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Tuesday, August 17, 2010

Visit to Celestial City Ravet - 2nd Phase - on 15th August 2010

Celestial City Ravet - 2nd Phase 

Aundh Ravet Bus Rapid Transit System (BRTS) Road will be ready by March 2012:

Aundh Ravet road work to take two more years - TNN

We all know that the contractor has overshot the March 2010 deadline and now, Aundh Ravet Bus Rapid Transit System (BRTS) Road will take another two years to complete. So, i was not expecting any major development in Ravet. I was curious about two points:

1) Progress of the construction of phase 1 of Celestial City Ravet (www.celestialcity.in). Which was launched on 26/11 - Thursday, November 26, 2009.

2) Why did Rama Group (www.ramagroupindia.com) and Pharande Spaces (www.pharandespaces.com) open booking of the 2nd phase of Celestial City Ravet?

Booking a flat in the 2nd phase = Helping the builder:

When any residential real estate project in Pune opens booking, for me, it means that the builder is trying to raise interest free finance from the property buyers.

The builder finds that Pune real estate market is booming - means people are booking the flats - and he tries to en-cash the opportunity to collect the booking amounts. Builder spends around 15 - 20 lakhs on advertising and even if he gets 50 bookings, @ Rs. 1 lakh per booking, he can collect Rs. 50 lakhs.

For the builder, collecting Rs. 50 lakhs by spending 20 lakhs is not a good business. Builder is happy only if he collects 100 lakhs. So, generally, we hear every project claiming minimum 100 bookings at the launch. Right?

When a builder opens booking of the second phase, for me, it means that he is trying to achieve more than raising interest free finance from the property buyers. Second phase gives an opportunity to the builder to increase the property rate by Rs. 100 or 200. Of the new phase as well as the old. Now, the builder can boast about "appreciation". The builder can use "appreciation" as a tool to pacify the property buyer who has booked in the 1st phase and take the liberty to complete it as per his convenience. Right?

In short, when you book a flat in the second phase of the project you not only give an interest free finance to the builder but you help him to increase the property rates. By booking in the second phase, you make sure that under construction first phase will be delayed and those who have booked in it will suffer.

Celestial City Ravet - Real Estate Investment Destination in Pune:

View Celestial City Ravet, PCMC in a larger map

I paid Rs.10 to the driver of Tata Ace pickup truck for giving me lift from Dehu Road to Celestial City Ravet. I saw a family standing by the road side. I asked them whether they were waiting for the bus. The head of the family said, "yes!".

Pointing at the hoarding, I asked him, "Are you here to visit this project - Celestial City?" When he said, "yes!", i asked him 'from where' and how they managed to reach Celestial City Ravet?

"We are coming form Sinhagad Road," he said and described his adventurous journey.

"Thanks for coming! Your example shows that there is nothing stupid about coming here from Paud Road Kothrud!," I said.

"No! You have done the right thing! Within 2 years - all you see here will be completely changed - developed - and your property will appreciate!" He said.

"Were you people not afraid to go to Chandani Chowk - a few years ago?," his wife asked.

Considering that it would not be appropriate to argue and talk about the romantic moments i have enjoyed with my girl friends in those days at Chandani Chowk, i said, "Yes, you are right!" and requested them to let me shoot their photograph to remember this insightful meeting.

However, they only allowed me to take a photograph of their daughter - because they were investing for her future! Cool! Isn't it?

Celestial City Ravet - Hoarding at the Site - Investment Destination and Investor

How is the progress of construction of the 1st phase of Celestial City Ravet?

Celestial City Ravet - 1st Phase

While walking from the main gate to the booking office, i shot the photographs of the signs of the buildings of the 2nd phase, building of the sample flat and the Pandal for the launch of 2nd phase. Entering the booking office, i introduced myself,"I am Ravi Karandeekar. I write Ravi Karandeekar's Pune Real Estate Market News Blog. Can i meet Mr. Panjabi or Mr. Pharande or anybody who is in-charge of this launch - who can tell me about the response - bookings!"

"Yes, Ms. Sujata, Manager Marketing, will talk to you. But you have to wait!," the sales executive said.

