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Monday, April 9, 2012

Review of Splendour - Megapolis Smart Homes 3, Hinjewadi Phase 3, Pune 411 057

Approximate Property Prices of 2 BHK, 2.5 BHK & 3 BHK Flats in Splendour - Megapolis Smart Homes 3, Hinjewadi Phase 3, Pune 411 057:

1) 2 BHK Flat - 855 sq.ft. Carpet:

Non Garden Facing - Rs. 44,85,658 (1st & 2nd Floor) - 47,20,409 (12th, 13th & 14th Floors)
Garden Facing - Rs. 45,44,345 (1st & 2nd Floor) - 47,79,096 (12th, 13th & 14th Floors)

2 BHK Flat 855 Carpet for Rs. 44,85,658 - 47,20,409 Non Garden & Rs. 45,44,345 - 47,79,096 Garden Facing in A3, A4 & A5 Buildings - Splendour - Megapolis Smart Homes 3: 2 BHK, 2.5 BHK & 3 BHK Flats at Hinjewadi Phase 3, Pune 411 057
2 BHK Flat - 855 Carpet - Splendour - Megapolis Smart Homes 3: 2 BHK, 2.5 BHK & 3 BHK Flats at Hinjewadi Phase 3, Pune 411 057

2) 2.5 BHK Flat - 1,003 sq.ft. Carpet:

Non Garden Facing - Rs. 51,95,082 (1st & 2nd Floor) - 54,70,405 (12th, 13th & 14th Floors)
Garden Facing - Rs. 52,63,913 (1st & 2nd Floor) - 55,39,236 (12th, 13th & 14th Floors)

2.5 BHK Flat 1003 Carpet for Rs. 51,95,082 - 54,70,405 Non Garden & Rs. 52,63,913 - 55,39,236 Garden Facing in A3 Building - Splendour - Megapolis Smart Homes 3: 2 BHK, 2.5 BHK & 3 BHK Flats at Hinjewadi Phase 3, Pune 411 057
2.5 BHK Flat - 1003 Carpet - Splendour - Megapolis Smart Homes 3: 2 BHK, 2.5 BHK & 3 BHK Flats at Hinjewadi Phase 3, Pune 411 057

3) 3 BHK Flat - 1,112 sq.ft. Carpet:

Non Garden Facing - Rs. 57,19,850 (1st & 2nd Floor) - 60,25,188 (12th, 13th & 14th Floors)
Garden Facing - Rs. 57,96,134 (1st & 2nd Floor) - 61,01,473 (12th, 13th & 14th Floors)

3 BHK Flat 1112 Carpet for Rs. 57,19,850 - 60,25,188 Non Garden & Rs. 57,96,138 - 61,01,473 Garden Facing in A4 Building - Splendour - Megapolis Smart Homes 3: 2 BHK, 2.5 BHK & 3 BHK Flats at Hinjewadi Phase 3, Pune 411 057
3 BHK Flat - 1112 Carpet - Splendour - Megapolis Smart Homes 3: 2 BHK, 2.5 BHK & 3 BHK Flats at Hinjewadi Phase 3, Pune 411 057

Megapolis April 2008 to April 2012:

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

Pretending as the 3rd integrated township - after Amanora & Blue Ridge - formed as per Special Township Act of Maharashtra Government, in April 2008, Pegasus Properties - joint venture of Avinash Bhosale Group, Kumar Properties, GIC, and MIDC - launched 1,400 Crore Megapolis on 150 acre land leased from MIDC for 95 years.

At the time of launch of Megapolis (www.megapolis.co.in), Mr. Amit Bhosale, Director of Pegasus Properties, has announced that the first phase of 900 flats will be ready in 24 months - 2 years and rest of the 21 story 58 towers will be ready in 5 years. Means, in April 2013.

However, today, in April 2012, some 50 property buyers are living in - not completely ready - Sangria Towers, the first phase of Megapolis. These Sangria Towers, cluster of 9 towers of 21 stories, will take more than one year to complete.

However, 150 acre Megapolis isn't an unusual phenomenon. Other big townships - Amanora 400 acres (www.amanora.com), Blue Ridge 138 acres (www.blueridge.in), Nanded City Pune 700 acres (www.nandedcitypune.com) - all launched approximately 4 years ago - are in the same boat. Today, approximately 50 property buyers - a few more or less - have somehow managed to get possession of their flats in these townships.

Why only consider big size townships in Pune? There are many small size projects in Pune real estate market - 200 to 300 flats in 5 - 6 Buildings of 11 story - launched 4 years ago are still not completely ready in Wakad & Baner! For example Rohan Tarang Wakad (2006) & Rohan Leher Baner (2008)!!

In December 2009, to revive the almost stalled Megapolis, Pegasus Properties took two steps. First, it reduced the property rates of Sangria Towers from Rs. 3,200 per sq.ft. to Rs. 2,850 per sq.ft. Second, it launched Sparklet - Megapolis Smart Homes 1 - approximately 1200 units of 1 BHK Flat - 480 Carpet - for Rs. 16.6 to 16.9 Lakhs & 2 BHK Flats - 760 Carpet - for Rs. 24.86 to 25.35 Lakhs.

Compared to Celestial City Ravet and other affordable compact flats launched at that point in Pune real estate market, for sure, Sparklet - Megapolis Smart Homes 1 was a better offer. Mainly, because of it's location - in the third phase of Rajiv Gandhi Infotech Park at Hinjewadi and the ready road and other infrastructure developed by MIDC. Obviously, Sparklet - Megapolis Smart Homes 1 received good response. Considering the progress of construction, if Sparklet - Megapolis Smart Homes 1 would be ready for possession in March 2013 - 3 years after the launch - it would be considered as a sort of a record in Pune real estate market.

