Ravi Karandeekar's Pune Real Estate Market News Blog: September 2009

Wednesday, September 30, 2009

DS Kulkarni Developers expect profit after tax (PAT) of Rs 50-52 crore this year

Sumit Arora, VP Strategic planning and business development of DS Kulkarni Developers said the current year seemed to be pretty good!

Here is a verbatim transcript of an exclusive interview with Sumit Arora on CNBC-TV18.

Question:

We have seen a full tilt really in the markets over two years,
there seems to be confident returning into paper money
but on the ground we have had our consumer confidence index reiterate that it is at its all time low,
what are you seeing in terms of buyers,
are you seeing a more discerning buyer looking at much lower price points or
has confidence returned in a big way into residential real estate buying?

Sumit Arora:

Things are definitely getting brighter by the day.

I see a lot of customers who were holding on earlier,
they are not coming back and for fresh purchase of homes.

The residential apartments have picked up,
commercial is still not doing great as it was doing earlier.

But the residential market has picked up well.
Especially, in the city where I come from that is Pune,
where we see a lot of demand happening for past few months now and
we have been booking almost say close to 50-60 units per month,
earlier the average was 10-15,
so that's a kind of pickup we have seen.

Going forward, it is going to be a volume business and
we have to work like a manufacturing sector now.
We have to keep on producing more units at a reasonable price and
for that matter we have some 22 million square feet of land bank with us,
which we plan to develop in the next 8-10 years.
This will all be in affordable segment,
say a one bedroom unit would be about Rs 9-10 lakh which is sold any given day.
We are happy to be called a regional player but we are strong in our market.

To read more, please, visit CNBC-TV18

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Visit MCHI's Property Expo 2009 - 1st to 4th October 2009 at Bandra Kurla Complex, Mumbai

Maharashtra Chamber of Housing Industry and State Bank of India Present: Property 2009, 15th Real Estate and Housing Finance Exhibition:

Click to Enlarge

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10-acre plot of the defunct Hindustan Antibiotics Limited (HAL) sold for Rs49 crore

Hindustan Antibiotics Limited (HAL) was the first public-sector pharmaceutical firm. Commissioned in 1955-'56, the Pimpri plant manufactured bulk drugs, mainly penicillin, streptomycin, and a number of other formulations.

Considering that land costs in this industrial town range between Rs6,000 and Rs8,000 per square metre, the cost of Rs12,051 per sq m paid by the Ellora Group from Navi Mumbai has set the realty market abuzz. This is the third time the factory was put on the block.

HAL company secretary AS Vaidya said, "We are not allowed to disclose anything to the press. But the bid took place on Tuesday according to the tender process." Compared to existing flat rates of Rs2,500-Rs2,700 per sq ft, Gajra intends to sell flats at Rs3,000 a sq ft. The developer will get a developable space of 6 lakh square feet.
To read more, please, visit Realty boom in Pimpri

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Sky Heights, premium 1 BHK and 2 BHK Flats in small sizes and budgets, behind Matoshree Garden, Undri Pisoli Road, Pisoli, Pune

Sky Heights - nearest residential project from Khadi Machine Chowk on Katraj Kondhwa road:

View Affordable Housing Projects in Pune Real Estate Market in a larger map

Good things in small packages!

If you visit my blog on the launch of Sky Heights, April 27, 2009, you will find that i was wondering why LushLife ( www.lushlife.co.in ) and Trimurti Group were trying to miniaturize the typical upmarket residential project.

Whereas most of the comments were not ready to buy the builder's trick of avoiding "property price reduction" by reducing the size of the flat.

However, now after almost 5 months from the day Sky Heights was launched, property rate of Rs. 2,300 per sq.ft. and even compact flats are considered OK in Pune real estate market.

Certainly, not by those who wish for bigger flats but by those property buyers who were practically thrown out of booming Pune real estate market. By those property buyers who can pay EMI in the range of Rs. 11,000 to Rs. 17,000.

Accepting the reality, these property buyers compromised on the size of the flat and fulfilled their life long dream of becoming a home owner by booking these compact flats launched in all corners of Pune real estate market.

Besides offering 1 bhk and 2 bhk flats fitting in these property buyers' budget, every project tried to offer "an extra feature" as a safe guard while entering in this new market which Pune builders had ignored for a long time.

For example, construction quality, property rate and possession at Darode Jog's Greenland-County in Narhe Ambegaon (off Sinhagad road), advantage of staying near Hinjewadi at Om Developers' Golden Palms in Wakad Pune, location in the heart of town at Rama Groups' Swiss County Too in Thergaon and connectivity by road at Nano Homes Ravet in PCMC, furnished flats at Eiffel City in Chakan, close to Eon IT Park and upmarket neighborhood in Gera's Park View 1 in Kharadi, more carpet area at Suyog Development Corporation's Suyog Lucky Homes in Wagholi!

