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Saturday, January 28, 2012

A Home in Hinjewadi Phase 2 & 3

Upcoming Residential Projects - The Crown Greens, EON Homes & Megapolis Smart Homes 3 - in the 2nd & 3rd Phases of Rajiv Gandhi Infotech Biotech Park at Hinjewadi, Pune 411057

WIPRO Hinjewadi Phase 2
WIPRO Hinjewadi Phase 2
To Infosys Hinjewadi Phase 2 & 3

View Investing in Hinjewadi IT Park Phase 2 & 3, Pune in a larger map

Pune real estate market is divided in 5 parts -
1) Pune Municipal Corporation (PMC) & Pimpri Chinchwad Municipal Corporation (PCMC)
2) Fringe Villages like Ambegaon, Wagholi..
3) Upcoming Far & Away Villages like Kanhe, Talegaon Dhamdhere.....
4) Integrated Townships - like Life Republic, Nanded City Pune....and
5) Residential Zones in MIDC's IT & Biotech Park in Hinjewadi Phase 2 & 3
In which part would you like to invest?
This has become my standard opening statement. I repeat it every time when a reader of Ravi Karandeekar's Pune Real Estate Market News Blog calls me on 919860044110 for advice on investing in Pune real estate.

But why the property buyers call Ravi Karandeekar? How do they find you? Are you happy? Are you planning to continue to do what you are doing? Mr. Dinesh Raste, Director, TCG Real Estate (www.tcgre.com), went on asking.

At one point of time, i felt like saying, "Dineshsaheb, i will stop blogging only if you give me a job!" But, i didn't say it. Because, for sure, Mr. Raste would have given me an appointment letter immediately. And I would have accepted it too. Because, working with Mr. Dinesh Raste is one of my most favorite ideas - for the last 10 years. From the day Mr. Raste left Aditya Builders (www.adityabuilders.com) and joined DLF (www.dlf.in), the biggest real estate company in India.

Though i am committed to keep on blogging for the rest of my life, I believe in keeping an option open and live. In my professional, as well as, in my personal life. Options like Mr. Dinesh Raste and Ms. Madhuri Dixit-Nene.

Thank God!, i don't have to take extra efforts to keep in touch with my options. They are always part and parcel of my current life. I keep on meeting them often. Like i was meeting Mr. Dinesh Raste to write about TCG Lifespaces' first residential project, The Crown Greens (www.thecrowngreens.com), opposite Infosys, in the 2nd phase of Hinjewadi IT Park.

Now, if you are thinking that I am going to praise Mr. Dinesh Raste's upcoming projects - you are right.

I am too excited about The TCG Mall at Wipro Circle and - The Crown Greens in the 2nd Phase of Rajiv Gandhi Infotech Biotech Park at Hinjewadi. And 50 Acre TCG Vornado Township near Megapolis and Eon Homes in the 3rd Phase of Hinjewadi IT Park.

As excited as I am about Sparklet - Megapolis Smart Homes 1, Sunway - Megapolis Smart Homes 2 & upcoming Megapolis Smart Homes 3 and Sexy Sangria in Kumar Properties and Avinash Bhosale Group's Megapolis.

I love these real estate projects in MIDC's Rajiv Gandhi Infotech & Biotech Park in Hinjewadi because
1) I love to live in an area which has good infrastructure - road, water, electricity, waste management, with safety & security.
2) For me, "value for money" is the most important parameter while buying a property.
3) Add to it, the benefits of living near the work place - walking to work, spending more time with the family and living in the company of as young & as intelligent - as you & me.
4) I know maintenance of these properties would be much more than the projects in PMC - PCMC & fringe villages. But so is the appreciation and rental income.
5) Less cost of car maintenance, less fuel prices, less price of consumable items - food - & medicines will reduce lot of monthly expenses in these projects in MIDC's Hinjewadi Phase 2 & 3. Thanks to almost no octroi!
6) I was hoping to save on the property tax but Mr. Dinesh Raste suggested that one should be prepared to pay. Who knows? MIDC may impose the property tax at some point of time down the line!