Realizing that not the so called luxurious properties in Sangria Towers but the flats in Rs. 20 to 40 Lakhs price range is the key to survive, in August 2010, Pegasus Properties launched Sunway - Megapolis Smart Homes 2. Just 6 - 7 months after the launch of Sparklet - Megapolis Smart Homes 1. At nearly the same property rate of the closing booking rate of Megapolis Smart Homes 1. Rs. 2,400 per sq.ft. for Non Garden Facing Flats on the 1st to 2nd Floors to 2,850 per sq.ft. for Garden Facing Flats on the 12th, 13th & 14th Floors.

However, Pegasus Properties managed to increase it's profits by marginally increasing the carpet areas of the 2 BHK Flats - from 760 sq.ft. in the Sparklet - Megapolis Smart Homes 1 to 805 sq.ft. in Megapolis Smart Homes 2. Plus, in Sunway - Megapolis Smart Homes 2, Pegasus Properties introduced 2.5 BHK Flat of 964 sq.ft. Carpet area.

All inclusive property price of Rs. 28.46 to 33.62 Lakhs for a 2 BHK Flat and Rs. 33.51 to 39.65 Lakhs for a 2.5 BHK Flat was, surely, not only affordable but also very attractive for the young Hinjewadi IT professionals, Defense Personnel, Managers in Central Government and salaried real estate investors in Pune & Mumbai. Who booked more than 600 units - nearly half of the total number of flats in Sunway - Megapolis Smart Homes 2 - at the launch property prices in a few months.

Around November / December 2012, nearly 15 - 16 months after opening booking, Sunway - Megapolis Smart Homes 2 was almost 'sold out' - all approx 1200 flats were booked. Last 2.5 BHK Flats - on 1st & Top (14th) Floor - were priced at Rs. 46.23 Lakhs.

Though the flats were not available, property buyers who were searching property kept on visiting Megapolis. Because, property prices in Pimple Saudagar, Wakad in PCMC and Balewadi, Baner, Bavdhan in PMC were beyond budget of most of the property buyers. Along with the prices and property, construction progress of Sparklet - Megapolis Smart Homes 1 & Sunway - Megapolis Smart Homes 2 was looking quite impressive for the visitors. Obviously, majority of visitors expressed their interest in the upcoming Megapolis Smart Homes 3 and left their contact details with the marketing team.

By March 2012, the sales team of Megapolis had compiled a long list of 900 would be property buyers but there wasn't a single flat available to sell. The sales team of Megapolis was siting idle. In the last 16 months, the team of contractors have nearly finished the RCC of Sunway - Megapolis Smart Homes 2 and they were available to start the RCC of Megapolis Smart Homes 3. It also means that, nearly 90 per cent payment of Sunway Megapolis Smart Homes 2 was already received and the balance 10 per cent may take 24 more months to come.

So, opening booking of Splendour - Megapolis Smart Homes 3 was important for Pegasus Properties. Booking of Megapolis Smart Homes 3 was the only source of revenue for the builder. Booking of Splendour - Megapolis Smart Homes 3 means work for the idle sales team. Booking of Splendour - Megapolis Smart Homes 3 means not losing the RCC contractors.

So, on 13th March 2012, Pegasus Properties opened booking of Splendour - Megapolis Smart Homes 3. In the next 2 weeks, everything happened exactly as expected. RCC Contractors got work orders. Once again, the sales team of Megapolis became busy. Out of the list of 900 people, nearly 100 property buyers booked their flats by giving 15 per cent of the agreement value. Means, new & only source of revenue opened for the builder.

However, when i saw the booking forms, I noticed that most of the property buyers were experienced working couples. Not the young first time home buyer from Hinjewadi. Because of the property prices, Spendour - Megapolis Smart Homes 3 has lost it's sheen & edge. Megapolis Smart Homes has lost it's soul and body.

Now, i realized that, not the young IT professional - the first time home buyer - but the builder's greed for more profit has become the driving theme of Splendour - Megapolis Smart Homes 3. It's not win - win offer, anymore. Now, it's I (builder) win, you (the property buyer) lose - offer. Like all offers in Pune real estate market.

Killing of the goose that lays golden eggs:

When i visited the structure of RCC & Brick Work of Sparklet - Megapolis Smart Homes 1, I asked the salesman the reason behind launching 2 BHK Flats in Splendour - Megapolis Smart Homes 3 in the property price range of Rs. 45 Lakhs to Rs. 50 Lakhs.

Casually, he said, "Because, at some point of time the builder has to focus on earning profits! You know that we sold Smart Homes 1 & 2 at very low price..."

"Not at low price but at the right property price - because at that point of time you were struggling to survive. Now, you may be safe - but what about the completion of the entire 150 acre Megapolis?," I asked.

"Come on...timely possession and completion of the project are property buyers' concerns. For a builder what matters is 'how' - not 'when'. Smart Homes 1 was social work - Smart Homes 3 is business," the salesman of Megapolis said.

"Don't you think that Smart Homes 3 would be quite a slow business? Look how much time you took to sell bigger & better 2 BHK Flats for Rs. 45 to 50 Lakhs in A, E, G, H Towers of Sexy Sangria?," i asked.

"Who told you that we are in a hurry? Plus, ask any property property buyer in Smart Homes 1, 2 & Sangria - they will tell you that they all are happy about appreciation of their investment! Our goal is - customer satisfaction!," the salesman said.

Yes, the salesman of Megapolis was right. All Pune property buyers in Pune real estate market always believe in all ideas which are always beneficial for the Pune builders.

After you book a flat - you suddenly stop bothering about your colleagues and friends, your younger brothers and sisters, your relatives and neighbors - who are looking for a home. Irrational property rate is no more your concern. Unethical, abusing and exploitative business practices of the Pune builders and housing finance companies don't make you angry.

