Just 3.5 KM from Hinjewadi, at Tathawade! In Paranjape Schemes' Azure!!:
 |
| Way to Paranjape Schemes Azure at Tathawade, PCMC, Pune |
Though Paranjape Schemes mainly develops homes for intellectually & financially well off middle class in Pune, it has always addressed the needs of the special groups in the society.
For example, to provide housing for the senior citizens, for years, Paranjape Schemes is developing Athashri. Recently, to provide housing for the economically weaker section, Paranjape Schemes has launched "Happiness Hub" at Khed Shivapur near Pune. Now, to provide housing for the intellectually weaker section (IWS) of Hinjewadi IT professionals, Paranjape Schemes has launched "Azure".
Obviously, like Athashri & Happiness Hub, Paranjape Schemes' Azure has received huge response. Now, only a few flats are available for booking!
Secret of Success of Paranjape Schemes Azure at Tathawade:
 |
| Paranjape Schemes - Azure - 2 BHK 3 BHK Flats - Tathawade - PCMC - Pune - 5-1-2015 |
Today, out of the total 196 units in C, D, E & F buildings in Paranjape Schemes' Azure at Tathawade, only around 30 flats are available for booking! In the current slowdown in Pune real estate market, certainly, this is a huge success.
Of course, it's not a secret that Paranjape Schemes' brand equity is mainly responsible for the success. But, a few other points have also contributed a lot. Let us look at these points -
1) Paranjape Schemes' Long & Strong Relations with IT Professionals Working in Rajiv Gandhi Infotech Park at Hinjewadi:
 |
| Paranjape Schemes Blue Ridge Hinjewadi - view from KUL Ecoloch |
In October 2007, Paranjape Schemes launched Blue Ridge at the 1st phase of Rajiv Gandhi Infotech Park at Hinjewadi. Instead of completing the 140 acre special integrated township in minimum required time, Paranjape Schemes focused on learning about Hinjewadi IT Professionals & developing relationship with them.
In these 8 years, I am sure, Paranjape Schemes observed a few changes in Hinjewadi IT industry & Mumbai real estate investors.
1) More & more IT companies in Hinjewadi are employing intellectually weaker & weaker IT engineers and paying them less & less salary.
2) Intellectually weaker Hinjewadi IT professionals were buying homes near their offices. Not in Paranjape Schemes' Blue Ridge Hinjewadi but in the projects in Maan, Hinjewadi, Sus & Mahalunge Gram Panchayat limits.
Like Blue Ridge - these Gram Panchayats were not offering basic urban infrastructural services - like water, drainage, power, garbage disposal systems etc. - still these intellectually weaker Hinjewadi IT professionals were paying exorbitant property rates for these worthless properties. Why? Only to stay near office!
3) If it is near Hinjewadi - middle class real estate investors from Mumbai are eager to invest in anything which looks like a flat. Huge response to 'Slim Fit Home' in Blue Ridge has convinced Paranjape Schemes that if it is near Hinjewadi - Mumbai investors don't bother whether a flat is suitable for a family to live a comfortable life.
4) Paranjape Schemes' Yuthika at Baner was a huge success. But it was for the traditional loyal property buyers of Paranjape Schemes - financially & intellectually well off middle class home buyers. Not for the intellectually weaker section (IWS) of Hinjewadi IT professionals.
2) Tathawade - Wagholi in Pimpri Chinchwad Municipal Limits:
 |
| Tathawade - Wagholi in Pimpri Chinchwad Municipal - PCMC |
Like the small time builders, Paranjape Schemes could not afford to launch a housing project for IWS of IT professionals in Maan, Hinjewadi, Sus, Mahalunge, Marunji Gram Panchayats.
These small time builders were interested only in expanding their business. Whereas in the last 7 years, after expanding their business in multitude, Paranjape Schemes has accumulated huge debt. True, the upcoming IPO can generate 600 crores & fulfil Paranjape Schemes requirement of 200 crore working capital & repayment of 400 crore debt. But, it also means that - for Paranjape Schemes' - higher profitability was more important than the expansion of the business.
Certainly, though these locations were suitable for IWS of Hinjewadi IT professionals - the land prices in Maan - Hinjewadi - Sus - even Marunji - had less potential for maximising the profits. Against that Tathawade has more potential!