Certainly, all these benefits are common for all these projects - The Crown Greens, TCG Vornado Township, EON Homes & Megapolis. So, my intention was to find out the unique features of each project. Look what i have found:

1) TCG Lifespaces' The Crown Greens Hinjewadi Phase 2:

The Crown Greens From Infosys Circle
The Crown Greens From Infosys Circle, Hinjewadi Phase 2
3 BHK Flat in The Crown Greens, Hinjewadi Phase 2 - 1620 sq.ft. Salebale for Rs. 60 Lakhs (approx)
3 BHK Flat in The Crown Greens, Hinjewadi Phase 2 - 1620 sq.ft. Salebale for Rs. 60 Lakhs (approx)
2.5 BHK Flat in The Crown Greens Hinjewadi Phase 2 - 1324 sq.ft. Salebale for Rs. 50 Lakhs (Approx)
2.5 BHK Flat in The Crown Greens Hinjewadi Phase 2 - 1324 sq.ft. Salebale for Rs. 50 Lakhs (Approx)
Bay Window & Bedroom in The Crown Greens, Hinjewadi Phase 2
Bay Window & Bedroom in The Crown Greens, Hinjewadi Phase 2

1) I liked the room sizes and shapes of Studio, 2 BHK Compact & Cozy Flats, 2.5 BHK & 3 BHK Flats in the first phase of The Crown Greens. As much as you liked! That's why in the pre-launch offer itself, Studio & 2 BHK Flats in the 14 story Tower 1 and 17 story Tower 2 are almost sold out and only 2.5 BHK (for Rs. 50 Lakhs approx property price) & 3 BHK Flats (for Rs. 60 Lakhs approx property price) in the 20 story Tower 3 are available for booking.

2) Features like Bay & Corner Windows, Provision for Split Air Conditioner in Living & Dining, 2 Access to the balcony from the living as well as the bedroom, Dressing in the Master Bedroom of a 3 BHK Flat has made these squarish flats in The Crown Greens quite interesting.

3) Air conditioned Entrance Lounge, 2 Automatic passenger lifts and a service lift in each tower, 2 wide staircases, Smart Card Access – Key less entry, Touch Screen Video Door Phone, Advanced Home Control from remote location by phone, LED footlights in Living, Curtain control by remote - LED footlights & Mood lighting in the Bedroom, enough points for Microwave, Mixer, Fridge, water purifier, exhaust fan, etc. in the Kitchen will make your life digitally happy.

4) Third Party Checks to meet the highest level of quality standards, Maintenance by professional agencies will assure construction quality and appreciation of your property.

5) Besides all essential green features like rainwater harvesting, water recycling, sewage treatment plant and solar lighting, i liked the idea the Charging Ports for Electric Vehicles. I hope this facility will encourage you to become eco-friendly and buy an all-electric city compact hatchback - Mahindra Reva NXR!

2) Kasturi Housing's EON Homes near TechMahindra in Hinjewadi Phase 3:

Megapolis Circle, Kasturi Housing's EON Homes & TechMahindra
Megapolis Circle, Kasturi Housing's EON Homes & TechMahindra
TechMahindra & the site of Kasturi Housing's EON Homes, Hinjewadi Phase 3
TechMahindra & the site of Kasturi Housing's EON Homes, Hinjewadi Phase 3
The site of Kasturi Housing's EON Homes, next to TechMahindra, Hinjewadi Phase 3
The site of Kasturi Housing's EON Homes, next to TechMahindra, Hinjewadi Phase 3
EON Homes - Premium Apartments in Hinjewadi Phase 3 - Kasturi Housing's upcoming project
EON Homes - Premium Apartments in Hinjewadi Phase 3 - Kasturi Housing's upcoming project

I am big fan of Mr. Bharat Agarwal, my old friend & Chairman of Kasturi Housing (www.kasturihousing.com). Mr. Bharatbhai may be one of the few builders in Pune, who is admired by his staff. So, obviously when i visited the site of EON Homes in the third phase of Hinjewadi, Mr. Aniruddha Gajre, Project Manager, and I talked more about Bharatbhai than the project.

