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Thursday, May 6, 2010

Megapolis Smart Homes Hinjewadi Phase 3 Pune - construction begins!

Smart "Homes" or Smart "Home Owners"?

Yesterday, i visited Megapolis, Pegasus Properties', (a joint venture of Avinash Bhosale Group and Kumar Properties), integrated township in Rajiv Gandhi Infotech Park, Phase 3, in  Hinjewadi, Pune. This time, i not only visited the site office but, for the first time after the Boomipujan Ceremony, visited the construction site of Megapolis Smart Homes too.

 When i first came to know about the pre-launch offer, you know, i was wondering about recommending Megapolis Smart Homes to the real estate investors.  While visiting the construction site, i received two phone calls, asking my opinion about Air Castles at Hinjewadi and about an offer to join IT Professionals' Group Housing Project at Sus. After listening to their questions, I started wondering about the term "Smart" in Megapolis Smart Homes! "Who is "smart"? Homes? or Home Owners?

How can i say that "the property rate of Rs. 2,550 for Air Castles is right" when the builder is not offering you water, electricity, drainage, waste management system, safety and security, shopping, public transport, well planned sophisticated neighborhood of more than 100 acres along with your flat? Please, tell me!

Who can say that "the offer to the IT Group Housing is good" when carpet area of a 2 BHK Flat is only 744 sq.ft. but the builder who is famous for "tricks and gimmicks" adds terrace and increases the chargeable area to 1046 sq.ft., asks for 20% of the property price as commitment charges in advance and offers a flat without any essential infrastructural services like  water, electricity and road in Sus village! Please, tell me!

Here, at Megapolis Smart Homes, who is smart? Homes? or Home Owners, who booked flats which come with all essential services? Home owners whose 2 BHK Flat of 760 sq.ft. carpet area has only 950 sq.ft. saleable area and don't pay any advance commitment charges to their builder for the favor of constructing homes for them?

  Coming back to my visit to the construction site of Megapolis Smart Homes. Though it was a working day, Wednesday, 10 families were at the site office. Obviously, no sales executive had a time to talk to me. However, Pramod, (Pramod Fund, Manager Sales and Marketing,  91-9011009230) obliged and let me visit, along with new homeowners form Kolhapur and Mumbai, 13 acre construction site of Megapolis Smart Homes. Thanks Pramod, it was an exciting experience to see that the construction of all 22 buildings has begun!

Please, have a look at some of the photos, including a closeup of Pramod and a group photo of new homeowners,  i shot at the site!

"Smart real estate investor from Kolhapur prefers, non garden facing, 2 BHK Flat on the 1st or 2nd floor, for Rs. 25,83,200!"
"Easy to rent out - better returns on investment!"

Pramod Fund, Manager Sales and Marketing, 91-90110 09230:

TCS, Neighbor of Megapolis:
"Assurance of rental income for the real estate investors!"

Related Story:

1) SATURDAY, MAY 1, 2010

April 2010 - Most popular blogs on Ravi Karandeekar's Pune Real Estate Market News Blog

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  1. hello Ravi, What is your honest (not the salesman) opinion about the IT group housing project ? Considreing the repute of the builder involved, is it a high risk venture for genuine property buyer ?

  2. Ref: "hello Ravi, What is your honest (not the salesman) opinion about the IT group housing project?"

    Where is a project?

    Ref: "Considreing the repute of the builder involved, is it a high risk venture for genuine property buyer?"

    It will be a venture when it will achieve a status of "a project"!

    I have already expressed my opinion about the property buyers. "Expecting only smart people on the planet earth" would be inhuman. Isn't it?

  3. Ravi - It seems you write right only when you get paid right?

  4. Megapolis seems to be over rated by you.What about the distance from main hinjewadi squre? its a good 8 km inside from blue ridge.
    how will they provide electricity? water?
    who will manange the township? Society?
    the builder is adding balcony as salable area.
    2400 per sqft is very high given the fact that its a good 8 km from blue ridge.
    is the construction quality inferior to their tower flats?
    is smart home another name for low quality housing?

