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Tuesday, May 12, 2009

Lorelle, Wakad - last few days left to save 3% interest on home loan & to book a flat at the property rate of Rs. 2,500 per sq ft

Thanks to HDFC!

When i wrote a blog "An exclusive offer from Belvalkar Housing for flats, row houses, twin bungalows and independent bungalows in Belvalkar's Solacia at Wagholi", i wanted to write about the offer and review Lorelle at Wakad too.

Yesterday, at HDFC property exhibition, when Sachin Gurjar, sales manager of Lorelle told me that the offer is still on, i said, first thing what i should do is give this news to you and take my own time to review Lorelle!

Thanks to HDFC for extending the offer and giving me second chance to write about one of my favorite projects in Wakad, Lorelle!

View "Take a first left turn as you drive down the Hinjewadi flyover!" in a larger map

Offer and property rate:

Lorelle's offer is quite simple. If you book a flat in a certain period of time, the builder is offering you indirect discount on property rate.

Instead of giving direct discount at the time of booking, for first 3 years, the builder will bare 3 % of interest on home loan. It means, you have to pay less emi for first 3 years.

You know the logic behind this offer. Not the property rates but high home loan interest rates, prevent Pune property buyers from booking a flat! By subsidizing interest rates, for first few years, builder tries to tempt you to book a flat in his scheme.

Why not reduce the property rates?

Whenever builder launches "very attractive offer", we ask, "Instead of these marketing gimmick, why Pune builders don't reduce the property rates?" Right?

But you can't ask this to Maitreya Wakadkar Associates, joint venture of Nirmiti Developers, Pandit Javdekar Associates and Belvalkar Housing, who are promoters of Lorelle at Wakad.

Because Lorelle at Wakad has substantially reduced the property rates! From Rs. 3,200 per sq.ft. to Rs. 2,400 per sq.ft.!!

However, because of the good response to this offer, Sanjay, sales manager of Lorelle, told me at HDFC ready possession properties exhibition, current property rate of Lorelle at Wakad is Rs. 2,500 per sq.ft.!

Sanjay Gurjar also told me that Pune real estate market had gone down, reached the bottom and now is in a process of recovering. So property rates may go up soon! At HDFC house, Sanjay was not the only one who was making this claim of improved bookings and possible property price rise in Pune real estate market.

Now, you can understand why i am not a big fan of HDFC! Or why we all love to hate Pune builders!

2 bhk, 2.5 bhk and 3 bhk flats of Lorelle at Wakad:

Building A: Even Floors:

Building B: Even Floors:

Though i am not fond of "motor cycle with a sidecar" type 3 side open floor plans, when i visited the site, I liked the planning of Lorelle.

Mainly because, in the days of compact flats when builders are reducing the sizes (and not reducing the property rates!), in Wakad few flats are left which have reasonable space and decent planning.

Plus, if you have a budget, the current property rate of Rs. 2,500 per sq.ft. and the offer of discounted interest rate make these flats worth considering.

This is the budget of Lorelle at Wakad:
1) Carpet area is not available. So, I have give Built up area in sq.ft.
Because of the increasing size of the terrace, I don't see any point in considering Saleable area.
2) Agreement cost includes: Basic cost + MSEB & Pipe Gas + Club + Parking + Apartment formation + Legal Charges
3) Stamp duty and Registration extra
4) Advance Maintenance: Rs. 36 per sq.ft. for 2 years: is extra
5) This costing is as per the quotation (W.E.F. 8-4-2009), i was given at the exhibition.

2 bhk flat:

1) 991 sq.ft. - Rs. 29,34,000
2) 1,065 sq.ft. - Rs. 33,09,000

2.5 bhk flat:

1) 1,243 sq.ft. - Rs. 35,84,000
2) 1,229 sq.ft. - Rs. 37,21,500
3) 1,242 sq.ft. - Rs. 37,59,000

3 bhk flat:

1) 1,440 sq.ft. - Rs. 40,84,000
2) 1,449 sq.ft. - Rs. 41,09,000

What is your take on Lorelle at Wakad?

Lorelle is one of the few projects in Wakad which is not aggressively advertised.

Mainly because all partners are well known for quality construction in popular middle class neighborhoods of Pune where builders and property buyers give less importance to advertising and marketing of real estate.

Whereas in the developing areas, many builders build "reputation" not by quality but by advertising.

I would like to know your opinion about these so called "reputed" builders and your experience of dealing with less advertised projects like Lorelle at Wakad. (Comments Policy)

Feel free to call me:

I enjoy talking, sharing my views and giving advice about buying property in Pune real estate market (so, i do not charge anything for the first 5 minutes!) Call +91 98600 44110

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  1. Hi Ravi,

    So should one go for this deal, what do you say about buying a flat at this price in Wakad, also if you can tell us about potential of wakad in 3 years.

    I also agree with you about less advertising by these developers, their quality speaks rather than big advertises.

  2. An appartment 2BHK 1000+ Sq. ft for 33lacks at Lorelle wakad !!!!
    Hello Ravi you meen to say these are special rates?

    At wakad with Lorelle it should not cost above 25L.

  3. # Ref:"So should one go for this deal,"
    - I liked the plans.

    But at present, out of 4 buildings and 180 flats at Lorelle, they are booking only 2 buildings.

    It means you have to wait for 2-3 years for the completion of the entire project and operational amenities.
    (Considering the size and the budget, in the present market, i am assuming, booking would take time.)

    So you are going to face inconvenience for couple of years.