Obviously, when i visited the Sky Heights, i asked Kayum, sales manager, about the miniaturizing. He said, "Instead of offering only an extra feature, Trimurti Group believes in offering the same premium flat, like we have offered in our upmarket project Waterridge ( www.wateridge.in ), in Undri, in a small size!"

"Doesn't this 3 side open design of compact flat increase the construction cost?," i asked him.

"Certainly! Not only the design but CQRA, third party professional Quality Control and Assurance certification adds substantially to the cost of construction. Over and above, at Sky Heights we provide all luxurious amenities too!," Kayum said.

"Why? Who needs all those so called luxuries? Certainly, not the property buyer. Only builder needs all those amenities to justify his property rate, to avoid further price reduction...," i was almost going to say this but Kayum said, "Don't belittle Sky Heights by calling it miniaturization. Consider it as a sachet containing the same expensive premium shampoo. Appreciate that we are offering good things in small packages!" Admiring his enthusiasm for offering better homes, i eat my words and we went to the site.

Sky Heights: Construction updates: First slab of A Wing:

Sky Heights - view from Pisoli - Undri Road:

Property rates and budgets of 1 BHK, 2 BHK Flats in Sky Heights, Undri:

Currant property rate at Sky Heights is Rs. 2,300 per sq.ft. Including stamp duty and registration charges, budgets are:
1 BHK Flat - 568 saleable- Rs. 16,07,974
2 BHK Flat - 758 saleable - Rs. 20,72,644
2 BHK Flat - 847 saleable - Rs. 22,85,621
2 BHK Flat - 928 saleable - Rs. 24,79,454
2 BHK Flat - 1005 saleable - Rs. 26,63,715
2 BHK Flat - 1020 saleable - Rs. 26,99,610

Contact:

Mr. Kayum
91 98500 43400 / 91 93700 08841
020 6500 4040 / 6500 0404
info@lushlife.co.in
www.lushlife.co.in

Thanks Abhay Firake, of Nucleus Interiors & Construction ( www.nucleusint.com ), architects, interior designers, turn-key project mangers of Bungalows and Weekend Homes in and around Pune and my dear friend & associate for sponsoring me. Because of you, i can shoot and show actual photographs to my readers.

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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Yes, my email id is RaviKarandeekarsBlogs@gmail.com Feel free to write. I reply as soon as i can.

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Monday, September 28, 2009

Builders welcome move, but fear it may be misused

The developers and builders community has welcome the proposed legislation that intends to regulate real estate deals by making it mandatory to post critical details of the projects on the official internet site of the real estate regulator.

Realty sector players have, however, expressed concerns over the possibility of this measure opening another door for corruption and bureaucratic interference in their work as well as effective implementation of the provisions of the legislation to benefit the consumer.

According to Satish Magar, president, Confederation of Real Estate Developers' Associations of India (Credai), Pune, there was a need to introduce regulations that will protect customers from errant builders.

"This bill will protect the consumers against fly-by-night operators who are out to make a quick buck without giving much thought to consumer interests. Our association is a body of professional builders/developers who are already governed by a self-imposed code of conduct and we are happy to learn that the government plans to widen the gamut to include builders as well as one time constructors."

The law to regulate real estate developers will call on builders to provide details of the number and size of plots, layout plan, carpet area and plinth area of flats, apartments or any other housing complexes. Importantly, it will prevent builders from changing the plans or inserting charges as the sale agreement will be considered binding.
To read more, please, visit The Times of India

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Right time to buy your house

Expect hardening of interest rates and a spike in property prices soon. At least that is what banking circles and real estate players would like their prospective clients to believe.

Bank officials say the soft interest rate regime is set to end with rates likely to creep up in a couple of quarters. Real estate players say property prices have corrected and the demand has started picking up. Bankers and realtors also say the festive season is the most fascinating period for house hunters. That means, if you have been waiting to buy your dream house at ‘‘the right price'', probably this is the time for you to go for it. Why so?
To read more, please, visit The Times of India

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Wonder Futura, near Chandni Chowk on Mumbai-Bengaluru Highway in Kothrud Pune, flat owners hold protest

Phase-2 residents waiting for possession of flats for two years:

According to the residents, the lift is operating without maintenance and there are problems such as the leakages from beam, unclean water, no swimming pool, lack of security, no clubhouse for the residents.

The Phase-2 residents are awaiting their possession in anticipation that the work is completed soon.

Residents have also alleged that basic amenities such as drainage lines, water lines, waterproofing, brickwork, civil works, painting, electrification, tiling are still incomplete.

