nanded City Pune was launched on 1st of June 2008.

All these townships were launched, in some sort of a hurry, because the builders knew that, the world financial crises was inevitable. High GDP Growth of Indian Economy had started looking like a day dream. Who knows? Their 'Mega Township' projects, builders were worried, may turn into fool's paradise.

Today, after 3 years, situation hasn't improved much. Developed countries are not yet out of recession. In India, inflation is out of RBI's control. Central Government of India and Maharashtra Government are hardly functioning. Pune real estate market is almost paralyzed. Because - bureaucracy is playing safe - by changing development rules and taking time to sanction and approve the new housing projects. Shortage of labor and raw materials - like crush sand, ever increasing costs of the major construction materials - like steel & cement, fittings & fixtures has added a lot to Pune real estate locha.

Obviously, today, again, some builders are in a hurry. To collect interest free funds. Their target is Munnabhais - the property buyers who are suffering from chemical locha. Modus operandi is - attractive pre-launch offers!

We all know that, even after almost 3 years, Blue Ridge, Megapolis, and Nanded City Pune haven't given possession of a single building! Now, Nanded City Pune is planning to give possession of Mangal Bhairav by this year end, December 2011. Blue Ridge is still struggling with the possession. (And, you know? Someone told me that, Blue Ridge is considering to change the focus. Instead of IT industry in Hinjewadi, now, Mr. someone said, Blue Ridge is considering some sport - like golf! "Why not cricket, horse racing or Formula One? All are global sports!", I said.)

Coming back to Megapolis - i was curious to know - how is this baby doing? - which was born at the wrong time and - brought up in tough times!

Before talking about Megapolis, Mr. Hemant asked me,"Did you notice the developments in the 3rd phase?"

"Yes! I saw the new wing of Tech Mahindra. Now, TCS IT Park looks more imposing. Completed works of DLF IT Park in the 2nd phase assures that things are improving. On the way, i saw a big crowd of job seekers at Wipro. No doubt -things are getting better!," I said.

"When i see these developments - i see "demand for housing," said Mr. Hemant and gave me the approx number of people working in these IT Parks - 50,000!

Here is a short summary of what Mr. Hemant Kulkarni told me about Megapolis:

1) At 150 acre Megapolis, at this point of time - including 21 story Sangria Towers, 14 story Sparklet - Megapolis Smart Homes 1 and 14 story Sunway - Megapolis Smart Homes 2 - 52 Towers are under different stages of construction. On which around 5,500 persons are working.

14 slabs of Sparklet - Megapolis Smart Homes 1 are cast and Mr. Hemant Kulkarni is confident about giving possession in June 2012.

However, Mr. Kulkarni is sorry about the delayed possession of B, C & D Towers in Sangria. But, in the next 3 - 4 months, he will complete the development of amenities and will organize a possession ceremony of the 3 towers. At this point, since the construction of B, C & D Towers in Sangria is complete - Megapolis is giving a possession for the 'interior'.

2) Besides constructing 52 Towers, Megapolis has already started working on the foundation of Mystique - the next cluster of 7 Towers - of the premium apartments - opposite Sangria Towers.

3) Excavation of Megapolis Smart Homes 3, next to Sunway - Megapolis Smart Homes 2, has already started.

4) Soon, the excavation of 2.25 lakh sq.ft. Commercial Complex, on the main road - opposite Megapolis Island will start. This Commercial Complex will have essential shops, hyper market, Mall, small offices, Multiplex and multiple restaurants.

5) Construction of Megapolis School has started. At this point of time, though it's plinth is ready, Mr. Kulkarni said that, their target is to open the school in June 2012.

6) Construction of Sunway - Megapolis Smart Homes 2 is going on in full swing.

7) Common Sports Amenities - 3 tennis courts, children's play area, cricket & basket ball nets - located in front of Sunway - Megapolis Smart Homes 2, are under construction. A1, A2 & A3 Towers, which will be launched on 1st of May, enjoy a view of these amenities.

8) Mr. Hemant Kulkarni said that Megapolis has crossed the sales target of Rs. 1,000 Crore.