  5. Ref: "Megapolis seems to be over rated by you"

    Thanks for sparing your time to post the comment.
    I am always worried about "over rating" a certain project. That's the reason i posted this blog on SUNDAY, DECEMBER 13, 2009, asking,"Should I or shouldn't I recommend Megapolis Smart Homes?" Please, visit this link to read the discussion on all your questions!

    However, these are the brief answers:
    1) Megapolis is a residential part of a SEZ developed by MIDC. MIDC is one of the partners in the company which is developing the project. As per the information i have received from the developer, MIDC is putting direct water line from Pavana Dam. Like all SEZ, this phase will have a it's own power sub-station. All these services will be provided by the developer along with your flat.

    2) You are right. Society - co-op or association of apartments - would be formed and property would be handed over to the society. Which will be responsible for their part. Entire township would be managed by the management company of the developer.

    3) This is as per the development rules of the "Special Township Act" of Maharashtra Government. That's why there is no terrace for Megapolis smart homes.

    4) Yes, you can feel so if you follow the principal of distance and the property rate.

    I don't subscribe to this formula because i know that my real estate salesman friends have invented this formula to justify the rates of their projects and over the years this has become a very popular concept.

    I know that it's only a myth.

    5)Of course, not at all "inferior". However, it is not the same. It's different. Means what?

    In simple term - like any other project in Wakad, and all parts of Pune.

    Oh! As good as any Kumar Properties' project!

    6) Every day, we come across "Low End Product" "Economical Version" "Basic Product" of all types of products. We know well that certain features are not available in the basic model. But, it doesn't mean that the quality is "low". Right? Features are less. Right?

    Thanks once again for giving me an opportunity to talk about the basic offer.

    Now, let us see the next 2 parts:
    2) how they execute this concept? and
    3) what would be the quality of service?

    Actual rating of any real estate project, i believe, depends upon the sum total of these 3 parts - 1) concept 2) execution 3) service. Right?

  6. Ref:"Ravi - It seems you write right only when you get paid right?"

    Dear Shanti.vijay, i thank you for not posting a comment like this as "anonymous"! You need guts to comment something like this about Ravi Karandeekar. Someday, you will feel sorry for saying so, I am sure, and you will take your words back!

  7. hi Ravi,

    Can u pls suggest me some good projects closer to camp or Mg road Nibm .. with their rates if possible. thx. keep up the good work :)

  8. Hi Ravi,

    Your suggestions are valid in most cases and i like the way you take pains in explaining each nuances. I have brought my flat in blueridge at initial stage and that rate i dont feel blueridge is anyday a Bad choice considering the facilities offered in both Megapolis and Blueridge alomost comparable including the Construction Technique. Only hitch if Megapolis is being so highly appreciated by you, why have they been able to come up with only 2-3 towers till date. The initial rate at which they launched i believe should have been lesser than Blueridge to make a Dent, which was not the case and hence the Project could not Pick up.

  9. Ref: "Only hitch if Megapolis is being so highly appreciated by you, why have they been able to come up with only 2-3 towers till date."

    What's the hitch?

    Are you asking this because you assume that builders - projects compete with each other?

    Why do you "believe" that the initial rate - launch rate should have been lesser when the property rate was published on the website from the day one?

    Who is interested in making a dent? Can't you see that these 2 projects have their own identity and unique products?

  10. Hi Ravi ,

    Im looking out for bunglow plot in any of project between wakad ,Hinjewadi ,baner . Can you suggest me some reputed bunglow plots projects in these area with approx rate details if possible .

    Thanks .Vishal

  11. I am looking also for same, please advice with details...


  12. Hello Vishal & Sachin!
    I specialize in flats! I don't know anything about plots. Sorry!

  13. Hi Ravi,

    I was interested in luxury homes offered in megapolis project. esp 3bhk

    What's the current rate there?
    What kind of price appreciation should I exepect in next 5 yrs & most importantly why?