"For the past couple of years, we are begging the builder, but to no avail. I bought a 2-BHK flat in March 2006 and was assured possession in March 2007. Till now I am waiting for possession," said Nikhil Roy, an IT professional, joining the protest along with his wife. Read More

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Sunday, September 27, 2009

PRA Realty launches The Lake District, 110 acre township of 1.5 BHK, 2 BHK, 2.5 BHK and 3 BHK flats, at Yeolewadi village, Kondhwa annex

First 100 plus acre township launched in the last 2 years of recession in Pune real estate market!

In the first week of October 2007, after the sub-prime crises in U.S., Deepak Parekh, Chairman of HDFC, announced that Indian economy and real estate in particular is badly hit and slowing down.

However, in the last week of the same month, on October 27, 2007, Paranjape Schemes, in which HFDC has a stake, launched Blue Ridge Hinjewadi, first integrated township of 100 plus acres in Pune real estate market which had foreign direct investment.

Though most of the experts were rejecting the real estate slow down as a "short term phenomenon", or "not as serious as 1996" , Kumar Properties and Avinash Bhosale Group launched their 100 plus acre integrated township with foreign direct investment Megapolis in the third phase of Hinjewadi without any fanfare in the last week of April 2008.

Sensing the impeding danger, on the first day of June 2008, Mr. Satish Magar not only opened the mega-shop Nanded City Pune without any merchandise but pre-sold the future stock too! However, since Nanded City Pune has Magapatta City and Amanora Park Town at Hadapsar type farmers ownership and business model, it is not in the league of Blue Ridge and Magapolis.

Point is, launch of PRA Reallty's The Lake District ( www.thelakedistrict.co.in ) , 100 acres plus township with foreign direct investment, nearly two years after the launch of Blue Ridge Hinjewadi, proves that every patient admitted in the Intensive Care Unit (ICU) doesn't die. The patient can survive and enjoy few happy moments in the process of recovery!

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Mont Vert Tropez at Wakad, Pune - few early possession 3 bhk flats of 1,515 and 1,550 sq. ft. saleable area are available!

Welcome to Mont Vert Tropez, Wakad, Pune, India:

Today, while going to Rama Group' Cost Rica at Wakad, i couldn't resist visiting Mont Vert Tropez. From Jagtap Dairy to Hinjewadi road freshly painted Tropez was looking beautiful. Happily i avoided Wakad Chowk and went to Tropez by the new entrance road.

At Mont Vert Tropez, construction of the club house and other infrastructure works was going on. Somehow, i managed to reach the site office and shaking hands asked Balraj Khanna, salesperson at Mont Vert Tropez, "Do you have a 3 bhk flat?"

"Yes!," said Balraj.

"You are joking, right?," i was sure.

"We have opened the bookings of I building," he said.

"Good! It means after a long time, i can write about Mont Vert!," i said and took the details from Balraj. Please, have a look!

Layout Plan of Mont Vert Tropez:

Under Construction Club House:

Floor plans of I building:

Only 3 flats on each floor. All 3 BHK flats. Saleable area 1,515 and 1,550 sq.ft. Property rate Rs. 2,766 per sq.ft.

Total cost of 1515 sq.ft. 3 BHK Flat:
1) From 1st to 4th floor - Rs. 46,90,615
2) From 5th to 8th floor - Rs. 47,40,610
3) From 9th to 12th floor - Rs. 47,90,605

Total cost of 1550 sq.ft. 3 BHK Flat:
1) From 1st to 4th floor - Rs. 47,92,265
2) From 5th to 8th floor - Rs. 48,43,415
3) From 9th to 12th floor - Rs. 48,94,565

Odd Floors:

Even Floors:

Contact:

Balraj Khanna
91 93705 35755
91 98813 96519
020 6410 6311
020 3231 1973
www.montverthomes.com

Thanks Abhay Firake, of Nucleus Interiors & Construction ( www.nucleusint.com ), architects, interior designers, turn-key project mangers of Bungalows and Weekend Homes in and around Pune and my dear friend & associate for sponsoring me. Because of you, i can shoot and show actual photographs to my readers.

Ravi Karandeekar's Pune Real Estate Market News Blog - most popular blogs - August 2009

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Saturday, September 26, 2009

Now, property rate in Wakad Pune - Rs. 2,300 per sq.ft. for 2 bhk and 3 bhk flats of 1,055 to 1,528 sq.ft. saleable area

Without giving commission to some so called Association, pretending to care for IT professionals working in Hinjewadi, Rama Group re-launches Costa Rica in Wakad at the property rate of Rs. 2,300 per sq.ft.!

Lot better location than Madhupushpa and Silver Skyscapes!

Lot better property rate than compact flats in Park Xpress Baner in Balewadi!

On the famous "take a first left turn as you drive down the Hinjewadi Flyover" road, Wakad Thergaon road, Rama Group ( www.ramagroupindia.com ), promoters of Swiss County Too at Thergaon, Wakad annex and Silver Mist at Pimple Saudagar, has opened the booking of Cost Rica at the property rate of Rs. 2,300 per sq.ft.!