After booking a property you turn into a selfish pig. What matters to you is the value of your property. You become so dumb that when builder increases property rates for more profits - you take it as an appreciation of your property! So, the salesman of Megapolis was right. Those who have already booked must be happily congratulating themselves and Pegasus Properties.

Same with those who are looking for home near Hinjewadi! True, majority would be unhappy about the hiked property rates of Splendour - Megapolis Smart Homes 3. But, like politics - not the enlightened majority but naive minority always supports and accepts the property prices.

These naive minority would be property buyers, the builders of Megapolis Smart Homes 3 know - will not ask - on what basis Pegasus Properties demands the property rate of Rs. 3,500 to 3,750 per sq.ft. In any business - from a supplier - a purchase manager of a company demands for the bifurcation of the cost. But in real estate business, the property buyer never asks to his supplier - the builder - what is the cost of a land, cost of RCC & brickwork - plaster, cost of bought out finishing items like tiles, sanitary fittings, doors and windows.

Even when the land is given by MIDC, which is owned by Maharashtra Government, to Pegasus Properties for the purpose of providing housing for the workers of IT Companies in Rajiv Gandhi Infotech Park at Hinjewadi. Where increase in the property rate should be related to increase in the cost of construction raw material and labor charges.

These minority would be property buyers are too desperate to ask whether it's constitutional for the Sate Owned MIDC - which is one of the partners in Pegasus Properties - to use Maharashtra Government's land for exploiting the citizens of Maharashtra!

Who will go to Bombay High Court against Maharashtra Government and demand - Was this land acquired from the farmers of Maharashtra to make Avinash Bhosale Group, Kumar Properties and GIC - investment arm of Singapore Government, rich?

Not only the white color workers in IT Companies, but Pegasus Properties knows that the Hinjewadi Industries Association (www.hiapune.in) which launched "Hinjewadi First" to demand better roads, power and water for Rajiv Gandhi Infotech Park will not lift a finger for it's workers!

Hinjewadi Industries Association will not insist on providing housing for the eligible majority of it's workers. Instead of that, like these industries have always done, they will start talking about expected rise in the job opportunities in the third phase of Hinjewadi. Which will frighten those who are not convinced about the property & price and are siting on the fence to jump in the fire and book in Spledour - Megapolis Smart Homes 3 - before the property price rises after the certain number of bookings!

"Mr. Ravi Karandeekar, property prices is not an issue. On your blog you should write about "increased service tax in Union Budget 2012"! You should talk against banks for not reducing home loan interest rates. You should be against banks not funding stamp duty, registration charges, service tax and other charges. All these increases the own contribution of the property buyer, reduces his eligibility for a home loan and makes buying a home more difficult for him!," the salesman of Megapolis said.

"Yes! You are right! I should write about it. Fighting with the government is better than loosing your friendship. Agreed, I should never write about your property prices. But, considering these issues what motivated you to launch properties in the price range of Rs. 45 to 60 lakhs?," i asked.

"We keep our eyes open. Though we are a few kilometers away - we are aware about the property prices in Wakad and Baner - Balewadi! If you compare the property prices of Spendour - Megapsoli Smart Homes 3 - with the prices in the known & familiar areas in PMC & PCMC - you will accept that our property rates are competitive!," the salesman said.

"So are the rates in Life Republic (www.liferepublic.in) and Nanded City Pune! You know what? Someone asked me to help him choose between Life Republic & Megapolis Smart Homes 3. He said costing of a 2 BHK Flat in both the projects is nearly the same - he was confused about finalizing! Can you guess, what would have I said?," i said.

"Certainly! Splendour!! We are planning to give possession of all buildings in March 2015 - in just 3 years!," the salesman said.

"Yes! I could say that only in 2013 - after you give possession of Sparklet - Megapolis Smart Homes 1!! However, i never expect any builder to give possession on time. Why take a trouble to give possession on time - when you have already received 95 per cent of the payment? What can any property buyer do who has signed an agreement which is in the builder's favor? So, possession is not a point. Point is - Life Republic is planned as a small private city - whereas - Megapolis is a housing colony of white color workers of Rajiv Gandhi Infotech Park. I told him that it's his personal preference - whether he want his son to grow up as a worker's son or a private citizen!," i said.

"No wonder your readers say that you are biased about Life Republic!," the salesman said.

"Why readers? I myself say that I am biased about all integrated townships and the projects in the residential zones of Hinjewadi Phase 2 & 3 - which includes Megapolis too! But when it comes to choose between the two - for a fact - no human being will like to live on the "Animal Farm" - in the residential zone of Hinjewadi Phase 2 & 3! By pricing irrationally - you have exposed your negative side!," i said.

Guys, when the offer is unethical - do you see any point in talking about the planning, specifications and amenities?

Anyways, Megapolis Smart Homes 3 is just a little bigger version of 2 at a very big property price and the minority would be property buyers only bother about - what are the prospects of appreciation of Splendour - Megapolis Smart Homes 3. Right?

And the answer is - there never will be shortage of the naive property buyers who care less for their life & money!

Related Stories:

1) THURSDAY, APRIL 5, 2012

Sparklet - Megapolis Smart Homes 1 - Photo Visit


A Home in Hinjewadi Phase 2 & 3

3) SUNDAY, APRIL 1, 2012

Ravi Karandeekar's Most Popular Pune Real Estate Market News Blogs in the First Quarter of 2012

4) SUNDAY, APRIL 1, 2012

March 2012: Ravi Karandeekar's Most Popular Pune Real Estate Market News Blogs

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  1. What is construction cost in Pune? What is builders profit margin in Pune

    If you are wondering what is construction cost in Pune? Is it better to purchase plot and build your own house/bungalow or purchase apartment from builder? How much do builders make per square foot? What is builders profit margin in Pune? What is minimum plot size needed to construct bungalow? This article tries to answer these questions.

