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Friday, July 9, 2010

"My budget is 20 lakhs and I want to own a 2 BHK Flat in Pune!"

"I am a builder and I follow all development rules and regulations!":

Yesterday, Sachin Kulkarni, M.D. of Vastushodh Projects Pvt. Ltd., and my dear friend, invited me, officially, to visit the site of "Vastushodh's 2 BHK Flat for Rs. 20 Lakhs Project".

"What is the point in inviting now? You know that I have searched and visited your site of '2 BHK Flat for 20 Lakhs'! As a member of Vastushodh's Google Group, you have already invited me for a pre-launch project presentation and a site visit this Sunday, 11th June 2010, at Swami Krupa Hall on Karve Road!," i told Mr. Sachin Kulkarni.

"Ravi, I had planned to take you to the site after all legal formalities are over. Now, they are all complete and i can officially and legally say that - this is the site of Vastushodh's 2 BHK Flat for 20 Lakhs project!," Sachin persuaded me. "Sachin, this sounds as if you are saying 'I am a builder in Pune and I sincerely follow all development rules and regulations!'," i said.

"Yes, i can say that very proudly! That's the major difference between 'Vastushodh's 2 BHK Flat for 20 Lakhs project' and other projects in Kondhawe Dhawade Pune 411 023!! Isn't it?," Sachin asked.

View 2 BHK Flat for 20 Lakhs near Warje Pune in a larger map

"My parents arranged my marriage without matching our salary slips!"

Girish Bramhe and Manisha Soman, Architects of Vastushodh's 2 BHK Flat for 20 Lakhs Project, joined us, Sachin - Nitin and me, on Karve Road, at Dahanukar Colony.

When we reached the site at Kondhawe Dhawade Pune 411 023, i realized that we are all proud residents of Kothrud! Means, Vastushodh's 2 BHK Flat for 20 Lakhs is not only for the people of Kothrud but it's by the people of Kothrud too! To my 'by and for', Sachin Kulkarni added - 'my young generation of Kothrud'.

"Not only 'young'! 'Second generation' of Kothrud!! Who prefer the ration card to the green card," Nitin said.

"Those who have refused the green card are settled in the Oval Nest at Warje! 'My Young Kothrud' has just refused the first offer of a credit card! He only believes in the debit card!," Sachin said.

"But, i wonder, has he ever thought of buying a home in Kondhawe Dhawade Pune 411 023? Manisha, you must have gone by this road to Sinhagad, many times. But did you ever stop here?," i asked Architect Soman.

"Why should i?," Manisha said.

"Means, if i try to sell this flat to you, you will find my offer unusual and odd. As if, your parents are trying to arrange your marriage with your neighbor's son - whom you have ignored all the time! Right?," i said.

"The girl won't mind! Because, she must be confident that her parents have reviewed last 3 years IT returns of the boy!," Nitin said.

"Sachin, please, don't say - "IT returns are not enough! Only the agreement of Vastushodh's 2 BHK Flat for 20 lakhs in Kondhawe Dhawade Pune 411 023 would convince the girl to say yes!" I know someone, whose parents have started 'looking for brides', was seriously considering selling his 1 BHK Flat in Shivane and booking one in Baner - Balewadi or Wakad! When i asked him 'why?', he said, "1 BHK Flat in Shivane" wont attracts good marriage proposals!," i said.

"True! I completely agree with him!! Why only a 1 BHK? Even, a 2 BHK Flat in Shivane would not be enough. Only, Vastushodh's 2 BHK Flat for 20 Lakhs in Kondhawe Dhawade could make you 'marriage material'!," Sachin Kulkarni said.

"My name is Khan and I am not a terrorist"

Architect Girish Bramhe, who had come to check the site development, completed his inspection. Promising Sachin Kulkarni that i will not write anything on my 'Ravi Karandeekar's Pune Real Estate Market News Blog', till he presents the project to 'Vastushodh's Google Group Members', I requested Architect Girish Bramhe to explain the concept of the project.