Mostly, EON Homes will be launched in April 2012. So, on a war footing construction of the site office, site development activities like re-plantation of trees, compound wall, cleaning & leveling of the plot, and pre-construction activities like soil testing and even excavation were going on.

Mr. Aniruddha was very excited about using latest construction technology for high rise towers in EON Homes. For Aniruddha it's an honor to work as a project manager of the real estate developer who is considered as a perfectionist.

You know? I have to execute more than 5,000 drawings, Aniruddha told me. At Kasturi Housing not a sq-cm is constructed without a drawing.

Bharatbhai is a builder in the true sense - well balanced mixture of an artist, an engineer and an architect. And over the years, Bharatbhai has developed a team which is as perfectionist as he is. Besides, personal involvement of every team member, Bharatbhai has developed internal reporting systems which make sure that all subcontractors and agencies make minimum mistakes and errors. So, obviously like all Kasturi Housing's projects - apostrophe at Wakad & The Balmoral Estate at Baner etc., EON Homes will set new standards of quality in high rise townships in Hinjewadi.

3) Megapolis Smart Homes 3, Hinjewadi Phase 3:

Site Office of Megapolis, Hinjewadi Phase 3
Site Office of Megapolis, Hinjewadi Phase 3

I am not at all interested in the launch date of Megapolis Smart Homes 3. I didn't visit Mr. Hemant Kulkarni, GM, Pegasus Properties (www.megapolis.co.in), because i was curious to know about the property & prices of the Megapolis Smart Homes 3.

In fact, i requested Mr. Kulkarni that he should launch the Megapolis Smart Homes 3, only after giving possession of Sparklet - Megapolis Smart Homes 1 at one go! Possession of all 1100 flats in all 26 buildings with all amenities at one time. And continue this practice while giving possession of Sunway - Megapolis Smart Homes 2. Even if the possessions is delayed by a few months.

Those who gave such a huge response to Megapolis Smart Homes 1 & 2 deserve to get the possession of the entire project at one time.

In the current slow down in Pune real estate market, more than the property prices and planning, only the possession of Sparklet & Sunway will motivate the property buyers to rush to book in Megapolis Smart Homes 3. What say you?

On this Mr. Kulkarni said that he hasn't yet finalized the date of launch and property rates of Megapolis Smart Homes 3. However, Mr. Hemant told me that there will be 2 BHK, 2.5 BHK & 3 BHK Flats. The plans are already finalized and are submitted for the sanctions & approvals.

I congratulated Mr. Hemant for opening the last building, I Building, and requested for the permission to visit and write about the possession of Sexy Sangria. I am very much curious to know the experience of those 50 property buyers who have already taken possession! What about you?

Related Stories:

1) MONDAY, DECEMBER 19, 2011

NRIs, give a new lease of life to your real estate investment in Pune!

2) MONDAY, NOVEMBER 28, 2011

Go for Profit Booking in Pune Real Estate Market - Amit Parnerkar

3) MONDAY, JANUARY 2, 2012

Ravi Karandeekar's Most Popular Pune Real Estate Market News Blogs in December 2011

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  1. Hi Ravi,
    Not a single mention of IVEN. Kay Zhale, Did you lost intrest in IVEN or My. Saluja ia not favoring you? Just curious..

    1. Dear Mr. Vishal, Sir, this blog is about 'A Home in Hinjewadi Phase 2 & 3.'

  2. Hello,
    Why exclude Hinjewadi phase 1 from your favorable opinion ?

    1. Dear Mr. Vivek, this blog is about 'A Home in Hinjewadi Phase 2 & 3.' Sir, if there is any residential zone in the first phase of Hinjewadi IT Park i will right a special blog on it.