    What is builder's margin? How much money builders make?
    Typically builders would make anywhere between 200% to 300% margin, i.e. for every rupee invested they will profit Rs. 2 to Rs. 3. The illustration below, builder is charging more than 3 times of their cost to end customer. Moral of the story is the margin is high. This would also explain why generally they don't negotiate, because it takes less than third of their apartments to break even, which they can easily do with help of investors and financial institution borrowing, and borrowing from other sources. Managing cash-flow is key to success in construction business. That is the reason builders rely heavily on investors and other sources, in addition to financial institutions and banks.

  2. Thanks Ravi for sharing your thoughts on blog.
    This reminds me the journist role played Nilu Phule in famous marathi movie "Sihansan".

  3. Dear Ravi
    I really like to read your blogs on pune property. The information in your blogs is always very informative to take a decision. It would be grat help if you can answer my question. Which township (Megapolis, Blue ridge or Life republic) will give highest appreciation in next 10 yrs?

    1. Namita, if I say Life Republic will give the highest appreciation and then India falls into recession and the flats cost 5 lakh apiece, what will be your plan of action?

    2. This comment has been removed by the author.

    3. haha..thats true Vikas...
      you know I read somewhere that "Real esate industry is like Bikinis. What they reveal is Suggestive but what they CONCEAL is Vital."

      in real estate one should learn to "DEAL" to make money and NOT invest. But most of the investors do the reverse and world know the story

    4. Dear Vikas
      I come to know that you booked flat in Megapolis. Do you think this will happen? if so then what will be your plan of action about your flat? Being a owner you may did some homework.

    5. Hi Namita,

      Honestly, my intention behind booking at Megapolis was never really about returns & appreciation. I bought it with the single intention of using the unit as a HOME to live in. Of course, as a greedy human being, I always wish that the flat costs at least twice as much as I paid within next few years. If the price plummets down, I'll go mad of course. But still, I do not see myself selling it off at least for the foreseeable future if things don't change drastically. So no, I haven't done any homework at all about the profit dynamics. Have always been bad at homework...

    6. Namita, its really hard to predict how these will do in next 10 years since it depends on a lot of factors. Study your investment options and use your own judgement since its your hard earned money.

      Looks like the men here have decided to not give straight answers...maybe because they feel very 'smart' doing so or maybe because they are just plain frustrated to see the prices go beyond their reach. Anybody with the intention of 'investing' than 'living' seems to appear as a villian here. Does it really matter what is the objective behind the purchase of a flat? When ur in the fish market does it really matter what will you cook with the fish ur planning to buy? Should the other buyers look at you differently if you have to make a pickle instead of fry it! :P And then if someone asks which fish tastes best, would you ask him in return that if all the fish might make you sick which one would you buy anyways? :D

    7. @Preeti : Does it really matter what is the objective behind the purchase of a flat?
      It does matter. Especially when you are taking a loan to "invest".
      Also, you should be aware that builder and speculator "hoard" the real estate.
      If somebody hoards food grain and sell it at twice price, you would be angry. There are laws against hoarding of food grain. Along the same lines, housing is also a necessity and hoarding should be punished.

      You can always argue that you have to consume food grain and cannot take it on rent. But you have to look at bigger point that whether people are just hoarding in the hope of selling it at profit. If housing is hoarded then seller gets negotiation power.

    8. @ Ajay:
      'Especially when you are taking a loan to "invest".'
      So is it ok if someone can 'invest' without taking a loan? If they have surplus should they donate rather than 'investing'? How one chooses to put their savings to good use is at their discretion.

      Hoarding of food grains and acquiring properties are two different things. Hoarding food grains is punishable cause they are perishable, (un)fortunately real estate isn't.

    9. @Priti,
      Do you really think hoarding food grains and properties are two different things ? The word "property" is killing the world.
      Can you please replace the word "property" to "house" and think again.
      I remember learning in social science that food, clothes and house are basic necessities of human being.

    10. Same things may have different meanings for different people. One doesnt need to buy a property to have a 'home'. A home can be set in a rented place too.

      The 3 basic neccesities of life were taught in social science but they forgot to add that our generation has to slog all their youth (and maybe all their life too) to meet these needs, except for some who don't even realise how lucky they are! Maybe its time to revise the basics - food, water and money being the neccesities for survival in today's world and clothes, house, time, etc. being good old luxuries.

    11. @Priti, @ Vikas
      Thanks for your comments
      My intention to book a flat for investment cum home. Currently I am working in Thane and may be in near future (after 8-10 yrs) I would relocate to Pune, Hinjewadi. In thane property rates are too high as compare to Pune. First 5-8 yrs I will give flat on rent. My preference is to Megapolis because around 50% construction is over and some of the families are already staying. Currently rent for 2 BHK megapolis Sangria is 12000-14000 per month. What is your opinion on this?

    12. I think we are missing some points here, along with appraisal, security of your investment should also be the concern which comes last in our minds that too when the project is stalled as we are in a hurry of pre-launch offers and what not. Just not ready to miss the appraisal bus as Ravi has been telling for so long. As for Vikas's point of view,what he means is the objective of purchase should be clear.When you are buying property as a home and living in it, you don't give a damn if its price goes up two-fold or three-fold or falls to half by book because you don't make a home to sell & buy to make money out of it and in case if you sell it off you will have to buy a new home at prevailing rates at the point of time which eats out into your appraised investment again. And even if you look at it from investment point of view only you should be at least sure about the time of lock in period i.e.possession in this case ,maturity of the investment etc.No doubt one doesn't need to buy a property to have a 'home' it can be set in a rented place too .But someone else has to buy it in order to rent it out to you. Would someone like to stay in a rented place and go on buying properties for the investment sake only, that would be a classic scenario of self-imposed homelessness...