In Sparklet - Megapolis Smart Homes 1, you can get a flat only if someone cancels, because the project is sold out.

Booking of 168 units of 2 BHK & 2.5 BHK Flats in A1, A2 & A3 Towers, the last 3 towers in Sunway Megapolis Smart Homes 2 will be opened on 1st May 2011. For these 168 units, some 300 people have already given their preference.

Megapolis has opened the booking of 8 towers - from A to H - of Sangria. Which are almost 90% booked. Almost ready for possession B, C & D Towers in Sangria have very few flats available.

Though the availability of the premium apartments is very less, Mr. Hemant told me that the booking of I Tower in Sangria will be opened only in April 2012 - with Mystique, the new cluster of premium apartments - opposite Sangria Towers!

It means that, in the coming 6 months only Megapolis Smart Homes 3 will be launched! By public demand, for the first time, Mr. Hemant is planning to offer a 3 BHK Flat for 'very attractive property price' in Smart Homes! Tentatively, Megapolis Smart Homes 3 will be launched on 15th of August 2011!

After talking to Mr. Hemant Kulkarni, for a few minutes, i sat on a couch in the reception of Megapolis. Looking at the enlightened people. For whom standard of living and value for money is more important than the so called convenient - familiar locations in PMC & PCMC. Amen!

Photo-walk of Megapolis, Hinjewadi Phase 3, Pune 411 057:



View Sangria Towers Megapolis, Hinjewadi Phase 3, Pune 411 057 in a larger map

Rush for the job interview at Wipro, Hinjewadi Phase 2, Pune 411 057
Rush for the job interview at Wipro, Hinjewadi Phase 2, Pune 411 057


Under-construction new wing of Tech-Mahindra IT Park, total capacity 14,000, neighbor of Megapolis Hinjewadi Phase 3, Pune 411 057
Under-construction new wing of Tech-Mahindra IT Park, total capacity 14,000, neighbor of Megapolis Hinjewadi Phase 3, Pune 411 057

TCS IT Park, neighbor of Megapolis Hinjewadi Phase 3, Pune 411 057
TCS IT Park, neighbor of Megapolis Hinjewadi Phase 3, Pune 411 057

Megapolis Fire Station, Hinjewadi Phase 3, Pune 411 057
Megapolis Fire Station, Hinjewadi Phase 3, Pune 411 057

Closeup of Sangria Towers Premium Apartments in Megapolis, Hinjewadi Phase 3, Pune 411 057 - 1
Closeup of Sangria Towers Premium Apartments in Megapolis, Hinjewadi Phase 3, Pune 411 057

Plinth of Megaplois School, Hinjewadi Phase 3, Pune 411 057
Plinth of Megaplois School, Hinjewadi Phase 3, Pune 411 057

Common Sports Amenities in Megapolis - Tennis Courts! - 1
Common Sports Amenities in Megapolis - Tennis Courts! - 1

Common Sports Amenities in Megapolis - Stand for watching Tennis Matches!
Common Sports Amenities in Megapolis - Stand for watching Tennis Matches!

Sunway - Megapolis Smart Homes 2 - view from the Tennis Courts - Common Sports Amenities in Megapolis Hinjewadi Phase 3, Pune 411 057
Sunway - Megapolis Smart Homes 2 - view from the Tennis Courts - Common Sports Amenities in Megapolis Hinjewadi Phase 3, Pune 411 057

View of Sangria Towers from Tennis Courts - Common Sports Amenities in Megapolis Hinjewadi Phase 3, Pune 411 057
View of Sangria Towers from Tennis Courts - Common Sports Amenities in Megapolis Hinjewadi Phase 3, Pune 411 057

View of Sparklet - Megapolis Smart Homes 1 from the Tennis Courts - Common Sports Amenities in Megapolis
View of Sparklet - Megapolis Smart Homes 1 from the Tennis Courts - Common Sports Amenities in Megapolis

