Is "Life Republic" better than Blue Ridge, Megapolis, KUL Ecoloch, Nanded City Pune & Amanora?
If you want an answer in one word, I will say - "Yes!". "Life Republic", by Kolte-Patil I-Ven Townships (Pune) Pvt. Ltd., on Hinjewadi - Marunji - Kasarsai Road, at Pune 411 057 is better than other ongoing townships - Blue Ridge, Megapolis, KUL Ecoloch at Hinjewadi, Nanded City Pune on Sinhagad Road, and Amanora Park Town at Hadapsar - in Pune real estate market.
If I am allowed to say more than "Yes" or "No" - my answer is "Yes! Conceptually!!". Because, we all know that, any real estate project should be judged on 3 parameters - Concept, Execution & Service. It means that you can get a true answer only a couple of years after the completion of the entire project. It means that, at this point of time, we can only say that - the concept of "Life Republic" is better than all the other ongoing townships in Pune!
"We all learn from one other! Obviously we have improved & refined the concept of "Special Integrated Township". Certainly, we have avoided 'mistakes' or 'flows' in other older townships - but who knows? - we may not be perfect! Perfect or imperfect - for sure - home buyers - in all budget range - will get "better quality of life" at Life Republic!," said Mr. Sujay Kalele, Vice President, Business Development, Kolte-Patil Developers Limited, when i met him yesterday.
Yes! yesterday, on the eve of launch, I visited "Life Republic"! Since, the 'jeeps' which run on Hinjewadi - Marunji - Kasarsai Road were on 'strike' (due to some road accident the day before!), i took a lift in the driver's cabin of a goods three wheeler and reached the site of "Life Republic". With an intention to find out the answer to the most important question you had asked in the comments - Is Life Republic better than Blue Ridge & Megapolis?
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| Mahesh Saluja, AVP, Sales & Marketing, Kolte-Patil I-Ven Townships (Pune) Pvt. Ltd., Anirudha Patil, Founder - Kolte-Patil Developers & Sujay Kalele, Vice President, Business Development, Kolte-Patil Developers Limited |
Before, i can say anything more, we have to understand why this question comes to mind!
At the site office, I noticed one more person who looked as curious as me about the "Life Republic". Fortunately, Sujay, V P - Kolte-Patil Developers, introduced us. He said, "Meet Aniruddha Patil, father of our Chairman & Managing Director!"
"OMG! You look so young!!" i was about to say to the smiling man in his eighties. But, i said, "Sir, I can see - you are looking so happy about all this! Good going! Right?"
"Certainly! In 1965, when i started my first project in Nagpur - i had to convince people to buy a house in the building! You know what? People used to ask me - How can I live in a home which is constructed on and below the other house and shares the walls with the next house?! And, now, look what we are doing - we are constructing a city!," Mr. Aniruddha Patil said.
Very True! When Blue Ridge and Megapolis were launched we found it very difficult to accept them as an independent 'town' and went on worrying about the distance from Pune and availability of basic needs like - water, power, medical facilities, shops & schools! Now, we are debating - which township - 'city' - is better than the other - 'Is "Life Republic" better than Blue Ridge, Megapolis, KUL Ecoloch, Nanded City Pune & Amanora?' Here are my observations:
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| Life Republic, Kolte-Patil Developers' Marunji-Hinjewadi Township, Pune 411 057, getting ready for launch on 9th December 2011 |
View Life Republic - Kolte-Patil I-Ven Mrunji Hinjewadi Township in a larger map
1) Looking at the current political situation - i am seriously worried about the townships - you know the names - which have known 'connections' with the 'controversial' politicians.
I tried my best, but at least - at this point of time - i couldn't find any "well-known" connection between the developers of "Life Republic" and any 'troublesome' politician.
Considering that everything is politicized in our country, i assume that the developer of "Life Republic" is - "politically correct" and, in future, will be able to maintain the balance well!
2) Not only in the marketing presentation but even in actual planning and execution, "Life Republic" is an infrastructure development project which will offer better quality of life for the home buyers. It's not like a couple of other townships - which are only 'big' housing projects with fancy specifications & amenities like horse riding, golf course or furniture and white goods.
3) Some of you who don't feel comfortable about 95 years or 999 years "lease" - will like "Free hold land" of "Life Republic"!
4) Since, as per the Maharashtra Special Township Act - only "Life Republic", Blue Ridge, Nanded City Pune, KUL Ecoloch & Amanora are "townships" - Megapolis is not! Though "conceptually" Megapolis is similar - legally it is not.