"Thanks! In the mean time can i visit the 1st phase and take a few photographs?," i asked.

"No. We can't permit you to take photographs. We don't have the authority," he said.

"OK. Then you forget that i asked you. I will go and shoot!," i said.

"No. If you do that we will be in trouble," the sales executive said.

"Really?! Don't worry. I will never do anything which will create any trouble for you. Before starting my blog - i was on site real estate salesman like you and i still consider myself as a real estate salesman. I will not give any trouble to my brothers!," i said.

I called Mr. Anil Pharande, Director, Pharande Spaces and asked him,"Sir, can i take a few photographs of the site?" Mr. Pharande said he has to take his partners' consent - can't allow on his own - and told me to wait for him.

Accepting Mr. Sale Executive's request i decided to have snacks. While eating Aloo Paratha, i realized that i hadn't had lunch - and was very hungry. Considering that it was almost 5 pm,i decided to have as much as i could. "Mr. Pharande and Mr. Panjabi would be very happy if i am full," i said to myself.

Last time, in November 2009, when Celestial City Ravet was launched, i couldn't have anything but water! Lots of water!! On both days. First day, i couldn't have anything because Mr. Pharande took all my time to tell me about Pimpri Chinchwad New Township Development Authority (PCNTDA) and to explain PCNTDA's development activities in Ravet.

On the second day, when they had found my "rude" remark about the launch of Celestial City Ravet on 26/11, I had to face the angry and upset builders and defend myself. Thanks to Mr. Anil Pharande and Mr. Moti Panjabi for being considerate, treating me well and making friends with me. "Today, in your absence, it's my turn to behave like a true friend by having dinner," i told myself. However, i realized that i couldn't go home if i became too sleepy after the heavy dinner and cancelled the idea.

"I think instead of waiting for Mr. Pharande, i should visit the site of the 1st phase - till there is enough light. Can i go?," I asked the sales executive.

"Sure. I will tell someone to take you to the site," he said.

"I know the site. I can go on my own!," i said.

"Don't mind! I can do this much for you!!," he said.

"For me or for you?," i asked and went to the site with the escort. At the site, i stood at the main gate of the 1st Phase of Celestial City Ravet - under the arch - as i was allowed to do - from where i could see a few buildings to the left - constructed up to the 3rd slab and an ongoing foundation of a few buildings to my right.

When i was coming back from the site, Mr. Pharande called me to inform that he is not coming. "OK!," i said and told him that i had visited the site.

"Isn't the construction progress impressive?," Mr. Pharande asked me.

"Mr. Pharande, how could i say yes? I saw that only 7 buildings are under construction! When only 50 -60 flats out of 700 are booked - i was expecting that the construction of all 19 buildings must have started!," I said.

"Not 19 - we have 22 buildings (A to V) in the 1st phase. Construction of 12 buildings has started. Foundation work of the remaining buildings - whose sanctions took more time because of the revision of the plan - is going on too!," Mr. Pharande said.

"Oh! Really!! Good," i said and asked him about the response to the 2nd phase of Celestial City.

"Actually, we had received sanctions in March ....visiting property buyers were requesting us to launch the bigger size flats... we want to invest in Celestial City....they were saying....so we launched it now!," Mr. Pharande said.

"By the public demand! Are they happy about the property rate - Rs. 3,100 per sq.ft.!," i asked.

Celestial City Ravet - bookings of  2nd phase open!

"You know? We have to explain! In the first phase we have Rs. 2800 and 2900 per sq.ft. rate for the 8 story buildings. In the 2nd phase, all buildings have 12 floors. Difference in the property rate is only because of the difference in the construction cost of a 8 story building and a 12 story building. We have to spend nearly 250 rupees more to construct a 12 story building! When we explain this - they understand that the property rate Rs. 3,100 per sq.ft. is reasonable and book the flat!," Mr. Pharande said.

"Don't forget that - even at this rate - Celestial City has maintained it's price range - 1 BHK, 2 BHK & 3 BHK Flats in the property price range of Rs. 20 to 40 lakhs! Where can you get a 3 BHK Flat for Rs. 37 or 40 lakhs? Tell me - at least - 1 project in Pune!," Mr. Pharande said.