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

2 BHK Flat in Cost Rica Wakad:
Saleable area - 1,055 to 1,261 sq.ft.:

Click to Enlarge:

3 BHK Flat in Cost Rica Wakad:
Saleable area - 1,349 to 1,528 sq.ft.:

Click to Enlarge:

For more information:

020 3232 2222
91 90110 50000
91 90110 44000
91 99224 22200
www.ramagroupindia.com

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Now, a website to help foreigner find accommodation

In a novel move to keep a tab on activities of foreign national visiting the city and to help them during their stay here, especially in finding an accommodation, the Pune police have decided to launch a website at the earliest

Deputy commissioner of police (special branch) Ravindra Sengaonkar, in a statement issued on Friday, said that the foreigners registration office of the city police will soon launch the site. The police have appealed to property owners, hostels and lodges and guest houses to submit proposals on renting their premises to foreign nationals to the office of the special branch, Pune police, located at the Sadhu Vaswani chowk at the earliest.
To read more, please, visit The Times of India

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Developers will soon be required to post project details, including civic clearances, on the website of the real estate regulator

Buying home to get safer in New Delhi and NCR, new real estate bill mooted

Isn't buying property very much safe in Maharashtra, particularly in Pune, India?

1) The law to regulate real estate developers will call on builders to provide details of the number and size of plots, layout plan, carpet area and plinth area of flats, apartments or any other housing complexes.

2) The draft bill has maintained the power of civic agencies to approve the project. It will be the responsibility of the developer to give information to buyers relating to nature of the title to land, layout plan sanctioned by local authority and plan of development works. The big advantage of the law would be that civic agency details will be given to the regulator.

3) The developers also cannot hide the "actual living space" they are offering to buyers as they have to distinguish the carpet area, super area and common area along with the plan and specifications of apartments.

4) The consumer can ask promoters to spell out the details of common services like supply of electricity, water, sewage and drainage, lift, light in passages and staircases, sanitary services and fire-fighting instruments in the project. And if developers fail to provide these services, consumers can approach the regulator, which can also take suo-moto cognizance and inquire into the matter and pass order as it may find necessary.

5) If there is any deviation from the advertisement, the promoter has to compensate buyers for any loss due to false information. In case of pulling out of a project, the builder has to return the money with interest at a rate not more than current rate.
To read more, please, visit The Times of India:

Builders must make a public disclosure of the land mortgaged to banks - RBI cracks whip

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Friday, September 25, 2009

Sunshine Hills, off Katraj Kondhwa Undri Road at Pisoli - construction updates

Oh! What a day!! Water detected on the moon, buried ice on Mars, foundation work of 2 building in Sunshine Hills!!

As per over exaggerated imagination of Tricon Builders, a joint venture of Shagun Developers, Manav Group and Ashcon Builders, Sunshine Hills ( www.sunshinehills.in ) is located at Kondhawa Annexe, near Bishops' School.

However, actually Sunshine Hills is in Pisoli Village on Katraj Kondhwa road. Not exactly on the road but off the road. Means, just 1,100 meters inside, Bopdev Ghat side of Katraj Kondhwa Road.

As per the brochure, from Sunshine Hills, Kharadi IT Park is 15 minutes and S. P. Infocity is 10 minutes away, but i took more time to walk down these 1,100 meter.

Of course, it was a pleasure to walk and discover that foundation work of 2 buildings out of 8 along with some improvements in the sample flat of Sunshine Hills was going on. Considering the present status of all recently launched affordable / budget housing projects in Pune real estate market, this discovery was as important as detecting water on the moon and buried ice on Mars! Here are some moments of my discovery:

Sunshine Hills - discovered off 1100 meters on Katraj Kondhwa road! :

View Affordable Housing Projects in Pune Real Estate Market in a larger map

Temple - Heart of Pisoli Village:

Heavy Traffic on Katraj Kondhwa Road:

Sunshine Hills - 1,100 meters inside!

Sunshine Hills boasts of pollution free locale that's blessed with cool breeze and aboundant sunlight......as per the brochure!

The last shepherd, Dhangar, with his herd of sheep and goats:

Recycling Industry:

Launching soon...

Go, get a life style at Sunshine Hills!

Sunshine Hills, where you get much more than just a home. You get a club house!

Stop here. We are making our dream site office!

The great discovery! Foundation work is going on...

Thanks Abhay Firake, of Nucleus Interiors & Construction ( www.nucleusint.com ), architects, interior designers, turn-key project mangers of Bungalows and Weekend Homes in and around Pune and my dear friend & associate for sponsoring me. Because of you, i can shoot and show actual photographs to my readers.

Sunshine Hills - 1 BHK and 2 BHK Flats, Property Rates and Budgets:

Sunshine Hills is a township of 8 seven story buildings having 300 flats. Flats are either 1 bhk or 2 bhk.

