"Take strict action in 30 days or
"Builder Mafia Raaj Hatao - Pune Flat Buyers Bachao"
andolan will be launched" - under the leadership of Akhil Bharatiya Grahak Panchayat, flat buyers in Pune sent an ultimatum to Maharashtra CM Devendra Fadnavis:
"Builder Mafia Raaj Hatao - Pune Flat Buyers Bachao"
andolan will be launched"
A few days ago, in the press conference, Mr. Vijay Sagar, Mr. Vilas Lele & Ms. Seema Bhakare of Akhil Bharatiya Grahak Panchayat Pune published first list of 41 projects which have looted, cheated & exploited around 15,000 flat buyers and declared war on builder mafia raaj in Pune.
Grahak Panchayat gave to the press the copy of an ultimatum letter sent to Chief Minister of Maharashtra Shri Devendra Fadnavis.
Along with andolan, Grahak Panchayat also announced that Public Interest Litigation (PIL) will be lodged against the State Government, local bureaucrats & Pune police for non performance of duties.
Here is the first list of projects in which the nexus of builders, bureaucrats, police & politicians have exploited Pune flat buyers:
1) Shalini Lake View Undri - Trishul Builders:
A) 500 Flats: Rs. 8 - 10 Lakhs Each.
B) In 2010 the building was demolished as it was constructed on reserved government land.
C) Money was collected from more than 500 flat buyers. Money not refunded. Hundreds of legal cases ongoing. No action on FRI lodged in 2011.
2) Misty Trails Hadapsar - Bhujbal Brothers Construction Company
A) 178 Flats: Approx Rs. 40 Lakhs Each
B) Construction stalled for years. Bank has attached the project. No action on FIR.
3) Forest Mist Hadapsar - Bhujbal Brothers Construction Company:
A) 80 Flats - Approx Rs. 40 Lakhs Each
B) Construction stalled for years.
4) Valay Hadapsar - Bhujbal Brothers Construction Company:
A) 20 Flats - Approx Rs. 40 Lakhs Each
B) Possession delayed by 2 years. Construction stalled for years.
C) Electricity meter 1,50,000 + Development charges Rs. 2 Lakhs collected from each flat buyer.
5) Vatika Balewadi - Bhujbal Brothers Construction Company:
A) 123 Flats - Rs. 45 - 70 Lakhs Each
B) Illegal floors. Incomplete project. Refund cheques bounced. No completion & occupancy certificate. Delayed possession after Grahak Panchayat Intervention. Amenities - clubhouse, gym, party lawn, garden etc - not provided.
C) Electrical meter Rs. 75,000 collected from the flat buyers.
6) Aura City Shikrapur - Jalan Maple Developers:
A) 1000 Flats - Rs. 14 - 25 Lakhs Each
B) Incomplete project. Construction stalled. Possession of a few flats given. No completion certificate. No basic facilities provided. Ongoing legal cases.
7) Bharatiya Jan Ghar Yojana 2015 - India Housing Day 2015 - Aapla Ghar - Maple Shelters:
A) 15 projects - Rs. 11 - 18 Lakhs per flat
B) Booking amount collected Rs. 1 - 3 Lakhs. No flat agreements.
8) Neo City Wagholi - Maple Shelters & Jalan Group:
A) 1200 flats - Approx Rs. 26 Lakhs Each
B) Incomplete construction. Delayed possession.
C) Electric meter - Rs. 25,000. Infrastructure charges - Rs. 1.5 Lakh. Parking Rs. 1.5 Lakh. Society formation Rs. 5,000. Collected from each flat buyer.
9) KUL Ecoloch Phase 1 Mahalunge - KUL Kumar Builders:
A) 850 Flats - Approx Rs. 55 Lakhs Each
B) Incomplete construction. No basic facilities. Delayed possession.
C) Police complaints against agitating flat buyers.
D) Builder has threatened that flat possession will not be given unless apology letter in the form of affidavit is submitted.
E) Infrastructure charges Rs. 2.5 Lakhs collected from each flat buyer.
10) KUL Ecoloch Phase 2 Mahalunge - KUL Kumar Builders:
A) 750 Flats - Approx Rs. 14 - 25 Lakh Each
B) Construction stalled for years.
C) Infrastructure charges Rs. 2.5 Lakh collected from each flat buyer.
11) Srushti Regency Wadegaon Kesnand - WS Developers:
A) 1980 Flats - 36 Rowhouses - 93 Shops - Approx Rs. 14 - 37 Lakhs Each
B) No sanction from town planning (PMRDA). No environmental Clearance.
C) Stalled project.
