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

Saturday, October 31, 2009

Realty brokers' body building live property valuation index

National Association of Realtors (NAR), an apex organization of real estate brokers in India, is working towards developing a live property valuation index, which will become the benchmark for real estate deals in the country

NAR President Ravi Varma told TOI that the brokers' body has almost concluded talks with the National Housing Bank (NHB) for development of such an index. The NHB is the norm-deciding body for all housing finance institutions (HFIs). "We will soon formalize the arrangement and start developing the index for which data collection is already under way," Varma said.

Under the mandate from NHB, the brokers body will develop Residex' which will be an index similar to the stock exchange index that will reflect the valuations of home properties in different locations across the country.

To read more, please, visit Dileep Athavale - The Times of India

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Friday, October 30, 2009

Vascon bags Rs 200 crore HDIL contract

Vascon Engineers has bagged a Rs 200 crore contract from Housing Development and Infrastructure Ltd, to design and build two million sq ft of commercial space at Kurla in Mumbai.

Mr R. Vasudevan, Managing Director, Vascon, said the company would only deliver the shell – the masonry part of the building. All other work such interiors and fit-outs would be taken care of by HDIL. The total project is five million sq ft of which Vascon has been given the go ahead for the first phase, comprising two million sq ft.

The commercial complex would have three levels of basement parking and 11 floors above ground. The project is scheduled for completion in 18 months.

The highlights of the project would be the use of post-tensioning technique for concrete casting, which would reduce cost and increase speed of delivery, he said.

The technique, which uses steel stands, is employed in bridge construction. The shuttering process generally comes down from the average of 21 days to seven. The technology also facilitates construction of larger spans.
Business Line

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Thursday, October 29, 2009

Today, 29 October '09, power cut for more than 12 hours in Kothrud and Shivajinagar, Pune

Senapati Bapat road to remain closed for traffic:

"The work to renovate the extra high voltage cables between Ganeshkhind Power sub-station and Chinchwad extra high voltage (EHV) sub-station will be carried out at the Senapati Bapat road area and thus, the road will remain closed for traffic," said an official media communiqu? of Maharashtra State Electricity Distribution Company Limited (MSEDCL).

The communiqu further stated that Kothrud and Shivajinagar areas will not get electricity for more than 12 hours, from 6 am to 6.30 pm on Thursday. Some areas may face power cuts from 10 am to 6.30 pm.

Apart from Kothrud and Shivajinagar, areas like Rasta Peth, Bund Garden will also suffer power cuts.

For any queries citizens can call MSEDCL on the following numbers: 9960677021, 9960677035 or 18002333435 (toll free).

In Kothrud region, areas like LIC Colony, Chaitanya Health club area, Shivatirthanagar, Kishkindhanagar, Mhada, Balwant Puram, Sutar Dara area, J M Road, Apte road, F C road, Mayur Colony, Anandnagar, New Ajanta, Milan Society, Jaishiv Ganga Society, Mritunjay Society, Ideal Colony, Navaketan Society, Shri Niketan Society, Gujarat Colony, Pratiknagar, Prabhat road, Abhinav High School, Warje, Dahanukar Colony Goswavi Vasti and other parts will face power cuts.

In the Shivajinagar region, Sanghinagar, Khadki, Model Colony, Range Hills, Ashoknagar, Bhosalenagar, Wakdewadi, Senapati Bapat road, Ganeshkhind road, Wadarwadi and Shivajinagar gaothan will face disruption in the supply of electricity.

Even areas under Bund Garden and Padmavati regions, like Satara road, Camp, M G road, Railway station, Boat Club road, Tadiwala road, Koregaon Park, Keshavnagar and Mundhwa areas will face power cut.
The Times of India:

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Activists flay Pimpri-Chinchwad Municipal Corporation's plan to cut 544 trees for developing a BRTS route from Kalewadi phata to Dehu-Alandi road

The proposed 11.2-km BRT route will begin from Kalewadi phata road on Aundh-Ravet road and will terminate at Dehu-Alandi road.

The PCMC plans to widen this road to 45 metres by cutting 544 trees.

A 200-year-old banyan tree near Dhangarbaba temple in Kalewadi, which provides shade to visitors to the temple, also faces axe.

Meanwhile, the PCMC has completed its week-long drive to remove encroachments along this road. The civic body has removed around 80 constructions that were blocking widening of the road from Kalewadi phata to Kalewadi-Chinchwadgaon bridge.

To read more, please, visit The Times of India

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The green building movement seems to be picking up in Pune

Thanks to Pune Municipal Corporation for offering incentives to the builders!

Under the eco-housing certification scheme launched by the PMC in 2005, seven projects (for example: Darode Jog's Crossover County on Sinhagad Road, Pune) have been awarded the certification (project rating) and a dozen projects are in the process of evaluation.

The PMC offers a concession of 10-50% on the premium (a charge the civic body recovers from builders while approving their building plans) depending on the project rating. Twenty-five per cent of the rebate will be given when the building proposal is approved and the remaining after completion of the project. Moreover, under the scheme, there is a reduction of 10% in property tax. (For example: Magarpatta City at Hadapsar, Pune)

To read more, please, visit More city buildings turn green :

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Wednesday, October 28, 2009

Thanks to RBI! Property rates to go up!!
-How much?
Depends upon the liquidity and cash flow of the real estate developer

RBI's move may boost cost and reduce the demand:

The Reserve Bank of India’s move to ask lenders to set aside more funds to cover defaults on loans to property companies may boost costs at real estate developers and reduce demand for homes, company officials said.