    2. Paranjape's Blue Ridge is in Hinjewadi Phase 1. Is it not in residential zone? What's the issue?

    3. No issues. Blue Ridge is not "in" but near - next - to the 1st phase and it's an integrated township - altogether different category.

  3. There are 70,000 IT employees in Hinjewadi. With the given speed of launches of townships, we will soon have 70,000 apartments to stay.
    It will be interesting to see how things pan out in next 3 years. I am really interested to know who is buying these apartments.

    1. Yes, Ajay, I am also curious to know who pays in advance to the builder to build an apartment for himself. Because, number of apartments build depend upon the number of bookings with advance payment and not on the number of people work in Hinjewadi.

  4. Thanks Ravi. Good post as always. And also, you enlightened me about EON!. I've been watching the plot being cleared up for something big since some months from my office window. (Ok I've given away where I work!!) Always wondering what was coming there. Now you let the cat out. Thanks for that.

    Yes I also agree with your view about Megapolis Smart Homes 3. Last I spoke with Sales was around January 1st week and they said it might be launched by Jan end. Not the case seemingly, so good. They've started excavation etc. work on the SH3 site though. I visited Megapolis on Saturday, and work on Sparklet is really going at brisk pace. Podiums have taken shape and are undergoing plastering. Entrance gate is in shape, and most internal concrete roads are done. Piping etc was being laid. The School building is also looking well developed now.

  5. Hi Vikas, Can you share your reasoning/views for cancelling your booking in megapolis if its not personal. It might help any reader considering to book in this project.
    BTW the common amenities for smart home cluster look good from the phtos on website of megapolis in the section on site phots of sunway.
    Those who booked at 2400 in sparklet seems to have got a good deal.
    Would you agree Ravi? You seems to have become a critic of this project froma fan!!!

  6. The place looks very beautiful. You've highlighted the main features of the place and that's very nice. Will certainly visit your site more often now.

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  7. hi Vikas, Can you share your reasons for cancelling booking in megapolis if its not too personal? it might help readers who want to consider this project.
    BTW the common amenities for smart homes cluster looks good from the photos on megapolis website on the site photos for sunway.
    Those who booked for 2400 in sparklet seem to have got a good deal.
    Do you agree Ravi since you seem to have turned into a critic from a fan!!

    1. Hi Saccha,

      No I have not cancelled for any personal reason at all. In fact, I cancelled by booking in Sunway, in order to make a booking in SPARKLET, which gave me a home cheaper & that too, a lot earlier. Someone had cancelled a flat there, which I opted for thats all. I intend to use the place as a home & not exactly as an investment. So the earlier possession of Sparklet made quite a lot of sense...

  8. Thanks Ravi. Good post as always.
    I am wating for your new blog on possession of Sangria and Launching of I tower building

    1. Sangria I tower.
      2BHK - hill view - @4000 upto 5th floor.
      2.5 and 3BHK - amenity view - @4050 upto 5th floor.
      Booking in progress, last time when I confirm flat availability, sales person told me that every few are left below 11 floor...but i doubt it.

  9. what about shops ,like to invest in shops ,are they available at above projects?

  10. I booked at Crown Greens yesterday at 3950. top floor and garden view added 200 per sqft.
    Anyway my query is by when I will get ROI. i did all the calculations, however key information required is how the property rates will rise in coming years?
    what do you think? 10 to 20 percent?
    Am assuming rent will also follow a similar pattern.
    please share your views.

  11. Hi Ravi,
    I heard (from some of the reviews available online) that The Crown Greens apartments are given on 99-year leasehold flat and not as an ownership flat. Is this information true? Please provide your inputs on this.
    Best regards, Amol

  12. Awesome blog, very informative too. I really enjoyed this blog it helps me a lot awaiting for more post keep posting.
    for the real estate property news please visit this site : http://findghar.com
    Thank you..