D) Society formation - Rs. 20,000. Parking - Rs. 50,000. Electricity meter - Rs. 35,000. Development charges - Rs. 25,000 - collected from each flat buyer.
12) Revell Orchid Lohegaon - Rainbow Housing & Revell Realtors:
A) 550 Flats - Approx Rs. 34 Lakhs Each
B) After delay of 2 years possession was given without Completion & Occupancy Certificate.
C) No water line. No society formation. No conveyance.
D) Infrastructure charges Rs. 3 Lakh collected from each flat buyer. Amenities not provided.
13) Vista Luxuria Manjri - Parmar Indus Associates:
A) 400 Flats - Approx Rs. 20 - 32 Lakh Each
B) Violation of Environmental Clearance. No Completion & occupancy Certificate.
C) Solar Rs. 35,000 + Society formation Rs. 25,000 + Car Parking Rs. 1 Lakh + Electricity meter Rs. 25,000 + Development charges Rs. 1.70 Lakhs - collected from each flat buyer.
D) 198 flat possession was delayed by 1 year. No compensation given.
14) Palladium Grand Dhanori - Raojee Construction & Shreyas Shelter
A) 140 flats
B) Violation of Environmental Clearance. No PMC water supply. No Sewage Treatment Plant. Firefighting system not working. No solar power. No proper approach road. Society not formed after 8 years of flat possession.
C) Builder beats & theatence flat buyers.
8) No help from PMC officials & cooperative department.
15) Defence Colony Radheshwari Nagar Bakori Wagholi - Supertech Construction:
A) 290 Flats - Approx Rs. 24 - 33 Lakhs
B) Illegal floors. No possession. No amenities.
C) Car parking Rs. 1 Lakh + Electricity meter Rs. 1 Lakh - collected from each flat buyer.
16) Aarohi at Sus - Teerth Realties:
A) 220 Flats - Approx Rs. 25 - 40 Lakhs
B) Ongoing legal cases. Basic facilities not provided. Sewage treatment plant not working. Inadequate parking. No water supply. Some possession not given for the last 6 years.
17) Songbirds Bhugaon - Enerrgia SKYi Developers:
A) 1200 Flats - Approx Rs. 65 Lakh Each
B) Incomplete construction. No amenities. Delayed possession.
C) Maintenance Rs. 1.5 Lakhs + Electricity meter Rs. 25,000 + Infrastructure charges Rs. 3 - 5 Lakhs - collected from each flat buyer.
D) No possession without payment of compulsory club membership Rs. 2 Lakh
18) Mantri Eternity Dapodi - Mantri Developers:
A) 100 Flats - Approx Rs. 65 - 100 Lakh Each
B) Construction stalled. Possession delayed. 90% flat price collected.
19) Jade Residences Wagholi - Dheeraj Realty Mumbai:
A) 1,000 Flats - Approx Rs. 40 Lakh Each
B) Illegal floors constructed.
C) Incomplete construction. Delayed possession. Amenities promised in the brochure not provided.
D) Electric meter Rs. 60,000 + Development charges Rs. 19000 + Society formation Rs. 10,000 + Parking Rs. 1.5 to 2 lakhs - collected from each flat buyer.
20) KDS Aangan & KDS Dham Charholi - KDS Infrabuildcon:
A) 500 Flats - Approx Rs. 11 Lakh Each
B) Rs. 50,000 - 4.5 lakh collected from the flat buyers. No construction. Land sold. Refund cheques bounced. Ongoing consumer court cases. No action after police complaint.
21) Lodha Belmondo Gahunje - Sahajanand Hi Tech Construction Pvt. Ltd / Palava Dwellers Pvt Ltd
A) Approx Rs. 50 Lakh Each
B) No possession without paying escalated property price.
C) It seems that the builder has cancelled some agreements & resold the flats.
22) Viva Hallmark Bavdhan - Viva Swaraj:
A) 250 Flats
B) Society not formed. All amenities not provided. Tanker water.
C) Car parking - Rs. 1 Lakh - collected from each flat buyer.
23) Suyog Nisarg Wagholi - Suyog Development Corporation:
A) 600 Flats - Approx Rs. 32 Lakh Each
B) Delayed possession. Society not formed. All amenities not provided.
C) Infrastructure charges - Rs. 1.70 Lakh + Amenities charges Rs. 2 Lakh - collected from each flat buyer.
24) Oxford Paradies Sus Gaon - Oxford Group:
A) 200 Flats - Approx Rs. 16 Lakh Each
B) Society not formed. No amenities.