However, it doesn't mean that it's inferior to others. We all know that unmarried persons can be good parents!
5) I liked the range of properties and price range - from a 1 BHK Flat for Rs. 25 Lakhs, 2 BHK Flat for 45 to 50 Lakhs, 3 BHK Flat for Rs. 60 - 65 Lakhs and a 3 Bedroom Villa for Rs. 1.5 to 2 Crore - all are approximate prices at the launch - at "Life Republic". Which is the budget of a young middle class home buyer in Pune. Who may have a capacity to pay more or less amount of money to buy a home but expects and deserves the same quality of life.
At "Life Republic", socially you all are on the same level. And there are no 'financial' divisions - like 'low income group housing' or 'high income group housing' - as in Nanded City Pune and Amanora.
6) We all know that quality of soil affects the construction time and cost, as well as the life of a building. I am told that the quality of soil in "Life Republic" is better for housing. Here soil is not as hard as it's in Megapolis or as soft as it is in Nanded City Pune, KUL Ecoloch or Amanora.
7) At the launch of Life Republic, construction of the buildings and the roads has already begun. When you visit the site, from the viewing gallery, you can get a clear idea. You don't have to depend entirely upon the audio visual or a model. This will help you to make an informed decision which will be mostly right. Even if you decide not to book!
When Blue Ridge and Nanded City Pune was launched, most of the buyers were not aware about what they were getting into!
8) Real estate investors and property rate conscious buyers would like to know that the launch rate at "Life Republic" is Rs. 3,300 and Rs. 3,500 per sq.ft. which is fixed - non negotiable - and entirely based on the cost of the construction of the particular type of property.
At the same time, there is transparency about the actual carpet area and garden and other spaces in villas. Which are sold at lump sum property price - not on per sq.ft.
It means that, compared to other townships and Wakad, Baner and other knows areas in PMC & PCMC, the property rate at "Life Republic" is competitive at this point of time.
9) "We, the developers, are our biggest enemy! We increase the prices, make property un-affordable, invite slow down and get into trouble!! If you look at the pricing of all Kolte-Patil projects, you will see that our focus is on selling more number of units - not on increasing price and profits!," Sujay, V P Business Development, told me.
If Sujay Kalele follows his own policy, i am sure, investors and home buyers can get 'actual' appreciation after the possession!
Usually, in all other townships and in PMC & PCMC, the way the developers are increasing the prices, i am not sure whether, down the line, these properties will be able to hold 'builder's prices'! Yes! Because of inflation property will be sold at a higher price but how much 'appreciation' you can earn is doubtful.
10) Before investing, i have realized that, the property buyers should consider the developer's 'ownership' pattern.
Secret owners and "Funds", we have seen, can create problems for the home buyers. For example, we all know that home buyers in Blue Ridge are wondering - why the SEZ is ready & operational but the residential towers which were almost sold out on the day of launch are not yet ready!
I asked Sujay about 'funding' in "Life Republic". He said, "It's joint venture between Kolte-Patil Developers and ICICI Ventures. They are partners - not investors. So, there are no terms of 'retirement' in certain number of years. So, for us - not any fund - but the property buyers are the only customers! Since, Kolte-Patil Developers is a listed company - you can check that - our debt equity ratio is low by industry standards!"
It means that Kolte-Patil Developers, Sujay wanted to tell me, is free to concentrate on completion of the project!
Considering all these points, i am sure that - on the conceptual level - "Life Republic" is worth considering.
Professional management, quality of experienced staff, large customer base in all parts of Pune and joint ventures are the strengths of Kolte-Patil Developers. Which qualify them for better execution of the project and increases their eligibility for offering better service to the property buyers - than any family owned and run real estate developer. Amen!
Related Stories:
1) THURSDAY, DECEMBER 8, 2011
Kolte-Patil Developers' Life Republic Marunji-Hinjewadi Township - Press Release
2) WEDNESDAY, DECEMBER 7, 2011
Life Republic - Kolte Patil Developers' Marunji Hinjewadi Township - will be launched on 9th December 2011!
3) WEDNESDAY, SEPTEMBER 21, 2011
Lunch date with Mahesh Saluja at Kolte-Patil I-Ven Marunji Hinjewadi "Special" Township
4) SATURDAY, DECEMBER 3, 2011
Ravi Karandeekar's Most Popular Pune Real Estate Market News Blogs in November 2011
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Hi,
ReplyDeleteHow far from Phase 1 and phase 2 of Hinjewadi IT park is this project?
Waht is the source of water and electricity to this township?
how is the approach road to the township? is it ready?