  14. Hello Karan! I find it amusing when someone becomes interested in investing in a particular property without knowing the property price and expected appreciation!

  15. FYI, I've seen the property 6 months ago & the price then was 2850. I wanted to know whether it's still the same or increased.

    Yes, I don't know the expected appreciation. Thats the reason why I posted the question here.

  16. The proeprty price was 2850 six months ago. I don't know if it's still same or not.

    Also I dont know the expected appr. thats why I am posting the question on your blog.

  17. I have heard that they are adding 3 more floors. So now all buildings will be 15 stories.

    Can you please throw some light on how they can increase the no. of floors when the construction has already completed till 1 floor?

  18. as it is this scheme has 1000 plus flats . additional floors?
    This will now become like one of those overstuffed MHADA type societies.
    As it is it is Low end housing "different" from the luxury/high end buildings
    first the tennis court was removed , now floors are increased. What else is in store for flat purchasers.
    Good i did not book here even though tempted.

  19. Ravi,

    Could you please comment on the increasing floors in each building ? This is clear not the integrity you were referring to. I have booked a flat in Megapolis and I feel cheated now.

  20. I wanted to book a flat in Megapolis and visited their office yesterday. They did not offer anything from 12th floor onwards.

  21. Hi Ravi,
    What is your take on new buyers for buying the flat on 13-15 floor as now the no of floors increased for smart home.
    Also is this a cheating with existing buyers by increasing floors as there will be pressure on proposed ammenities. What is your message to existing buyers like me

  22. Ravi,

    Are they really increasing the floors or is it a rumour. Pegasus people are giving evasive answers when asked.

    Your input on this would be greatly appreciated.


  23. Hi Ravi,
    Same here, though concerned abt the heard news of addl floors on megapolis -smart homes porject, but buyers really cant help. as others have asked on the blog, can u confirm that the addl floors news is correct.


  24. Hi Ravi,

    About the rates at megapolis smart homes, I think something so weird is being talked here. I booked a 2BHK in Phase-II on 4th Sep, 2010 @2750/psf on 6th floor. Where is the question of rates being 3000, 3200 etc.. ??

    I have been promised possession by march 2013 which I am sure would be delayed by at least 6 months, looking at the pace of working at Megapolis.

    If someone asks me then I would say by 2013 march the minimum rates will be atleast 3800-4000/psf. To me Megapolis looks a great investment.

    Following are some of the pros and cons which I would like to share, Ravi please try to give your comments on these.

    1. 2 Lacs people work in Hinjewadi and the averge salary would not be lesser than 50K/pm in hand. But right now there is no decent residential to stay on. So demand is very high and supply is low.

    2. TCS is establishing a huge campus at Phase-III, nearly 19000 employees will work there. They all need home.

    3. A wide road is going to be constructed by 2012 Jan connecting baner and Hinjewadi phase-III. The length of this road will be 4.5 Kms. So Baner road is just 4.5 Kms away from Megapolis if you consider this road.

    4. Its a township so ofcourse basic amenities will all be available when so many people will be staying there.

    5. Since it is with MIDC, water, electricity and roads won't be a problem at all.

    6. Yes, it is too far from the main city, e.g; railway station, airport, deccan, MG ROad, Koregaon Park, Kalyani Nagar but consider your per month frequency of visiting such places also.

    7. Neighbourhood will be good since it is a township, so you have many choices of making good friends, I mean if you don't get along well with one neighbour you always have a choice of another one, besides ample opportunities for finding suitable brides/grooms for your near and dear ones...ha..ha..ha..ha may seem kiddish but if you consider this you will see it is not childish.

    8. Pollution will be lesser.

    There are many other points which I wanted to write but my finger tipes are not allowing me to write more, so better I stop here and its too late, wife is getting angry and want me to sleep.

  25. These all comments look very informative and helps to book a flat in megapolis , thanks you all.