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Wednesday, September 9, 2009

3 bhk flat of 1,400 sq.ft. for Rs. 35 lakhs (approx.) - most preferred property in Pune real estate market!

Who wants compact flat? Only builders?

Launch ad of Topaz Park in Park Street Wakad

"But, now, you want compact flats! So, we are changing our plans as per your demand!" recently, I am getting this answer, with a big pause at the end, from almost all builders in Pune real estate market.

The pause at the end of the sentence suggests that the property buyer should thank the builder and say, "We all are obliged, Mr. Builder! It's very kind of you to be so concerned about our preferences!!"

But it looks like that, in reality, the typical property buyers in Pune, like you, who were instrumental in creating boom in Pune real estate market, still prefer 3 bhk flats of 1,400 sq.ft.! Am i right?

Mostly you all are IT professionals. You can afford to pay roughly Rs. 25,000 EMI. Right? You haven't "downsized your requirement of space" and you are not opting for a 2 bhk flat of normal 1,000 sq.ft size, as assumed by many builders in Pune. Or you, major property buyers in Pune, are not interested in a compact 3 bhk flat of 1,200 - 1,250 sq.ft., as claimed by some builders who have resized their projects. Right?

In stead of change in the option or a preference, current trends tells me that, you property buyers, who have the power to create a boom in Pune real estate market, want normal size (around 1400 sq.ft.) of a 3 bhk flat and you consider Rs. 2,300 to Rs. 2,500 sq.ft. is a reasonable property rate. Am i right?

I came to this conclusion mainly because of the following incidents. If you know any other incidences which indicate some different trend, please, instead of general statements like "Property rate should be less than Rs. 1,700 per sq.ft. in any part of Pune!", share specific information (project and rate), with your views in the comments.

1) InSignia_Pune Housing Group of Hinjewadi IT professional to launch new project of 3 bhk flats:

Pashan Sus Road - Mumbai Bangalore Bypass Junction

Yesterday, I heard that, considering the demand of their group members, InSignia_Pune Group informed Rane Group to plan one more project of 3 bhk flats. And today, someone told me that Mr. Nikhil Rane of Rane Group has purchased a new plot of land for the next project of InSignia_Pune Group!

2) 24 Property Buyers joined Home Hunt Baner Group on the first day!

Baner Pashan Link Road

Yesterday evening, Poonam Agarwal send me the Tweet, informing me that in a day 24 property buyers joined her Home Hunt Baner group formed to get a group discount for a 3 bhk flat from the builder.

Do you remember Amit's Emerald Park at Balewadi, Pune?

Amit's Emerald Park Balewadi

Amit enterprises' long forgotten project Amit's Emerald Park in Balewadi which was on the verge of becoming historical monument of Pune real estate boom, along with Amit's Sapphire Park , has suddenly become talk of the town! Some one is promoting it's 3 bhk flats for 36 lakhs!

Madhupushpa at Wakad: group discount scheme gets good response:

Last weekend, Madhupushpa at Wakad, a flagship project, (means, first and one & only), by Paramount Gaurav Shelters Pvt. Ltd., which is a venture of Karan Group, Paramount Group and Tejraj (!), offered "Group Discount Scheme" to selected IT companies and successfully manged to improve their cash flow!

Madhupushpa at Wakad reduced their property rate from Rs. 2,700 per sq.ft. to Rs. 2,450 per sq.ft. and brought down the agreement value of their 3 bhk flat of 1,422 sq.ft. size from Rs. 41,39,400 to Rs. 34,86,900!

At this budget, well done sample flat looked very glamorous to 35 young IT couples (most of the ladies were in "T shirts and trousers"). By looking at the sample flat, these couples convinced themselves about the quality of the actual construction, by the builder who doesn't have a track record, would be excellent and financed him.

Site Office of Madhupushpa Wakad Pune

When property buyers in Pune support any new builder's first project i feel very grateful to you all. Particularly, when you support a person like Mr. Pramod Waghmare, B.E. Civil from COEP and M. Tech IIT Madras, who is trying to become a builder in Pune real estate market, after working in the government for 8 years.