1 bhk flat has 2 sizes.
1) with terrace 1 bhk flat - 680 sq.ft.
2) without terrace 1 bhk flat - 600 sq.ft.

2 bhk flat also comes in 2 sizes.
1) Regular 2 bhk flat - with kitchen cum dinning and without attached toilet for master bedroom - 750 sq.ft.
2) Large 2 bhk flat with living cum dining and master bedroom with attached toilet - 830 sq.ft.

Asking property rate of Sunshine Hills is Rs. 2,300 per sq.ft..

Other charges are Rs. 1,45,000. Which includes MSEB, amenities, society formation and legal charges.

Parking is optional. For parking under the building, charges are Rs. 90,000 and for open parking Rs. 65,000.

Since Sunshine Hills comes under Pisoli Grampanchayat, stamp duty is only 2 % and registration charges are 1 % of the agreement cost.

It means:
1) 1 BHK Flat: 600 sq.ft. - for Rs. 15.25 lakhs + 3 % stamp duty & Registration + parking
2) 1 BHK Flat: 680 sq.ft. - for Rs. 17.09 + 3 % stamp duty & Registration + parking
3) 2 BHK Flat: 750 sq.ft. - for Rs. 18.70 lakhs + 3 % stamp duty & Registration + parking
4) 2 BHK Flat: 830 sq.ft. - for Rs. 20.54 lakhs + 3 % stamp duty & Registration + parking

Is Rs. 2,300 per sq.ft. right property rate for Sunshine Hills?

Yes, important question. But i am not the right person to ask. Because, asking me "Is Rs. 2,300 per sq.ft. right property rate for Sunshine Hills?" is as good as asking the shepherd, in the photograph, "Is there an ATM nearby?" Only two persons can answer this question. You and the property buyer, if there is any, who has booked a flat in Sunshine Hills. Right?

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Tuesday, September 22, 2009

Vilas Javdekar launches Yashwant, an eco-friendly township of 1 and 2 bhk flats and Twin Bungalows, in Kolhapur

Yashwant, New Tarabai Park, Kolhapur:
Pay 2.88 Lakhs to own a 2 BHK Flat!

On the day of "Ghatasthapana",the first day of nine-day Navratri festival, 19th of September 2009, Vilas Javdekar Eco Homes, promoters of Palash 2.0 and Palash 2i at Wakad Pune opened the bookings of 1 bhk and 2 bhk flats in Yashwant, an eco-friendly township in the prime area of Kolhapur, New Tarabai Park. Click here to get the idea of how prime is New Tarabai Park, Kolhapur!

I saw the launch ad in Pune Sakal, cross checked with Pudhari of Kolhapur and because the website was not ready, I visited Vilas Javdekar Eco Home's office near my home to know more about Yashwant and "Home Saver MahaBachat" offer. My dear friend Madhav Gole, G. M. Sales was not in office. He had gone to Kolhapur to launch Yashwant. So, i met Sanjay Lele, Sr. Manager, Customer Care. (020 6620 8000 / 91 99235 96710 / customercare@javdekars.com) Frankly, i didn't enjoy Sanjay's presentation.

In the evening, i called Madhav at Kolhapur and asked him about the response, he gave the expected answer, "Great!" "How many bookings?," i asked him. When Madhav told me the exact number of visits to his sample flat and number of bookings done, i got angry with the middle class of Kolhapur.

This is not done. How can Kolhapurkars behave like this? Big landlords and Sugar barons can wear Nike and Reebok but middle class Kolhapurkars shouldn't give up Kolhapuri Chappals for Bata. Shouldn't start eating Knorr soup for "Tambda-Pandhara Rassa" . Never give up Kolhapuri Misal for Pasta.

Yashwant, New Tarabai Park, Kolhapur: 250 large and medium 2 BHK Flats, 1 BHK Flats and 37 Bungalows:

Instead of expressing my anger against the disappointing behavior of Kolhapurkars, I started blaming Vilas Javdekar Eco Homes for "spoiling" Kolhapurkars by offering Yashwant! Exactly, just like many property buyers blame the builder for the property price rise!

"Madhav, you are taking care of the nature by building Eco Homes, but tell me, why are you polluting the minds of Kolhapurkars?," I questioned Madhav.

"Polluting the minds! How?," asked Madhav.

"Don't you think that the kind of project you are offering is too sophisticated for Kolhapur? Don't you think that by offering Home Saver MahaBachat Scheme, you are making property buying too easy for Kolhapurkars?," I asked him.

"What is wrong in this, Ravi? It may be Wakad in Pune or New Tarabai Park in Kolhapur, Vilas Javdekar will offer the same construction quality and home finance option!," Madhav Gole answered.