    13. Sorry Namita,I think I was in the midst of typing my say which I left incomplete while working. By the time I finished and uploaded I didn't
      watch your update which clears your objectives. Please don't mind.

    14. @Priti, I appreciate all your views and don't really disagree with any. But as you said the word "home" means different to me. I'd always prefer living in my own place, where I can do whatever I want at my will. Using someone else' things never really amused me.

      As for civics - I never studied this subject since that thing is not worth a dime in this country unfortunately. But let's leave it at that. Its Ravi's real estate blog and I don't want to go off topic :-D

    15. @Namrata
      Yes currently the rate at Sangria is around 12 to 14k a month. Do you think that is a good return for a flat that costs nearly 60 lakhs? Of course it is better than nothing at all. But at 60L, you can get a good resale flat in better areas like Kothrud and fetch similar/better rent + it will be ready possession, well connected well supported by infrastructure (compared to Man village (megapolis)).
      If I had money to invest, that's what I'd do. I bought in Sparklet as that was the only relatively conveniently located 2BHK flat in PMC+PCMC+MULSHI that I could afford to even think of and was near possession.

      8-10 years is not really near future either if you ask me :).

    16. Namrata,

      I think you are on the right track. In today's times, one has to think about atleast 8-10 years ahead or regret later. You may also check the re-sale flats as Vikas suggests and see what rent you can get there to compare which one would be more beneficial in the longer run. If you are taking a loan then the rent will help pay the EMI's. If EMI's is not the issue, then go for the big time consuming projects which will be ready for you as the infrastructure develops around it just in time when you have to move. As soon as the possession is given the maintainence and other expense meter starts ticking and one needs to find someone to give it on rent. Most people who put their money in such big projects are not first time home owners so they are not paying rent and EMI's at the same time and waiting impatiently (as many people like to believe).

    17. Opps! Typo error, I mis-spelled Namita's name as Namrata. Sorry about that Namita!

    18. Seems like too many people are taking their future salary (and increments) for granted.

  4. I visited the hinjwadi projects a few weeks before and all i wanted to do was laugh out loud rolling on the ground when the salesman was calling these rates "Competitive". The sqft rate was ~ 3800 but the overheads were adding close to 15 L more for a sangria home and about 10L more for a smart home home. meaning a 2 BHK for ~ 52 L (on the first floor which is mysteriously almost always sold out even on pre launch days) . Floor side ends up making the same home cost about 56 L !!. If i add just 4 L more i get a ready posession 3 BHK in pimple gurav !.

    I feel sorry for the "impatient" home buyer in pune.

  5. I wonder why you haven't blogged about these news scoops:
    Anyway, thanks for your enlightening (and sometimes naughty) posts.

  6. this blog is really very informative.....due to these IT people, people working in other industries like manufacturing,design etc. can not afford 2 BHK flat in pimpri chinchwad.....now they have to move altogether to area like talegaon or chakan.....as to buy flat flat of 50Lacs plus you have to have a handsome package when u consider ur EMI as well as some funds in case of emergency too.....i went to visit one site "shriman yogi" at rahatani.....the rate psf was 4500 Rs.....i still do notunderstand on what basis they increased the rate.....when i asked the manager there,he replied that IT people can afford such rate and 80% flats r sold out.....

    1. Megha, I agree 100% with your view. I myself work in this funny IT industry since 7+ years and still I'd side with you about your opinion. This is what happens when surplus money is at hand. No bother about what it is spent for, what are the facilities, how is the infrastructure et all. But don't collectively crucify the IT folk for it.
      This is how the economic model has been all along. Its just that the magnitude has now risen exponentially. This was exactly the same situation that lead to the existence of suburbs like Vashi, Nerul in Navi Mumbai some decades ago. People could not afford homes in Mumbai anymore. The same is seen in Pune. Difference is that Mumbai is lucky that it has a good planning and infrastructure. Pune has no infrastructure at all and I'll not even start about planning.

      I assume you are a native to Pune like I am. To us these prices are plain STUPID as I've seen the city since when Tilak road and Bajirao road were 2 way, there were lovable animals like Sonali Lioness in Peshwe Park. We fully know what Pune was and is. But from an immigrant's perspective, its just another city. He/she cannot fully gauge the highs and lows and is in a hurry to buy a home before the next person.

      Its a harsh model but we cannot blame the IT folk for that and for earning more than others. Its just unfair for some but so is life unfortunately.

    2. Vikas, every city is evolving and extending boundaries. The pace at which all this is happening, one really doesnt have the time to wait for the infrastructure to develop before making a purchase. If one does, then the prices seem unaffordable. I know that Ravi advises against booking a flat at launch or pre-launch stage but unfortunately that's the only time when its seems slightly affordable. The time to find an affordable place at Pimpri-Chinchwad was when people didnt even consider it close to Pune...maybe 5-7 years back. :) And if you think Mumbai has good planning and infrastructure, maybe you havent visited the 'affordable' areas yet.

    3. @Vikas,
      about your recent comment about today's situation of Pune I think you literally spoken out the words of my mouth and heart.
      I have also traveled on width and breadth on almost all the pune city and know how golden city pune was...
      Don't know whom to blame, migrants ? Certainly not BUT government lacks vision about even an average town planning of emerging cities like Pune.
      I will pray god that no other city should take shape like pune.

  7. There is no way property prices will do down. There is only one direction for property prices in india that is upwards.
    There is nothing wrong in investing in Real estate. Some years back I used to get surprised when somebody mentioned that flats costs 20 lakhs. Now they are in excess of 50lakhs and in few years from now they will cost even more.

