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Tuesday, December 15, 2009

Visit to Ravet to buy a plot of land

Can you guess the current land prices in Ravet?

Visiting Ravet to buy a plot of land is going to become one of the memorable experiences, in this life.

I was visiting Ravet for the second time. With the same builder, i remember, i had visited Ravet 4 years ago. My builder friend remembered the exact day, date and time of our last visit, which i didn't. "I have seen the new Ravet bridge only from the window of a airplane," the builder said. So, we decided to go by Aundh - Dange Chowk - Ravet road and return by Expressway.

At Ravet gaon, builder's reliable agent was waiting for us. The agent insisted that first we should drive up to the Expressway to see the ongoing infrastructure work and familiarize ourselves with the development plan of Ravet. Indeed, this was a unique experience. "We are in PCMC!," our agent said proudly.

Mr. Agent was talking like a real estate salesman! Remember?, When you visit a site office, first we tell you about the layout plan of the township! Just like that! However, like a real estate salesman at a site office, he didn't have to ask us, "What is your requirement? 2 BHK or a 3 BHK Flat?". Because, the builder had already told him that minimum plot size should be 5 acres.

Driving up and down, we came back to Ravet village where we had met for the first time. Of course, Mr. Agent took us to Celestial City. Told us about the "exact" number of bookings. How Rama Group and Pharande Spaces, builders of Celestial City, have increased the property rates by 100 rupees, from the launch property price of Rs. 2,400 to the current Rs. 2,500 per sq.ft. And predicted that, in no time, the property rates in Ravet would rise to the level of Wakad and Balewadi!

"This is not done! Property rates in Ravet shouldn't go up!!," the builder said.

For a moment, i didn't believe what i was hearing. A builder was not happy about the rising property prices!

"Launching property rate Rs.2,400 per sq.ft. in Ravet, is nothing but killing the competition. Now, by increasing the property prices they are eliminating the competitor!!," the builder said. "How can a small builder like me survive in this market?," he asked the agent.

"It always happens like this. Isn't it? Big builders take a risk, launch a project in the new area, establish the property rate, and small builders profit from it!," the agent said.

"Those days are over! We have burned ourselves enough," the builder said. "Show me your plots and talk about the rates," he ordered the nervous agent.

View Ravet, PCMC - New Found Land in a larger map

The agent showed us one plot on the main road and took us towards the railway line. He was trying to point out the water, power, drainage lines which were already at place but the builder cut him short and told him to show the boundaries of the plot.

"What's that on the other side of the railway line?," i asked the agent.

"It's Defense land. Depot. No development. Going to remain green like this!," he said.

Looking around, i realized that last time we had been exactly at this point and seen the same plot!

"How much?," the builder asked.

"Oh Sh...! We didn't visit the site of the upcoming MCA Pune International Cricket Centre !! Our Mahalunge Stadium going to be better than their Melbourne Stadium!!!," the agent said.

"I construct flats for IT people. They need big LCD TV. Not a stadium. Talk about the land price," the builder said.

"We are in PCNTDA. Here TDR and premiums are not expensive like PMC. So, for the plot on the main road rate is Rs.1,100 sq.ft. and for this plot of 5 acres by the railway line, the farmer is asking Rs.750 per sq.ft. But, in the meeting he will come down," the agent said.

"He must. Payment terms?," the builder asked.

"Usual. Down payment!," the agent said.

"Is this usual? Are you dealing with me for the first time?," the builder got upset.

"Let us sit and talk. Tell me when can i arrange the meeting?," the agent said in a calm voice. The builder told the agent to call him next day to fix an appointment and took his leave.

Till we reached the Expressway, we didn't talk much. Parking the car on the service road, the builder said, "Let us go up on the flyover and have a look at the Expressway and the feeder road to Ravet." I liked the idea. I had never stopped at this point.

"Isn't Ravet better location than Wakad or Baner for Mumbaikars?" the builder asked me.

"Yes, Ravet, next real estate investment destination in Pune!," i said as if i was reading a slogan. "But no use! You knew it long time ago. Didn't we see the same plot, last time? 4 years ago?," i asked the builder.

"Yes! Do you remember how much he was asking at that point of time?," the builder asked me.

"Yes, very well. Rs. 100 per sq.ft. Payment in installments," i said.

"Right. But you have to add interest to it!," the builder said.

"Should i?," i asked him.

"Yes, of course!," builder said with a smile.

Related Stories:

1) Wednesday, December 9, 2009
Celestial City Ravet - facts and prospects - according to the builders Mr. Moti Panjabi, CEO, Rama Group and Mr. Anil Pharande, CEO, Pharande Spaces

2) Thursday, November 26, 2009
Celestial City Ravet, 25 acres township of 1 BHK, 2 BHK & 3 BHK Flats, opens booking of 1st phase

3) Sunday, December 13, 2009
Megapolis Hinjewadi Phase 3, Pune - Are you investing in a 1 BHK for Rs. 16.87 lakh or a 2 BHK for Rs. 25.34 lakh Smart Home?

4) Thursday, December 3, 2009
November 2009 - Top 10 popular blogs on Ravi Karandeekar's Pune Real Estate Market News Blog

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  1. So Ravi, did you eventually buy a plot of land?

    If yes, would you be building flats and selling us at affordable carpet-area rates?

    Eagerly awaiting your purchase...

    BTW, did you go to Celestial this time again?
    (For cup of Chai, etc. ...)

  2. Yes, sure, i would, if i ever build!

    Visited Celestial City Ravet. This weekend property rate was Rs. 2,500 per sq.ft.!

  3. A 100 - 200 Rs rise is a gimmick by the builders to get bookings from the customers sitting on the fence. I will not be suprised if ravi justifies this price of Rs 2500 per sq.ft. This is probably the reason why you cannot see more comments on this blog.

  4. I must state here that when we were finalizing the location for Aarohi project Ravet was our second choice. That was back in 2007. We saw a 10 acre plot near the new bridge over Pawna river. The non negotiated cost at that time was Rs400/sq ft. This area definitely has potential as there is a direct road planned from the End of express way to Nasik phata. The new road from express way to Kalewadi is going to be the default entry point to Pune. I would say this is going to be the great new commercial hub of Pune. It could even turn into a "Transport Nagar". I would say that 750 is a good price for Ravet.
    BTW we chose Sus over Ravet as we expect Ravet to be a concrete jungle in another 5-7 years whereas Sus is expected to be relatively green with very few R-Zone plots.

  5. Now the Celestial City Price is Rs.3200.+ /- Rs.50.
    I visited last week and was surprised to hear that rates were increased by Rs.800 as compared to initial launch price.
    It was the similar kind of cuttings from the other builders in Ravet too. 3150rs. + /- 50rs.

  6. I live in celestial ph1.
    Quality of workmanship is poor.
    True statement in one of ur blog.
    Builder think as they r doing a favour giving the flat, which has been bought from ur hard earned money.
    Not sure an audit of a proposed project is reviewed by u or not. To evaluate, how much they fulfilled their commitments before starting d projects.
    I believe this audit/check will help other buyers for different projects from the same builder.
    If u think abt it, pls consider celestial.