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Wednesday, January 23, 2013

Are Pune Property Buyers Ignorant Fools?

Pune Property Buyers Only Pay for Location & Amenities:

Dr.Shrikar Pardeshi (IAS), Commissioner, PCMC, Awareness Session on PCMC's Green Building Initiative
Dr.Shrikar Pardeshi (IAS), Commissioner, PCMC, Awareness Session on PCMC's Green Building Initiative

You know what? Builders in Pune believe that property buyers in Pune are stupid.

While buying a flat Pune property buyers consider only 2 things -
1) Location
2) Amenities.

Property buyers in Pune are ready to pay any rate for 'popular' location - for example Ambegaon, Undri & Wagholi.

Property buyers in Pune are ready to pay any rate if amenities are fancy - like floating club house in Amit Sereno Baner and 1 acre park in West Coast Park Shivane.

So to sell his flats, what any builder has to do is - release big color ads in the newspapers - highlighting location & amenities. Property buyers in Pune start considering you as a big trustworthy builder and assume that your property will appreciate well.

That's all. Environment friendly - green building is not USP in Pune real estate! Who bothers about a 'green building'? The builder, representative of Credai Pune Metro, asked.

When Pune property buyers are not aware about the importance of green building and are not ready to pay more for it - how can a builder construct an environment-friendly 'green building'? The builder asked.

Instead of conducting "Awareness Session on PCMC's Green Building Initiative", Dr.Shrikar Pardeshi (IAS), Commissioner, PCMC, should make "GRIHA Certification" mandatory - compulsory in PCMC. The builder said.

Otherwise, as the Commissioner said, these ignorant property buyers - will start repenting when - in the next few years - the population of PCMC will become 45 lakhs. The builder said.

What say you? Do you only decide on location & amenities? Environment friendly green building doesn't mean anything to you? Aren't you aware about importance & benefits of buying "GRIHA Registered Property" in PCMC? Please, share your views in the comments.

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  1. Hi Ravikaran,

    I want to buy flat in Majestique City, Wagholi. It's in prelaunch and they are telling 3350/- psft. Please suggest me whether I can take the flat on that price is reasonable or not? And I need your valuable suggestions.
    Please I'm waiting for your reply. :)

    1. How can I say "yes"?

      I am against not only pre-launch offers but against booking too!

      We must stop booking and start buying ready for possession homes.

      If you find buying ready possession impractical, at this point of time - then, at least, you should buy on the safe terms and conditions.

    2. I agree with Ravi. Why take a big risk? It is best to buy ready possession homes with completion and occupancy certificates.
      Vikram Karve

      Blog: Academic and Creative Writing Journal Vikram Karve

    3. Hey Vikram... its true ready possession is a good option... but if you book in the initial stages you might get good returs on investment and also you dont have to shell out 100% amount at one go... can help in capital gain as well... so probably it is not so bad in putting money in a under construction property provided the builder is reliable.. I define reliable as the builder who completes the projects and give possession in time...
      There are definitely some good folks around doing that kind of projects... what say ravi?

    4. Dear SHARK,

      Yes. While presenting a budget finance minister also adds "Sher Shayari" to his speech but the actual budget is in numbers.

      So, when someone talks about investment & money, I can understand him - only he speaks in numbers. I request you to present your calculations.

      I believe in good property buyer. Who demands completion date and compensation for the delay in the agreement.

      I am searching for assertive property buyer who knows that he is the paymasters and it's his privilege to give away money on his terms.

      Of course, I don't expect this quality in some investor who wants to earn passive income - sitting on some builder's shoulder.

    5. Majestique City is becoming an excellent place to stay. The residents here are very active and constantly pushing builders to do good.

  2. Wagholi is very problematic place for drinking water
    Water quality is also not well will take time to develop this area although its booming now a days

  3. I would say Location and reputed builder is priority of buyer and aminities always force by builder to highlight luxury concept thought to make extra zero's on value and increase profit margin.

    1. Very true, Vikas! Amenity is an excuse to hike property price.

  4. Ravi,
    Commissioner said is so true!
    Look at the list of Amenities proposed by the project called CELESTIAL CITY
    here is the list and let me know what you genuinely think about it
    Acupressure Park
    Herbal Park
    Swimming Pool
    Net Practice - Cricket Pitch
    Volley Ball
    Tennis Court
    Volleyball Court
    Net Cricket Pitch
    Pool Table
    Jogging Track
    Steam Bath
    Aerobics and Yoga Room
    Massage Room
    Skating Rink
    Mini Basket Ball Court
    Carom, Darts, Fuse Ball, Tennis Table
    Boxing Punching Bag
    Kid’s Pool
    Aqua Park
    Palm Garden
    Sculpture Garden
    Common Aquarium
    Recreational Garden
    Senior Citizen's Park
    Children's Play Area with Rubberised Paving
    Children Play Area With Grass Mounds
    Bonfire / Barbeque Area
    Cyber Café
    Music Instruments
    Party Lawn With Bonfire & Barbeque Area
    Common Telescope
    Children’s Library

  5. Please share your view about aaple ghar

  6. Hi Ravi,

    I have been going through your blog for sometime now. You caught few interesting facts. But, I have a question.

    When was the last time you said anything positive about a project in Pune?


