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Thursday, June 5, 2008

Nanded City - Pune opens bookings at Rs. 3,250 per sq.ft. from today morning at site on Sinhagad road in Pune

It was Rs. 2,750 per sq.ft.:

Now we all know, privileged few, i mean few thousands, residents of Magarpatta City and share holders of Nanded had already booked their flats at Rs. 2,750 per sq.ft., before the official launch of Nanded City on June 1, 2008.

From toady morning, at Nanded City site office bookings opened for all at the expected rate of Rs. 3,250 per sq.ft. But 'terms of bookings'? Completely unexpected! Today while booking, you have to fill an application form and give a cheque of 1 lakh rupees. Finalization of the flat will be done in December 2008. Possession is in 2012. And there is a lock in period of 3 years!

Absurd reality theatre:

DSK Vishwa's event of Meghmalhar was a Shakespearean tragedy, which i attended yesterday. Today, it was absolutely absurd 'realty' drama at Nanded City.

From 7 - 7.30 in the morning people stared coming in. By 9 a.m. people, on their own, formed a proper queue inside the temporary site office which had nothing but white cloth on all walls. Somehow, news has spread about the booking rate of Rs. 3,250.

Sales executives arrived around 11 a.m. Before sales persons could arrange the brochures and booking forms on their tables, people not only got around the tables but few tried to grab the forms too. After disciplining the crowd, filling of forms and writing cheques went on smoothly till the end of the day.

Goodwill and Respect:

You know, at Nanded City work has not yet started. There are no floor plans, obviously no sample flat. There was no ad in any news paper declaring 'bookings open'. Sales executives were not at all pressurizing, hard selling or even giving any kind of a sales talk.

Actually, they were acting like 'volunteers' of some social organization. Giving away the brochures and repeating info about the flats. 1 bhk approx. 550 sq.ft. ( 18-19 Lakhs), 2 bhk approx. 1100 sq.ft. (35-36 Lakhs), 3 bhk approx. 1400 (45-46 Lakhs) and bookings of the bigger flats will be opened after, may be, few months and all.

Farmers of 'Nanded village' who had come to the site office were enjoying this realty show like anything. After all, they have invited Satish Magar of Magarpatta City to develop their village into '700 acre mega township Nanded City'!

Related Stories:

1) Is Nanded City, Pune all about real estate development?

2) Magarpatta's Nanded City on Sinhagad road in Pune - an exclusive slide show gives complete idea about 700 acre mega township

3) Launching of Nanded City, Pune - A farewell to India!


  1. FYI for all people:
    This "special rate" of 3250/sq.ft was only for the first 500 applications. Thereafter the rate was increased to 3500/sq.ft. They will be giving possesion in 2012, and u wont be able to sell it for the next 3 yrs after that (i.e till 2015). For people who had contact with the farmers, they could avail a special pre-boking rate of 2750/sq.ft (jealous !). Row houses are priced 1.5cr up, and bunglows 3cr, but they are scheduled to be much later then 2012. When i called their site office, they said today (9 june 08) is the last day, and they will be freezing the booking process. Also, in case you want to cancel till december, you will have to wait for 3 months for getting refund .

  2. Thanks Amar for the updates! Wondering why there is so much delay in possession? No doubt this is great project but also it can’t be ruled out that there will soon be excellent deals available in this slowdown time.

  3. I keep hearing of a slow down, the stock market is not doing so well, yet so many new and high priced "cities" are coming up!! What dictates such a high rate at a location where there are hardly any amenities? And with what thinking do people blindly invest in such ventures where they wont see a thing till atleast 3 more years?? Are there so many people in Pune or are people so rich that they can buy multiple apartments/bunglows/ rowhouses upwards of 1 Cr? A starting rate of 2500 for a village like Phursungi??? People are being taken for a ride and they are stupid enough to enjoy it! 5/6 years ago, when i bought a property at Baner, it was sold with the promise that a XXX foot wide road would be built from Baner to Medipoint in Aundh. I hear that properties in Balewadi etc are still being sold so many years later with the same promise!! Why don't the builders dig into their deep pockets and churn out their money to help the government fulfill these promises?

  4. Thanks for the comment SG! You have raised important point. Hope people will express their views on your points. People are being taken for a ride and they are stupid enough to enjoy it! Sorry, i do not think people are stupid.

  5. :) Thanks for pointing that out! I was speaking metaphorically- that they are enjoying the ride is stupid. I am people too, and hence would be loathe to call people stupid..
    I do hope to learn though how bookings get over so soon-how do these properties get lapped up as soon as they are announced. If the same happens with the new Kumar thingy and with Lavasa, I would be really curious. How many of these investors / property buyers are really living in Pune? Is it people from outside Pune who are buying properties here because the rates are (comparatively) lower than lets say Mumbai or Bangalore? Are these the people who are keeping the demand up (and hence the rates are not going down?)