A1, A2 & A3 Towers of Sunway Megapolis Smart Homes 2 has a view of Tennis Courts - Common Sports Amenities in Megapolis
A1, A2 & A3 Towers of Sunway Megapolis Smart Homes 2 has a view of Tennis Courts - Common Sports Amenities in Megapolis

View of Children's Play Park - from the Tennis Courts - Common Sports Amenities in Megapolis
View of Children's Play Park - from the Tennis Courts - Common Sports Amenities in Megapolis

View of Children's Play Park - from the Tennis Courts - Common Sports Amenities in Megapolis
View of Children's Play Park - from the Tennis Courts - Common Sports Amenities in Megapolis

Children's Play Park - Common Sports Amenities in Megapolis & Sunway - Megapolis Smart Homes 2
Children's Play Park - Common Sports Amenities in Megapolis & Sunway - Megapolis Smart Homes 2

Wide space between Sparklet - Megapolis Smart Homes 1 and Sunway - Megapolis Smart Homes 2, Hinjewadi Phase 3, Pune 411 057
Wide space between Sparklet - Megapolis Smart Homes 1 and Sunway - Megapolis Smart Homes 2, Hinjewadi Phase 3, Pune 411 057

Megapolis Smart Homes 3, Hinjewadi Phase 3, Pune 411 057 - 3
Megapolis Smart Homes 3, & TCS IT Park at Hinjewadi Phase 3, Pune 411 057 - 3

Mystique Towers Megapolis Hinjewadi Phase 3 Pune 411 057
In April 2012, Pegasus Properties will open booking of Mystique Towers, next cluster of premium homes in Megapolis, Hinjewadi Phase 3, Pune 411 057!

Related Stories:


1) MONDAY, MAY 2, 2011

Property Prices of Sunway - Megapolis Smart Homes 2:
2 BHK & 2.5 BHK Flats at Hinjewadi Phase 3, Pune 411 057

2) MONDAY, APRIL 25, 2011

Want to Invest 4 to 8 Lakhs in Real Estate?

3) SUNDAY, MAY 1, 2011

April 2011 - Most popular blogs on Ravi Karandeekar's Pune Real Estate Market News Blog

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38 comments:

  1. whatever the perennial pessimists may say, megapolis will become the "hiranandani powai" of pune. Plus it has the added advantage of being inside Hinjewadi. It scores over blue ridge on two important fronts- namely appraoch road and carpet area to super built up ratio.
    those who booked smart homes at 2400 are the smartest lot.
    when the commercial complex is fully operational, prices here will touch 5000 psqft

    ReplyDelete
  2. As per me, the advantages of living here are going to be the following
    1) Ready roads infrastructure
    2) Bus service to Corporation, Nigdi, Pune station
    3) Shorter commute (if working at Hinjewadi)
    4) Symbiosis School at walking distance
    5) Shopping center/Movie Theatres at walking distance
    6) Jumbo Courtyard between buildings and multiple gardens
    7) Ample sports facilities
    8) Tremendous value for money

    ReplyDelete
  3. @shraddha : Do you really think that Pune will grow as big as Mumbai in next 10 years? Mumbai is financial capital of India. Pune has just IT and Auto sector that too scattered over city. There is land scarcity in Mumbai, no land scarcity in pune. good infrastructure in mumbai, bad infrastructure in pune. In short, though Megapolis is good for staying, not good for investment.

    @Suneet:Shopping center/Movie Theatres at walking distance. Which shopping center and which movie theatre? If there is one, I would suggest Megapolis to many of my friends.

    ReplyDelete
  4. Where is the question of infrastucture of Pune city when you are living in a township where your work place is round the corner and all necessities are within the township?This is a township , not a part of pune town.Pune does not have rail connectivity like mumbai but there is a bus every 20-30 minutes from megapolis to PMC and Pune station.If area is good for living, then it gets good demand for rental sonner or later. When it has both these, it gets good demand for resale.Wakad gets 4000 psqft for a stand alone building with no amenities just because of proximity to hinjewadi.Will megapolis and blue ridge not get 5000 psqft in near future?

    ReplyDelete
  5. I would love to buy a place in peddar road, mumbai and also in trump towers in new york. But can i afford it? Buying in a location which has potential to grow and which is currently undeveloped is the only option.
    where was kalyaninagar 10 years ago and where it is now?ditto for baner.
    it is due to heavy rental costs and property prices in mumbai that companies are comming to tier 2 and 3 cities. even some big companies who find rentals in soth mumbai prohibitive are moving to parel and andheri. when these areas become too expensive, they will move still furthur. Pune city is also saturated. thats why development is going on in outskirts.gated communities with controlled living conditions are the only answer to uncontrolled urbanisation and failure of municipalities to prevent slums and hawkers .

    ReplyDelete
  6. @shraddha: very true. Let us compare Mumbai and Pune. Companies are moving out of south mumbai to outskirts. But what you have to compare is "different between property rents between south mumbai and its outskirts" to "labour cost". Then you would realize why companies find favourable to move out. I dont think Pune has reached that tipping point yet. Also, Mumbai is surrounded by sea on three sides. So everybody knew in which direction to move. Pune doesn't have such constraint. So we are already seeing multiple growth centers in Pune.

    Now let us see macro picture. compare growth of IT sector in last 10 years and growth in next 10 years. I dont think IT is going to be so big that Hinjewadi will fetch such a big valuation.

    If Hinjewadi would be able to fetch such big valuation it would be because of inflation and lower value of rupee. It might be good investment to make your money investment-proof.

    Somebody buying at wakad at 4000Rs/sq.ft should not justify your decision. The question is will there be job growth (in Hinjewadi)? If you take most optimistic view - then yes, there would be job growth.

    All in all, I feel Hinjewadi is good to live as gated community - with all advantages and disadvantages of gated community. I don't think it is a good investment decision. Buy to stay, not for rent.

    ReplyDelete
  7. Whats the Per Sq rate now as i heard they were going to hike rates from May 01,2011

    ReplyDelete
  8. Hi,

    Nice to finally see positive comments coming on Megapolis. While i agree with Ajay stating that one should stay in megapolis considering the quality of life it would offer in the next 2-3 years time. To me even from an investment prospective the same is not bad at all , the appreciation here will be two fold

    1. As the township grows people would understand the quality of life it offers and the demand and rates would go accordingly.

    2. As more companies come in Hinjewadi i believe infrastructure growth will follow , i already am hearing of a 6 lane road to Baner , not sure now true this is though.

    Though i do agree on the IT dependancy for the sucess of Megapolis and Hinjewadi.

    ReplyDelete
  9. Dear Ravi,

    Please let me know your opinion that which project is the best project among Blue Ridge, Megapolis and Kul Ecoloch.
    And Which will give maximum returns down the line.
    Also,
    What are the pros and cons of going for a township which would be for 99 years or 999 years lease than buying one? Please let us know.

    ReplyDelete
  10. Dear Neil!

    1) Certainly, Megapolis is the best project!

    2) Certainly, Megapolis will give max returns!

    3) After 95 years, you have to pay nominal amount - as good as today's Rs. 1 per sq.ft. - to renew the lease for next 95 years.

    Property has as a clean title because it comes from MIDC or Farmers ownership is intact in case of 999 years.

    ReplyDelete
  11. Can anyone here tell me the current status of A19 to A21 building how much work is done.And also how many demand letters have been sent for other building in Smart home 2

    ReplyDelete
  12. Hinjewadi is tomorrow's Pimpri-Chinchwad. If you think like that then you won't worry about not getting returns on the investment in Hinjewadi.

    ReplyDelete
  13. Tushi has asked interesting questions.
    I will add few more. What are possession dates for newly opened towers? And what are possession dates for the the towers for which booking is almost over or closed? Is possession date still beyond 2-2.5 years from today?

    ReplyDelete
  14. 1. what could be expected rental in buldings/ towers about to be completed.
    2. which is likely date for towers like sangaria would be handed over to customers.
    3. what all amenities and comforts of township will be available for use.
    4. is there a central distributional system for cooking gas(LPG)in these flats.because i had not seen this system being advertised in megapolis.

    ravi.. would you like to answer please.

    ReplyDelete
  15. for rental kindly mention 2/3 bedroom separately.

    ReplyDelete
  16. rental demand for these buildings would not be too great initially for few years I'd say. This is a buy for the future investment. Rental yield if at all the property is rented won't be to great either. Just buy it if you have extra cash that you are fine with not earning you for next few years.

    ReplyDelete
  17. I think I am missing some point in a big way. There are 3 townships - Megapolis, Blue Ridge, Kolte-patil. Hinjewadi hardly has 50K to 1L people employed.
    I think there is over-supply. And prices will come down - if not now then in next 2-3 years.
    Annual rent in India hardly exceeds 5% of cost of apartment. It is better to put money in FD than investing here. Even if FD gives just 8% then also it beats the rent - considering maintainance cost and taxes into account.

    ReplyDelete
  18. Tushi has asked 1 question, about A19-21 Sunway...builder has asked any demand drafts..? How is the progress means how many slabs got completed till 1st week of May 2011.? any idea..?

    ReplyDelete
  19. I spoke to the sales people today. 2 slabs are completed in A21. But no demand letters sent yet.

    ReplyDelete
  20. Hi,

    Does anyone knows how many slabs of A17 has been completed?

    I have not received any letter from the builder :(

    Thanks,
    Rakesh

    ReplyDelete
    Replies
    1. Hello I too have booked my flat in A17, I checked with the sales team today..they said they anticipate a 6 month delay .. do you have any further updates as to why..?

      Delete
  21. A4 update ....I have paid till 6th Slab.....so in 10 months i think its good progress.......A4 was open for booking during Aug 2010 and was in the first slot of sunway

    ReplyDelete
  22. anybody has idea about the A-11 tower of sunway, what is the progress in terms of work.

    ReplyDelete
  23. i have booked a 2 bhk in a-2 bldg. not paid complete 15% as i m in dilemma 2 continue with the project. please advice.

    ReplyDelete
  24. I came across this article which states that Megapolis is not a township
    http://www.moneylife.in/article/special-township-projects-rti-query-reveals-lack-of-monitoring-and-adherence-to-norms/19724.html

    Now given the fact that Megapolis is not a township; does Megapolis has right to develop commercial facilities (Mall, Multiplex, restaurant) on the land it has taken on lease from MIDC?
    Does anybody have idea about it?

    ReplyDelete
  25. This comment has been removed by the author.

    ReplyDelete
  26. if anyone knows the status of the road connectivity from megapolis to baner (6 lane road) ,then pls share.Thanks

    ReplyDelete
  27. Why the comments by Mr. Ajay are deleted? Is there is something which as a consumer we are not aware about Megapolis?

    ReplyDelete
    Replies
    1. Dear Mayank, I don't moderate the comments. I don't delete any comment.

      "This comment has been removed by the author" - 'author' means by the person who wrote the comment. It means that Mr. Ajay himself has deleted his comment.

      Delete
    2. Thanks for clarifying, I really appreciate.

      Delete
  28. I have an apartment booked in A16. Per last month update, it has completed 8 slabs. I think in next 4 years, Megapolis will be a highly desired community. With all those amenities such as tennis court, cricket ground, kids play area, gym, meeting area, party hall, fresh air plus other close by ammenities, it has a higher prospect to grow as compared to Blue Ridge and Nanded City.

    ReplyDelete
  29. Any idea when the posession date for smart homes A21 is? Is it still March 2013 as the builer has promised? It looks like they have completed till the 12th slab. Any idea when they will complete the remaining slabs?

    ReplyDelete
    Replies
    1. Hey looks like there is a 6 month delay..may be over a year. I just checked with the sales team today.

      Delete
    2. What is the date / month of possession & compensation for the delay in your agreement?

      Delete
  30. Hello Mr. Ravi, any details as to why the possession dates have been delayed by 6 months !!! for Sunway Megapolis. I feels it is too late. Pls help with some details / findings.

    ReplyDelete