Tathawade is as good as Wagholi! Close to prefered residential neighbourhood - Wakad. Near IT companies - 3.5 KM from Hinjewadi. No urban civic infrastructure. No roads. No water. No drainage lines. No garbage disposal. No storm water management. Lot of educational institutions. Lot of stalled or incomplete housing projects - for violation of Environmental Clearance. An ideal location for IWS of Hinjewadi IT professionals. Like Wagholi is an ideal location for IWS of IT professionals working in EON IT Park Kharadi!
Tathawade was merged in Pimpri Chinchwad Municipal Corporation in 2009. Today - in 2016 - the development plan of Tathawade is in the final stage of approval. Means, though today the actual worth of the property in Tathawade is nothing - banking on PCMC's efficient infrastructure development capacity - and Paranjape Schemes' brand value - charging higher property rates was easy. IWS of Hinjewadi IT professionals would be more than happy to pay the property rates of 2020 in 2016!
Paying future property rates today - is one of distinguishing quality of an IWS of Hinjewadi IT professionals. Since 2009 - 2010 - the guys who have booked the flats in Tathawade - at Elementa, Ganga Cypress, Bhojwani The Nook, Star Wood, Vilas Javdekar Developers Palladio, Ganga Aurum Park, Gravity Landmark's Austin Park, and recently launched Vishal Properties & Bhojwani Homes' 22 Story Skyscraper - have demonstrated that they love to pay future property rates today!
Not only that! Without any civic infrastructural development taking place in Tathawade - no road, no water, no drainage, no garbage, no public transport, no public utility - for every new project - these guys are paying higher & higher property rates! In 2009 - 2010 - property rates in Ganga Cypress & The Nook were around Rs. 4,000 per sq.ft. - whereas today - the basic property rate at - almost stalled - The Nook is Rs. 5,750 per sq. ft. & at - incomplete - Elementa Rs. 5,611 & 5,811 per sq. ft. And the upcoming Goel Ganga Developments' Fairmont at Tathawade is demanding Rs. 5,700 per sq.ft.!
This also proves that IWS of Hinjewadi IT professionals do not expect any value for their money! Those who stay in Star Wood, Vilas Javdekar Developers Palladio, Ganga Cypress - drink & use bore well water. Pay exorbitant rate for tanker water. Pay exorbitant maintenance charges for running sewage treatment plants. The IWS guys focus on giving. Not on getting. Otherwise, these IWS guys would have booked homes in Punawale, Ravet or Kiwale. Where infrastructure is ready & property rates are lower. Not in Tathawade!
After financial crisis of 2008 -2009, property rates came down in all cities in India. Only because of this IWS of IT professionals in Hinjewadi - instead of coming down - property rates in Pune real estate market have gone up.
By paying irrational property rates for the worthless properties located near Hinjewadi the IWS of Hinjewadi IT professionals have robbed themselves. Did they get the flat for which they robbed themselves? No! Most of these projects are stalled or incomplete. For example, Bhojwani The Nook & Vilas Javdekar Developers Palladio & Elementa at Tathawade.
No wonder IWS of Hinjewadi IT professionals has become the most favorite market segment of builders in Pune and Tathawade has become most promising investment destination in Pune real estate market.
3) Aadhe Adhoore Azure at Tathawade near Hinjewadi:
 |
| Layout Plan of Paranjape Schemes Azure at Tathawade, PCMC, Pune |
Paranjape Schemes knows that higher profitability demands higher efficiency & lower capital investment. That's why instead of spending a couple of crores on site office & sample flat, site office of Paranjape Schemes' Azure is in a container. Which costs only a few lakhs.
The construction work at Azure is in full swing. And it will never slow down. Because Azure has received environmental clearance. Plans are approved. After the booking the agreement is done immediately. Cash flow is consistent & fast. 10 percent at the time of booking. 9 percent at the time of agreement. 10 percent at the foundation. Now, first slab of nearly all buildings is going on. Means 29 percent money of nearly 166 flats is already received.