    Ever rising population and migration from rural areas will never let the rates go down. Calcualed risks will always pay.

    1. But those looking purely for investment purpose, IMHO tier 2 cities may be a better choice. I would seek suggestions from Ravi on this.

  8. I am with you Ravi. Builders should work for social cause and not for profit. When Kolte people sell us the concept of Life Republic people should pay huge rates as the concept is good. Even though on ground there is nothing. Even though it is a risk .
    But Megapolis are faulty in increasing rates for furthur phases even if they have already shown what they can do in earlier phases and thus people feel less risk.
    The fact that they sold at less rate earlier as they just had a concept and nothing on ground is immaterial .
    Kolte have a "superior" concept so they are justified in selling at premium even if as on date there is nothing on ground , just a concept.

    Well done Ravi. I am with you. Low risk high rate, high risk low rate means nothing. Right?

    1. saccha, so are you hurt about criticism on megapolis or praises on life republic by our common friend - ravi? :D:D:D

    2. No not hurt. But definately surprised. While i agree that all builders in Pune are charging exorbitantly and people are buying irrationally, what i dont understand is by what logic does Ravi justify Life Republic (which is as of now in no mans land and whose "New City" would take decades to come up fully and attain even half of what company occupancy is currently in Hinjewadi IT park today) over Megapolis (which is inside Hinjewadi IT park -bang next to TCS).
      Ravi why this kolaveri kolaveri Ji?

    3. Ravi praised megapolis earlier. As kolte patil announced life republic, he has started criticising megapolis. He has switched the party. Ravi, how much kick back you received from kolte patil?

    4. Dear Sandeep Mehta (sandipnm@gmail.com),
      Project Management Principal Leader,
      Arcadia, CA, United States,

      Nice to know that you are working in IT industry for more than 15 years. Before that as Electrical Project Engineer.

      Dear Sandeep Mehta, I admire you for liking Business Process Management, Organizational IT Strategy, Program structure, Implementation, Creating Roadmap for organization's success tied to their Business vision and goals.

      I respect you for getting PG Diplomas in Business and Software Engineering & Bachelors in Electrical Engineering.

      I also thank you for asking! Have a look -

      1) When it was launched, I made a fun of Megapolis - Thanks to Megapolis at Hinjewadi! Inspired by it's success, i am announcing my first integrated township based on "swim to work" concept!

      2) I praised Sparklet - Megapolis Smart Homes 1 - for the offer - Megapolis Hinjewadi Phase 3, Pune - Are you investing in a 1 BHK for Rs. 16.87 lakh or a 2 BHK for Rs. 25.34 lakh Smart Home?

      3) I recommended Sunway - Megapolis Smart Homes 2 - for the offer - Property Prices of Sunway - Megapolis Smart Homes 2: 2 BHK & 2.5 BHK Flats at Hinjewadi Phase 3, Pune 411 057

      4) I raised the question when Megapolis increased the property prices irrationally - Megapolis Hinjewadi - To Buy or Not to Buy?

      5) I wrote my first blog on Sangria when first tower was almost ready - Sexy Sangria Towers, Megapolis, Hinjewadi Phase 3, Pune
      Sexy Sangria Towers, Megapolis, Hinjewadi Phase 3, Pune - Photo Visit

      If you don't agree with my views, my reasons for criticizing Splendour Megapolis Smart Homes 3, please, feel free to say so. Make your point.

      You may be a fan of Megapolis. So, you can't tolerate my criticism. I can understand that.

      But, please, dear Sandeep, behave like a gentleman.

      And always remember, dear Sandeep Mehta, you are also respected. Someone is your fan too. Who loves you. Who respects you. Who cares for you. Who can't tolerate when you are exploited. Abused. His name is Ravi Karandeekar.

    5. Sorry for being harsh and for hurting your feelings. just few comments - I can certainly say that, the way Megapolis has made progress in construction of the township, it's really admirable. It proves their commitment on ground. Kolte patil's project is very much in air and I don't think investing in that will give any return in near future. I highly doubt whether they would be able to complete for what they are taking up in size. You're expert in this field, i don't know why you recommend investing in something, which can take a toll on investors for long time. They will be no where close to completing the township.

      I like your attitude, I want to say that i'm your fan for the work you're doing, but don't agree with all your views.

    6. Dear Sandeep,

      "Hurting my feelings" - ! - No. It was "defamation" - the act of making an untrue statement to a third party that damages the subject’s reputation.

  9. Ravi,
    Absolutely agreeing to your comments on megapolis-3
    Because of the property prices, Spendour - Megapolis Smart Homes 3 has lost it's sheen & edge. Megapolis Smart Homes has lost it's soul and body.
    Now, i realized that, not the young IT professional - the first time home buyer - but the builder's greed for more profit has become the driving theme of Splendour - Megapolis Smart Homes 3. It's not win - win offer, anymore.**

  10. really very descriptive and informative blog written...very nice...it reflects real estate pune is growing.....

  11. Hi Ravi,

    Your blog is always be a real guideline to all who are interested in buying and selling of home or land. Megapolis Smart Homes is the best place for first time buyer.

