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Friday, July 11, 2008

Pethkar Projects, at ShivtirthNagar on Paud Road in Kothrud, opens bookings of 2 new wings of Samrajya - Balwantpuram at Rs.4,000 per sq.ft.!

Now 2 bhk in 43 lakhs and 3 bhk in 60 - 65 lakhs!:

Pethkar Project has opened the bookings of O and P wings. These wings have compact flats. 2 bhk flat is around 970 sq.ft. and 3 bhk flat is around 1,450 sq.ft. As per the information i received on the phone, the specifications are almost same. Amenities are, obviously, the same. Because of the new "reasonable" property rate of Rs. 4,000 per sq.ft. (only!) 2 bhk flat (970 sq.ft.) fits into the budget of 43- 44 lakhs and 3 bhk flat (1450 sq.ft.) fits into 60 - 65 lakhs! Possession is in 2 years.

Pethkar Projects' Samrajya - Balwantpuram - the most popular project on this blog!:

On 3/2/08 i blogged the launch of Samrajya Balwantpuram " 40 acre township in the heart of the city", which happens to be my neighborhood. At the time of launch booking rate was Rs.5,600 to 5,800 per sq.ft. Which was a great disappointment for me! 3 bhk flat in Samrajya Balwantpuram was fitting into only 92 lakhs! I wrote:
Because of this, as a real estate marketing professional i was disturbed; somebody may think that Pune real estate market is slowing down, Pune real estate boom is over, Pune real estate bubble is busted!

More than that, as a proud neighbor, people, particularly in Sahakar Nagar of Pune, will think less of me, when they will come to know that 3 bhk costs less than 1 crore on Paud Road in Kothrud, Pune. What a shame!
Nobody was in a mood to appreciate my sarcastic way of looking at the things. All were very angry about the rate. People started talking about the quality and service of the builder. www.realestateagentspune.com republished my blog. Residents of Balwantpuram joined the conversation. Even Mr. Jitendra Pethkar took part in the conversation! See, here is his reply:

Why did Pethkar Projects reduced the property rate?

When i asked this, sales executive said, " We found out that most of the people who inquired had this much budget. So we launched the new wings with compact flats at an affordable rate which can comfortably fit into their budget." This sounds good. Slashing price is lot better than a desperate offer of a free car with your new home! I congratulate Mr. Jitendra Pethkar for taking a part in the conversation and offering new plans at an affordable rate!

Welcome to ShivtirthNagar on Paud Road, Kothrud:

Welcome to my neighborhood! Let me know about your plans in the comments. Pray for real estate prices coming down in other areas of Pune and to update yourself subscribe to Ravi Karandeekar's Pune Real Estate Market News Blog. To know about my other blogs visit my Google group, Ravi Karandeekar's Pune Real Estate Blog Group. Join me on Twitter. Feel free to call me on my mobile 91 98600 44110.

Contact Pethkar Projects:

S. No. 117+118, Plot No. 21/B,
Madhav Bag Co.-Op. Hsg. Soc.,
Shivtirthnagar, Paud Rd., Kothrud ,
Pune, Maharashtra (India) - 411038.

Tele : +91-020-25401234
91 97649 95555
91 97649 95599
SMS: PET to 54646

Fax : +91-020-25401240
Email : mail@pethkarprojects.com
Website: www.pethkarprojects.com


  1. Ravi Karandeekar said "..i went to the site office of Pethkar Projects' Samrajya. No, not to meet the salesperson to inquire about Samrajya but to complain about letting us down.
    We, all the residents of ShivtirthNagar, Paud Road and Kothrud have been boasting that the launching booking rate of the property at Balwantpuram would be Rs.6,000.".

    Now the rates are Rs.4000. Mr Ravi, Where are you going to complain now?.

    Wake up people, we are going to see new lower (and lower and lower and lower) prices..

    And Mr. Ravi, no need to congratulate Pethkar, its a dark reality or realty they are waking up to. Wake up others..

    But Pethkar Projects have opened the booking at only Rs.5,600 to 5,800! Result a 3 bhk flat fits into the budget of less than a crore, in only 92 lakhs!!".

  2. 43 laks for 970 square foot is still 4500. 63 lakh for 1450 square foot is almost 4400. ow come you are saying 4000 unless they will negotiate?