The central bank yesterday ordered lenders to set aside an equal amount of their loans to cover for potential bad debts at property companies, an increase from 40 percent to help banks build a cushion against likely bad debts.

"Property developers may be forced to “pass on the prices to the end user," said DTZ’s Bhikshu. "This, combined with the sluggish sales of last few months, indicates that the sector’s recovery path could see some hurdles in near future." Read More

No asset bubble. It's turned around !

The Reserve Bank seeks to head off a real estate bubble, withdraws an earlier move to revive the sector..

According to Mumbai-based Housing Development and Infrastructure Ltd (HDIL), the third largest developer by market value, home prices may increase depending on the liquidity levels of companies.

“The new provisioning norm will make lending more expensive for developers, squeezing their profitability, and so those in need of cash flow may pass it on to buyers, leading to a rise in prices,” said Hari Pandey, vice-president, finance and investor relations, HDIL. Read More

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Of recession and business concerns - status of the industries in Pune

A year after recession struck the world, things are looking better as the industries are recovering from the impact of the global meltdown. Sakaal Times checks on the status of the industries in Pune and India from the experts.

Positive Sentiments:

Although no organisation representing the industry has any figures available for the 7000 odd small and medium enterprise (SME)-strong Pimpri Chinchwad area or the general scenario of the industry, “sentiments are positive”, says additional director general, Mahratta Chamber of Commerce Industries and Agriculture (MCCIA), Anant Sardeshmukh.

Improving!

Suresh Mehtre, president of the Pimpri Chinchwad Small Scale Industries Association agrees that the scenario is looking up, but sounds a note of caution: "The situation is improving, but it is not so strong and it will take around six months, I would say for industries to find their foothold like before."

To read more, please, visit SakaalTimes

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Pune holds first Pecha Kucha Night

Pecha Kucha Night (PKN) - It's a way of bringing together architects, writers, artists and other creative minds..

Pecha Kucha Night (PKN), the brainchild of Klein Dytham Architecture, a Tokyo-based firm, originated in 2003 and is today held in over 240 cities in the world.

In Pune, the first PKN was held on October 23 and had 90 people in attendance.

Twelve individuals from the fields of dance, journalism, architecture, fine arts, poetry and literature met at well-known architect Christopher Charles Benninger's office.

The presentations included a slide show on the evolution of a chair by senior architect Shrikant Nivasarkar,

Falguni Gokhale's journey as an artist;

Varsha Gavandi's interesting facts on Chinese gardens ( Ravi & Varsha Gavandi, Landscape Designers' of Darode Jog Properties' Blossom Boulevard, super premium apartments at Koregaon Park ) and

demonstrations on the finer nuances of classical dance by Kathak dancers Kaveri Agashe and Sheetal Kolwalkar.

Pecha Kucha derives its name from a Japanese term for the sound of conversation ( chitchat'). It will be a regular activity in Pune to help creative people share knowledge.
To read more, please, visit The Times of India

Tain Square at Fatima Nagar, Pune -
Creation of Christopher Charles Benninger:

If you have ever been to Fatima Nagar - Wanawadi in Pune, i am sure, Christopher Charles Benninger's stunning creation Tain Square must have left a lasting impression on your mind.

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Army puts hold on Pune Municipal Corporation's road and bridge projects

Three important Pune Municipal Corporation (PMC) projects have come to a halt, largely because of the civic body's own apathy.

Work on a bridge parallel to Holkar bridge, a road connecting Sangamwadi bridge to Sadalbaba chowk and the widening of the road opposite BEG, were all undertaken on land passing through army establishments.

Six months ago, on March 26, work was called to a halt by army officials since the PMC had failed to honour its commitments.
To read more, please, visit The Times of India

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Water cut in parts of Pune City

Thursday, October 29:

The following areas will not receive water on Thursday, October 29, due to pipeline repair works to be undertaken at the Warje and Holkar water stations.

The areas are Bhusari colony, Shastrinagar, Bavdhan, Bhugaon road, Balewadi, Pashan, Warje highway area, Karvenagar, Dahanukar colony, Mahatma society, Paud road, Sus road, Baner and Gandhibhavan.

These areas will receive water late and with low pressure on Friday.

Friday, October 30:

Meanwhile, the following areas will face a water cut on Friday, October 30, due to repair work on the Wanowrie main line.

The affected areas are Shantinagar, Ganga Satellite Jagtap chowk area, Satyavihar road, Shivarkar road, SRP II, Wanowrie, Azadnagar.

These areas will receive water late and with low pressure on Saturday.
The Times of India

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Funds just got costlier for builders

Avoiding creation of another asset bubble:

The RBI’s credit policy announced on Tuesday appears intended to rein in an incipient bubble in the real estate sector. The provisioning requirement for loans to commercial real estate has been increased from 0.40% to 1%, implying costlier bank loans for the sector.

As most of the realty companies rely on bank funding, especially in times of financial crisis, this move could have an impact on the sector.

“As banks often keep a cushion for any regulatory changes in provisioning, this measure is more for bringing moderation in the realty sector. Since necessary reduction in prices has still not taken place and there is fair amount of money available for the sector, this step is to avoid creation of another asset bubble,” says M Narendra, executive director of Bank of India.

Too early:

Not unexpectedly, industry officials differ. According to Rajeev Talwar, executive director of DLF, “Stability in major parameters is a good sign, but increasing the risk weightage for commercial real estate is a negative signal, which is perhaps not required so early in the economic revival process.”
To read more, please, visit The Economic Times

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Banks asked to make higher provisions on bad loans (to real estate!)