Hats off to you all!!

Manav Promoters' Silver Skyscapes at Wakad gives group discount and becomes an option to Madhupushpa!

It was an emotional moment for me when someone called me to discuss "Silver Skyscapes Vs. Madhupushpa"!

The caller said he has visited both sites and he liked the floor plan and pricing of Silver Skyscapes. But he found Madhupushpa more tempting!

His only concern was the location of Silver Skyscapes. Particularly, the proposed D. P. road. I almost misheard him. I thought he was asking, "What will be ready first D. P. Raod or Silver Skyscapes? But before i said "PCMC will win the race!" He said he is booking in D building, which is almost ready. (Not really!).

Point is projects which are nearly fading out of memory are suddenly becoming worth considerable. Only because of the size of a 3 bhk flat and the discounted property rate of Rs. 2,350 per sq.ft.!

Golden Trellis at Balewadi to re-open booking in Diwali:
(If some flats are still available!)

From 5th of September '09, Pitru Paksha was supposed to begin. Obviously, one of my builder friend wanted to confirm his booking before that. This gave him an opportunity to took me to Golden Trellis site at Balewadi.

I enjoy going for a long drive when it is drizzling. So, i didn't mind visiting Golden Trellis with him. On the way, more than 3 times, my friend praised the promoter of Golden Trellis. I didn't stop him because i don't hear one builder praising other everyday. Problem was the last sentence of his praise. He used to close with, "Ravi, you should write about Golden Trellis!," "I don't write about under water real estate!," was my pet answer to him.

However, when i visited the site and saw smiling face of Chandrashekhar Tikkas, my heart filled with love and admiration for my real estate salesman brother.

While i was trying to convince him for the photograph, my builder friend was observing water filled in the foundation. "Why all water is not of the same shade?," my friend asked Chandrashekhar in a serious tone. For a second, smile vanished from Chandrashekhar's face. I felt like pushing my builder friend in the water!

I wonder who wants compact flats! You?


  1. A price tag of 25L to 26L for a 1400 sq ft. 3-bhk flat is reasonable price to pay anywhere in Pune (even for that shanty Wakad).

    Builder charging 36L is a rip-off. Why he needs additional 10L profit?

  2. Madhupushpa seems to be a good project ...looking at the credentials of the team of Madhupushpa which includes Mr. Pramod Waghmare, Mrs. Shobha Bhopatkar as mentioned in their website. I must say that at least the website is design is quite professional.

    Wouldlike to have your detailed review on this project.

  3. Hi Ravi,
    Wanted to know more about K Raheja's Pune Vistas project. Is the price justified for the location given the credibility of the builder. Also are their flat prices proportional to the society-maintenance charges and so on , any review of this project is appericated.
    thanks Ravi!!

  4. Ravi : "The caller has liked the plan and pricing of Silver Sckyscapes. But Madhupushpa was more tempting!" ... you have made a typo in "skyscapes" ... got you there :)
    On the above comment on ‘Madhupushpa’ ... you liked the project based on the web site ??? The site is developed by a company called blossoms and has nothing to do with real-estate ... also it doesn't have the floor plans as yet. Don't jump to conclusions my friend ... this is real-estate .... and you are treating it as 'virtual-estate'

  5. Internet is a huge ocean and you can find lots of info. The only thing you need to do is to keep digging. Here's a link which can
    give you acess to floor plans of Madhupushpa (i think the floor plans may have been revised and hence do not appear on Paramount
    site of Madhupushpa http://www.paramountpune.com/index.asp)


    I liked this project at first instance because of following:

    1. The lay out seems good and the floor plans are unique..not the typical boxed layout...some what similar to Palash 2.0. My
    compliments to the architect Mr. Prakash Kulkarni.

    2. The credentials of the team and their associates seems good. I have gone through the following web portal of Mrs. Shobha
    Bhopatkar who is responsible for landscaping for this project....nice portfolio.


