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Tuesday, October 21, 2008

Indradhanu at Vanaz, on Paud Road in Kothrud, offers special property rate for Diwali!

Rs. 500 per sq.ft. off!

In Kothrud, we believe that even if we haven't thought about booking a flat, we must visit the site of any newly launched project. Since very few projects are launched in Kothrud, we search and visit upcoming projects. Not only that, we keep on visiting the ongoing project as the construction progresses. As a good neighbor, we also give our expert comments and suggestions to the builder. In return, we expect that the a builder should entertain us with great respect. If the builder fails to do this then you know what happens. Pethkar Projects' Samrajya at Balwantpuram, in ShivtirthNagar on Paud road, is a good example!

Nitin Devasthali, my friend and sales manager of Indradhanu, knows this very well. He also knows a few more secrets of selling real estate in Kothrud because Devasthali has sold Kumar Properties and Avinash Bhosale Group's joint venture, no, not Megapolis at Hinjewadi phase three, but Karishma on Karve Road, the first upmarket township project in this part of Pune.

As a true citizen of Kothrud, last weekend, i visited Indradhanu. Nitin Devasthali and i are old friends and share common interests because both of us are from advertising. When i visited Indradhanu, Nitin was with a client. The young couple must be from IT and since their parents were not with them, this must be their first visit.

As i entered the office, Devasthali stood up and welcomed me as if i had come to book a flat. With great enthusiasm he said, "Special offer! Per sqft 500 rupees off!"
He insisted that the offer is for 'limited number of bookings' only.
At the same time, he said, the offer is for 'limited period of time' because this is a special Diwali offer.
He shook my hand and said "Book a 2 bhk, or 3 bhk flat under this scheme and save more than 5,00,000 rupees! Happy Diwali!"
And he continued conversation with his client.

Related Story:

Ooh La La! Amruta Khanvilkar in Indradhanu at Vanaz!

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  1. Ravi, tx for the post..I had a chance to talk to salesperson or builder when i enquired to their phone number given in AD.

    I told them about inflated prices and real estate bubble has burst and you can get buyers only when you put affordable rate.

    I dont recall exact conversation but it was apparent from their rude responce that they could not digest someone is questioning their rates. (They think..mee mhanel ti pyurva disha)

    If u say others also will not buy at such rates, Typical of them was to tell, do not tell about others. Why ? If u can tell others will buy hence u have to pay this price, why cant we talk others wil not buy and hence u should lower it. Bingo..na ?

    I wanted to tell them my offer of 2200 per sq ft (Don't be surprized. You'll be lucky if someone offers u more than this in Kothrud IN REALITY). But did not bother as i thought lets wait few months and then tell EVEN lower offer.

    I'm sure every buyer in Pune must be thinking on similar lines.

  2. # ref: "i thought lets wait few months and then tell EVEN lower offer.

    I'm sure every buyer in Pune must be thinking on similar lines."

    I do not believe that rates can come down by "waiting" - by not booking. In fact, they haven't come down much. Real estate rates can come down only if booking happens at a lower rates.

  3. So wha't the rate after Rs. 500 per sq. feet discount?

  4. Thanks Ravi for the info - why there is no rate info and just Discount? I'm the builder would have already added at least in current rate before declaring discount of 500.

    ref# "I do not believe that rates can come down by "waiting" - by not booking"

    You very well said it Ravi - very true ..rates does not come down by waiting and not booking. Similerly rates should not have gone up by no booking (this is what I'm observing in last around a yr) but the real Q is how it was happening then? Just keep increasing the rates so that at some level reduce same increased ammount and make fresh such offers right? And there is no dearth of innocent buyrs who belive in such offers.

    Earlier everyone (builder lobby) taught us (as if we han't learn in schools) that demand and supply plays major role in prices and hences the prices are sky rocketing...but latter since begining of 2008, do you see that principle applied anywhere..instead they changed the rules and decided to hold the peak prices..first of all hardly anyone is declaring the actual sales but actual figures would have be very interesting to discuss and apply the rules which they taught us in boom period...

  5. Ravi , what is total cost of 2 bhk in this project?

  6. Ravi,

    "2200 per sq ft ..as i thought lets wait few months and then tell EVEN lower offer"

    I think my comments are little misunderstood as I did not explain the real reason behind them.

    I am an IT guy with 8 years experience. Anything above 3000+ rate is daunting for me. My comfort level is for sub-2000 prices. Since no one can predict RE prices, i thought of stretching myself to fullest and offer rate of 2200 where total cost would be around 20-25 lakhs.