What is your take on the quality of construction of KP builders?
with BR, Megapolis and now this development , wont there be a oversupply around hinjewadi catchment area?
so wont prices fall drastically in next few years?
your thoughts on these ravi.
lets analyse the project and not just reproduce what sales persons of builders tell us!!!
1) 4 kilometers from Shivaji Chowk at Hinjewadi
ReplyDelete2) Like any city and town - Pune & PCMC - all townships have to buy water from Maharashtra Government.
3) Hinjewadi - Marunji - Kasarsai Road - is there for years. It's narrow - because, we don't have good governance for years.
4) Good quality of construction
5) I am answering this question as "No" for last 4 years - and keep on saying "No" till all IT companies don't shift to Gujarat.
6) Prices can go up and come down.
7) These are not thoughts. This is not an analysis. These are bias, beliefs and assumptions. If you visit any blog on any township - you will find these in the comments!
How many years would Kolte Patil want to keep building this "republic"?
ReplyDeleteravi somehow i see u have turned anti megapolis recently..u find the price for megapolis of 3400 unaffordable whn around 30% of there project is already sold out and almost ready for possession and Now kolte patil is launching the project with 3300 that you find quite competitive and also gud price.Please try explaining the above.
ReplyDeleteI have already booked the flat (Rs. 2675 psqft) in this township i Jan-2011. That time didn't know that this will be so big. I have done some due diligence before booking & found out that many staff from Kolte Patil has booked the flat in this scheme ...even sales person also. So I thoghut there won't be more sound proof about goodness of the project.
ReplyDeleteTushi has hit the nail on the head.
ReplyDeleteThe way Ravi first praises and later sarcastically bad mouths or first sarcastically bad mouths and then suddenly finds so many gems that he becomes a bhakt is interesting and falls into a pattern of sorts.
Any thoughts on this anyone?
But its not 3300 psqft. its about 4166.66 psqft ( 25,00,000/ 600) or 4258 (25,00,000 / 587) .
And yes is it basic cost or "All inclusive" ?
If it was all inclusive, consideraing that currently KP township is the blue eyed boy of Ravi, he would have put "All inclusive" in XXXXtra bold in the post.
The most awaited Gajar(Carrot) of the year has finally arrived.
ReplyDelete2 BHK flat with rate of 3300-3500 Rs./Sq. Ft.,
Possession in at least 2.5 Years - Calculate the Pre-possession EMI, The rate will easily mount to 4000 Rs.
Such a nice walk-through & concept,
What a way to impress dear NRI's.
NRI's: Please continue work outside, just to fulfil the hyped thirst of builders back home.
You don't have to do the hard-work for yourself & Family, but do it for Pune builders.
You are like a God for them.
-------------------------------
Imagine a Mid-level IT professional working in Hinjewadi.
Age: 26-27 Years (Software Engineer)
Approx. Salary: 8,00,000 Annum
As per current Banking norms, He/She can get Home loan till 36-37 Lakhs only
The 2 BHK flat costs for 45 Lakhs in Life Republic .
He/she has to make a self-contribution of 7 to 8 Lakhs minimum. (Salary of 1 Year)
That’s not all,
Prepare your-self for Pre-possession EMI & rent as well till you get possession.
The only silver lining for him/her is:
1 fine day “I will go to On-site” & will reduce my loan burden.
This is the case of an IT professional, Needless to say what a situation would be for a Non-IT Professionals.
@Rohit:
DeleteExcellent analysis.. I would say !
Same is going to my mind..
I booked 2BHK in DSK kunjban..
Rohit you are right .... for us IT guys life has become only about paying EMI. Owning a house has become everyting today. Though IT has seen big salaries recently it wont continue till next 20 years for which we are going to take emi of around 40K.
ReplyDeletesalary hikes,promotions and onsites are going to be very difficult ahead. It is also a possiblty that our kids might have to pay some of the EMIs when they are ready for jobs.
Among all this run and die race for house/EMI .. we leave very little time/capacity to think of our post retirement,child education,marriage,old age medicals which are most important.
Even though inflation will always keep on going ..there is no assurance that earnings are always going to go up at similar pace.
A 45 lakhs house with EMI 40 thousand or so will lock you 20 years and (most importantly your whole families 20 years)
Buy costly houses -> pay more EMi -> work more -> save less -> spend less happy time -> more stress -> bad health and more .....
If you ask any school teacher or bank employee about purchasing a house he would have no answer.