Indian banks could see their profitability being marginally impacted in the wake of the Reserve Bank of India directing them to set aside more funds as a cushion against losses on loans extended to builders and also to make more provisions on bad loans.

1% of a loan:

Banks will now have to set aside 1% of a loan given to commercial real estate as a provision, up from 0.4% now.

RBI governor D Subbarao has categorized such loans as those given to builders for construction of commercial properties like offices, malls, entertainment zones and hotels.

Interest rates to go up:

OP Bhatt, chairman, State Bank of India, said the interest rate on such loans would go up marginally. Most banks are disbursing loans to builders at prime lending rate (PLR) or at a spread over the PLR.

Low exposure:

Chanda Kochhar, CEO of ICICI Bank, said: “There is no issue of asset bubble as such. The provisioning of loans extended to commercial real estate was high previously. Subsequently, the credit flow to this sector fell, which impacted its activity. Now that the activity has picked up in this sector, RBI has raised provisioning requirement back to the old levels. But banks’ exposure towards commercial real estate sector is low. NBFCs and mutual funds are more active in this space.”

The provisioning for such loans was reduced from 1% to 0.4% after the collapse of Lehman Brothers caused credit lines across banks (globally) to freeze.

Low property prices?:

RBI said the hike in provisioning for such loans was largely due to an increase in the flow of credit to this sector and the extent of restructuring of loans.“Excess of credit to a particular sector is a concern for RBI, and thus, provisioning has been raised.

This will reduce easy access to money (for builders). Hopefully, it should result in builders lowering the price of property, something most have refrained from doing so far,” pointed out M Narendra, executive director, Bank of India.

Provision Coverage Ratio on Bad Loans:

Also, RBI has asked banks to improve the provision coverage ratio (PCR) on bad loans to 70%.

All banks follow asset classification norms, which ranges from 10% for sub-standard to 100% on loss loan. PCR is the overall provision on bad loans.

Simply put, PCR is the amount that the banks expect to forego from a loan if they have to write off that loan account.

However, Mr Bhatt, after a meeting with the RBI, said that banks have requested the regulator to review the entire model of asset classification. He indicated to the media that RBI may give banks more than one year to adhere to the 70% norm.

Among banks, SBI’s PCR is 38% and ICICI Bank’s is 55% as of March 2009, while PNB’s PCR stood at 90%. In fact, early this year, RBI had written to SBI asking it to raise its PCR to the industry average of 52%. But a lower PCR does not mean that the bank has not made adequate provision.
The Economic Times

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The days of easy money may fade

RBI's Exit:

Reserve Bank governor Duvvuri Subbarao on Tuesday ended the soft monetary policy aimed at easing credit crisis last year as he began the exit by withdrawing liquidity boosting measures, becoming the third central banker in the world to do so after Australia and Israel.

This makes increase in lending rates imminent next quarter if consumer and asset prices remain high. He left key policy rates unchanged.

Exit of an easy money policy:

The governor withdrew a special facility making available funds from banks to mutual funds and finance companies, made it more expensive to lend to commercial real estate, forced banks to invest more in government bonds and asked lenders to set more funds for bad loans. The special facility was introduced last year to boost liquidity for firms in the financial sector after the credit markets froze.

But the RBI surprised the market in its choice of instrument to announce the exit of an easy money policy. The statutory liquidity ratio (SLR), which prescribes the percentage of deposits that banks are required to invest in government debt, has been raised to 25% from 24%, which Mr Subbarao said was a reversal of an exceptional measure.

Last year, at the height of the global credit crisis, the central bank had lowered the SLR to ease credit flow to industry.

RBI: Alarmed and Reassured:

RBI has introduced curbs on securitising loans and has announced a stress test for all banks next year.

While the governor was alarmed with the secular rise in prices of all asset classes, real estate, equities, gold and commodities, resurgent foreign portfolio, or FII flows of $14 billion in the first seven months appears to have reassured him that recovery will not be hit.

Lending to real estate:

The fact that year-on-year bank lending to real estate has grown 43% as on end-August had already sparked speculation that the RBI may act on these loans. As Mr Subbarao said, although the amount of credit to real estate is not very high, it has been the fastest growing.

By choosing to increase the extent of standard provisions that banks need to make on real estate loans, the RBI has discouraged fresh loans, yet at the same time has ensured that the capital adequacy ratio is not hit because of existing loans.

Managing the recovery:

The RBI has said that it expects activity in the service sector to grow with a lag and it also points out that inflation has returned to positive territory earlier than expected. The governor pointed out that the upside risks have already materialised. Attention has shifted from managing the crisis to managing the recovery.

To read more, please, visit The Economic Times

Interest rates set to rise, signals RBI

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Interest rates set to rise, signals RBI

Interest rates are likely to start rising soon.....

Rising Inflation:

Interest rates are likely to start rising soon. This was clearly indicated by the second quarter review of the monetary policy, 2009-10, unveiled by RBI governor D Subbarao on Tuesday.

Releasing the review, the governor said that in the light of mounting inflationary pressure, which is projected to touch 6.5% by March 2010, the monetary policy's first priority would be to contain the inflationary expectation.

Repo, Reverse Repo Rate and Cash Reserve Ratio:

The RBI left all major policy rates like repo and reverse repo rates — the rates at which it lends to and accepts money from banks respectively — and cash reserve ratio (CRR) — the percentage of deposits banks are supposed to keep with the central bank — unchanged.