"Mr. Girish Bramhe, as an old friend, can i request you to tell something to your client, and my friend, Mr. Sachin Kulkarni?," I asked.

"I may! It's subjective!!," Architect Girish said.

"Instead of selling this 2 BHK Flat for all inclusive property price of Rs. 20 lakhs - Isn't it wise to spend 200 - 300 rupees more - to increase the size of a flat by a few sq.ft. - or to add a few attractive amenities - like a swimming pool - piped gas - and sell this 2 BHK Flat at the property price of Rs. 30 - 32 lakhs?," i said.

"Why? What is so great about selling a 2 BHK Flat in 30 lakhs budget range?," Architect Girish asked.

"Because those who have a budget of 20 lakhs - don't dream of owning a 2 BHK Flat in this part of Pune! In fact, those who have such a small budget - have given up hopes of owning a home in this part of Pune!," I said.

"Because, no builder offers a well designed quality 2 BHK Flat for 20 lakhs - even in the fringe villages of this part of Pune. But, i am offering! I want my young Punekars to own a home!," Sachin Kulkarni said.

"'Young Urban Indian' owning a home was a government sponsored and promoted program of 2003! At that point, for the government, real estate and emerging IT sector were the only industries which were capable of fueling the economic growth in the shortest period of time.

So, the government gave incentives to the IT industry - on a condition of promoting tax saving idea of a "home ownership" in their young workers. HR departments worked over time to send their IT professionals to the builders' site offices to book flats. The financial institutions offered them home loans without bothering 'the value of the mortgaged property.' Because, these salaried young urban people were not only working as 'couriers of funds' between the banks and real estate industry but - they were also taking the responsibility of repaying back the money given to the builder with interest.

Now, the finance ministry wants to fuel 'the consumptions' and convert India into 'one of the biggest consumer market for the foreign companies'. So, the FM doesn't need the 'courier services' of Salaried Urban Youth, anymore. So, for today's, Salaried Urban Youth 'buying a home' has become as difficult as it always was before 2000! And, for sure, will become more, in the years to come.

But, just like this generation of frustrated salaried urban youth, who find it impossible to own a home - even after being eligible for a home loan - my dear friend, Sachin Kulkarni, M. D. of Vastushodh Project Pvt Ltd, is also - not ready to accept the political economic truth!

'Salaried Urban Youth' being able to own a home - at the early stage of their working life - sometimes even before getting married - program is over.

Now, - home ownership has become a privilege of a few! So, those who have small budgets - like 20 lakhs - have lost the hope - they have realized that - hoping to own a home in their small budget - is like begging for accepting you as a respected citizen of this country -

My name is Sachin Kulkarni and i build homes for Salaried Urban Youth!

"Ravi, stop! Listen - government sponsored program may be over - but my young urban friends haven't given up their dream of owning a decent home!," Sachin Kulkarni said. "I am a son of a railway employee. I was born and brought up in the railway employees' colony at Daund. I know that government owns the railways - but not the passengers!" Sachin continued his argument:

We brothers, Nitin and Me, purchased our first flat - you know well - 2 BHK Flat of 600 sq.ft. in A V Bhat's Paschima Nagari Kothrud - in 2003 - for 6.3 lakhs - for our joint family of 6 adults and one baby. After growing up in a railway quarters, for us, buying a flat in Pune was our greatest achievement in life. Symbol of success! We did something at the beginning of our careers which our father and his colleagues couldn't ever do in their life. They all consider - "not being able to own a home" - as their major failure in the life!

So, the point is, for me - 'owning a home' - is the ultimate goal in life. I became a builder, you know, - to earn good amount of money. At the same time, as a builder, my role is, i believe, to work as a facilitator to achieve the goal of 'Salaried Young Urban Indians' - of all Nitins and Sachins.