Ravi, I feel 45 lakhs for 2 bhk is bit costly, as today the big question is majority of IT employees has seen a huge recession first in 2000 and than in 2008-09, job cuts and all. Also there is a recession on cards in 2012-13 and majority of people are not ready to pay EMI more than 35-40% of their base salaries.
ReplyDeleteI have also seen big builders all over pune who launched their projects 1 year back are still sitting and merely 50% of the flats are sold as a major amount of IT employees like me and my friends are not thinking its worth paying that high emi when the appreciation of the same flat 10 years later will not be equivalent of EMI paid niether the rent will be same today as my EMI. I dont understand builders who launched schemes at bhugaon areas, are quoting 45 lakhs for 2 bhk on what basis as the actual cost is 25 lakhs for 2 bhk for a resale flat.
Frankly i wont be surprised at all if this kolte patil site remains unsold even after 2-3 years of its launch.
Thanks for your nice blog posting.
ReplyDeleteBuy property in ready possession , do not pay hard earned money for buying tensions...
ReplyDeleteRight Ravi....
Mr. Ravi Karandekar is a very smart chap. In his entire post he did not mention that for last year this builder is announcing the launch of this project and now finally it is launched. Do you guys expect them to give you the possession in 2014 when it took them more than a year to just launch this project? I visited this project site in Dec 2010..it's way far from Hinjewadi IT park...approx 5-6 KMs away in no mans land...if you are a family dont think about commuting to and from this place once it is dark...better buy a apartment in Wakad at 4000/sq. ft rather than fooling yourself to these high profile builders promises and mr. ravi's recommendation..apply your mind, think for a while and decide...
ReplyDelete@Rohit
ReplyDeletebrother, your comments are really true...I am of the same opinion...
but the sad thing is that there are only few buyers who are aware of the situation.
Economical calculations and price Vs. value has helped to refrained myself from buying anything at these ridiculous prices.
Megapolis developer has reserved all rights to the area which he calls "commercial area". There is even a mention of charges applicable to use of the facilities provided by developer. Even after 3 years of development, even after premium flats are ready, there is nothing so far in this commercial area. I think developer expects buyers to wait for 15 years till his project completes. :) Then basic amenities will be ready and the place would be called as township.
ReplyDeleteMegapolis also gives possession date of 3 years in future. What is new if KP and Blueridge also gives possession after 3 years?
If Megapolis is going to take 15 years to complete then how many years kolte patil will take?
These videos are hog wash because builder is not liable to give anything which is mentioned in advertisement. He is liable to give what is mentioned in agreement. In agreement , developer doesn't talk anything else other than just the flat.
Hi Ravi,
ReplyDeleteI appreciate your effort in clarifying queries.
But I really wonder how can you say that there wont be oversupply. There are just 70K people working in Hinjewadi. And 10K apartments would be present in Megapolis and Blue ridge itself.
It took 10 long years to make employee count 70K. Many of them are already settled in Pune city.
I guess only investors are buying these apartments.
Dear Tushi, No. I haven't turned "anti" Megapolis. Because, i was never "for" Megapolis!
ReplyDeleteIf you see my blogs, you will find that I became a huge fan of "Megapolis Smart Homes 1" and "Megapolis Smart Homes 2" Because, that was the right product at the right price at the right time. You know? I was recommending these 2 products to everyone, including those who were in love of Wakad!
I wrote only one blog in 2 parts on Sexy Sangria - when it was almost ready! Because, on the conceptual level and even when it was under construction i didn't like it much.
When i felt that the last price increase in Megapolis, was nothing but killing the goose which lays golden egg to property buyer and an intro to high property prices of upcoming Megapolis Smart Homes 3 and the next phase of high-end properties - i questioned whether is it worth buying at these rates?
Not only about Megapolis, in my blogs on many projects, you will find that i only like a certain product. Not the entire range! Recent example is Rohan Tarang. I only liked the 3 BHK Flats. Not 2!
My love is based on the principal. So, it's conditional! Obviously, i like only a part of the offer, only a certain property - not the entire range and not all the time!
Recently, i loved only one entire project. Tropica! Sentimentally and rationally. If down the line, the builder increases the prices irrationally, i may stop loving it!
Same, may happen with Megapolis Smart Homes 3!
Thanks to property prices of all other options, i found the launch rate of "Life Republic" competitive!
Dear Saccha, if you read my reply to Tushi, you will know that my love for property is principal based and conditional. Not an eternal love. Not an un-conditional love. That way i love only you and all my readers.
ReplyDelete"The most awaited Gajar(Carrot) of the year has finally arrived." Well said, Rohit!