"Madhav, this is not right for 3 reasons:
1) No builder from Pune, not even Paranjape Schemes, has been so biased for Kolhapurkars while launching a project in Kolhapur.
2) You should have used some gimmick like "Home Possession Insurance" to market your project while entering in the new market like Kolhapur.
3) If you wanted to offer easy home finance option and same sophistication in planning, you should have opened the booking in Pune before you launched the project in Kolhapur. Don't you think that Pune real estate investors deserve the priority?," i used some common sense, business strategy and emotional appeal to give some sense to my argument.

"Yes, of course, i have given an exclusive pre-launch offer to the flat owners of Palash 2 and Palash 2i. Ravi, you know, they have booked their flats without visiting site of Yashwant!," Madhav Gole said.

"That's fine. But what about the rest of Pune real estate investors like me?," i asked and wished good night to Madhav.

I don't know how Madhav Gole took it. He may have taken it as my way of flattering him for the successful launch of Yashwant. But i knew what i was doing. I was protecting myself by exaggerating and pretending. I was avoiding taking responsibility for not informing, in advance, about the launch of Yashwant to my real estate investor clients.

However, i took advantage of info being not available on the website ( www.yashwant.javdekars.com ) on that day. Collected the data from my friend Jaideep Muthiyan of Juice Adcom ( www.juiceadcom.com), an ad agency of Yashwant and impressed my overseas clients!

If you have a look at the floor plans and offer, i am sure, you will understand why i consider Yashwant at New Tarabai Park, Kolhapur, is a good real estate investment opportunity for Pune property buyers!

1 BHK Flat: 604 sq.ft.: For Rs. 11,44,271/-
Today Booking Amount Rs. 1,99,000 + A. D. F.
After 18 months: EMI Rs. 10,152/-

2 BHK Flat: 866 sq.ft.: For Rs. 16,45,375/-
Today Booking Amount Rs. 2,86,000 + A. D. F.
After 18 months: EMI Rs. 14,590/-

2 BHK Flat: 873 sq.ft.: For Rs. 16,57,435/-
Today Booking Amount Rs. 2,88,000 + A. D. F.
After 18 months: EMI Rs. 14,698/-

2 BHK Flat: 965 sq.ft.: For Rs. 18,16,942/-
Today Booking Amount Rs. 3,16,000 + A. D. F.
After 18 months: EMI Rs. 16,114/-

My reasons to invest in a 1 bhk / 2 bhk flat in Yashwant at New Tarabai Park, Kolhapur:

1) Now, after the satisfactory experience of "Green Umbrella Offer" for the flats in Palash 2 and Palash 2i, i don't see any risk in giving ADF to Vilas Javdekar Eco Homes. Yes, i trust the builder and consider "Home Saver MahaBachat" as a win win offer.

2) In the last 2 years, i have started recommending investment in "Social Housing Projects" which offer homes for the financially weaker section of the big cities like Mumbai. For example, Tanaji Malusary City at Karjat. Along with this, i am recommending "Need Based Housing in the Smaller Cities" like Kolhapur and Nashik. I look at these investments as "Fix Deposit Receipts" or "Postal Saving Certificates".

3) After the recent world financial crises, actually, i have short listed and visited Kolhapur in July '09 because i was exploring possibilities of investing in the real estate market which is less dependent on IT industry and driven by "real Indian economy."

4) Out of all businesses, i am sure, religious and medical tourism are comparatively stable business. In Kolhapur these industries might grow.

5) Considering the increasing cost of living and uncertainty in the economy, i look at a 1 BHK Flat in Yashwant at Kolhapur as a "Safe House" in case of some undesirable eventuality!

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Monday, September 21, 2009

Sigma One, near MIT, Paud road, Kothrud, Pune - "Who will have the last laugh?"

The property buyer who pays the property rate of Rs. 5,000 / 5,075 / 5,150 per sq. ft. + floor rise of Rs. 50!:

Click to Enlarge!

On the occasion of the launch of the last phase of Sigma One, Sankalp-Saakar Associates claim that "you" will have the last laugh! You means, those who book a 3 or 4 "BHKD Condominium" ( means Flat! ) in the 4th and last building of Sigma One.

When i saw Sigma One's ad on the jacket of Pune Times (Saturday, September 19, 2009), i ignored the claim of "last laugh" as an example of an amateurish creative copy writing.

The Times of India!

Oh! No!! Actually, the advertising and marketing department of The Times of India would be having last laugh by selling this ad space for 6.5 lakhs to Sigma One, near MIT on Paud road in Kothrud.

Salespersons at Sigma One!

TOI may be under the impression that they have made the most out of this last advertising business opportunity from Sigma One. But when i heard Prakash, salesman at Sigma One telling every visitor that he got 3 bookings since morning, i realized that he is having a last laugh.

Instead of waiting for Prakash to finish with the young property buyer couple, who along with their 2 friends were planning to buy 3 flats starting at 81 lakhs, i decided to visit the Show Flat.