    1. Dear GV,
      Why should I say "positive" about any project?
      I write for the property buyers.
      I only care for the property buyers - not for any project - builder - location.
      And I request you, GV, to care for yourself.

    2. Correctly so...
      But my question is, if every project is bad.. then what do we buy?

    3. Hello GV!
      What do you buy?
      You don't buy anything,
      After paying 3.09 + 1 per cent - if you don't understand what you are doing. - then you are in big trouble,

  7. Hey Ravi... If I am not mistaken... Amit's Sereno in Baner is a green building initiative... they have displayed the IGBC certification at their site... please let me know about it...

    1. Really? Where? Here? http://amitenterprises.com/projects/sereno/quickfacts.html

      But, the point is - property buyers' over importance to location & amenities - and less for infrastructural services.

      More importance for the swimming pool and less for water recycling.

    2. I will modify last statement.
      More importance for the swimming pool and less for drinking water supply.

    3. But when I visited the site in baner no one spoke about the floating clubhouse... it was all how the natural light and solar heating systems are going to benefit the paymasters... the importance of aluform shuttering, why dont you check on and give me a feedback... i am interested in the project which seems a good investment opportunity... and the certificate is at their site office too....

    4. Come on, Shark!
      What is the cost of natural sunlight and solar power?
      Aluform shuttering is inexpensive and economical construction technology - used for affordable housing.
      Do these features justify the property price?
      If you don't buy at a right price - how can you earn an appreciation?

  8. Hi Ravi, It seems the 'resellers' - who invested in property for resell are fadeup with returns on rents, and have started selling properties, BUT not getting buyers for them ?
    Looks like practical situation, Is that true?

    1. @asha
      You are certainly true...the rental yield on property costing 50 lacs is hardly 2.5% to 2.75%(after deducting the maintenance cost + yearly property tax)
      gone are the days when we use to invest in property because rentals were somehow matching the EMI figure.
      My friend 6 months back bought a 3bhk flat for 1 cr. and struggling hard to get a rental amount of Rs. 20000 per month. His ego made him left the property vacant.

    2. Thank you Amolw for highlighting the fact.
      Agree with Ravi : Property should be buy by persons who want to live in. Builders might be in trouble for unsold flats. But they can get new buyers, who are fool and rush in buying at high rates.... I wish I were also builder...! Looks like they are ahead of IT guys in earnings.

  9. One should buy a house after satisfying his or her needs.There are many middleman service service provider who served the purpose of selling or buying house which could satisfy from both owner and buyer needs.some service provider in canada provide such services for house for sale in Burnaby, BC.They really provide the right track of the dealing.

    Visit at :burnabypropertyagent.com

  10. Good to know that this topic is being covered also in this website & there are a lot of developers working on this segment but this is one of the best innovative idea ever seen.
    Jim Zaspel at blogspot.com

  11. Hi Ravi,

    I am planning to invest at Porwal road lohegaon, on the same road where Sahara launched Sahara city few months back. the rates for new launch projects are ranging from 3500 to 4500. Are the rates too high near Sharad Pawar international school?

  12. iam looking to buy a property at Pune, 2bhk for 40 lacs, which area should i look out for

  13. You always provide helpful information which motivates me to read your blogs again and again. But this time it is truly the most excellent blog ever. I am also wants to share some beneficial information regarding this blog.

    Properties For Sale in Pune

  14. Hello..Dear Ravi...Can you please suggest whether it is better to purchase 1BHK flat in Dighi Area near DP road. I am in a dilemma in deciding between 1bhk or 2bhk due to finance issues.
    Purchasing 1BHK will give me some financial stability else will have to stretch unnecessarily. I will be in better financial position in coming 2 years. Does this hold good buying 1bhk and after 2 years selling it and purchasing 2 bhk. I may end up losing a considerable amount of intrest paid during this 2 years.
    Please suggest.....

  15. Hi Ravi... Thanks for all inputs we get from your blog.
    I am looking for 1 BHK flat in pune for investment purpose. I will be selling this flat after 15 years(When my daughter get married). I have seen the Buyer is Builder site. They are providing law rates compare to others but I am not 100% sure about their complition date. Please suggest me regarding BIB. Here is the link http://buyerisbuilder.com/home/wp/additional-discounts

  16. Hi Ravi,

    Sonigara park at dange chowk, do you have suggestions for that..ready to move in 1 bhk ..

    is there some thing to worry about about the society/location or return in future!

  17. Hi Ravi
    Can you tell us what is PCMC tax rate for 3 room+swimming pool non-commercial club house. They are asking for Rs. 3 lakh for last 3 years for ours at Aakashganga, Rahatani.

  18. Hi Ravi ,
    Can you tell me about magestique city wagholi, I recently visited there and interested in 2 bhk-f wing which they said will completed in 2018. And also they said there is a proposed road which will connect directly to airport?
    Please make a review of this property..
    Waiting for reoly

  19. No doubt, You always provide helpful information about property that is motivates us to read your blogs again and again and as you told that Builders in Pune believe that property buyers in Pune are stupid its really true. they think so. but they have understand that people are not stupid as they think. I am also a real estate agents but i dont believe that home investors or home buyers are stupid. currently we are also selling Pune property