Of course, this is half truth! Though the layout plan of Azure shows that there are 8 buildings - from A to G - only 6 buildings are approved - A, B, C, D, E, F at this point of time. Out of these approved 6 buildings only 5 floors of B building are sanctioned. And A building is MHADA Building. Not a part of Azure.
That's why at this point of time, Paranjape Schemes has booked & is constructing only B, C, D & E buildings. The maximum they can do as per the old Regional Plan. Later on, as per the Development Control Rules of PCMC, in place of Amenity Space, Paranjape Schemes will get sanction for H & G buildings & all floors in the B Building.
It means that those who have booked in B, C, D & E buildings will fund the construction of B, H & G buildings. Not only that! These guys would be glad if Paranjape Schemes charges higher rate - may be 7,400 per sq. ft. - for the flats in the buildings they have funded. And for their contribution - they will not expect any share in the profit of Azure! All profit will go to Paranjape Schemes. Aadha Adhura will double the profits!
Not realizing that residential development is not only group housing schemes - but group investment schemes too - is one more characteristic of intellectually weaker section of Hinjewadi IT Engineers. Because of their small IQ - builders in Pune are getting richer & richer and these guys are becoming poorer & poorer. Their homes are becoming smaller & smaller & home loan tenure is becoming longer & longer.
No wonder Paranjape Schemes decided to develop a housing scheme for IWS of Hinjewadi IT engineers. Azure will certainly increase profitability of Paranjape Schemes.
To increase the efficiency - means profitability - instead of appointing a human salesperson, Paranjape Schemes has installed a humanoid robot in the site office of Azure. A robot which looks like a human being.
When you enter the site office, this humanoid robot asks - "What is your requirement?" If you say - "2 BHK" - this humanoid robot pushes a button of the printer. The printer prints out the list of all 2 BHK & 3 BHK flats available for booking. While you are reading the printout - humanoid robot says - "Property rates are fix. Only Rs. 5,400 per sq.ft. No floor rise. No premiums. Same rate from 1st to last floor. No negotiations."
"But in the other projects in Tathawade the rates are much higher! Around 5,600 - 5,700!! Why is a big builder like Paranjape Schemes charging only 5,400?" - you ask. "I am not programmed to answer this question!," says humanoid robot. At this point - you realize that you are talking with a humanoid robot!
Once in awhile, some intellectually weak IT professional has a sense of humor. To make fun of humanoid robot in Azure, he asks - "What about water? Someone told me that there is no PCMC water supply in Tathawade?".
The humanoid robot at Azure says - "To obtain Environmental Clearance - commitment letter from PCMC for water supply is submitted."
Feeling ashamed of himself, the intellectually weak IT professional leaves the site office of Paranjape Schemes Azure.
Believing in water supply commitment letter is one more characteristic of IWS of IT professionals.
Those who have booked flats in the projects at Maan, Hinjewadi, Sus, Mahalunge, Marunji - or even at Wagholi & Bakori - Fursungi & Manjri - had believed in water supply commitment letters issued by these Gram Panchayats! Without asking from where are these Gram panchayats going to get the water? Do these Gram Panchayats own a Dam or what?
PCMC, at least, gets direct water from Pavana Dam and it has mechanism to process & distribute it. So, a commitment letter from PCMC has some value. What is the value of the water supply commitment letters issued by these Gram Panchayats? What is the value of the flat which doesn't have water supply?
4) WoW! MHADA Types Flats near Hinjewadi!! What an investment opportunity!!!
 |
| WoW! MHADA Types Flats near Hinjewadi!! What an investment opportunity!!! |
Nowadays no business is run to fulfil the need of the needy. Hotels are not opened to serve food to the hungry people. Hotels are there to serve those people who are not hungry. Hotel are in a business to entertain these not hungry people. Same way, the builders don't construct housing projects for the people who need a shelter. The builders develop housing schemes who already own one house. These homeowners love to invest in second property and earn handsome appreciation.
Obviously, Paranjape Schemes also had an eye on these second property buyers. Mainly from Mumbai. And in Mumbai, you know, MHADA flats are very popular among middle class. But the supply of MHADA flats is too less than the demand. The MHADA Lottery 2016 is going to offer only 1085 flats in Mumbai. Obviously, instead of waiting for MHADA flat many people prefer to invest in a flat in Pune. If the flat is near Hinjewadi - Paranjape Schemes had observed - these Mumbai investors are ready to pay exorbitant rates.
To let the economically weaker section (EWS) of the people enjoy living in the developed area, in November 2013, Maharashtra Government decided that in the projects which are developed on more than 1 acre size of plot - on the 20 percent of the plot the builder must build houses for EWS & handover these flats to MHADA - Maharashtra Housing and Development Authority.
Many builders were not happy about this policy. But Paranjape Schemes had no problem with it. Because, Paranjape Schemes knew the relation between intelligence and earning. Those who are intellectually weaker earn less. Those who earn less are intellectually weaker. In fact, this principle applies to businessmen too. Paranjape Schemes is one of the biggest builder in Pune only because of their intelligence - believes many.
Point is, at Azure, Paranjape Schemes is more than happy to construct A building as MHADA building.
Not only that! They planned the entire project in such a way that economically weaker flat buyers in A Building & intellectually weaker flat buyers in B to H building will not feel jealous about each other!
To help them to gel with each other - only way was to reduce the difference between the two types of homes.
To bring EWS & IWS buyers on the same page - Paranjape Schemes decided to design homes for IWS - as good as EWS homes! Means all 2 BHK flats in Azure are MHADA type flats. MHADA flats! It means that Azure is a great example of earning huge profits & fulfilling social responsibility.
Someone told me that, MHADA is already considering to make a 3 BHK Flat in Azure - a standard model for a 3 BHK MHADA flat!
It means that with Azure, Paranjape Schemes is setting standards for - economically & intellectually weaker housing in urban cities in Maharashtra!
If you glance at the room sizes (Ft & Inches) in MHADA flat in A Building & IWS flats in C, D, E, F buildings you will understand how Paranjape Schemes has achieved this monumental success -
| 2 BHK Flat | Kitchen | Living | M. Bedroom | C. Bedroom |
|---|---|---|---|---|
| MHADA | 6 - 6.5 x 6.10 - 8.5 | 8.1 x 12.10 - 18.1 | 10.5 x 8.10 | 10.5 x 8.10 |
| Azure | 8.2 x 7.10 | 10.11 x 18.6 | 10 x 12 | 10 x 10.11 |
Now, tell me who will invest 71 - 73 Lakhs in a 2 BHK Flat of 60 sq. mt. (645 sq.ft.) carpet & 91 - 100 lakhs in a 3 BHK Flat of 89 sq.mt. (958 sq.ft.) carpet at Tathawade near Hinjewadi?
Only intellectually weaker section of Hinjewadi IT engineers & Mumbai investors! Right?
What say you? Please, share your views in the comments.
Tathawade Photowalk:
 |
| Keystone Altura - Launching Soon at Bhumkar Chowk Wakad, PCMC, Pune |
 |
| Ganga Aurum Park Tathawade - Austin Park Tathawade - Hoardings at Ginger Hotel Bhumkar Chowk Wakad |
 |
| Vision One Shopping at Tathawade, PCMC, Pune |
 |
| Way to Azure at Tathawade PCMC Pune |
 |
| Rise Alta at Tathawade - Hoarding |
 |
| Elementa at Tathawade PCMC Pune |
 |
| Dharti at Tathawade - Offer Upto 31st December 2015 |
 |
| Elementa from the road to Azure at Tathawade PCMC Pune |
 |
| Elementa from Azure Tathawade |
 |
| Paranjape Schemes Azure at Tathawade & Vilas Javdekar Developers Palladio |
 |
| Palladio - View from the road |
 |
| Palladio - View from the road |
 |
| Children Play Area at Javdekar Palladio Tathawade PCMC Pune |
 |
| Children Play Area at Javdekar Palladio Tathawade PCMC Pune - http://palladio.javdekars.com/index.html |
 |
| Podium Garden at Javdekar Palladio Tathawade PCMC Pune - http://palladio.javdekars.com/index.html |
 |
| Amphitheater at Javdekar Palladio Tathawade PCMC Pune - http://palladio.javdekars.com/index.html |
 |
| Swimming Pool at Ganga Cypress Tathawade PCMC Pune |
 |
| Podium Garden at Ganga Cypress Tathawade PCMC Pune |
 |
| Podium Garden at Ganga Cypress Tathawade PCMC Pune |
 |
| Ganga Cypress Tathawade PCMC Pune |
 |
| Elementa Tathawade PCMC Pune - http://www.akshardevelopers.com/project/akshar-elementa-0 |
 |
| Elementa Tathawade PCMC Pune - http://www.akshardevelopers.com/project/akshar-elementa-0 |
 |
| Podium Garden at Ganga Cypress Tathawade PCMC Pune - |
 |
| Elementa Tathawade PCMC Pune - http://www.akshardevelopers.com/project/akshar-elementa-0 - From Podium Garden at Ganga Cypress Tathawade PCMC Pune |
 |
| Elementa - Ganga Cypress Tathawade by Goel Ganga Developments - Woods - View from Palladio |
 |
| Bhojwani The Nook Tathawade PCMC Pune - Austin Park Tathawade PCMC Pune - www.gravitylandmarks.com & Ganga Aurum Park Tathawade PCMC Pune - www.goelganga.in |
 |
| Goel Ganga Fairmont Tathawade PCMC Pune - www.goelganga.in |
 |
| Austin Park Tathawade PCMC Pune - www.gravitylandmarks.com & Ganga Aurum Park Tathawade PCMC Pune - www.goelganga.in |
 |
| Austin Park Tathawade PCMC Pune - www.gravitylandmarks.com & Ganga Aurum Park Tathawade PCMC Pune - www.goelganga.in |
 |
| Bhojwani The Nook Tathawade PCMC Pune |
 |
| Austin Park Tathawade PCMC Pune - www.gravitylandmarks.com & Ganga Aurum Park Tathawade PCMC Pune - www.goelganga.in |
 |
| Bhojwani Skyscraper at Tathawade |
 |
| Way to Jadhav Wasti Tathawade |
 |
| Way to Jadhav Wasti Tathawade |
 |
| Crystal Properties' site - view from the way to Jadhav Wasti Tathawade |
 |
| Crystal Properties' site - view from the way to Jadhav Wasti Tathawade |
 |
| Goel Ganga Developments site - view from the way to Jadhav Wasti Tathawade |
 |
| Way to Jadhav Wasti Tathawade |
 |
| Way to Jadhav Wasti Tathawade |
 |
| Way to Jadhav Wasti Tathawade |
 |
| Bungalows - View from the Road to Jadhav Wasti Tathawade |
 |
| Way to Jadhav Wasti Tathawade - |
 |
| Way to Jadhav Wasti Tathawade |
 |
| Ashok Nagar Road - Jadhav Wasti - Aundh Ravet BRTA Road |
 |
| Ashok Nagar Road - Jadhav Wasti - Aundh Ravet BRTA Road - |
 |
| Ashok Nagar Road - Jadhav Wasti - Aundh Ravet BRTA Road - |
Related Stories:
1) Thinking Smart: Understanding Intelligence
2) Are People With High IQs More Successful?
3) Indian IT industry eyes digitization, automation for growth in 2016
Subscribe for Free!
To receive free emails or free RSS feeds, please, subscribe to Ravi Karandeekar's Pune Real Estate Market News Blog
Feel free to call me:
I enjoy talking, sharing my views and giving advice about buying property in Pune real estate market.
My email id is RaviKarandeekar@RaviKarandeekar.com Feel free to write to me. I reply as soon as i can.
If you want my advice, feel free to call me on 919860044110. First 3 minutes are free! And for more than 3 minutes - pay as you wish - you decide the value of my advice.
Of course, for a serious discussion, better fix an appointment at a time convenient to both of us. So that we can have uninterrupted & in depth discussion on my mobile (919860044110)
- on Video Hangout on Google+
- or on Skype (ravikarandeekar) .
For more than 3 minutes and up to 30 minutes - pay as you wish. After the conversation - transfer the money to my bank account. As much as you wish. From a few hundred to a few hundred thousand crore of U S Dollars or Indian Rupees. Here are my bank account details:
Ravindra Karandeekar,
Bank of Maharashtra.
Savings A/c no- 20047674794.
Branch- Bajirao Road Pune MICR Code 411014010.