  12. Hi Ravi,
    I have gone through the Megapolis Smart Home features on their website. On paper its looking good. Let me know about the infrastructure available there, price reasonableness quoted by the builder, quality of construction and amenities, probable rent for a 2BHK flat. Please also suggest any other schemes in and around Hinjewadi. Thanks and regards. Vinay

    1. Dear VNS, are you "investor" - who wants to buy and offer a flat on rent?

  13. Hi All,

    Last month I visit both Life rebulic and megapolice project. it'e true that life republic has good plan and project but I compared both the project on below point may be I am wrong but it's my openion as buyer.
    1) if you compare plan life reblic has good plan.
    2) now main point is Possession if megapolice is taking time to you is giving to Guaranty that life re public give you flate on time because right now they constructed only row houses and roads till row houses and what about the main road(from hinjewadi to life republic). it is belongs to that town and it is very bed.
    3) at least you need some household shop for small things. so from mega police you have some shop for it but in life republic they are constructing all this inside then what about those shop. I am sure those also not coming very soon.
    4) if I can get a flate on walking distance so why I want to travel 3.5km.
    other then this 3.5km from hinjewadi phase 3 to life repbulic distance but if you review there plan. there apartment are 1.5kmfar from main gate so for you total distance arround 5. I did not want to buy flat at baner because I do not want to travel 5km so it is same for me if I stay in life reblic.
    5) aminities provied by builder like shopping complex,school, hosipital etc. I can live in megapolice and I use all this facilities because it not only for Life republic peoples.
    6) life style- ok it's true if you live in city like life reblic you fill very good but if I go through my daily routine form moring to nigth 5 days i don't have time of anything means I need only home to sleep so you need big city and big plan only 2 days that I can use any where.

    base on these point I desided to buy house in mega police because for me price is same in both project but at mega police constructed some buildings it not just land. there are some faimilies those started living there. they have some small shop over there.so i next 1-2 year there will be good market over there but what about life repulic?? these is my openion.


  14. I would like to highlight some points which might help buyers take a considered decision rather than sway from one end to another. This comes from personal experience of having invested my hard earned money in real estate. Also, there were so many detractors against Megapolis when it was launched (far off location, no amenities etc) just 2 years back that I think we need to have a balanced view

    - Buy a property where u or ur kids would like to live in.. just dont go for an investment .. u will not be lucky each time
    - Demand for jobs vs supply of homes is the most important concept behind future appreciation..
    - be ready to pay premium for a area which has limited supply of land.
    - look at the potential of the area in 3-5 years. according to me Hinjewadi phase 3 will be the Nariman point of Pune.
    - cost of transportation and road safety is a major issue in India.. premium to live next to your office is going to increase and ensure good rental demand

    Coming to property prices - compare Gurgaon, B'lore, Chennai and Pune.. u cant even dream of living within 10 kms of your office and afford a property.. so where does the avg IT person go .. outskirts of Manesar to work in NCR or Hinjewadi

    The downside risk is if property prices come down.. unlikely since property developers simply restrict supply and unless the interest rates go up again.. their balancesheets have corrected to sustain periods of medium growth. Also, DLF etc are simply selling land.. they can always construct ,, but their land is fetching them immediate returns and a PE investor is happy with 15-20 pct return investing the project.

    Megapolis or Life republic.. u pay what u get.. but think of how the decision would look in 3-5 years.



    1. Nariman Point has commercial real estate. MIDC decided to give Hinjewadi land on residential purpose only because there were not many takers for commercial purpose. Not many companies are coming to Hinjewadi. So just to make some money out of vacant land, MIDC decided to develop residential zones.
      Take my argument with a pinch of salt. I have heard that phase 3 and phase 4 of IT Park has a lot space so allocating 150 acres of phase 3 for residential zone is not even 25 % of total land available in phase 3 and phase 4.

  15. Guys i have shifted to Megapolis sangria in April, and honestly want you guys to make aware of the inconveniences,
    Dont just go by looking at the levish garden and fountains shown to you.
    Highly disappointment when you actually start living here. Construction quality is so bad that after first rain only all the walls are wet all the day...!!! so called wooden flooring most affected part of the house...nobody cares about all these complaings( dont want to list dow all) , here everybody says not my job ...all the staff has the same attitude...i am following up from the day i shifted here on all the other issues but invain.....not a single weekend we enjoyed after getting shifted...we have to run after the each staff to get the things completed\repaired....i mean you will experience height of frustration and disappointment and all these things after one and half year of promised posession date!!!... No amenities yet..not a single one shown in the video !!1 :).........I wasted my money.....Ravi this time you went wrog in the assesment ...

    1. So sorry to hear this, Swapnil. Please, invite me to your home this weekend and let me put the true state in front of all.

    2. Hi Swapnil, The problem that you are facing, i also faced when i shifted to Magarpatta City in 2006..All the big new projects will take some time to get a kick...But mark my words" few years down the line Megapolis will be the best investment of ur life" !

    3. Hi Swapnil, Pls provide me your email ID. I booked one in splendour last week and needed to discuss with you, others on their experience urgently. I need to understand before I make my decision final. My email ID is maruthi84@yahoo.com

  16. Hi Ravi,

    One year back you published


    What keep on changing ur mind every month and quarter !

    1. Dear Nitesh,

      1) That blog was about the Sangria Towers. This is a review of Slendour - Megapolis Smart Homes 3.

      2) I write for you - the property buyers. For me, your - the property buyers' - interest is more important than any project.

      3) Every project can be divided into 3 parts. Concept. Execution. Service. When I appreciate the concept, doesn't mean that I will be happy about the execution and may criticize the service. All on the basis of what you, the property buyers, get for your every rupee.

    2. Hi Ravi,

      I am with you on this.. Thanks for sharing your valuable thoughts..


  17. Unless the owners do not reduce rent to at least 8K for 2BHK no families are going to come there. Many owners have got possession but hardly 10 flats have gone on rent till now.If owners wont reduce rent, no families no shops will come over.
    Township is completely under dust right now due to ongoing contruction in and around the township. curratently it turns into ghost township after 7 PM, for a small things like vicks, balm etc one has to come to at least 5 kms till hinjewadi chowk.
    Unless owners reduce rate to make this place competitive, no families would come and consequences of renting to bachelors are well known.