Easy Money :

But it took the first step towards rolling back its easy money policies, pursued for the past year to counter the economic slowdown. It terminated special liquidity facilities like credit refinance limits extended to banks against the loans given to exporters and mutual fund companies ahead of the original March 31, 2010 expiry date.

Statutory Liquidity Ratio;

The central bank also reversed its earlier decision to reduce the minimum required investment by banks in government securities from 25% to 24% of deposits. The statutory liquidity ratio is now once again 25%. As most banks have already invested more than 25% in government securities, this decision will not have an immediate impact on the availability of funds, but these measures clearly indicate the RBI's intent to discontinue the accommodative monetary policy.

Stimulus Packages:

Responding to the measures, finance minister Pranab Mukherjee said that the RBI's assessment, on the whole, is in conformity with the government's thinking on both fiscal policy and monetary policy. However, he said the government would continue with the stimulus packages till the economy is back on a firm recovery path.

Economic Growth :

Finance minister also disagreed with RBI's projection of 6% economic growth with an upward bias for 2009-10. He said he would prefer to go with the growth projection of 6.5% to 6.75% given by the prime minister's economic advisory council in its mid-year review.

Prime Lending Benchmark System:

Pranab Mukherjee further hoped that with the new prime lending benchmark system likely to be introduced soon, the lending rates would become more transparent and competitive. This would make the banks lend at lower rates with lesser margin over the cost of funds.

To read more, please, visit The Times of India

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Tuesday, October 27, 2009

Interest rates unlikely to go up (immediately)

"Instead of focusing on policy rate change, take steps to arrest rising consumer prices"

RBI's policy rate change:

Industry and individual borrowers can rest assured that any tweak in the RBI's policy rate on Tuesday may not have immediate bearing on their pockets, economists and policymakers said.

Enough funds to lend:

"There is enough liquidity in the system while deposit rates in banks currently are quite high at 20% in comparison to the credit rate of 14%," said D H Pai Panandiker, head of think tank RPG Foundation. This alone will ensure surplus funds to lend and would also keep a check on the interest rates, he added.

Prime Minister's Office:

Sources in the finance ministry said the central bank was unlikely to make any changes in the current interest rate regime as the government had conveyed to RBI governor D Subbarao that it was not in favour of an exit policy on stimulus till global recovery was in sight.

To read more, please, visit The Times of India

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Monday, October 26, 2009

50,000 odd residents of Mohammedwadi near Hadapsar continue to face erratic power supply

Nyati County :

.The sub-station, which was to bring relief to Nyati County residents, is still under construction and little or no attention is being paid to speed up its commissioning by the power utility.

During a recent meeting between the MSEDCL's executive director (Pune region) Uttam Zalte and representative of the Nyati County Mohalla Committee Deepak Sethi, the former had assured that the sub-station will be commissioned by October 7.

More than three weeks after the deadline, the sub-station is yet to be commissioned.

DNA had last month reported how the residents of Mohammedwadi area near Hadapsar have been suffering from regular power failures for the past four to five years. Read More

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Death rate of traffic accidents in Pune is 29 per lakh population

Number of accident-related deaths on Pune roads is equal to the number of people dying due to tuberculosis in India:

The most important point that the study, carried out at the University of Pune's Interdisciplinary School of Health Sciences, highlights is that accidents do not occur by chance.

In fact, there are two reasons that lead to maximum number of cases: One is human behavior and the other is poor civic infrastructure.

A large number of deaths and injuries are occurring due to poor road conditions.

Behavioural risk factors like over speeding and driving without observing traffic rules were found to be major causes of injuries.

Environmental factors like congested roads, roadside hazards like stray animals, unmarked dividers on streets and poor street lighting were also identified. Read More

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Move to involve citizens in the annual budget of the Pune Municipal Corporation for the year 2009-10

Each resident can suggests projects up to Rs 5 lakh:

Janwani, an NGO supported by Marhatta Chamber Of Commerce, Industries and Agriculture (MCCIA) and Centre for Environment Education (CEE) will soon organise a discussion on how people can get their ideas included in the annual budget of the Pune Municipal Corporation for the year 2009-10 though the participatory budget process.

This is the fourth consecutive year that the PMC will invite suggestions from people. The idea is based on the fact that a single corporator, who represents 15,000 residents may not be able to get the people's aspirations reflected in the budget.

The PMC has set projects worth Rs 25 lakh for each of the PMC's 144 wards to be implemented according to suggestions coming from residents in the area. Each resident can suggests projects up to Rs five lakh and once included, these projects will find a mention in the PMC budget.

Contact:
Further details of the process can be had from :
Kishori Gadre, manager, MCCIA, Janwani: 9823338241, or
Sanskriti Menon, programme director, Centre for Environment Education: 9822455250

SakaalTimes

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Sunday, October 25, 2009

Lavasa to raise Rs 2,000 crore through IPO next year

Lavasa Corporation, a subsidiary of Mumbai-based Hindustan Construction Company, plans to raise around Rs 2,000 crore through an initial public offering during the second half of next year.

Now, Lavasa near Pune has commenced laying infrastructure for the second phase of the project.

Lavasa aims at developing five 'towns' in the hill-station project and expects to sell commercial and residential space in the second town at a 15-20 per cent premium.