  13. If I book a flat today in Crown Greens, how soon can I expect an appreciation in that?
    I am planning to buy a flat for investment purpose.

  14. HI Ravi,
    Green Olives 2&3 BHK homes Project by kolte Patil comes under phase-1.
    What is your opinion to buy a property on it?

  15. Hi Ravi,
    Can you please explain drawbacks of Hinjewadi Gram Panchayat (Water, Electricity, Crowded ....etc)?
    Is this project will be a good option for Value of Money?

  16. Hello Ravi sir and others, thanks for the information. I am looking forward to invest in Hinjewadi for self. Currently I am looking at life republic, Olive Green and Megapolis smart home 3 as possible options.
    Could you and others pls suggest which would be best as you? Also since am not from Pune, I am not aware of Hinjewadi Gram Panchayat. Pls advise.

    1. Dear Anuj, please, tell your budget and expectations about a home. Which home will satisfy you - suitable for you - is more important than comparing projects and prices.

    2. That's very true Ravi Sir. I am looking for a 3 bhk near Rajvi Gandhi IT park in Hinjewadi for around 62 lacs with 1000 - 1200 sqft area. Idea is to have this flat as investment for next 5yrs and then for self.
      With that respect I have been looking at olive green and Megapolis projects.
      Pls suggest based on this.

      How are the rent and property appreciation in Hinjewadi? Are ther any drawbacks investing in projects in Hinjewadi. Ph I as you were mentioning above?

      Pls advise, thanks!

    3. Certainly, Megapolis! I fail to understand why buy now if you are not going to use it for the next 5 years. Instead of speculating try simple maths.

      At Sangria - rent is 12,000 - 14,000 and deposit 45,000!

  17. Dear Mr. Ravi,

    What is your opinion about the Crown Green project builder? Looks like this is first residential project for the TCG group. Can you please share your insight on this builder?


  18. Hi Ravi,

    The Crown Greens property is on a lease for 99 years. Is there any loss of buying a property on lease coz what I know is that after 99 years we just need to pay 1000 to 2000 rs thats it. and it gets renewed again.

    Moreover, Crown greens are selling it at 4000 Rs a sq ft @14th floor.
    If I compare Megapolis and Crown Greens then which one is more value for money and has better quality standards.

    Where you would think of investing ?

  19. Hi Ravi
    I am planning to book in 2.5 or comfort 3bhk flat either in Sangria or Kasturi EON home respectively @ Hinjewadi .
    In both cases i will get my flat at the end of 2014 or early of 2015. Only thing which i found better, In EON it is small project and will get complete before the Megapolis
    I will really appreciate your view or suggestion on this which is going to better investment

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  21. Hi Ravi, thanks for the informative blog. Request you to please share your views on Environmental Clearance (EC) status for Crown Greens project. We booked a flat in same, in December 2011, but till date there is no movement regarding construction commencement/bank funding/ sample flats etc., as we are repeatedly being told by TCG that EC is still pending from Govt. The project has already got delayed by 9 months, form the date we were assured at time of booking. Is there any problem with EC for projects like Crown Greens, in MIDC Hinjewadi? Request your opinion.

  22. Hello All

    Today i visited Megapolis Smart Homes 3 and had a detailed look at the project.Rate quoted is 3550/- with 50 rupee per square feet discount for IT people working in Hinjewadi.

    Then i went to have a look at construction of Smart Homes for which possession is going on. Well i was a bit disappointed with quality of finishing in the flats....that could have been lot better....

    Rest question remains on things which will come around Megapolis...no clear inputs about that and for now it looks as if its extreme end and Hinjewadi main road will be the only one which will be there....

    On positive side , construction is going on well and premium flats and building looks really nice....

    Still concern for me was quality of construction.....


  23. Hi your blog is very nice and get more knowledge about this. Thanks for this blog
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  24. Hi Ravi,

    I am planning to buy at souveriegn at phase II at 3850 Rs. per sqft.Can you please suggest if there is any drawback with this options in comparison with Megapolis, life republic or crown greens?