Celestial City Ravet - 2nd Phase

"Mr. Pharande, thanks for calling! Otherwise, i would have missed your enthusiasm and reasoning! I am convinced that your offer is the best!," i said.

"Yes! All my property buyers - who booked at the launch rate of Rs. 2,400 per sq.ft. - are very happy with the appreciation in Celestial City!," Mr. Pharande said.

"Yes, they should be!," i said reading the cost sheet in my hand.

Appreciation and Property Prices in Celestial City Ravet:

Celestial City Ravet - Sample Flats

As i always do, 1st i read the cancellation charges at Celestial City Ravet - Rs. 50,000.
"Oh! the booking is not transferable!," i said and
saw the booking amount - Rs. 1 Lakh.

You have to pay the Vat & Service Tax - if applicable. Fine.

High-rise Premium - Oh! - from 5th floor to 12th floor - Rs.25 each floor. "This premium is not about the construction cost! Builder is only trying to give you an extra emotional satisfaction for buying a flat on the higher floor!," i said to myself. Cool! Right?

Other charges - Rs. 3,35,000. I was sure that the total must be right. Still, i used my mobile and confirmed: MSEB 60,000 + Society Formation 15,000 + Society Maintenance for 3 years 60,000 + Development Charges Rs. 25,000 + Covered Parking 1,75,000 = Rs. 3,35,000 other charges.

Celestial City Ravet - 2 BHK Comfort Flat (725 sq.ft. Carpet Area) and 3 BHK Comfort Flat (933 sq.ft. Carpet Area)  

Dear God, thanks for a mobile!

Because of a mobile, i felt like checking the price - including the high rise premium + vat + service tax - of a 2 BHK Comfort Flat (725 sq.ft. Carpet Area) and a 3 BHK Comfort Flat (933 sq.ft. Carpet Area) on the 12th floor.

Because of a mobile, i could see that the total property price of a 2 BHK Comfort Flat (725 sq.ft. Carpet Area) goes above Rs. 39 Lakhs and of a 3 BHK Flat (933 sq.ft. Carpet Area) above Rs. 49 Lakhs.

Because of a mobile, i could imagine the huge satisfaction the property buyer - who has booked a flat in the Tower B or in the Tower C would get.

The 2nd phase of Celestial City Ravet has 11 Towers. Out of 11, at launch 2 towers - B & C - are open for booking.
What would be the property rate of the last Tower? - he must be thinking!
How much appreciation i would get when the last tower would be launched? - he must be thinking!

And what about the property buyer - who has booked a flat in Celestial City Ravet on 26/11 - at the property rate of Rs. 2,400 per sq.ft.?

How much appreciation he will get - when the last tower in the 2 phase would be launched?

Could he sleep tonight - if he could guess the appreciation of his property in Celestial City Ravet?
What do you think?

Related Stories:

1) FRIDAY, AUGUST 13, 2010

Celestial City Ravet 2nd phase launched!


Celestial City Ravet, 25 acres township of 1 BHK, 2 BHK & 3 BHK Flats, opens booking of 1st phase


Celestial City Ravet - facts and prospects - according to the builders Mr. Moti Panjabi, CEO, Rama Group and Mr. Anil Pharande, CEO, Pharande Spaces


Visit to Ravet to buy a plot of land

5) MONDAY, DECEMBER 28, 2009

2010 - Pune Real Estate Market Trends - "2 & 3 BHK Flats in 20 to 40 Lakhs" segment to dominate the scene

6) SUNDAY, AUGUST 1, 2010

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

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  1. Wonderful article. It looks like builder is telling his hidden agenda, i will say.

    Ravi , you are excelent in relating marketing gimmics with real hidden agendas of the builders.

  2. Thanks, Mahesh!

    I hope builder doesn't read your comment!!

  3. Great, I was myself planning to buy a flat in Phase 2, almost made up my mind, but after reading the article, I am not sure anymore. Maybe I'll look around some more.... Sandesh

  4. He..he...Manjri Greens, 3 BHK flats available at 37 Lacs, there are many other schemes in Pune that offers 3 BHK flat ~35 Lacs.
    And 3100 Sq. Feet in Ravet seems unreasonable.