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Saturday, April 13, 2013

No 'Live-in Relationship'

Be a True Owner of Your Home!

Close up of Venkatesh Lake Vista from Lake Shire, 1 BHK 2 BHK 3 BHK Flats at Jambhulwadi Lake, Ambegaon Khurd, Pune 411046
Close up of Venkatesh Lake Vista from Lake Shire at Jambhulwadi Lake, Ambegaon Khurd, Pune 411046

Generally, a typical builder in Pune takes your money, somehow constructs a flat and lets you live in it. But - as long as - he can, a typical builder avoids giving you true ownership of your home.

Yes! A typical builder insists on signing an agreement to sale. Only because, banks give money against this legal document. Otherwise, a typical builder avoids all legal & municipal formalities.

Most of the home buyers do not know that, in simple terms, an agreement to sale is just an engagement - an exchange of rings - a promise to marry. Not a marriage!

In real estate, "Conveyance" is the "Marriage". After the conveyance, you become a true owner of your flat and of the land on which your flat is constructed.

Result is, today, most of the home buyers are not true owners of their homes in which they are living. They are paying equal monthly installments - EMIs - of a flat - which is not theirs. Their builder is the actual owner.

Without conveyance - the transaction is not complete. The 'engagement' - a promise to marry - is not fulfilled. They are living in a home - not as legally married. It's just a 'live-in relationship'.

However, yesterday, I met a builder who doesn't force 'live-in relationship' on his property buyers. He believes in legal relationship. In Marriage. In conveyance. Your complete ownership of your home!

The name of this builder is Mr. Ankush B. Asabe. He is the founder and promoter of Shree Venkatesh Group (www.venkateshbuilders.com). Yesterday, I met him at Venkatesh Lake Vista at Ambegaon in PMC limits.

Ready Possession 1 BHK 2 BHK 3 BHK Flats at Venkatesh Lake Vista Ambegaon PMC
Mr. Ankush Asabe at the Club House of Ready Possession 1 BHK 2 BHK 3 BHK Flats at Venkatesh Lake Vista Ambegaon PMC
Mr. Ankush Asabe at the Club House of Venkatesh Lake Vista, Ready Possession 1 BHK 2 BHK 3 BHK Flats at Ambegaon PMC
Mr. Ankush Asabe at the Club House of Venkatesh Lake Vista, Ready Possession 1 BHK 2 BHK 3 BHK Flats at Ambegaon PMC

After witnessing "real estate gaming" at Lake Shire, I wanted to visit a project where homes are constructed to raise a family and live happily ever after.

When I told this to Manoj Adkar of Media Vinspa, my friend and leading real estate branding consultant, he said,"Let us visit Venkatesh Lake Vista at Ambegaon! They have ready for possession 1 BHK, 2 BHK & 3 BHK Flats for sale!!"

"Yes! I am very much interested in visiting Lake Vista!! It was looking beautiful from Jambhulwadi Lake!! Constructing around 670 flats in less than 30 months from the launch is awesome. Let us go!," I said.

"Why do you always have ready for possession flats?," I asked, what I always wanted to ask Mr. Ankush Asabe.

"Because, that's our business model! We construct as per our construction schedule. For example, at the launch of Lake Vista, we opened booking of only 4 buildings - but we started construction of all 12 buildings!," said Mr. Ankush Asabe.

"But what about funds for construction?," I asked.

"We don't divert funds. Use all funds generated from the sale to develop the same project. Not to buy a land for the next project! Plus, we invest our own funds - raise project finance - target is to complete the project efficiently," said Mr. Ankush.

"Financially sound builders have realized the benefits of selling ready possession properties! God knows when the property buyers will stop booking and start buying ready for possession flats!," I said.

"Looking at the response to Lake Vista & Sharvil - I feel that the buyers - actual end users - have realized the benefits of buying ready possession flats - no VAT - no Service Tax - is big saving. Avoid paying rent + pre-emi is a big relief. Considering the safety and comfort - they find my ready possession property prices reasonable!," said Mr. Asabe.

"What about you? You must be earning windfall appreciation by selling ready for possession flats!," I asked.