To read more, please, visit The Economic Times

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Sajag Nagrik Manch seeks reliability charge exemption for residential consumers

Sajag Nagrik Manch (SNM) has demanded that residential consumers with a monthly consumption of 200 units be exempted from paying reliability charge in the new model of zero load-shedding (ZLS) proposed by the Maharashtra State Electricity Distribution Company Ltd (MSEDCL) for Pune and other revenue division headquarters.

The demand was made in a representation to the Maharashtra Electricity Regulatory Commission (Merc) which has scheduled a public hearing on the proposal in Pune on November 5.

MSEDCL has proposed a reliability charge of 24 paise per unit to all consumers, except those in the below poverty line (BPL) category, in order that they be free of load-shedding.

To read more, please, visit The Times of India

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Saturday, October 24, 2009

InSignia_Pune to launch their 2nd group housing project of 2 & 3 BHK Flats and Row Houses for Hinjewadi IT professionals!

2 BHK Flats - Only 60!

3 BHK Flats - Only 40!

3 BHK Row Houses - Only 20!

4 BHK Row Houses - Only 10!

Hot Pune Real Estate Market News!

InSignia_Pune hasn't officially announced the launch of 2nd project because all details are not yet finalized.

But when i found out that members of InSignia_Pune Yahoo Group (724 Members) have already started registering, i thought, i should share this hot Pune real estate market news with you.

This is an opportunity for you, the readers of Ravi Karandeekar's Pune Real Estate Market News Blog who are not members of InSignia Group and didn't book in Vanshaj InSignia at Sus Baner only because the property of your choice was not available!

Considering the refundable registration amount and the number of properties on offer, i am sure, if you are serious about the booking, it would be better if you act fast! Have a look at these details from the email message of InSignia:

We can start registration for the flats and town houses with refundable payment of registration amount -

Rs. 10,000 for 2 BHK flat 60nos.,

Rs.15,000 for 3 BHK flat 40 nos.,

Rs.20,000 for 3 BHK Town house 20 nos and

Rs.25,000 for 4 BHK town houses 10 nos.

In case any member wants refund we may deduct max. Rs.1,000 towards expenses incurred.

We shall have the claim on units as per the ranking of registration and make allotment in that order.

At this point, it would not be fair to write about the property rates of the 2nd project or any other details. So, i request you to join InSignia_Pune Yahoo Group to know more about the upcoming 2nd project located near their first group housing project for Hinjewadi IT professionals.

InSignia Group home page:
http://groups.yahoo.com/group/insignia_pune

InSignia Group email address:
insignia_pune@yahoogroups.com

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

If you like to chat, join me, RaviKarandeekarsBlogs on Google Talk.

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

To share your good and bad experience about investing in Pune real estate market, your complaint against the builder or an issue your society is facing, please, write to
ravi-karandeekars-group@googlegroups.com
with the necessary documents and proofs.
For more info, please, click here.

Check my Google Profile: http://www.google.com/profiles/ravi.karandeekar

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Friday, October 23, 2009

Now, Nanded City's website www.nandedcitypune.com is up and running!

From Novemebr 2009, Property Rates of Nanded City Pune to go up by Rs. 100 per sq.ft.!

Current property rate at Nanded City Pune: Rs. 2,750 per sq.ft. From November '09: Rs. 2,850 per sq.ft.!

Please, don't misunderstand that Nanded City Pune is increasing property rates because now, their website www.nandedcitypune.com is up and running.

Nanded City Pune is increasing property rates, only because, now, bookings are happening. Pune real estate market is improving.

Like me, if you wonder "Why are you increasing only 100 rupees per sq.ft.?", I would like to share the answer. "At Nanded City Pune, at this point of time, only foundation work is going on. And, you know, the buildings have 11 and more floors!," i was told!

Feel free to call me:

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Thursday, October 22, 2009

New Chakan International Airport - Appointment of Project Consultant - depends on who will be the next Chief Minister & how much time he takes!

Last Chief Minister:

On February 18, the Ashok Chavan-led state cabinet had given its administrative sanction to the international airport project, which is to be built on a public-private partnership (PPP) basis.

The state cabinet then resolved for naming the project as New Chakan airport

Approved the appointment of Maharashtra Airport Development Company (MADC) as a special planning authority (SPA) for land acquisition and development of the airport.

A seed money of Rs 200 crore was also cleared for the project.

The civil aviation unit of the state department for general administration has so far released Rs 75 crore of the seed money to the MADC and the latter had called tenders for appointment of a project consultant.

Six companies have filed their bids for the consultancy work that involves planning, designing, supervision and execution of the airport project. These include independent firms as well as consortia or joint ventures.

However, considering that the results of the assembly elections are on October 22 and will be followed by the government formation process, it will take some time for the MADC board of directors, which is headed by the chief minister (CM), to put its final seal of approval on the consultant recommended by the management.

The SPA has identified 3,300 hectares of land covering seven villages in Rajgurunagar for the airport project.

To read more, please, visit The Times of India

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Pimpri-Chinchwad Municipal Corporation (PCMC) to review 10% water cut today, 22 October 2009

Now, Pavana dam has 98 per cent water in its reservoir!

The Pimpri-Chinchwad township with a population of around 15 lakh is entirely dependent on Pavana dam for the drinking water needs. The municipal corporation lifts 340 MLD water from the bund at Ravet on Pavana river for its consumption.

Following a deficient rainfall this monsoon season, the civic body had imposed a 20 per cent water from July 7, when the Pavana dam was left with only 46 per cent water in its reservoir.