ReplyDeleteDear Rohit, kampootar-wala, va, shrinath, yes. No more properties are constructed for you. This is wrong. You know? In 2002 - 2005 i was feeling that we are prospering. Now, i feel sad when i see that the young, intelligent, educated, property buyers feel 'poor' - we are not earning enough to live a good life.
ReplyDeleteThis needs to be corrected. The best possible way is to change the way we all buy the property. All property buyers should stop booking and buy only ready for possession properties. You are right, Sushant!
Dear Ajay, i say there won't be over supply because Pune builders are smart. They construct only when you pay them. You means, home-buyers and investors. Supply is made to order. Builders have practically no inventory.
ReplyDeleteOver the years, builders have trained "real estate investors" who voluntarily take the responsibly of inventory. God bless them!
You are right, Tushar! I am smart. Like you, i also visited this project in the last 12 months. But, i wrote only one blog, when the builder told me that the project would be launched soon.
ReplyDeleteBecause, when i realized that in Pune real estate market approvals are taking more time and launch of the projects are delayed, and property buyers are suffering because of these delays - i stopped writing about these pre-launch offers.
I started considering these pre-launch offers nothing but 'interest free fund raising activities' of the builders.
Certainly, by not booking in December 2010, you proved that you have a 'thinking mind'.
But, blaming the builder for launching only after receiving all sanctions and approvals from the government and from the banks - is not a good thought.
In fact, you should join me to praise the builder for doing the right thing!
Dear Ajay, it's very easy to guess - If Megapolis is going to take 15 years to complete then how many years kolte patil will take?
ReplyDeleteBecause, these townships get one permission to develop large areas. So, these townships will take less time to develop than the same acres in PMC & PCMC. Because the same area in PCMC & PMC is fragmented in the many projects which start at a different time.
Besides the construction of the buildings - flats - in the same time, these townships will develop the roads and other infrastructure too.
Don't forget that when all these townships were launched when they haven't received all permissions. After the launch, pre-construction site development and (you may know) the world financial crises practically stalled these projects.
So, you can't say that Kolte-Patil will take the same or more time.
Because, Kolte-Patil launched "Life Republic" - (only 147 acres out of 400) - after receiving all sanctions, after the completing pre-construction site development and in fact, after starting the construction!
You know what will happen if, once gain, economy faces challenges......
Dear ravi you have still not answered my question how is megapolis price of 3400 is irrational and KP launch price is 3350 is looking competitive to you...megapolis project in itself is already 30% complete of the total 150 acres.
ReplyDeleteDear Ravi,
ReplyDeleteI am a regular reader of your blog and this is my first comment to your blog. First of thanks for being a source of information for all property buyers like us. I have the similar situation like kampooterwala. Its been so long I am searching for flat here in Pune. And as you are always suggesting, I am looking forward to buy a flat in ready possession. But considering such huge prices for ready possession flats, even though earning 40,000 Rs per month, I am not even able to find flat in my budget (which is 25lakh to 35lakh for 2BHK). Most of the builders expect to pay 8-10 lakh of downpayment amount (out of which 5lakhs would be black money),which is quite difficult for me. Some of my relatives says that there may come a recession in next 4-5 months and property prices in Pune may go down. Please let us know your expert opinion on this.
Also whenever i ask builders for the documents like NA order, 7/12 extract,sanctioned plan, they say that first of make a deal, give some token amount then take documents for verification. How do you suggest to deal in such kind of situations?
well said Rohit...but Gajar is gonna rot for 10-15 years and whoever falls for it will have to eat this ever rotting gajar everyday :D
ReplyDeleteAll aspirant home buyers - book or buy "READY POSSESSION" only with your EMI at 15% of interest rate is going to be 1/3rd of your in hand salary of one of you(if you're both earning) otherwise sit on the fence.
Tushar, why buy at INSANE level of 4000 psft at Wakad(tikde rahul baryaach janancha zala Makad:D)...instead rent an apartment for 8-10k and put your remaining money in recurring deposit
projects like amanora, megapolis or kolte-patil are places where one have to live but NOT invest. Whats the solution...rent out once the project becomes reality after couple of years.
ReplyDeletebtw, the builder accept only such comments to the above video which favors his project. Do not want to take any sort of criticism positively or questioning the project nature.
infact he deleted couple of comments and now-onwards accept only favorable comments...
@Amolw,
ReplyDeleteI agree with you. The apartments will be available at very less rents compared to prices. In fact, annual rent will be less than 4% of price whereas fixed deposit will at least give 9%. I haven't even considered maintenance cost.