  6. Anybody know what's happening with Paranjape's scheme "BLUERIDGE" ?

    I am surprised why they are not accepting any more bookings? Do they have any problems with that scheme? I heard that Phase-1 was booked with Rs. 3000 or Rs. 3500 / sq.ft. Is that correct?

    Will appreciate more information on this if anybody has.


  7. Hello Santosh! Paranjape Schemes is opening booking of 2nd phase of Blue Ridge at Hinjewadi in December 2008. At 3,200/- per sq.ft. it was over booked in at the launch, you know.

  8. Hello Ravi,

    I have booked two flats in Magarpatta. One of them Jasminium was scheduled to be delivered in 2007 Oct and I have still not got posession it it is alomst going to be 1.5 years late from it's scheduled time. Do you know the reason for such delay. Also how does one trust the timelines of Nanded city when they have been so late in their deliver of Magarpatta.

  9. I have visited Aarohi project by Tierth Developers at Sus, i am surprised that such a beautiful and well made project at such a fantastic rate is still available in Pune !!, it has everything one needs Swimming Pool, Clun House, Tennis, Squash Cours, Basket Ball Courts, Jogging Track and the project is Eco Friendly too. Its hard to belive that many top IT professionals joining hands with the developer and coming out with a amazinng project. Our group is going ahead and booking 3 flats. Pl let me know your frank opinion about this Project. Thanks

  10. Hey the Aarohi project is totally built - to - suit and is made as per the needs of the IT group. It is incredible and has everything at its doorstep. Teirth developers are planning to launch it in next July and i am glad that there are schemes as such developing as per the needs of the people. The project is also eco - freindly and has as someone said earlier everything one would need...swimming pools, gymnasium, tennis courts, club house, common entertainment room, squash and basket ball courts, 24 hour security and gas provision as well as luch green environment looking top the green hills. It is away from pollution and the crowded city core and captures the eye with its scenic beauty...a fulfilling project must say!!and the best pasrt is the unbelievingly LOW rates!!

  11. Yes Mr. Abhijit, Thanks for your nice COMMENTS on Aarohi Project. The scheme is shaping up nicely and would immerge as one of the best well planned project in Pune for Sure. As one rightly said that Project has every thing a small family needs. The aAmenities are really world class.

  12. Especiall the Club House and surrounding area especially the HILL is beautiful, its touching the compound wall of Aarohi !. Club house is fully equipped with Gym, Swimming Pool and Mini Theatre, What elase one wants !!!!

  13. I am from IT, me and my 4 friends are looking for 3 BHK flats in and around Baner, Pashan, Can anyone tell me how this Aarohi Project is ? and how convinient it is from Hinjewadi ?

  14. Aarohi Project is a flagship eco friendly residential project by TEIRTH DEVELOPERS AND SUYOJIT INFRASTRUCTURE Ltd, Pune. Located in lush green foot hill vicinity of Sus, Pune. Unanimously Aarohi is the most scenic project in Pune. Better still, it is completely unpolluted.

    Aarohi is located barely 15 Kms from the Deccan Gymkhana and just 20 minutes drive. The last stretch, after the turnoff from Sus village, is a one kilometer which Tierth will be developing and handing over before completion of the project for comfortable and smooth drive to the project.

    Likely date of project completion and possession is Aug'10. Distance to Hinjewadi Software Technology Park, presently is @ 12 Kms but once the planned development of ROADS in Sus and nearby area is complete the distance will be @ 3 km only.

  15. Nanded City present rates are 2750/sq.ft should I book 2BHK flat there?..or search for some more options?
    what about the construction quality?
    completion dates?
    please suggest..

  16. # Ref: "Nanded City present rates are 2750/sq.ft should I book 2BHK flat there?..or search for some more options?"

    Sagar, I think you haven't been to Magarpatta City. Right?

    Please, do visit it. You don't book in Nanded City Pune for the property rates. There is only one option to Nanded City Pune, Magarpatta City.

    Without understanding the concept and what you value for, i believe, there is no point in taking the decision.

    For example, Magarpatta and Nanded City Pune offer not only a flat in the building but a neighborhood of 400 - 700 acres.

    Now, if you don't value the neighborhood and you are happy to stay in a high rise building surrounded by slums at a prime location, you should not consider the townships.

    Understand the concept and your preferences and go for it!

  17. hello..
    One of my relatives have canceled their booking in Nanded city.
    This has created confusion in my mind..well I am booking it only for investment purpose.
    Basically there are always questions raised on the construction quality..!!
    Being the project launched for more than 1 yr..I haven't seen any construction on the site!!
    So I am confused..what wud you suggest?

  18. # Ref: "what wud you suggest?"

    I think you are not confused because of what you have heard about the project.

    You are confused because you don't know what you wish. Now, pay some attention to yourself. Have a close look at your idea of "investing", your expectations about return on investment, and see how it fits in your financial plan.

    Sorry, you may not like my suggestion. But as a real estate salesman i know well that there is no point in convincing your type of confused property buyer.

    You are not completely ready for investing in real estate!


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