However, following good rains in the catchment areas of Pavana dam towards the end of August and beginning of September, the water level in the dam rose to 90 per cent. Following this, the water cut was reduced from 20 per cent to 10 per cent from September 15. Recently, the area again received a good spell of rains towards the end of September and beginning of October, further increasing the level of water int he dam.

To read more, please, visit The Times of India

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Wednesday, October 21, 2009

RBI "suggests" that banks should not charge different home loan interest rates for new and old customers!

RBI is trying to suggest that instead of "Discount to BPLR", banks should move to "Base Rate"!

Banks fix their floating rates on things like home loans at a discount to the benchmark prime lending rate (BPLR).

When rates were cut, the discount would be increased, thereby giving new customers a lower rate, but the BPLR itself would be left untouched more often than not.

Thus, existing customers whose discount rate was already contractually fixed would not benefit.

When rates were hiked, on the other hand, banks would typically leave the discount unchanged and move the BPLR up, thereby ensuring that both new and old customers would pay a higher rate.

The RBI has now put forward a suggestion that the BPLR be done away with altogether.

Instead, it argues, there should be a "base rate", which cannot be fixed arbitrarily as the BPLR was, but would be the sum total of various elements of costs for banks. Since the cost elements are known, they can be monitored.

More importantly, unlike BPLR, banks would have to move the base rate upwards or downwards each time the RBI tweaks monetary policy to increase or decrease their cost of funds.

The RBI has suggested that bank boards should review the base rate every quarter.

To read more, please, visit RBI moves to make loans more transparent

Consumer forum orders ICICI Bank to pay a penalty of Rs 1 lakh to the borrower and charge the same rate of interest to old and new home loans

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Monday, October 19, 2009

Now, you can receive & send Tweets via SMS to me - Ravi Karandeekar, Mallika Sherawat, Shashi Tharoor, Barkha Dutt & all on Airtel mobile

Now, Twitter is available in India on SMS only on Airtel mobile phones!

I love Twitter. Twitter introduced me to net-savvy early adopters from whom i learned a lot about "online world". In "real world" Twitter was not of much use to me. Till terrorists attacked Mumbai and Poonam Agarwal sent me a Tweet, an invitation to join her group, targeted at people looking to book a 3BHK flat in Baner / Balewadi area to avail a group booking discount, Home Hunt Baner.

On Twitter, I was happy to communicate in real time. But when i decided not to use GPRS mobile, i found it very expensive to send Tweets at Rs. 3.50 per SMS. But now, with Twitter @ Airtel, i am happy to send 140 characters SMS (Short Message Service) to 53000 for only Rs. 1/- and receive free Twteets from Times of India @TOITopStories, MTV India @MTVIndia, NDTV @ndtv and Priyanka Chopra @priyankachopra !

On Twitter you can find at:
1) Twitter/RaviKarandeekar ( http://twitter.com/RaviKarandeekar )
2) Twitter/PuneRealEstate ( http://twitter.com/PuneRealEstate )
3) Twitter/Welcome2Pune ( http://twitter.com/welcome2pune )

Who is paying Ravi Karandeekar to blog Airtel @ Twitter? Twitter or Airtel?

On my blog, you know well, most of the comments are negative. Many call me an agent of Pune builders' cartel. They are very much sure that I am paid by the builders in Pune to hype the property market. I blog on Pune real estate, negative comments claim, only to justify the current property rates.

Those who criticize me in the comments, simply don't believe that a real estate salesman, Ravi Karandeekar, would like to keep in touch with the property buyers.

Those who criticize me in the comments, don't understand why Pune real estate marketing consultant, Ravi Karandeekar, would share the information about Pune real estate market for free.

Those who criticize me in the comments, find it difficult to accept that a Pune real estate blogger, Ravi Karandeekar, who is not a home buyer, an estate agent or broker or consumer lobbyist fighting against the builder "mafia", may not be an enemy of a middle class Pune property buyer!

I request these critics to take advantage of Twitter @ Airtel offer to understand that exchanging information freely and publicly is a natural human tendency. Conversation means expressing your views and trying to understand different point of views. My dear critics, please, give Twitter a try with your Airtel mobile by sending START to 53000. Happy Twittering! Happy Diwali!!

Saturday, October 17, 2009

Happy Diwali and Shubh Deepavali

I wish you all "Happy Diwali!," and
my neighbor, Pethkar Projects of Balwantpuram, Samrajya at Shivtirthnagar, Paud road, Kothrud, Pune, "Shubh Deepavali!!"

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Deep Mahotsav at Magarpatta City, Hadapsar, Pune

The Festival of Light and The Festival of Community Life:

Over 50,000 Diyas – traditional lamps, were set and placed along the roadsides, the Central Garden - Aditi Gardens, skirting Magarpatta Cybercity, all around the residential neighborhoods, Pentagon – the commercial office space, Destination Center, the playgrounds and all the facilities in and across Magarpatta City.

At 7 p.m. all street lights were switched off and thousands of Magarpatta ‘Cityzens’ – as the residents are known here, the I.T. professionals at Cybercity Magarpatta, the management and staff of Magarpatta Township Development & Construction Company Limited and the construction workers, all got together as one big family to light up this joyous occasion.

The aura created by this ambience was clearly to light up for a more healthier and prosperous future by encouraging all to, once again, come together to celebrate and enjoy ‘The Festival of Light and The Festival of Life!’

As a tradition, a spectacular display of fireworks comprising primarily of colorful light varieties was arranged thereafter. Everyone converged at the Aditi Gardens, spread over 25 acres and the fireworks were lit from the highest point of Magarpatta City for all to cherish.