  18. Nice article Ravi.
    People can check out an article here:

  19. HI Ravi,
    Myself and my friend were looking for buying a flat in hinjewadi, My friend decided to book 2bhk flat in Megapolis smart homes splendour, one of a clause in agreement says

    "Before assignment of rights acquired by purchaser under this agreement, Purchaser shall obtain No Objection certificate from Maharashtra Industrial Development Corporation as contemplated in clause No.2 [r] of the said lease deed and shall pay transfer charges which will be levied by Maharashtra Industrial Development Corporation"

    Will there by any issue in getting an NOC from MIDC ? is getting NOC from MIDC a tricky job? It should not happen that we get locked into this property for ever, any thoughts?


  20. just to make it more clear, the above clause is applicable when we try to resale the flat, we even dont know how much MIDC asks for transfer charges.


    1. Hi Rajesh,
      This is a valid point you have raised.

      Hi Ravi,

      Any idea on this?

    2. This project on the MIDC land is basically for the people working in MIDC. But we all know who are the actual buyers!

      So, better consult a lawyer.

    3. Hi Ravi,

      Checked with kumar/pegasus, noc from MIDC 27000, NOC from builder 25000

  21. Hi..as i got his shock today only that its on lease and depends o govt. decision after 88 years from now..that what will be the future of Megapolis splendour-III,Is this a right decision to go for it?As eventhough if i want to sell it after 5 years will i get customer for it?
    Please suggest.

    1. This is a very valid point @Kunal Verma. Down the line 10-15 yrs, if I wish to sell my property (Megapolis) and buy something else, will it be easy. Even if we cut the red tape (NOC etc), will the next buyer be interested in buying flat which would have a lease time of 70 yrs or so??

      This could be a deciding factor. Even if we consider that this area super develops, will a new buyer go for this?

      @Ravi, comments?

    2. 1) Not all live by the out dated ideas about ownership.

      2) I am not the last fool on this planet. There are many like me today. There would be many like me tomorrow. Most of the investments are done on this principal.

  22. Can I get a contact info of ppl already staying @ Megapolis. I want to know the day to day experience

    1. 1) Ask the builder. It's your right. Don't book if the builder refuses.

      2) Join the group of those who have booked at Megapolis.

  23. Megapolis Splendour rates have been revised twice since 20th nov by Rs.400/sqft, first Rs 100 on 20th Nov and again by Rs. 300/sqft on 8th Jan. May be they are riding on possible interest rate cuts and a bit of a demand.

    1. Yes I guess thats what it is.

      On 04-Jan-2013 : 3750 psft
      On 08-Jan-2013 : 3950 psft
      Proposed for 26-Jan-2013 : Another revision.

      They have been bolcoking the booking to keep on increasing the rates. Isnt that monoploy. pll wud say yes, but there shud be some fair game.

      Do others have the same experience >?

    2. It is weird to see how prices rise; I bought a Flat in Sangria at 4000 sqft last year in April, now the price has moved to 4800 sqft.

      I also come to know about ppl who have bought same property just around 3000 a year or two back.

      I don’t know whether the price rise is artificial or actual, but that’s the current fact. Prices have risen further in Blue Ridge.

      I would suggest ppl who want to settle immediately should look for some other property in Wakad or Baner, as Hinjewadi phase 2-3 will take time to develop. But ppl who can afford visibility for 2-3 years can look this as an option, as the future looks promising.

      Again, I am not expert on property, it’s my individual thinking, in the End, every property involves some sort of Risk, only time can prove whether the risk was worth taking or not.

  24. 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

    1. I agree, the quality of construction is poor, they are in a hurry to give u the possession. lots of leakage in all the rooms.

      me too did a mistake

      planning to sell the flat soon :(

  25. Every project having pros and cons. How many cases are like this (in Percentage)?
    If it's 2%-3% is not an issue.

    I haven't heard bad feedback in a mass rate. Hardly 2 or 3 cases.

  26. Can anybody provide me review of 2/3 BHK Smart Home Splendour ? They are asking for 4250 Sqft? Is the property valuation by govt approved valuers matching? Also What is the possession plan for Smart Home III Splendour.

    Suhas Jadhal , Kamothe Navi Mumbai

  27. Just want to say very happy ;living in Sparklet.The maintenance department very co operative and .Recently installed intercoms with land line facility.Club house;amenities all good.Enjoy my late night walks in the complex;very very happy to purchase my first home in Pune
    .A big thumbs up to Megapolis.

  28. We were always late in payments and never paid fine. They clearly mentioned to me that if I am late by appx. 1 month they will not charge fine and they never did ..... So far so good for me..... still to get possession in smart home 2

  29. still waiting for NOC from MIDC to purchase flat at Sangria.

  30. Please update me also as i have bought a flat in splendor phase-3,my mail id bhupesh.kumar27@gmail.com

  31. Hi Ravi,
    Thanks a tonne for sharing your views and loved all your posts on Pune real estate.
    Have seen some flats at Megapolis and they sound too promising (read Desparately selling) about the improvement from the learnings they got from Sangria/sparklet water leakage problems....

    It all sounds scary though to now invest in megapolis. Im not looking at it as an investment merely but more as a property to even live / rent later... Will it be a really bad idea to go for the newer schemes like sunway/splendour/mystic...

    Have even seen the Life republic setup which sounds super amazing but has much later dates of possession which somehow make it a second option ...

    I would be more than glad if you could give your opinion on this...

  32. hi Ravi

    I just love what u r doing sharing ur views on pune real estate .I just went to megapolis just last week and selected splendor as it fits in my budget .Mystic was totally out of my budget . anyways the are courting about 4500 - 4900 per sq ft as per view .and after reading abt the problems .i have changed my mind thanks a lot for saving my hard earned money .

    can u give me some updated on ashok meadows as i liked the area .

    i would be glad if u would give me ur opinion on this .