We are developing 'Anandgram Yavat' - for those who earn around 10,000 per month. This - '2 BHK For 20 Lakhs' - is for those who earn around 30 - 35,000 per month. It's my program and my policy! I don't bother whether this is politically right or not. Or this is a current business trend or not!"

"But at what cost? Do they value your efforts?," i asked him.

"Not at a big cost! Only, the profit is limited. But, reasonably good profit - if you get the land, finance and can manage the risks involved. Which becomes possible because your property buyers support you from the start. I have experienced this in Anandgram Yavat and I am sure, i will experience it at Kondhawe Dhawade Pune 411 023!," Sachin Kulkarni said. Amen!

Related Stories:

1) FRIDAY, JULY 2, 2010

Pre-launch presentation on "Vastushodh's 2 BHK Flat for Rs. 20 Lakhs", all inclusive, near Warje, Pune
Only for the members of Vastushodh's Google Group - on 11th July 2010, Sunday, at 10am:

2) TUESDAY, JUNE 29, 2010

Searching the site of Vastushodh's "2 BHK Flat for 20 Lakhs" project near Warje Pune
At the NDA Gate:

3) TUESDAY, JUNE 22, 2010

2 BHK Flat for Rs. 20 Lakhs, near Warje Pune - almost surely!
Join Vastushodh's Google Group!

4) THURSDAY, MAY 27, 2010

2 BHK Flat for Rs. 20 Lakhs, all inclusive property price, near Warje Pune!
Join Vastushodh Projects' Google Group - Vastushodh's 2 BHK Flat for Rs. 20 Lakhs all inclusive near Warje Pune
Now, Vastushodh Projects' housing solution for the young first time home buyers in Pune real estate market!

5) WEDNESDAY, JUNE 2, 2010

“2 BHK Flat for Rs. 20 Lakhs near Warje Pune! Sachin, are you joking?”

6) Vastushodh Projects' Google Group

7) THURSDAY, JUNE 3, 2010

MHFC disburses the first installment of home loans to Anandgram Yavat

8) TUESDAY, MAY 18, 2010

Anandgram Yavat, 10 acre Township of 2 BHK Flat for 7.6 lakhs & 1 BHK for 5.5, news
"Yes, I can own a home!"

9) THURSDAY, JULY 1, 2010

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

10) FRIDAY, JULY 2, 2010

Most popular blogs on Ravi Karandeekar's Pune Real Estate Market News Blog - January 1, to June 30, 2010

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  1. Hi Ravi,

    Can you please do a write up on Kharadi and its potential and projects available? We read a lot about this area in Times Paper almost every other day and big firms like Jones Meghraj etc write glowingly about Kharadi and adjoining "eastern Corridor" in Pune and so we Mumbaikars are wanting to get your feedback as a real estate guru on this area.

    Request you please do a piece on this area as we are not sure why this media overkill

  2. Hi Ravi,

    Just came across this blog!!! Superb!!!

    Pls let me know, are these flats of Vastushod's of 20L still available?
    I'm looking for a 2BHK flat in Pune upto 20L.


  3. Hi Ravi,

    i am interested too in these Vastushod's 20L flats. pleasegive me a heads up.

  4. Good! But, sorry. Prashant, in a day, on 15th October 2010, all flats in Vastushodh Projects' Urbangram at Kondhawe Dhawade Pune 411 021 were booked.

    If you had been subscriber of my blog in those days, like many, you could have booked here.

    Because, i was following Urbangram from the day, we were in Anandgram Yavat, my friend Sachin Kulkarni told me about the idea of "a 2 bhk flat in 20 lakhs."

  5. Hi Ravi ,

    I am a salaried middle class family person . My maximum budget is Rs 30 Lac and I am looking for some descent project for a 2 BHK , which can offer me early or ready possession..

    I am interested in west or north west of Pune - Pimpri, wakad, Ravet (ready to live) , Akurdi , PASHAN .ETC .

    Can u help me out