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Monday, October 12, 2009

Launch of Phase 2 of Mont Vert Seville, Wakad and Pride Platinum, Baner

What did you do this weekend?

This weekend, I was expecting that a couple of residential projects would be launched in Pune real estate market. But, only 2 projects were launched. In fact, only one. Pride Housing's Pride Platinum near Pancard Club in Baner Pune. Mont Vert only launched the 2nd phase of their on going project Seville in Wakad Pune.

Pride Housing and Mont Vert Homes - my favorite builders:

Of course, for me launch of these 2 projects was more than enough to have an exciting weekend. Mr. Arvind and Ms. Nidhi Jain of Pride Housing were my most favorite client in my Pune real estate advertising days. I was more excited about the launch of Pride Platinum because it's totally Pride Housing's project. It's not a joint venture with any builder. So, i was sort of emotionally involved in the launch of Pride Platinum. Whereas, Mont Vert Homes is my current, blogging career favorite.

Current trend in Pune real estate market:

As expected, both the projects, Pride Platinum at Baner and 2nd phase of Mont Vert Seville got good response. I am not saying this because in Pune real estate market only one type of response is available - good. But because, recently home buyers in Pune have, again, become really kind and considerate. They not only visit the site offices but buy properties too. Properties in all budgets. Rs.26 to 30 lakh 2 BHK Flat in Mont Vert Seville. Rs. 40 to 60 lakh 2 BHK / 3 BHK Flats in Pride Platinum. At any location. At Wakad. At Baner. And, yes, even in Balewadi! At this point of time, Mr. Shamkant Kotkar, of Nandan Prospera at Baner, may be one of the happiest builders in Pune real estate market!

Serious Senior Property Buyers:

This weekend, i found an interesting difference in the launch of these two projects. Pride Platinum at Baner is a luxurious up-market project but it's launch was very businesslike. There was no function, celebration or glamour. Serious property buyers were getting information from Narendra and his team of experienced salespersons. Children were enjoying themselves while parents were busy.

Catch 22!

Whereas Mont Vert Seville was glamorously decorated with flowers, food was served and Dr. Deepakji Phene, of Mont Vert Luxurious Homes, was personally receiving the visiting property buyers. For a minute, i thought that it was a wedding reception of Ms. Barbara! What should i do? Should i gather the courage and go in and wish her or not step in Mont Vert Seville at all? It was a catch 22 situation for me!!

Have a look at these photographs, i took at Mont Vert Seville Wakad and Pride Platinum at Baner Pune and in the comments, tell us, "What did you do this weekend?" ( Comments Policy )

Mont Vert Seville at Wakad Pune:

Pride Platinum at Baner, Pune:

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:

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Saturday, October 10, 2009

Pride Platinum, near Pancard Club at Baner Pune, launched

2 BHK Flat - 903 Carpet + 74 Terrace = 1220 Super Built-up

3 BHK Flat - 1223 Carpet + 74 Terrace = 1620 Super Built-up

10 acre township of spacious 2 BHK & 3 BHK Flats with an easy access to Kothrud and Hinjewadi!

Click to Enlarge

Click to visit E Brochure of Pride Platinum Baner

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Friday, October 9, 2009

Mont Vert Seville Phase 2, Wakad (Pune) - 2 BHK ( Flat ), Rs. 22 Lakh onwards, news - It's all about Santa, Barbara and Home!

Ms. Barbara was busy!

Yesterday evening, by 6.30 PM, on the eve of the launch of 2 nd phase of Mont Vert Seville, I visited their site office at Wakad Pune. By this time, i was sure, Barbara would be free. Free for small talk or a long drive. However, Barbara was busy. In fact, everyone was busy. Including Mr. Manishbhai and Jayantbhai Kaneria, directors of Mont Vert Luxury Homes. Here are few photographs of the evening:

Mont Vert Seville, Wakad Pune,
7 PM. 8th October 2009,
on the eve of the launch of 2nd phase:

Barbara has a brother!

Barbara's brother gave me a printout of the property rates and budgets of 2 bhk flats in the 2nd phase of Mont Vert Seville. When i asked for the brochure, he said that i can get all the details on www.montverthomes.com

Barbara knows how many wish to take her home!

Santa comes early!

At the site office of Mont Vert Seville, Wakad Pune, after a long time, I met Mr. Suryavanshi. He stays in Mont Vert project. As a "Montvertian", he had received an exclusive invitation and an offer. Besides the free gift of 40" LCD for the first 50 bookings, he would get a laptop too! He was seriously considering investing in Mont Vert Seville.

Property rates and budgets of compact 2 BHK Flats in Mont Vert Seville, Wakad Pune:

1) Property rate at Mont Vert Seville, Wakad Pune is Rs. 2,699 per sq.ft.

2) Basic price of the property, saleabale area x property rate, is in the range of Rs. 19.91 lakhs to Rs. Rs. 23.94 lakhs.

3) 25 years membership of Club 29 is Rs. 2 lakhs, means appox Rs.667 per month, paid in advance.

4) Infrastructure charges are Rs. 2.25 lakhs

5) Development Charges are Rs. 75,000

6) Including stamp duty and all above charges in Mont Vert Seville 2 bhk flat fits in the range of Rs. 26.3 to Rs. 30.6 lakhs.