Investors are going to burn their fingers. :)
The only problem is you cannot paint the rented place with your favorite color. After all, it is not 'your' home.
Ravi is it a ryt chance to invest in this property.u think there will b a good increment in recent years as compared to other projects.and is the construction quality better and what are the maintainance charges and parking charges
ReplyDeleteOver the years, builders have trained "real estate investors" who voluntarily take the responsibly of inventory. God bless them!
ReplyDeleteHi Ravi,
You said it succinctly.
That is exactly what I meant. Whenever the "investors" realize that they are holding lemons, they will sell the lemons at low price. One person has correctly said that in wakad, 4000Rs/sq.ft. flat is available for just 10K/month rent. That is true story.
People should not extrapolate last 10 years of economic growth. There is very rough road ahead. Let NRI buy these houses and make us available on rent of 10-15K/month. NRI are willing to make investment because they earn in dollars and credit is available at very low interest rate in US.
To add to this posts, just an example; in 2008 my NRI friend bought a flat at 38 lacs, and he tried (:)) to rent out the flat, it didn't went on rent for next 6 months because half of the flat owners were investors.
ReplyDeleteAfter six month that flat went on rent for 11,000 per month.
Now in 2012(almost), same flat is valued at 65 lacs and rent of the same flat is 13,000 now.
See the difference.Flat valuation in 4 years and rent increase.
Rent is always best choice as of now.
Out of 13,000 this person ends up paying 15000 house tax(anually) and 24000 Society charges (anually).
Money saved is money earned, you have saved society charges + house tax.
go 99acres.com site and search by "owners" you will 100's properties out there for rent.
Ravi Sir with great respect, thanks for helping us out.
You are really doing great service to society
Hi all,
ReplyDeleteI had invested in this project in Nov 2010 and I was also scared about the authenticity of the project. Two things made me stay with the project. 1. Its a Kolte Patil project. 2. I knew that this project along with 8 other projects was awaiting clearance from the Pune collector and this information was published on their site.
http://pune.nic.in - Look for the special townships section on the left, Jambhe township is Life Republic.
http://pune.nic.in/puneCollectorate/township/jambhe.pdf (Township clearances document)
I can probably say that it was a good investment as I had bought at 2575psf, i wouldn't call it great as there are a few changes done by the builder to my buildings facing that spoils my view of the urban park. But that apart, they have been very prompt in providing regular updates to the invested customers. Also, since I had invested in 2010, I still have to pay 50% for the terrace as opposed to 100% that newer customers will have to pay. In fact Kolte Patil actually reduced the price of the flat due to the same reason.
I found the builder to be excellent, as has been proved by his track record time and again. The project is good, there are not too many successful projects like this, maybe Hiranandani & Raheja Vihar in Bombay are good examples.
By the way, I should mention that hiranandani has bought land around this project (http://www.hirco.com/pune.html). If this is true the value of this project also should shoot up considerably (but that's just my estimate)
Cheers,
Ashish
Gave a cheque of 1 lakh today as booking amount. But still not decided whether I really want to go about it. May be I will cancel it. Prices are humongous. I am currently in London for last 1 year. Here the cost of 2bhk apartment is around 1.6 cr and rent is around 80000 and home loan interest rates are 5%. 5% of the cost. In india will I get the rent of 33000 for 3bhk flat of 66 lakhs? I doubt.
ReplyDeleteIn start of 2006 I was negotiating for a piece of land in Marunji. Farmer said 70 rs per sq ft and I was asking for 60 rs. It didn't go through as my friend with whom I was planning to take refused to pay 70. That time people used to talk about Kolte patil's huge land there. So they must have bought it for 30 rs may be. Profit margins are huge. Do they pay taxes on this profits? May be government is not willing to control demand (put tax on second/third homes) and increase supply. I am not a pessimistic and believe in market philosophy but current demand supply is a bit twisted because people like me wants to invest in second/third home forsaking joy of life. buying homes so that others can rent it cheap and children can have easy life. Here the mentality of british people is buy a home, pay mortgages for 25 years, go to holidays often, enjoy your life...
@ashish...
ReplyDeletewere did u get the information that hiranandani has bought land around this project
there is no information on this page as u mentioned http://www.hirco.com/pune.html
email to that emailid is also bouncing
Builders make NRIs to work abroad and suck up all their $$$ savings.
ReplyDeleteGood time to go on rent when this exorbitant prices.