    But even a price tag of this range scares me. I know my friends who have opted to buy flats for 27-35 lakhs range and now are reeling under pressure, can not sleep easily. Sliding job market, layoffs, salary reduction , diminishing projects from IT companies where ppl are flooding the bench, these friends are cursing themselves why they bought such high rates flat, and they are not getting buyers who can buytheose flats and recover the money.

    Ravi, reality is horrible. There are many comments from builders that most of flats booked...etc but 200% these are fake news. Everyone knows this to such an extent that even if there have been sale, ppl won't believe it.

    This is real market. Builders, agents, marketing folks are still living in last three years boom scenario, not able to see the reality. Last three years of boom has blinded everyone. I heard thats "Brick n mortar never go down' syndrome which is impossible to fade away until one get kickbacks.

    I don't care what others perception of the fair RE prices are but to me, who falls in 80% of available buyers catagory, can not think topay more than 2000 rate in kothrud. I know at least 100 of my friends, callugues in professional/personal circuit who share similar opinion.

    Thats why i thought of not telling 2200, which is still scary for me, and wait, see the job and RE market situation, and then offer lower as by then, RE market would certainly be detoriated further.

  7. I fully agree with above comments. Era of inflated prices is fading. Its starting with freebies like free stamp duty + registration, free cars, TV, kitchen trollies, free gold, parking...etc. All This just to sustain artificial prices and still woo buyers. I know just 3+ years back near kothrud city pride, tara towers was hardly finding buyers even at 1500-1600 range. Its just some stupid IT folks have donated life time earnings to builders n sudden boom started in Pune. Even in nearby area, 2BHK were available at 10 lakhs and 3 BHK were available at 16-17 lakhs.

    What on the earth can justify 30+ lakhs prices for 2bhk and 50+ prices for 3 BHK now.

    Even a demand-supply ratio is getting turned 180 degress these days. I heard flast available in Pune are MANIFOLD of the demand figure. Its just paid articles in media who are projecting otherwise.

    Every bubble is to be burst. This is happenign slowly in Pune.

    For Indradhanu, whcih is vey inside frmo road where just a small gulli access is there, I am not even intersted at 2500-3000 rate, no matter what price they r quoting.

  8. Ravi

    What is the rate after discount??

  9. # ref: "What is the rate after discount??"

    # ref: "So what's the rate after Rs. 500 per sq. feet discount?"

    Why I did not give the property rate of Indradhanu:

    Yes, i always give property rate because i want to give useful information to those who want to book a property.

    Giving useful information to the property buyers is the intention of my blog. Because i am a real estate salesman.

    At the same time, i am not blogging to promote any builder or a project. Off course, i have my favorite projects and builder friends but i am not blogging to help them to sell their projects.

    My focus / client is not the builder but the property buyer. In the present circumstances many get heart and angry when they read the property rates. As a salesman, i respect and care for my clients. On this blog, i consider all my readers are my clients. I do not want to write something which will be more painful than useful. So, i wrote only the positive side - 'good project in a good area has reduced the property rate' is a good news for all property buyers.

    Truth is, majority buyers in any project in Kothrud are from Kothrud and they do not need this information.

    Plus, in this blog, i have given a little info about the salesman. Which i have not done before. My idea is, if you know a little bit about the salesman, you can use it as a ice breaker and start the conversation or the negotiation on the friendly terms.

    I am trying my best to make this blog more useful. If you have any suggestions, please, let me know in the comments.

  10. Ravi, you are not adding any value to your readers (it's your illusion to consider us as your customers, ofcourse I am not your customer) unless you quote the current offer of your builder friend, as most of the readers are outside India.
    You think that by not putting the price tag here, people will rust to your friend's site to enquire the price, just forget it, it will not happen these days, gone are the days.
    What people want to know at this hour is the price tag.
    These days, it make very little sense to increase prices madly and then offer a 500 discount, all end users know about these gimmics and these are all old tricks.

    Good to read many views of real end users after a long time, on your forum. Earlier in the past, what I was reading was all from the speculators. So the truth from real buyers is coming out now. You have more surprises to come. Happy selling OR sailing...!!!!

  11. # ref: "Ravi, you are not adding any value to your readers unless you quote the current offer of your builder friend, as most of the readers are outside India."

    Thanks! Yes, you are right.

    # ref: "(it's your illusion to consider us as your customers, of course, I am not your customer)"

    I thought you read my blog! Still, i respect your views and care for you.

    # ref: "You think that by not putting the price tag here, people will rush to your friend's site to inquire the price, just forget it, it will not happen these days, gone are the days."

    No, i do not think so.

    Thanks for the comment and sharing your valuable insight!

    # ref: "Good to read many views of real end users after a long time, on your forum."

    Thanks for the appreciation! You are one of reader who adds value to this blog. Blogging is all about having a good conversation. Thanks!