25) N D Tower Akurdi - ND Developers:
A) 118 Flats - Approx Rs. 30 Lakh Each
B) Amenity charges Rs. 25,000 + Electricity meter Rs. 25,000 + One Time Maintenance Rs. 25,000 + Car parking Rs. 1.5 Lakh - collected from each flat buyer.
26) Pride Greenfields Pimple Nilakh - N K Developers:
A) 105 Flats - Approx Rs. 38 Lakh Each
B) Society not formed. No amenities. Ongoing legal cases.
27) Ivy Estate Wagholi - Kolte-Patil:
A) 1,000 Flats - Approx Rs. 43 Lakh Each
B) Amenity charges Rs. 1.5 Lakh + Electricity meter Rs. 50,000 + Car Parking Rs. 1.5 Lakh + Infrastructure charges Rs. 75,000 + One Time maintenance Rs. 1.16 lakh - collected from each flat buyer.
C) Inadequate parking
28) Surbhi Habitat Dhanori - Sukanto Roy Developers:
A) 12 Flats
B) Society not formed. Insufficient water supply. Construction not per agreement.
29) Suyog Saffron Rahatani - Suyog Construction:
A) 84 flats
B) Insufficient water supply.
C) Electricity meter Rs. 75,000 - collected from each flat buyer.
30) Unique Icon Bhairav Nagar - D. S. Company:
A) 9 Flats
B) Society not formed.
C) Incomplete construction.
D) Society formation Rs. 50,000 - collected from each flat buyer
31) Park Spring Dhanori Lohegaon - Pride Purple & Rainbow Housing:
A) 392 Flats - Approx Rs. 30 Lakh Each
B) Parking Rs. 3.50 Lakh collected from each flat buyer.
C) Tanker water
D) Delayed possession.
32) Maxima Wakad - Piyush Thakar:
A) 174 Flats - Approx Rs. 30 Lakh Each
B) Delayed possession
C) Society not formed
D) Tanker water
E) Car parking Rs. 1.5 lakh + Electricity meter Rs. 50,000 + One time maintenance Rs. 15,000 + Society formation Rs. 15,000 - collected from each flat buyer
33) Puraniks Abitante Bavdhan - Puranik builders Pvt Ltd:
A) On cancellation of flat booking amount not refunded. Threats to deduct Rs. 1 Lakh cancellation charges.
34) Greenland Rahatani - Ashwini Developers:
A) 293 Flats - Approx Rs. 45 Lakh Each
B) No amenities
C) Car parking Rs. 1.25 lakh + Electricity meter Rs. 50,000 + Amenity charges Rs. 3 Lakh + Society formation Rs. 30,000 + One time maintenance Rs. 36,000 + Infrastructure charges Rs. 2 Lakh - collected from each flat buyer.
35) Lushlife OVO Undri - LUSHlife Developers:
A) 352 Flats - Approx Rs. 55 Lakh Each
B) Society formation Rs. 25,000 + Amenity charges Rs. 1 Lakh + Infrastructure charges Rs. 3.25 lakh - collected from each flat buyer.
C) Possession delayed by more than 2 years
36) River Residency Chikhali - Ishwar Parmar Group:
A) 261 Flats - Approx Rs. 25 - 30 Lakh Each
B) Illegal construction. All amenities not provided. 2 wheeler & 4 wheeler parking sold. Tanker water.
C) Electricity meter charges Rs. 30,000 collected from each flat buyer.
37) Laxmi Satyam Residency Dhanori - Vijay Laxmi Developers:
A) 70 Flats - Approx Rs. 40 Lakh Each
B) No completion certificate
C) Infrastructure charges Rs. 1 lakh + Electricity meter Rs. 30,000 + Car parking Rs. 1.5 lakh - collected from each flat buyer.
D) Tanker water
38) Freedom Park - Mittal Brothers:
A) 156 Flats - Approx Rs. 50 Lakh Each
B) Car parking Rs. 75,000 + Electricity meter Rs. 75,000 + Amenity charges Rs. 50,000 - collected from each flat buyer.
C) All amenities not provided.
39) Pavan Park Mohammadwadi - Satish Appaji Sawant:
No agreements in spite of collecting lakhs of rupees as booking amount in 2013.
40) Kamalraj Balaji Residency Dighi - Kamalraj Group:
A) 160 Flats - Approx Rs. 35 Lakh Each
B) Car parking Rs. 1.5 Lakh + Electricity meter Rs. 60,000 + One time maintenance Rs. 30,000 + Society formation Rs. 30,000 - collected from each flat buyer.
C) Society not formed.
D) Taker water
41) Sai Luxuria Rahatani - Sai Associates:
A) 132 Flats - Approx Rs. 32 Lakh Each
B) Infrastructure charges Rs. 50,000 + Electricity meter Rs. 50,000 + One time maintenance Rs. 24,000 - collected from each flat buyer.
C) Possession delayed by 6 months.
An ultimatum to Maharashtra CM Devendra Fadnavis:
Related Stories:
4) Call for quick action against errant builders
3) Maple Shelters' scam busted - what about the other scams?
2) Warning for CREDAI Pune Home Buying Festival Visitors
1) Pune real estate market research report, trends & forecast 2016
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Really good work by "Akhil Bharatiya Grahak Panchayat, Pune"
ReplyDeleteHats off
"Ye to sirf Shuruaat hai Picture Abhi baki hai"
Bahot sahi.
ReplyDeleteये हुई ना बात एसी का इंतजार कर राहा था मी ... बिल्डर राज मुर्दाबाद इन्कलाब जिंदाबाद
ReplyDeleteRavi are u changing my comment...ye hui na bat esi ka intjar kar raha tha mai
DeleteThanks to Gharak Panchya & Ravi sir to support this causes. Life of so many people is going through hell. Hope govt take strict action against these builders
ReplyDeleteOnly Gharak Panchyat,Ravi sir is not enough, but the main flat buyers should come forward to end builder mafia raj.
ReplyDeleteIf builders can unit under CREDAI roof ...consider how much big union we can set up under Gharak Panchyat as most builders looted almost thousands of buyers.
Grahak Panchayat is doing great work, thanks for sharing Ravi sir.
ReplyDeleteI really appreciate the way ABGP is working against fraud builder to save our poorinnocent people. there is one more project has to introduce by Trishul Builder that is Shalini Heights Undri.
ReplyDeleteReally good to see that organizations & individual flat buyers have started to fight the biggest crooks in the country - builders. The more united buyers are, lesser will be the ability of crooks & their crime association like CREDAI to cheat buyers of their hard-earned money.
ReplyDeleteLot of builders are going bankrupt so expect more problems with several projects in coming days.
Better to stay on rent than end up buying something which leads to headache & financial loss. To be safe with your money & mind, buy ready for possession flat with all approvals in place. Buy what you can see & experience.
Some good news for buyers & bad news for crook builders :
Real estate developers to land in trouble for taking consumers 'for a ride' :
http://zeenews.india.com/business/realestate/latest-news/real-estate-developers-to-land-in-trouble-for-taking-consumers-for-a-ride_1881848.html
Chhagan Bhujbal's arrest scares politicians off real estate :
http://www.dnaindia.com/india/report-chhagan-bhujbal-s-arrest-scares-politicians-off-real-estate-2208118
As per a report by property research firm Liases Foras, sales in Pune saw a 25% decline during January-March.
Even There are builders in bangalore. I have paid 1 lac booking amount for Dreamz Infra India Ltd., bangalore. When I cancelled they gave me four month post dated cheque which got bounce. I have bunch of people having same issue with same builder. Can you help or give some direction to us?
ReplyDeleteOh, one more crook builder. Please download this pdf file. It has got everything related to actions which can be taken incase of cheque bounce :
Deletehttp://www.indialegalhelp.com/files/guidechequebouncing.pdf
Nice efforts Ravi sir. But it should go further with strong support from flat buyers as well
ReplyDeleteRemarkable work done by ABGP
ReplyDeleteStill it should be strongly supported by flat buyers. Go on
Seriously good work. Some control or "Ankush" is required on many stakeholders in "real estate properties".
ReplyDeleteWe are a group of around 3600 buyers from DB Realty Ozone project (Dahisar, Mumbai). Most of us booked flats in this project in 2008 / 2009. This is seriously awesome work by Pune Akhil Bharatiya Grahak Panchayat. We need your help in coming up with something like this for consumers suffering in Mumbai. In fact, all consumers in India facing this same problems with builders should come together and start this movement and put pressure on Governments (local & Centre) to take immediate action. Please help & guide us on how to go about this kind of agitation.
ReplyDeleteReally appreciate such good work to save common salaried people specially. We, a gruop of people will join you with handful of material evidence to fight against an evil minded wealthy builder.
ReplyDeleteBest of luck
Guys what about Marvel Realtors & Landmarks.... Lot of projects till incomplete....
ReplyDeleteMarvel doesn't have money, that's why projects are incomplete. See how contractors did dharna in front of Marvel realtors office late last year which was covered by Ravi :
Deletehttp://ravikarandeekarsblog.blogspot.in/2015/11/Is-Flat-Buyers-Direct-Intervention-The-Only-Solution-for-Marvel-Realtors-Problems.html
Marvel also has other major issues, including non-registration of it's projects in gram panchayat as several Marvel projects now are outside PMC limits. Marvel Fria is one such project. Quality has also fallen. You can see seepages in new Marvel flats now. The possession dates are regularly shifted ahead.