When Manisha, salesperson at Sigma One, told me that the "special edition phase 4" doesn't have a sample flat as advertised, i was disappointed. I didn't see any point in visiting again and again the same old sample flat in the old A wing. However, this explained the meaning of "We have saved the best for last". Sigma One is talking about the old sample flat!

Owners of 2 bhk and 3 bhk flats in Sigma One!

While coming back from the occupied A wing, i saw a couple of resident ladies sitting on the bench looking at the dark green hill. I was tempted to ask them about their experience of living in Sigma One.

I didn't want to ask about the planning, construction quality, amenities, services like piped gas, garbage disposal system or digital security system at Sigma One. I know that every thing is in place and at this point of time, well taken care of by the builder.

I was curious to know only about one thing. Why they became rapist?

Mother Earth!

Sigma One is constructed at an odd location by the hill. When slums encroach the hill slope, i can understand it as a desperate, irresponsible attempt to survive in the city. But what type of desperation compelled M/s Deshpande, Kulkarni, Joshi and Shah to pay Rs. 3,000 to 4,700 per sq.ft. to the builder to rape mother nature and construct this building?

Now, after shifting to their flats do they feel as shameless as their builder who talks about the "sylvan countryside that surrounds you" in his ad?

Or when in the evening, they stand on the terrace with their little ones, do they feel a little guilty? When they faced the water cut because of the lack of rain, did they feel that it was not necessary to rape mother earth to construct this building?

Now, are they aware that mother earth they raped would have had the last laugh?

The builder of Sigma One!

I tried my best but couldn't find the words. Accepting my inability to talk about the serious crime they have committed, i left Sigma One. Without collecting the grocery bag, i had kept at the security gate while entering. I realized this only when i reached Paranjape Schemes' Shilpa, the last housing project constructed on the civilized land in this part of Pune.

When i turned back to collect the bag and reached the arch of Sigma One, i realized that the builder of Sigma One is going to have the last laugh!

All amenities and specifications he was offering were basically to tempt the buyer to buy the flat in Sigma One. If he hasn't done that nobody would have bothered to take a single step to visit his unnatural, unethical and uncivilized site.

It means, the property buyers should get all these amenities and specifications free of cost along with the flat. But instead of that the builder asks the property buyers to pay more not only for the flat but for all those specifications and amenities he has thrown in to tempt them!

As it happens in every project in Pune real estate market, 15,000 visitors would have refused Sigma One on these grounds. But the builder of Sigma One knew that he is going to get those 150 property buyers, who are more than ready to pay his unreasonable property rate and buy his unethical property. God is going to send these property buyers. As a free gift to the builder!!

Thank God, for letting the minority (and not the majority like in politics,) rule the Pune real estate market!

Why should builders always have the last laugh?

I decided not to go back and collect my grocery bag which contained 1 kg Tur Dal at Rs. 86 and 1 kg Mung Dal at 76 rupees. I thought, why not let the security guard have the last laugh?

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Sunday, September 20, 2009

InSignia_Pune News - Allotments completed for the group housing project

Vanshaj InSignia at Baner-Sus:

Nitin Degaonkar, leader of Hinjewadi IT professionals' group housing project Vanshaj InSignia at Baner-Sus, has announced the completion of the allotments. In an email send to the InSignia_Pune Group, Nitin says:

Dear Members,

I am pleased to inform that we have completed allotment of all 68 units in Insignia Project as per list posted today.

Thanking the core group members, Nitin appeals to all members to actively participate in the development of the next project. He says:

As there are many members wanting to have houses in the group housing project we can certainly have another project. However going by the learning so far it is quite a task to do and if we want to have another project, we need some members to work actively on this.

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Saturday, September 19, 2009

Amit Enterprises and ICICI Bank offer 7 % interest on home loans for 2 years

Offer valid from 19th September to 19th October 2009:

Offer for:

1) 2 bhk, 2.5 bhk and 3 bhk flats in Sapphire Park at Balewadi

2) 2 bhk and 3 bhk flats, Twin Bungalows and Villas in Bloomfield at Ambegaon

3) 2 bhk and 3 bhk flats in 9 Green Park at Sahakar Nagar 2

Except launching Amit's Astonia at Balewadi, an affordable housing project of a 2 bhk flat for 25 lakhs, in the last 18 months Amit Enterprises has done nothing but advertising the inventory of their unsold flats.

By looking at the efforts and the offers, I am convinced that Amit Enterprises is happy to have unsold flats. Because these unsold flats provide an opportunity to try different advertising solutions for the newspapers and consistent visibility for the brand "Amit Enterprises".

However, at a certain point this is going to end. Because no flat can remain unsold forever.

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Wednesday, September 30, 2009

Sumit Arora, VP Strategic planning and business development of DS Kulkarni Developers said the current year seemed to be pretty good!