IFSC- MAHB0000001
Hi Ravi...i think u get paid to post a negative comment in a positive way. If you really want to help people..think you should be on their side.
ReplyDeleteThanks for the "brilliant advice", Nitin!
DeleteHere are positive ways -
DeleteThe infrastructure is world class, infact Singapore Govt is sending delegation to study the world class infrastructure at Tathawde,
The carpet area prices are super cheap, just Rs.11,300/- per sq ft. This is very good considering the better than Singapore infrastructure,
1 Crore for under-construction 3BHK is so good, that it's better to buy at Tathawde rather than buying ready possession with completion certificate flat at better location at cheaper price,
Last but not the least, no matter how many blogs are posted be it KUL, Bhujbal or rest, buyer should buy flat which is over-priced, under-construction, not in completely approved project, having no basic infrastructure. Buy a flat in such areas/projects and sing - all is well, all is well....and Eureka, you get Singapore in Tathawade !!
Ravi, you clearly are not gracious enough to accept suggestions from people. atleast stop pretending like you're trying to help buyers. Koi sach me man lega teri baat.
DeleteSingapore in Tathawade !! - Wellsaid, TheMonk!
DeleteMihir, I guess, you are talking about my reply to Nitin. right?
DeleteWhy are both of you angry with me? What have I done? I have only put a mirror in front of you. It's your reflection. It's you. Not me!
Whatever you are saying is not about me. It's about you. You help yourself. It's your job. Not my.
I know, for sure, you don't need my help. You are able enough to help yourself.
Sir, i like your artical , Well written to the point.
DeleteI can understand few people did not liked it. actually we indian always wants to listen good point about our property.
But you have put the actual and real situation in front of everyone.
I am the owner of one of the flat in this area and as you said each and every point is correct and to the point.
I appreciate your article !!
WOW... long post but worth of reading it....
ReplyDeleteThanks Raviji.
Kiran Pachpande
Thanks for the compliment, Kiran! Instead of writing project centric blog - I have tried to write buyer centric blog - focusing on the buyers who book flats in this projects. Because, real estate is a buyer centric business - and I care for the buyers. Not for the builders or projects.
Delete" Paranjape Schemes has accumulated huge debt. True, the upcoming IPO can generate 600 crores & fulfil Paranjape Schemes requirement of 200 crore working capital & repayment of 400 crore debt."
ReplyDelete- Even KUL wanted to come up for IPO, and it got cancelled multiple times. And today we know what is the situation of KUL & buyers who have bought flat from KUL.
" Paranjape Schemes knows that higher profitability demands higher efficiency & lower capital investment. That's why instead of spending a couple of crores on site office & sample flat, site office of Paranjape Schemes' Azure is in a container. Which costs only a few lakhs."
- The actual reason looks far different to me though.
"This also proves that IWS of Hinjewadi IT professionals do not expect any value for their money! "
- True. Some like to work only for banks and builders than for themselves.
This project has MHADA building, issues will be known to buyers once they start staying here. Lesser it is said about it is better.
Paranjape builders is nototrious for changing plans mid-way, be it Blue Ridge or Forest Trails. Add to it the delays in completion.
Price works out to be 11,300 psf on carpet. It is far cheaper to buy a plot and build on your own, that too with far superior quality and specifications.
About 30% downpayment required immediately. For 1Cr flat, buyer needs to pay builder 30L immediately. A quite risk free investment gives 10% returns annually, which means buyer earns 3L/yr only on down-payment, which is 25,000/month. This money is more than enough to rent very good 3BHK flat at some of the top-notch locations in Pune. Since, the interest is covering the rent, buyer is staying virtually free of cost. And buyer also gets HRA benefits which further lowers the total cost.
So it is better to rent and stay virtually for free at very good locations in Pune than buy here.
True, TheMonk! When you get easy home loan - you assume that it's a free gift & do not calculate.
DeleteHmm this was a real eye opener but how does a IWS IT engineer becomes an intelligent buyer. I am asking about how do you comes to know an actual price of the per sq ft land as opposed to what the builder is claiming.
ReplyDeleteFirst, you have to calculate your eligibility. Not eligibility to get a loan. But an eligibility to repay the loan.
DeleteSecond, then you have to consider the value of the property. Value. Not the price.
Intelligent buyers buy only when the difference between the value & the price is less.
I was there at this place to book a flat last year. That time also there were last few flats available in the last building. Paranjape always have this lie to sell back side flats first. Later they sell front side flats at higher price. Real shame.. Front side flats are always reserved for investors.
ReplyDeleteNo matter what builder says, just visit the link of Dept of Registration & Stamps, fill the details and find out which flats have actually been sold by the builder. Builders keep faking about all flats sold out, or few flats left when in reality things are opposite with just few flats sold.
Deletehttps://esearchigr.maharashtra.gov.in/testingesearch/wfsearch.aspx
Searching from this link you will also see the big fall in number of flats getting actually sold in Pune.
Thanks for sharing the link, TheMonk!
DeleteThanks TheMonk! Loved your write up above about benefits of renting out a lavish flat rather than giving 30 lakh rupees in hand of the builder and have sleep less nights for MHADA style flats. Other things that buyer has to consider before buying so overpriced flat is
Delete(Exorbitant taxes + Interest on Loan + Sleep less nights + Trouble of living in Remote location + Rent paid + trouble of selling it back+ Trouble of fighting with builder like KUL.+ Crappy Mahda floor plans)
Happy to know you like the post oooo.
DeletePeople forget that 2008 recession came due to US sub-prime crisis which was due to speculation in property. Even in India we are now seeing big rise in bank NPAs.
Big companies, including MNCs rent offices in India as it's cost effective than buying.
Buyer's awareness- financial & legal, is the key to have headache free home purchase .
TheMonk, the link you shared is really helpful. Thank you for sharing the link.
DeleteRavi, Good One as expected...!!!
ReplyDeleteThanks, Peeyu!
DeletePlz also suggest some good projects where you feel buyer will be happy....
ReplyDeleteExcellent post! And good inputs from TheMonk.
ReplyDeleteI appreciate this knowledge sharing. I am holding off a flat purchase (and happy paying rent) for several years now. Taking a large sum of money as loan to buy a 3BHK is something that I am against.
Last year, I gave up searching for a NA plot within PMC limits, where I could build a decent sized house. Most cases, the land is for agriculture. Plus if it not a society plot, then there is safety issue.
Hoping some new area comes under PMC and I can buy a plot and construct a house.
Thank you.
DeleteAnd I am sure that from the money saved by avoiding buying high priced property & staying on rent, you must have done lot of other things.
I really wonder how people take 20-25-30 years loan, slog it out for entire life & by the time they retire, what they have is a flat which would be already up for redevelopment.
Just to own a flat after 20-30 years (flat belongs to bank till loan is cleared), many end up loosing lot of good things which come in this period.
Hi Ravi,
ReplyDeleteExcellent work on Kumar Builders(Kul Ecoluck) and Paranjape scheme at tathawade. The angle about MHADA is a new discovery to me. I have not read it across newspapers. Also,I liked your explanation on how initial buyers money is used to gain huge profits for Builders. But, the initial buyers also invest money cause of there thrust of appreciation and the real needy is screwed.
-Omkar
I belong to same IWS community (although marwari by birth), but I haven't bought any flat till now. Living in rented flat in habitable area of Baner (Concord Proxima) from last 4 year. Constantly struggling in my mind and heart for owning my house and false promising my family that, one day we will get worth living place. But you know what, it doesn't work out that way. Its difficult when you get a year older and celebrate you birthday in rented flat with your kids. Its difficult when you see your kid growing up in place which don't belong to you. My marwari brain goes with Ravi in every sense but emotions are the one who make me human at end of the day. Also I always believe, the power of intelligence can not defeat the courage of stupidity. Happy blogging!!! Hope you get more viewer who might get enlighten after understanding your blogs and let people like us live as human then machine of intelligence.
ReplyDeleteHi Raviji,
ReplyDeleteWhat an Eyeopener !!! Really appreciate your efforts in building Pune a better place to leave. Though I feel like, I am part of IWS gorup :-), as I am (proud) owner of a house in Tathawade. Only to know the real problems about PCMC water, drainage, garbage collection now.
Hope the deep thoughts put by you help more and more people....