    I guess Karan group and tejraj group are the associates for financing and increasing the market value of first ever project of
    Paramount group.

    3. Since this is the first project undertaken by Paramount group I think they would be keen to deliver a project of good quality.

    4. Lastly When I said i liked the website..it meant that I liked the professional way in which they have presented. It reflects the professional approach of the Madhupushpa team.

    Ravi, can I request you to give your inputs on this project?

  6. Ravi Uncle .... What do you mean by "most of the ladies were in "T shirts and trousers" ?
    Dont you have any better business in life than to watch the attire of women ?

  7. "Ravi Uncle .... What do you mean by "most of the ladies were in "T shirts and trousers" ?"

    Ravi uncle probably means that youngish guys/gals can now afford to own costly homes and that these guys/gals are very 'Builder friendly'.

  8. In Indore a three-bhk flat costs 16 lakhs (Zee Business, 13 Sep 2009).

    What's so special about Pune (35 L)?

  9. In Mumbai a three-bhk flat costs more than 3.5 crores...what's so special about Mumbai? :D

  10. In US a 3BHK Bunglow house with 5000 sf open area cost 70 to 100 lakhs , whats so special about US

  11. "In US a 3BHK Bunglow house with 5000 sf open area cost 70 to 100 lakhs"

    Courtesy - Lehman Brothers :D

  12. "In Aundh, Pune, suppose a 3BHK Bunglow house with 5000 sf open area costs 15 to 20 lakhs"

    Courtesy who?

  13. Ha ha!! I am glad someone commented on the pant and shirt thing..
    Its not that small children are buying these things, it means there should not be any preconceived notions regarding Age, sex, fashion choice and buying power ! LOL..

    150K for a single family home in the US...in your dreams, Anonymous...maybe in some obscure small town..

  14. Not in dreams man.. it's reality. You will get 5000+ sq ft and 3+ bedroom houses in New Jersey in $150K - $200K. And it's not an obscure small town even from US standards.

  15. Right on Mr. Karandeekar.
    So what are the chances of this turning into reality. 1400 sq.ft 3 BHK, Rs. 2300 per s.f., in one of the better neighborhoods/localities. :)

  16. Hi Ravi,
    Wanted to know more about Lake District Pune project. Is the price justified for the location given the credibility of the builder. Also are their flat prices proportional to the society-maintenance charges and so on , any review of this project is appericated.
    thanks Ravi!!

  17. Dear Ravi,

    Just saw the water logged photograph of Golden Trellis. Work at the site has begun in full swing and I have booked a flat there. Its an excellent site and I am sure you can update the photograph with the speedy work going on there. Its a project worth recommending.

    1. Yes. You are right. I must update. Thanks for the suggestion.

  18. Dear all pl guide me to have a 3 bhk good flat at descent location and may be in 30 lacs.......opss may be I am accepting little high friends pls help me

  19. I dont know when goverment will wake up and regulate this sector just like it is doing in Telecom by TRAI, indurance by IRDA, share market by SEBI.
    the kind of apartments people are buying or forced to buy are nothing but chawls nothing more than that.

    People are forced to live in 1 bhk in mumbai and and in pune.

    God save this country

  20. Dear Nids, i completely agree with you about the quality of housing in Pune and Mumbai.

    But, i believe more in "enlightened" people like you than God and Government.

    You have identified the problem, someday, for sure, you will give solutions too!

  21. Readers opting for Madhupushpa || madhupushpa 2 ,wakad. Beware. I am one of the many residents living in the madhupusha 1 project where fundamental amenities like continuous supply of water is missing. WE get only 30 mins water everyday. There are many other issues pending with builder and he and his team are very irresponsible bunch of scumbags. So Beware.

    1. Thanks for sharing, Vish. Please, invite me for a cup of tea! - so that I can write about your problems.

      Please, visit these blogs to know about how property buyers share their issues and help others.

      1) Tragic Heroes

      2) Miserable Life in Megapolis

      3) Sleepless in Sangria