7) Premiums: Rs. 33/- per sq.ft. for the 5, 6, 7, 8 floors and Rs. 66/- per sq.ft. for the 9, 10, 11, 12 floors

8) Possession: December 2011 onwards

To know more:

Call Barbara!
020 6510 5444
020 6410 2222

sms 'BARBARA' to 56070

Visit Barbara:
At Mont Vert Seville , Wakad Pune, about 3.5 km from Rajiv Gandhi Information Technology Park also known as Hinjewadi InfoTech Park!

Feel free to call me:

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Pride Housing to launch Pride Platinum, near Pancard Club at Baner Pune, tomorrow!

It means, today is the last day of "Pre-Launch offer", and i can see only one possibility!

Upcoming project of 2 BHK and 3 BHK flats near Pancard Club, Baner, Pune

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Thursday, October 8, 2009

Now, at Wakad Pune, 2 BHK flat in 25 lakhs!

Mont Vert Seville, phase 2,
at Wakad Pune
to open booking of
2 BHK flat for Rs. 22 lakhs onwards!

Mont Vert Seville at Wakad Pune:
Resort like ambiance with
water bodies, exotic landscaping, leisure activities and
25 years membership of Club 29!

40" LCD TV Free with first 50 bookings
at Mont Vert Seville Wakad Pune!

Click to Enlarge

To know more:

Would it be an "Action Replay" at Mont Vert Seville?

I wonder what will happen tomorrow at Mont Vert Seville at Wakad Pune!

Would it be an action replay of the launch of Mont Vert Seville's first phase in Wakad Pune?

Would it be an action replay of Swiss County Too at Wakad Annex, Thergaon?

Would it be an action replay of the launch of Silver Mist at Pimple Saudagar?

Would it be an action replay of Nano Homes at Ravet?

Would it be an action replay of Om Developers' Golden Palms, 2nd phase of The Island at Wakad?

Would it be an action replay of Costa Rica at Wakad?

Sorry, my dear friend Dharmendra, marketing manager of Rama Group, I am very much sure, my favorite, Mont Vert Seville's 2 BHK Flat for 22 Lakhs in Wakad would be the biggest hit in Pune real estate market!!

After all Mont Vert Luxury Homes stand for quality construction.

1st phase of Mont Vert Seville has proved that you can get a luxurious flat in your budget!

Compact flat in Mont Vert Seville offers you life long entertainment of Club 29!

Mont Vert knows well the sub-conscious desire of every Indian metro sexual male!

No, don't take me wrong! It is not about the twin beauties in the ad!!

It is about development of Wakad Pune.

Let infrastructure development of Wakad take it's own time. My property in Mont Vert Seville will appreciate because of the Club 29!! Now, young Indian metro sexual male work hard, party harder!

Sorry, Prophets of Doom! Don't think that i have forgotten you while talking about my favorite Mont Vert!

Please, express your ideas and thoughts in the comments as you always do. But, please, keep in mind while you are busy posting your comments, someone is booking a home in Pune real estate market! Because, at the end of the day, even middle-aged men don't like to hear "Not tonight darling!" And you are telling young metro sexual male to abstain! .

Saturday, October 31, 2009

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Friday, October 30, 2009

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Thursday, October 29, 2009

Senapati Bapat road to remain closed for traffic:

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Thanks to Pune Municipal Corporation for offering incentives to the builders!

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Wednesday, October 28, 2009

RBI's move may boost cost and reduce the demand:

No asset bubble. It's turned around !

Related Stories:

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Positive Sentiments:

Improving!

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Tain Square at Fatima Nagar, Pune - Creation of Christopher Charles Benninger:

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Thursday, October 29:

Friday, October 30:

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Avoiding creation of another asset bubble:

Too early:

Related Stories:

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1% of a loan:

Interest rates to go up:

Low exposure:

Low property prices?:

Provision Coverage Ratio on Bad Loans:

Related Stories:

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RBI's Exit:

Exit of an easy money policy:

RBI: Alarmed and Reassured:

Lending to real estate:

Managing the recovery:

Related Story:

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Interest rates are likely to start rising soon.....

Rising Inflation:

Repo, Reverse Repo Rate and Cash Reserve Ratio:

Easy Money :

Statutory Liquidity Ratio;

Stimulus Packages:

Economic Growth :

Prime Lending Benchmark System:

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Tuesday, October 27, 2009

RBI's policy rate change:

Enough funds to lend:

Prime Minister's Office:

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Monday, October 26, 2009

Nyati County :

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Number of accident-related deaths on Pune roads is equal to the number of people dying due to tuberculosis in India:

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Each resident can suggests projects up to Rs 5 lakh:

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Sunday, October 25, 2009

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Saturday, October 24, 2009

2 BHK Flats - Only 60!

3 BHK Flats - Only 40!

3 BHK Row Houses - Only 20!

4 BHK Row Houses - Only 10!

Hot Pune Real Estate Market News!

Related Stories:

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Friday, October 23, 2009

From Novemebr 2009, Property Rates of Nanded City Pune to go up by Rs. 100 per sq.ft.!

Current property rate at Nanded City Pune: Rs. 2,750 per sq.ft. From November '09: Rs. 2,850 per sq.ft.!

Feel free to call me:

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Tain Square at Fatima Nagar, Pune -
Creation of Christopher Charles Benninger:

I wish you all "Happy Diwali!," and
my neighbor, Pethkar Projects of Balwantpuram, Samrajya at Shivtirthnagar, Paud road, Kothrud, Pune, "Shubh Deepavali!!"

Mont Vert Seville, Wakad Pune,
7 PM. 8th October 2009,
on the eve of the launch of 2nd phase: