Tuesday, November 8, 2016

The best way to buy a flat in Pune real estate market

Buying a Ready Possession 2 BHK Flat in Westend Village at Bhusari Colony, on Paud Road, near Chandani Chowk, Kothrud, Pune 411 038 by The Construction Group:



This Diwali, from 22nd to 28th October, The Construction Group released ready possession 2 BHK Terrace Flats with one Car Park in G & H buildings in Westend Village for sale. The 6 story G & H buildings have total 72 units - 6 units per floor. On an average - the carpet area is around 800 sq.ft. and the saleable areas are between 1035 & 1065 sq.ft.

Every flat has an entrance lobby. The terrace is attached to living ( on odd floors) and to dining (on even floors). Approximate room sizes of these 2 BHK Flats are - Living 15'9" x 10'6". Kitchen with Dining 15'9" x 7'10" / 13'9" x 7'10". Common WC & Bath. Master Bedroom with Attached Toilet - 14'5" x 10'6" + 7'1" x 4'7". Second Bedroom - 12' x 10'6".

All inclusive property prices of these 2 BHK Terrace Flats with 1 Car Park are around Rs. 1.05 - 1.10 crores. Obviously, Westend Village received very good response.

WYSIWYG - What You See is What You Get:


The event was organized in the parking of G & H Buildings. Both the buildings were ready for possession with completion & occupancy certificate. You can inspect the building. Visit the flats of your choice. Confirm the light & ventilation in every room of your flat. Check the fittings & fixtures. Have a look at the view from your terrace and windows. See the car parking arrangement.

Besides your flat, you can have a look at nearly 10 year old township. You can see who would be your neighbours. You can visit the recreation center and see what kind of community activities are organized by the residents. You can visit the playground for the children.

Along with your flat in G & H Building, you are going to get one year membership of well maintained private Westend Club. You can visit it and check the Gym, Swimming Pool, Party decks.

In short, this is the best way to buy a flat - what you see is what you get when you buy a 2 BHK Flat in G & H Buildings of Westend Village!

What is the right age to buy a home?


I visited Westend Village on 26th, 27th evenings & on 28th morning. After Sakal Big 3 Home Utsav on 20th to 23rd & one day search at Pirangut on 19th, visiting Westend Village was an eye opening experience for me.

Looking at the families inspecting the flats & buildings and having one on one chat with the builder - Mr. Vinayak Keshav Bapat - who was always present at the venue, I realized that middle age is the right time to buy a home!

When you are middle aged, you have enough experience, money & maturity to make the right decision. Home ownership becomes a reward for leading a happy family life, a successful career & a meticulous money management.

In your 20s & 30s, you are not fully prepared to take the most important decision in your life. Your limited budget forces you to choose pigeon hole size flat build by some unscrupulous builder in some undeveloped location which has no basic urban infrastructure. You take a big home loan & lose your financial freedom. And your property becomes punishment.

What say you? What is the right age to buy a home?

Westend Village, Paud Road, Kothrud, Pune - Photowalk:




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I enjoy talking, sharing my views and giving advice about buying property in Pune real estate market.

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For more than 3 minutes and up to 30 minutes - pay as you wish. After the conversation - transfer the money to my bank account. As much as you wish. From a few hundred to a few hundred thousand crore of U S Dollars or Indian Rupees. Here are my bank account details:

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6 comments:

  1. Good to read first news post Diwali about ready possession flat with completion certificate in location habitable for humans. Like there is Pune Darshan, flat buyers should also do Infra Darshan before buying flat !

    " When you are middle aged, you have enough experience, money & maturity to make the right decision. Home ownership becomes a reward for leading a happy family life, a successful career & a meticulous money management."

    - Actually, flat buyers in Pune, especially IT yedas got paid far more than what they deserved, & hence we saw anyone buying anything, anywhere because they couldn't differentiate between price & value.

    "In your 20s & 30s, you are not fully prepared to take the most important decision in your life. Your limited budget forces you to choose pigeon hole size flat build by some unscrupulous builder in some undeveloped location which has no basic urban infrastructure. You take a big home loan & lose your financial freedom. And your property becomes punishment."

    - Agree. In my personal contacts, I know 3 persons who purchased flat in Pune, 2 are abroad, 1 in Hyderabad. They purchased flat under peer pressure but now don't have plans to come to Pune for atleast next 6-7 years. One of them who is abroad already has permanent resident visa of that country. Now 2 flats are put on sale, 1 rented out ! All 3 repenting decision to buy flat. Purchase should be made only on long term, irrespective of price, location & builder.
    Taking big loan, taking long duration home loan (10+ years), giving away significant income towards EMI is bad financial decision. Some take loan on joint income ! Ridiculous.
    Some latest IT news -

    US Employers Add Fewer New IT Jobs This Year: Report
    The number of new IT jobs created in the US so far this year remains half of last year's levels, says a report from consulting firm Janco Associates.

    http://profit.ndtv.com/news/life-and-careers/article-us-employers-add-fewer-new-it-jobs-this-year-report-1622170

    Hiring By Top Four Indian IT Companies Dips 43% In September Quarter: Report

    http://profit.ndtv.com/news/tech-media-telecom/article-hiring-by-top-four-indian-it-companies-dips-43-in-september-quarter-report-1622294

    And this is latest article showing how over-leverage to buy flat is a bad idea.

    Pink slips and housing finance :
    http://www.moneycontrol.com/news/real-estate/pink-slipshousing-finance_7861781.html

    "What say you? What is the right age to buy a home?"
    - Only when you are financially mature & have finalized the city to live-in permanently.

    Coming to real estate news, builders going bankrupt has only accelerated as home finance cos are also not ready to give loan to builders.

    Home finance companies reluctant to lend to builders :
    http://economictimes.indiatimes.com/news/economy/finance/home-finance-companies-reluctant-to-lend-to-builders/articleshow/55200558.cms

    And this years' Diwali turned out to be super flop for builders, including that for Pune.

    Diwali fails to cheer builders as houses remain unsold -
    http://www.hindustantimes.com/mumbai-news/diwali-fails-to-cheer-mumbai-builders-as-houses-remain-unsold/story-RjIuz7IEK53syVaAazxmHL.html

    मुहूर्तावरील घर खरेदी थंडावली - (Pune news)

    बांधकाम क्षेत्रातील मंदी यंदाच्या दिवाळीत दूर होईल, अशी शक्यता दिवाळीच्या पहिल्याच दिवशी फोल ठरल्याने बांधकाम उद्योजक धास्तावले आहेत. दिवाळीच्या मुहूर्तावर घरखरेदी आणि लगोलग नोंदणीसाठी नोंदणी कार्यालयांत दरवर्षी लक्ष्मीपूजनाच्या आदल्या दिवशी गर्दी होते. यंदा मात्र हे चित्र पूर्ण पालटले असून, सर्वच नोंदणी कार्यालयांत शुकशुकाट होता.

    http://www.loksatta.com/pune-news/slowdown-construction-sector-1328761/

    And with 500 & 1000 rupee notes being banned now, all the black money which builders, politicians & hoarders have will become raddi ! The rate of property price fall will increase further.

    http://www.thehindu.com/news/national/rs-500-rs-1000-currency-notes-to-be-out-of-circulation-from-midnight/article9320594.ece

    ReplyDelete
  2. Surprise! Modi government’s black money move will make your dream home cheaper, boost ‘Housing for All’
    The unprecedented move against black money would also imply that housing across segments would become cheaper!

    http://www.financialexpress.com/personal-finance/surprise-modi-governments-black-money-move-will-make-your-dream-home-cheaper-boost-housing-for-all/441535/

    Black money crackdown: "Land prices may crash 30% in 6 months"
    Pankaj Kapoor, MD, Liases Foras, a real estate consultancy, believes land prices will crash 30 per cent in the next 3-6 months. "It will have a big impact especially on the land prices and luxury market . They were used as avenues to hoard black money."

    Samtak Das, Chief Cconomist and National Director, Research of Knight Frank, says, "Land prices will be under pressure as in residential sector the unaccounted money is 30 per cent, in case of land it is 50 per cent."
    "The construction cost will also go down by 20-25 per cent as the money that the builder has to pay in black to get the approvals from the authorities will not happen now as people will be scared of taking cash," said Kapoor.

    http://www.businesstoday.in/money/real-estate/black-money-crackdown-land-prices-to-crash-30percent-in-6-months/story/239663.html

    So with all these things taken into account, flat prices should fall by atleast 50-60%. Big whammy for builders, hoarders.
    And yes, many builders will be thrown out of business as their real estate firm used to run on black money of politicians, gutter babus, doctors etc. So even after crash in real estate prices, buy ready for possession flats only as completion for under-construction flats is not guaranteed as such builders can go full bankrupt.

    ReplyDelete
  3. Out of curiosity, checked the floor plan.
    6 flats per floor, lot of common walls so 36 flats in building with just 1 lift.
    2 building are connected to each other giving effect of 12 flats per floor leading to poor light & ventilation for flats in between !
    No dry balcony/utility terrace for kitchen. This means of 2 bathrooms, 1 gets wasted & no proper space to keep washing machine, dish washer. Clothes come on regular terrace which wastes that space & spoils elevation.
    And still builder asks for over a crore for 2bhk flat !
    Why don't builder hire good architects than only save cost by cutting corners especially when combined flats cost as per builder rate is atleast 75 Cr ?
    Being ready possession is the only advantage, nothing more especially for the price.

    Some more useful news for buyers -

    Swachh Real Estate! Home prices to dive -

    As cash disappeared, sales halted, transactions got cancelled and a lot else happened ....leaving people aghast.
    In the real estate business, where only 30 percent payment is done through cheque and the rest through cash, the PM’s magic move to juggle away the cash has left the builders and brokers in a tighter situation than ever, and at the same time hitting the sector hard which is already in a slowdown position. Now, the move has put it in a halt mode.

    This cleansing act will wipe out all the inconsistencies and unfair trade practices leading to a Swachh Real Estate, yes! Hats off to our PM for making everyone tighten their cash belts!

    http://www.firstpost.com/business/swachh-real-estate-home-prices-to-dive-but-buyers-in-dilemma-amid-scarcity-of-white-money-3101246.html

    ReplyDelete
  4. In yesterday's speech PM pledged to target 'Benami Properties'. However I believe it won't be that easy as demonetization. But if it happens to be done, then another big blow for Real Estate as 60-70% of RE constitutes investment properties.

    ReplyDelete
  5. Thanks TheMonk for the above information.
    Ravi do you think devaluation of 500-1000 will bring down the high real estate price? Are you writing any article to echo your opinion on this?

    ReplyDelete