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  28. Thanks for post. It really informative stuff. I really like to read. Hope to learn a lot and have a nice experience here! My best regards guys! Tuff. I really like to read. Hope to learn a lot and have a nice experience here! My best regards guys!

  29. Read this:

    I booked a flat in SmartHomes, Sparklet A4, Megapolis.

    First of all they never informed in letters that they sent for payments to be made slabwise about the late payment fees that are applicable. Then later when the possession time was near, that is after 2 yrs they mentioned late payment charge around 40k which I negotiated and paid 28k.

    Later, after I got possession from last 6 months i have been complaining about so many things that is not done propoerly. The best answer they give is to repaint which is not the solution.

    1. In kitchen the slab fell over when they were grilling a hole in the neighbouring flat. Thankfully, i was saved.
    2. Bathroom flooring was not proper. Water used to come in flat instead of going in the drainage. I got that repaired but then it was not done properly. I had to get them put a slab to prevent water coming out.
    3. There was a leakage in kitchen ceiling and common bathroom which i doubt they repaired. They just painted.
    4. There are more than 6 colour shades tiles in master bathroom.
    5. Doors have been getting inflated and got them cut 3 times in 6 months.
    6. There were iron rods coming out from the walls which I got cut.
    7. Finishing is extremly poor in the whole flat.
    8. Now, there is leakaege coming to the walls of master bedroom from bathroom and all paint etc is coming out.
    9. If you put curtains, the holder comes out as the walls are hollow from within.
    10. Kitchen sink does not drain water properly.
    11. All pipes etc are leaking from period to period.
    12. Walls are ceilings are uneven.

    Overall, there is extremely bad quality of work and no audit done in this buildings. I wonder how can such a big builder not have audits and pass on flats in haphazard manner. I feel i have wasted my hard earned money by investing in thhis builder - Pegasus :(

    Can I get justice?
    Megapolis Complaints. Extremely bad quality of construction, Builders, Pune,Consumer Complaints Company Complaint India

  30. I have purchased a residential flat in Crown Greens Hinjewadi ( A project by TCG ).
    They committed to give Digital Home Features ( like software to control your electrical components ), place Premium internal fittings.

    After they have build the Show flat, they have backed off from their commitments saying that Digital Home Feature is out of their budget.

    I recommend you not to book flats @TCG because I am sure that when you will be delivered your flat, it will be very different from what was committed. I went to them and gave them premium because I though the quality would be good but it is sorry to say that I found is even worst than the local builders.

  31. I am very impressed with your writing. I am giving it very importance because i am beginner in this field, I’ve learned a lot. Thanks for posting

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  32. Hi Sir,
    Your information and your photos are very nice. Totally Great content
    For More Info About Kasturi Eon Homes Hinjewadi Pune.

  33. Can you please throw some light on the delay of possession for Kasturi Eon Homes flats phase 1. I am considering booking a 3 BHK there but worried about the delay in the posession.

  34. Hello Ravi, Hope you are doing great. I (along with my 3 friends) are looking to buy in Hinjewadi as end user and have narrow down to either Eon Homes or Crown Greens. The layout and earlier deliveries of Eon Homes are impressing at same time Crown Greens is also offering good layout and promising the quality as its TCG's first residential project. If I take out 5 lac for all the extra stuff or amenities Eon is giving (like modular kitchen, POP, etc.) - I will end up paying bit more than 300 rs per sqft if I go for Eon. Need your expert advise, what we should do. Should we go for Crown Greens or knowing the history of Kasturi, it will be a fare deal paying 300 per sq ft + 5 lac for other materials they are providing?

  35. I own a flat in Phase 1. TCG should not be the builder with which you should invest your hard earned money. I am suffering. They will promise too many things and will fall short on most of the things and then will say ... do whatever you want to. Very bad delivery of phase 1 in terms of quality. Dont trust these people.