"We look for reasonable profits - not for 'windfall' - our property prices prove this - 1 BHK for 35 Lakhs, 2 BHK for 45 - 49 Lakh, 3 BHK for 63 - 66 Lakh at Lake Vista - our job is to complete the ongoing project and start the next - you can see it in our 'declaration deed' - we do the 'sale deed' of every flat - give the ownership of the flat - proportionate area of the land - not only that - the balance FSI and the rights of any future FSI - to every flat buyer. We only keep rights on the roads - otherwise - we give away all rights to the flat owner - along with completion certificate," pointing at the respective pages in the sale deed, Mr. Asabe said.

"It means that every flat owner at Lake Vista becomes a true owner of his home! This is overwhelming - beyond expectations - so must be an unbearable experience for the buyer," I said.

"Memorable experience - look at those people - they are my old customers - are here to give me Gudhi Padwa wishes!," Mr. Ankush Asabe said.

What say you?
Would you like to become a true owner of a ready possession flat? Or do you enjoy being a bed-mate of a typical builder? Please, share your views in the comments.

Location Map & Slideshow of Venkatesh Lake Vista Ambegaon Pune:

View Venkatesh Lake Vista Ready Possession 1 BHK 2 BHK 3 BHK Flats at Ambegaon Khurd Dattanagar Jambhulwadi Road Pune 411 046 in a larger map

Related Stories:

1) Real Estate Gaming

2) April Fool

3) Owner or Tenant?

4) How to Fight Against Builder

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  1. Buying a ready possession flat is the best deal. I guess , even the MSEB charges are paid by the builder. Great lesson I learnt the hard way...

  2. What is the solution if builder is not ready to form society.

    1. Dear Bramha, home owners can form Society on their own! Visit this -
      1) All societies to get deemed conveyance by June, govt sets up panel

      2) 2) How to Fight Against Builder

      3) 3) Fight for Honor, Fight for Home

      4) Grahak Panchayat offers free guidance for society formation & conveyance! Contact:

      Grahak Panchayat Pune Office,
      Builder Related Problems Cell,
      Above Grahak Peth, Opposite S. P. College, Tilak Road,
      2020, Sadashiv Peth, Pune - 411030

      Every Monday, 6 pm - 7.30 pm

      1) Mr. Vijay Sagar, Adviser,94 22 50 23 15 / vsagar1963@yahoo.co.nz

      2) Ms. Seema Bhakare, Adviser, 98603 68123 / seema.bhakare@gmail.com

      3) Ms. Veena Dixit, Adviser, 98196 60991 / veenadix@gmail.com

  3. if you are in living in a apartment complex with less number of units and builder is not ready to form a society, then builder is going to screww you royally , because principally he owns the property. When you brought the property , you made an agreement to buy a piece of a land where the apartment is built. Atleast for the apartmets brought during 2001 - 2006 untill the laws changed.

    Hire a property law and lodge a complaint with your local police FIR and send a subpeona to builder. The needs to be dethroned and paraded naked.

    Good luck , if he is big figure. Best choice for you . .sell the property at the price and move on. I think, when you are going to sell the property, you will have to let the builder know that you are selling the property and do the deal..

    You are screwed , if the builder is not ready to form the society.

    1. Dear Unknown,

      The government of Maharashtra has started schemes for Registration of non registered Co-operative Housing Societies and Deemed conveyance from 15th Dec 2012 to 30th June 2013. The schemes have specific forms and documentation to be filled in to get Deemed Conveyance. Please, visit this page

      1) Acts and Rules: Government of Maharashtra, India - "गृहनिर्माण संस्थांची नोंदणी व मानीव अभीहस्तांतरण"

      2) Deemed Conveyance Scheme for Co-Op. Hsg Societies in Maharashtra

  4. Respected Mr. Ravi,
    I agree with your opinion about "Venkatesh Lake Vista"

  5. Hi Ravi,

    This is all about Co-Op Hsg. Society but what about Apartments, As we can see now a days builder's prefers to make Apartments instead of Society.

    I want to know following things.

    1) Conveyance deed is applicable for apartment ?
    2) If not how we can add our name in 7/12 Utara ?
    3) What is the procedure to add our name in property card

  6. Yasoram Builders is a globally recognized Builder that has been committed to excellence and has enjoyed an unrivalled track record of consistent growth ever since.Yasoram Builders has created projects that have become landmarks and a symbol of unmatched quality and workmanship. Our residential projects, Apartments & Villas, are home to many Happy Families that enjoy living in the beautiful living environments we provide.Yasoram Builders firmly believes that the quality of a home must improve the quality of the homeowner’s life. That it’s not just about building homes, but about creating lifestyles.

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