Also, I heard that US H1B visas are being given only for 6 moths or 1yr max as against 3yrs earlier. Is this is true, then the bakra buyers for builders may not be able to earn $$$ as they used to do in the past. This will certainly bring down number of people who can afford to buy houses at such prices with less $$$ savings in future.
Also, my colleagues from B'lore, Hyderabad tell me that much better flats are available in these cities in far better localities in 3500 or max 4000psf rate. Look at Pune...
Interesting post and thanks for sharing.
ReplyDeletegood job done...
ReplyDelete@wi-sec:
ReplyDeleteRates in bangalore still affforable and above all you get value for money. See their bus transport, A/C bus 1500 rs per month anywhere in bangalore. Infrastructure & quality of life are much much higher compared to Pune
@Sameer Pawar: Not everyone thinks like you. I know one person who has 5 flats in pune and still want to buy another. As per him it is safest bet than stock market :)
Hi Ravi,
ReplyDeleteAs you earlier criticized Blue ridge for long duration for completion date. people's paying EMI and rent So what is possibility that Life republic will be completed on time (2-3 Years). is there any penalty clause?
Regards,
Chetan
Dear Ravi,
ReplyDeleteWhat rent can i expect in 2014(i am assuming that they deliver on time)
Sorry, Crack Bank Jobs! Can't say!!
ReplyDeleteDear Chetan,
ReplyDelete1) Pre-construction site development at Life Republic
2) Development of internal roads at Life Republic
3) Sanctions & approvals from the authorities and banks for Life Republic
4) No priority to the fulfill the terms of 'funding' agency over the individual property buyer at Life Republic
will save time and let the builder of Life Republic focus on construction and possession. Certainly, no one can assure that the possession will be on time.
Dear Sameer, You know all! I wonder - why did you book! Till all of you, who have knowledge and better options, keep on booking - Pune builders are going to have a great time.
ReplyDeleteIt was a difficult choice considering all my earlier investments were at lower price. I finally decided to cancel this booking. It was a confused call as I was relying on what others were telling me on phone. Anyway 3300 is still a better price but it seems to be too far from city and waiting period is quite a lot. What we looking at is at least 8 years for a full fledged township. My apartment is in wakad and I feel it is far away from city. Blue ridge started at least 4 years back and it is still nowhere. No intention of discouraging others. I am sure as an investment it is a good option and prices will surely go by at least 1000 in next 2 years. All the best.
ReplyDeleteHello,your blog is full of interesting information. Thanks
ReplyDeleteI am looking forward to book a flat in Hinjewadi area. I am an IT professional and looking for something which gives me possesion around 2015. Both Megapolis and LifeRepublic offers that with almost same rate. What do you think will be a better option?
ReplyDeleteIs it worth to buy a property in wakad, pimple saudagar area @ rate of 4400 per sq ft over 3400 sq ft at Hinjewadi considering possession in 2015?
Also, if you go by builders Kolte-Patil and Kumar builders looks more reliable than other around that area.
Need your inputs on this..
Thanks in advance!
Hello,
ReplyDeleteYour article is really good.
You mentioned about other townships sanctioned under MST Act being Nanded, Amanora, Blue Ridge, KUL Ecoloch. I think theres one more township sanctioned 'Eiffel City' which is just 500 mtrs from Life Republic. What are your views on that?
Also it is said that Hinjewadi - Marunji - Kasarsai - Somatane Road will be widened into 100 ft road. What timeline do you see for this?
Thanks
This comment has been removed by the author.
ReplyDeleteI am interested in buying a property and looking into Life republic. I heard that maintenance rate is Rs. 4.50/ square ft for bunglow and Rs. 3.50/ for flats. This seems to be very high and unrealistic. What are your comments on that; does it makes sense considering the far location? Also, nearby locations are charging almost half of that. Thoughts?
ReplyDeleteThanks
I am as well concerned of the same, pls advise.....
Delete1) Yes! We don't want to spend on maintenance. Not even to maintain our body!!
Delete2) We want property to appreciate without spending on maintenance.
3) In a city, we get all at a subsidized rate. Result is PCMC & PCMC don't have money to repair roads. We don't bother poor infrastructure and expect the same in the private townships too.
It is on carpet area, not on complete area. This is what they told me
Deletehttp://ravikarandeekarsblog.blogspot.com/2011/12/life-republic-kolte-patil-developers_09.html#comment-form
ReplyDeleteKolte Patil Life Republic (IVEN-TOWNSHIP) buyers group - discussion about current problems and progress - check it at http://groups.yahoo.com/group/iventownship/messages
ReplyDeleteKetan
ReplyDeleteI want to buy 1bhk in pune.Working at hinjwadi.My budget is 30 to 32 lacs.