Question:

Sumit Arora:

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Maharashtra Chamber of Housing Industry and State Bank of India Present: Property 2009, 15th Real Estate and Housing Finance Exhibition:

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Sky Heights - nearest residential project from Khadi Machine Chowk on Katraj Kondhwa road:

Good things in small packages!

Sky Heights: Construction updates: First slab of A Wing:

Sky Heights - view from Pisoli - Undri Road:

Property rates and budgets of 1 BHK, 2 BHK Flats in Sky Heights, Undri:

Contact:

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Monday, September 28, 2009

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Expect hardening of interest rates and a spike in property prices soon. At least that is what banking circles and real estate players would like their prospective clients to believe.

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Phase-2 residents waiting for possession of flats for two years:

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Sunday, September 27, 2009

First 100 plus acre township launched in the last 2 years of recession in Pune real estate market!

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Welcome to Mont Vert Tropez, Wakad, Pune, India:

Layout Plan of Mont Vert Tropez:

Under Construction Club House:

Floor plans of I building:

Odd Floors:

Even Floors:

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Saturday, September 26, 2009

Without giving commission to some so called Association, pretending to care for IT professionals working in Hinjewadi, Rama Group re-launches Costa Rica in Wakad at the property rate of Rs. 2,300 per sq.ft.!

Lot better location than Madhupushpa and Silver Skyscapes!

Lot better property rate than compact flats in Park Xpress Baner in Balewadi!

2 BHK Flat in Cost Rica Wakad:Saleable area - 1,055 to 1,261 sq.ft.:

3 BHK Flat in Cost Rica Wakad:Saleable area - 1,349 to 1,528 sq.ft.:

For more information:

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In a novel move to keep a tab on activities of foreign national visiting the city and to help them during their stay here, especially in finding an accommodation, the Pune police have decided to launch a website at the earliest

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Buying home to get safer in New Delhi and NCR, new real estate bill mooted

Isn't buying property very much safe in Maharashtra, particularly in Pune, India?

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Friday, September 25, 2009

Oh! What a day!! Water detected on the moon, buried ice on Mars, foundation work of 2 building in Sunshine Hills!!

Sunshine Hills - discovered off 1100 meters on Katraj Kondhwa road! :

Temple - Heart of Pisoli Village:

Heavy Traffic on Katraj Kondhwa Road:

Sunshine Hills - 1,100 meters inside!

Sunshine Hills boasts of pollution free locale that's blessed with cool breeze and aboundant sunlight......as per the brochure!

The last shepherd, Dhangar, with his herd of sheep and goats:

Recycling Industry:

Launching soon...

Go, get a life style at Sunshine Hills!

Sunshine Hills, where you get much more than just a home. You get a club house!

Stop here. We are making our dream site office!

The great discovery! Foundation work is going on...

Sunshine Hills - 1 BHK and 2 BHK Flats, Property Rates and Budgets:

Is Rs. 2,300 per sq.ft. right property rate for Sunshine Hills?

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Tuesday, September 22, 2009

Yashwant, New Tarabai Park, Kolhapur: Pay 2.88 Lakhs to own a 2 BHK Flat!

Yashwant, New Tarabai Park, Kolhapur: 250 large and medium 2 BHK Flats, 1 BHK Flats and 37 Bungalows:

1 BHK Flat: 604 sq.ft.: For Rs. 11,44,271/-Today Booking Amount Rs. 1,99,000 + A. D. F. After 18 months: EMI Rs. 10,152/-

2 BHK Flat: 866 sq.ft.: For Rs. 16,45,375/-Today Booking Amount Rs. 2,86,000 + A. D. F. After 18 months: EMI Rs. 14,590/-

2 BHK Flat in Cost Rica Wakad:
Saleable area - 1,055 to 1,261 sq.ft.:

3 BHK Flat in Cost Rica Wakad:
Saleable area - 1,349 to 1,528 sq.ft.:

Yashwant, New Tarabai Park, Kolhapur:
Pay 2.88 Lakhs to own a 2 BHK Flat!

1 BHK Flat: 604 sq.ft.: For Rs. 11,44,271/-
Today Booking Amount Rs. 1,99,000 + A. D. F.
After 18 months: EMI Rs. 10,152/-

2 BHK Flat: 866 sq.ft.: For Rs. 16,45,375/-
Today Booking Amount Rs. 2,86,000 + A. D. F.
After 18 months: EMI Rs. 14,590/-

2 BHK Flat: 873 sq.ft.: For Rs. 16,57,435/-
Today Booking Amount Rs. 2,88,000 + A. D. F.
After 18 months: EMI Rs. 14,698/-

2 BHK Flat: 965 sq.ft.: For Rs. 18,16,942/-
Today Booking Amount Rs. 3,16,000 + A. D. F.
After 18 months: EMI Rs. 16,114/-