  3. 1) Now the rates are Rs.4000. Mr Ravi, Where are you going to complain now? ....God!...in ShivtirthNagar, we have a beautiful temple of Ganapati and Shani!...2) Wake up people, we are going to see new lower (and lower and lower and lower) prices.. why, Janu? How? ..... 3) And Mr. Ravi, no need to congratulate Pethkar, its a dark reality or realty they are waking up to. Wake up others.. Janu, i look at Pehkar Projects's decision as nothing but a business decision. Not a desperation. Very bold business decision. He deserves to be congratulated. Plus, I like to say Sorry, Thanks, Excuse me, Good morning, Congrats, All the best. Thanks for the comment, Janu! (Hope you do not mind.)

  4. ow come you are saying 4000 unless they will negotiate? Thanks for the comment. Good! I liked that. The ad published today says Rs. 38 lacs onwards and stamp duty, registration and other charges extra as applicable.

  5. Thanks for your reply.

    Reason why prices are going lower: Please read Maharashtra Times today.
    Mumbai Builders have decided to collectively lower prices by 15-25% at least. If Mumbai cannot sustain the preposterous high prices, what is the reason that Pune will continue to hold on? I think that if the markets are not responding, then builders have no other alternative but to cut prices. Thats why no need to congratulate Mr. Pethkar.
    (No personal offense, Ravi..) :)

  6. 2) If Mumbai cannot sustain the preposterous high prices, what is the reason that Pune will continue to hold on? Hello Janu! Yes, i know, it was not personal. First, real estate is a local business. News is only the general trend, not the rule. Pune market is different from Mumabi. In Pune, Paud road, Kothrud, and every neighborhood is very different from each other. Plus, township of 40 acres is a rare phenomenon. In Pune we have only 1- Pethkar Projects!. Queenstown and Metropolitan, 2 in Chinchwad. Point is, we can not generalize, we have to go by the project. Why? Yes, i wish from my heart for real estate prices to come down. You know, i am not a builder. At the same time, i am not a property buyer. Or i do not hate "builders". I am a real estate salesman (real estate marketing consultant!). Obviously, i care for my clients / readers of my blog. I wish my readers / clients, property buyers, to become realistic. I do not know why Pethkar Projects launched these small flats at a less rate. I tried but he, Jitendra Pethkar himself, did not talk to me. Whatever may be the reason, i am sure, it must be unique. We can't generalize. Thanks once again.

  7. BTW, I am not a buyer or seller, just a curious onlooker to take cognizance of the happenings in the market.

  8. I am interested in buying a flat in kothrud or warje.
    For how much time you think i should wait?
    Do you know any more projects where rates have came down..
    When did pethkar announced inaugerating price and when did he reduced it.
    Any more projects in or near by kothrud at same rates.
    Will prices will go down further....

  9. Alok,

    Wait till 6 to 9 months as prices are correcting. Current valuations are not justified and the bubble will burst. Have patience for your benifit and remember, get everything on paper before you sign any paper with the builders, they are not trust worthy. Stay away from Pethkar, this builder don't have a good reputation. I know him personally, he sucks lot of money from his client. Also, I am doubtful about the quality of construction and over all picture of aminities in his Balvantapurum scheme.

  10. Today the Pethkar Projects' website says -
    “Only few Budget flats available in O & P Wings. Spacious flats available in H, I and J Wings. K wing Booked”

    Why are the budget flats - ‘still available’?? Even after a month has gone by since price-reduction !!!!!

    Answer - Because nobody is buying at present, as the market is dropping down the prices still further!!!

    'We are headed for a distressed real estate market'
    Read more -



  11. ...i went to Samrajya scheme by Pethkar bulders... I told them, i canot afford this rate and got up. Then suddenly they said what is your expectations. This is ridiculous,,, i mean rates are decide on perception.


    MORE -


  12. yes i went to Balvantpuram & they offered 3500 for group booking of flats. i think they will further comedown in coming time

  13. Pethkar web-site today says - Only few Budget flats available in O & P Wings. Spacious flats available in H, I and J Wings. K wing Booked !!!

    Real news is that – “Welcome to the kingdom of mosquitoes”. In the space of O & P wings, Pethkars have invited mosquitoes to live in the artificial pond they have created. Ask any resident here; it had been there since last one month after booking season was over …. No no after bookings did not happen! So how will agreements happen if work upto plinth is not demonstrated. Take look as soon as you can … do not delay.

    Welcome to the Samrajya (pond) of mosquitoes!!!

  14. Yes I visited the actual site today, the observation above about the wings O&P wings is true. One can see it to believe it and easily understand that the work planned here does not even look to be in their plan for the next five to seven years.

  15. Visit -


    For more'n'more info.