    # Ref: "what do you say about buying a flat at this price in Wakad"

    If you are serious about booking, you should finalize the flat, fill up the booking form, open the cheque book, cross it, draw it in the name of the builder, negotiate the total cost of the flat (not the per sq.ft. rate) and sign the cheque only when you are convinced about the cost. This may happen after couple of rounds of negotiations.

    # Ref: "potential of wakad in 3 years."

    All under construction flats would be occupied. Wide roads, including BRTS, would be ready. Farmers who sale their vegetables on the express highway near flyover will occupy the street corners. Instead of wasting time in the traffic jams at Hinjewadi flyover you will prefer to walk to work from Wakad.

    It would be a typical urban mess if the residents of Wakad don't take any initiatives to keep it decent.

  4. # Ref: "An appartment 2BHK 1000+ Sq. ft for 33lacks at Lorelle wakad !!!!"

    I think when we talk about the property rates, we have to be more specific. For example:

    1) Instead of "saleable area" property buyer should consider only "carpet area."

    2) Instead of per sq.ft. rate, property buyers should consider the total cost of the property including "other charges" (except legal charges and stamp duty which we pay to the government) as i have considered here.

    # Ref:"At wakad with Lorelle it should not cost above 25L"

    This type of remark don't help readers to negotiate property rates.

    Please, feel free to express your rational price but be more specific and add value to the conversation.

    However, thanks for the comment!

  5. Thanks Ravi for response.

    Based on my information from their office they have almost booked 95% flat in A and B building. And they are taking booking for C building. They will start booking of D building from Diwali.

    I tried to negotiate and they told me 2450 PSF with HDFC offer.

    Do you think possession can be given by them by Nov-09.

  6. # Ref:"2450 PSF with HDFC offer."

    - means 2450 - 100 (approx)!

    - Plans of C building are sanctioned only up to 6th floor. You can guess why D building will be launched in Diwali.

    - It's normal. Most of the projects open booking before they get all sanctions. At Lorelle, it's good that they don't hide it like others.

    - Obviously you book because you trust the builder and believe that he will complete the project as per the concept he had presented in the brochure. Point is you should get some benefit for taking a risk.

    - If builder had taken a project finance from the bank he would have paid minimum 17% interest (If... bank had financed!), whereas you not only take a risk but finance the builder only at 3 % rate of interest. You should be benefited for this.

    - While negotiating, please, keep in mind that you are not a property buyer but financier! Try to remember how bank treat you when you ask for a loan!

    - I confirmed about possession. Sachin and Ganesh confirmed December. Even we talked about amenities which are on the podium. Please, meet the site engineer, contractors and site in charge and see their schedule.

    - As per the trend set by Mont Vert, 11 months rent or Rs. 100 per sq.ft. off is your right.

  7. Hi Ravi,

    I went there again and had talk with Ganesh, according to him

    1. C Building sanction will be taken in a month.

    2. He said in B building only 4 flats are there and in C Building only few flats are there (2BHK). I am suspicious about it, How can we know if he is correct or not. I think builder is blocking prime flats for future.

    3. He said it will not take 2-3 years in any condition.

    Seeking for your valuable advice.

  8. Ref: " I am suspicious about it, How can we know if he is correct or not. I think builder is blocking prime flats for future."

    - Why you are suspicious?

    - Only way to know is ask Ganesh to show you the list of bookings and give cell numbers or e mail ids of your would be neighbors, the people who have booked on your floor.

    - Builders block flats which are easy to sale. Or salesman, like me, plans to sale particular flats at a given time. But nothing is wrong in it. As a seller you have to have a strategy or a plan.

    - As a buyer what is important for you is to get a flat of your choice. Which is only 1 flat. Whether you are getting it or not is your concern. Right?

    Did Ganesh say that the flat of your choice is not available?
    Would you like to settle for your second choice?

    Are your concept about your flat clear?

    Actually selection of flat should happen in 10 minutes!

    Because we are monogamous by nature.

    "This is my flat, home" "This is what i was dreaming." "Perfect." Feeling like this is important while finalizing the flat.

    I will suggest you to focus on what you want, not what builder is doing.

    Number of bookings is important but not for the selection of your flat but to confirm that this project is safe to book.

  9. Can you please justify "Why it does not have worth even in this price". If there is anything please let me know, I am planning to finalize it soon.

  10. The rate is now 2600 for flat in A building.
    Posession: Dec 2009.

    Is it worth 2600 or will the price increase ?
    Haven't negotiated yet.

    Ganesh says by Diwali time D building will be launched with 3200 Rs per sq ft. If booked now, its 3000 Rs.

  11. Hi Ravi,

    I searched the internet for more info. about Nirmiti Developers and their projects in Wakad, particularly Nirmiti Gracia. Strangely, there isn't a single input about that project.

    I looked around more and was surprised to find
    a few complaints (see links below) against Nirmiti Developers of land grabbing, cheating, etc.
    That may be an indication why you can't find any feedback/consumer experience about any of their ready projects in Wakad (Gracia, Spacia, and the one that appears on your posts: Lorelle).

    Do you have any comments about this?

    - http://www.consumercomplaints.in/complaints/nitmiti-developers-c367653.html
    - http://www.consumercomplaints.in/complaints/nirmiti-developers-builders-and-promoters-c366834.html

  12. 3 things to look for.

    - Posession Date ( Ganesh will give a random date every time you visit )

    - Tiles, bath room fittings , window bracket, glass , wood are dam cheap quality ( funny concept of "Belwalkar's Luxary Flat/Hut" )

    - Who is real owner ( Pandit or Belwalkar or Wakadkar)

    - They just want to sell it and get rid off of all other responsibilties !!!...This project may go for another 2 years (to get flat with listed amenities..if you are lucky)