Plz suggest me some projects..
Dear Ravi,
ReplyDeleteThanks for all your valuable feed back. I need your suggestion on Project Atlanta which is on the way to Hinjewadi from Wakad (Near D-mart). He is quoting 4600 per sq ft. Should I go for it or not>? is it value for money in coming days?
Nice Info About Kolte Patil Life Republic
ReplyDeleteYou Can Visit Our site
Life Republic
Hi Ravi
ReplyDeleteToday, I visited Life republic and saw the progress which happened on the site in last 2-3 yrs. The presentations and other information received fromthe executive was invaluable. But going thru this blog, the property rate has already appreciated from 3k to Es 5100. Where it wud reach from here? My perspective is clear investment where I m expecting a 50% return in next 2-3 yrs. Is it still worth to invest in this project at a rate of 5100 psqft?
Hi Ravi,
ReplyDeleteYour blog is always a great source of information. Your reviews are unbiased and have helped many in making sane decisions. You are doing a great job!
Punebuyer: I visited Life Republic's site today. And would like to share my take on the project and current market situation. This is my personal unbiased opinion.
Life Republic is a great project and was an excellent investment option 2 years ago, being a self-sufficient township it attracts more brownie points and deserved good appreciation.
Life Republic at psf rate of Rs. 5100 seems ridiculous inflated to me. I wouldn't invest there until I see wide approach roads from Hinjewadi to Marunje, enough development and life around. According to Sales people at Life Republic there would be a steady 10% appreciation YOY, but don't expect very good returns in short-term, stay invested for at least 5-7 years for the city to emerge and then exit at good ROI.
The current property prices in Pune have inflated way too much. I don't think Real estate market would see any exponential growth in near future. Many investors are not able to exit at current levels, and even if they do exit then the prospects of reinvesting doesn't seem promising at current levels. The current market sentiment is showing a slight correction, prices may not drop too much though. I wouldn't invest in pune until next 6 months to 1 year, I'll be on the fence waiting for the right time and price.
For second home buyers I would suggest don't invest in Pune anymore, you may thing of other emerging markets like for example Hyderabad. You wont get significantly good ROI by buying flats in pune now. One can easily rent a property worth 1cr for 12-15k in Pimple Nilakh, Wakad and it will be way more cheaper in outskirts of Hinjewadi, I feel the supply is too much than the demand. Considering the affordability of people not many buy at current levels.
Regards,
EminentDreams
Hi Ravi,
ReplyDeleteYour blog is always a great source of information. Your reviews are unbiased and have helped many in making sane decisions. You are doing a great job!
Punebuyer: I visited Life Republic's site today. And would like to share my take on the project and current market situation. This is my personal unbiased opinion.
Life Republic is a great project and was an excellent investment option 2 years ago, being a self-sufficient township it attracts more brownie points and deserved good appreciation.
Life Republic at psf rate of Rs. 5100 seems ridiculous inflated to me. I wouldn't invest there until I see wide approach roads from Hinjewadi to Marunje, enough development and life around. According to Sales people at Life Republic there would be a steady 10% appreciation YOY, but don't expect very good returns in short-term, stay invested for at least 5-7 years for the city to emerge and then exit at good ROI.
The current property prices in Pune have inflated way too much. I don't think Real estate market would see any exponential growth in near future. Many investors are not able to exit at current levels, and even if they do exit then the prospects of reinvesting doesn't seem promising at current levels. The current market sentiment is showing a slight correction, prices may not drop too much though. I wouldn't invest in pune until next 6 months to 1 year, I'll be on the fence waiting for the right time and price.
For second home buyers I would suggest don't invest in Pune anymore, you may thing of other emerging markets like for example Hyderabad. You wont get significantly good ROI by buying flats in pune now. One can easily rent a property worth 1cr for 12-15k in Pimple Nilakh, Wakad and it will be way more cheaper in outskirts of Hinjewadi, I feel the supply is too much than the demand. Considering the affordability of people not many buy at current levels.
Regards,
EminentDreams
I have already invested in life republic, after waiting for 3 years I still dont see possession happening. If anybody needs more info on projec,t search for yahoo group "life_republic"
ReplyDeleteThanks for sharing Yahoo Group of Life Republic", Jitendra!
DeleteLife republic project is stalled, possessions are delayed by over a year, the builder refuses any redress, it is impossible to get hold of people in authority. Best to stay away from this project!
ReplyDelete