  16. If you have money and wish to buy a flat, invest it in a place/location that can earn you better returns. In that regard, ShivtirthNagar is a sure NO NO..! Further Pethkar (btw who is this guy?? ) has no reputation..whatsoever! in Pune Real Estate.

    My advice would be invest your hard earned money only with trusted and reputed builders. If you are an outsider, enquire with the locals and they can guide you. Reputed builders come at a cost - but its worth spending the extra money to avoid headaches down the line. FYI, Paranjape, DSK, Gera, Aditya, Amit,A.V. Bhat, Kumar, etc are some of the old and respected names in Pune.

    Hope that helps.
    Warm Regards.

  17. Hello Mr. Anonymous. I do admire your view of investing buyers hard earned money with right builder. Reputation is build not in a day but require years. Few years back even people used to say the same think for them. So keep faith, even Pethkars will prove themselves. Btw, let me intorduce Pethkars, they are the sole owner of 40 acres of land in Kothrud. the partners are lawyer, engg, architect. its not good to express your views for some group when u dont hv info about them. I hope you will take this positively and henceforth be careful to express your views.


    FOR VISITORS, [DON'T DO THIS BETWEEN 7AM TO 9AM] DO IT BEFORE you decide to BOOK or BUY just walk thru the 'Stilt Parking'(Floor above ground floor) of Balwantpuram Samrajya - Phase-1 and you can see for yourself a dozzzzennnnns of BATHROOM LEAKAGES, overhead. THIS PROJECT is now 2 YEAR-OLD only. Also, they are 'still building ... the swimming pool'. For garden they have not started, where they boast of acres of lands, but do not furnish the open spaces in the project with a simple garden, which is done by many small builders at the beginning of the project only. FOR MORE LOW-LIGHTS, DO VISIT THE LINKS BELOW –




  19. they say that amenities were verbally denied to phase-one folks while taking a stance that abusively harsh ... you may not get satisfaction while dealing in such a nasty environment ... watch the situation before dealing ...

  20. dada,
    kindly visit the site personally to see the ground situation. the swimming pool is ready while the rest of work like children play area, landscaping, open air theatre etc is to finishing stage. people like you are rotten eggs who are themselves hopeless and keep on misguiding others. i feel proud to say that i am a happy owner in samrajya - the future landmark in Kothrud. God bless you.

  21. the rotten eggs are better than cockroaches!!!!!!!the later ones prefer staying with and within the leakages!

  22. mr/ms GodBlessYou,if u r a proud owner be honest and u shud reveal ur identity than abusing others.tell ur flat number and v will be happy to meet u as prospective customers of samrajya.i hope u r not pethkar staff or related.u also look quite blindfolded.....the surrounding of swimming pool area is being done but it is done - as if it is a five-year-plan of building a dam or something.v r talking confidently since v have seen the site on dasera in last year followed by gudipadwa in last week.can u ask ur builder the date for completing this and then mention that date over here? and then let us see if that gets done at the said time.if it gets done v will do the bookings.done!

  23. mr/ms GodBlessYou ... u r comparing sombody with rotten eggs ... ha ha ... that's the award to the critic ... for centuries man has been throwing them on the performers who cheat ... so its the turn of rotton eggs now to come over ... remember your subconcious is speaking completely honestly and correctly when u are uttering of rotten eggs ... pickup some and throw them on the cheater builder ... no regrets

  24. I had purchased 2BHK in Pethkar Projects phase I at the rate of Rs. 1300/- PSF. This was in mid of 2005.

    I'm happy-n-proud to see almost 3 times appreciation of my investment!!

    Also, I can see swimming contruction going on since 2005. I think, I need to wait till 2015 to actually swim there. ;-)

  25. It’s really surprising that such a big builder like Pethkar is still NOT ABLE TO DEMNSTRATE an operational swimming pool at Samrajya which should have been already in use by its 2-year-long flat occupants. The above mentioned point of view of 3-times-appreciation holds good for those who have invested in the flat and are planning to sale it but may not hold good for those who are planning to stay there for life. At the same time if swimming pool would have had been in use by the people of Samrajya, Samrajya would have proved that it is 'class-apart', and the mentioned price would have appreciated possibly 4 to 5 times!! A swimming pool is not recognized merely as pond of clear water but is recognized by its liveliness that it get from the enthusiasm of swimmers who swim in it. ;-)

  26. "I had purchased 2BHK in Pethkar Projects phase I at the rate of Rs. 1300/- PSF. This was in mid of 2005."

    So why Pethkar has increased the rate by 300% in just 4 years?

    Surely building cost, salaries, etc. have not increased as much.

    So is it pure greed?
    To extort hard-earned money from clients?