Same is case with Vascon. Their Windermere possession date was 2013, now its half-way in 2016 & possession is still nowhere in sight. Corpus taken as maintenance from flat buyers is also not being handed over & this total amount runs into crores.
Marvel, Vascon, Mittal, KUL all are having financial issues. How will work be done when contractors are not being paid ? This is the price paid by crook builders & hoarders for greed & more greed.
Very good initiative, I hope this continues till justice is made.
ReplyDeleteBest wishes.
RAVI SIR,
ReplyDeleteI HAVE BOOKED THE FLAT IN RIVER RESIDENCY.CHIKHALI 2BHK LAST MONTH. I HAVE SEEN IN THIS REPORT THERE IS ILLEGAL CONSTRUCTION IN RIVER RESIDENCY.
PLEASE REPLY ON 261 FLATS AND ILLEGAL CONSTRUCTION IN THIS PROJECT.
DHARAM SINGH
PUNE
Why did't you hire property lawyer before buying flat ? This is the price paid for ignorance.
DeleteI am not asking to u Mr. Monk I have question for Mr. Ravi Karandeekar. If you MR. MONK have any supportive document then only please reply otherwise don't.
DeleteGreat Job "Akhil Bharatiya Grahak Panchayat, Pune"
ReplyDeleteDear Ravi Sir,
ReplyDeleteSorry to say about your blog.
But I personally checked and visited the site and all the legal documents yesterday and there is no illegal construction in River Residency.
There Water issues in each and every society in Pune itself in summer. River Residency Phase 1 and Phase 2 amenities hand over to Flat owners of River Residency.
River Residency CRM team reply was quite convincing in a meeting held yesterday.
It's my personal suggestions to all flat owners that please check and verify all the things in ground level then only trust.
Thanks
Dharam Singh
N2 304
River Residency
Hello Dharam Singh!
DeleteGlad to know that there is no illegal construction in River Residency. Please, inform Grahak Panchayat in writing with the proof. After all the report is prepared by Grahak Panchayat based on the customer complaints / survey. I am sure, if you are right, they will remove the name from the list.
More home buyers are now willing to file cases against builders in NCDRC :
ReplyDeleteLawyer Sahil Sethi has got over 25 calls since Tuesday morning from home buyers wanting to file cases against builders in the National Consumer Disputes Redressal Commission.
http://economictimes.indiatimes.com/wealth/real-estate/more-home-buyers-are-now-willing-to-file-cases-against-builders-in-ncdrc/articleshow/52214767.cms
Hope Pune flat buyers who have been cheated by crook builders get inspired from Delhi-NCR flat buyers & fight for their rights. Agree that there are buyers who are fighting against crook builders like KUL, Bhujbal etc. but participation is still less than required. Hopefully, post RERA, more buyers will come forward especially when time frame for result is quite short & I am sure ABGP will play important role in this too for getting justice for buyers conned by crook builders & CREDAI.
Buyers of Kul Ecoloch take legal recourse for project delay :
ReplyDeletehttps://www.youtube.com/watch?v=oA3TktWAtls
News of another Pune crook (builder) fooling flat buyers who has now been sent to jail after flat buyers filed FIR. Builder took money but didn't construct projects.
ReplyDeleteAccording to Lonikand police, the accused have bought 100 acres of land around Wagholi and initiated projects like Srushti Regency, Srushti Orbit, Srushti Sparsh and Srushti Heights. They published attractive advertisements that promised homes at zero per cent interest and affordable prices. Naturally, people fell for these properties.
http://www.punemirror.in/pune/civic/Builders-bail-plea-rejected/articleshow/52495758.cms
Builders are getting into bigger mess now. The private equity in real estate has fallen by 70%, while black money is finding it's way in real estate difficult due to lot of checks to curb menace of black money has been initiated by Govt. Black money interest costs has substantially increased, due to which builders will find difficult to finance projects from black money investors. All this is actually good for end users as builders will be forced to crash property prices.
ReplyDeleteExclusive: PE deals in Indian real estate headed for a slowdown in 2016?
http://www.dealstreetasia.com/stories/42702-42702/
A crackdown on black money has made the cost of capital costlier in the black economy with the lending rates having risen to as high as 34 percent, from about 24 percent a year ago, as per the study by Ambit Capital Research.
The report said that since the Modi government assumed power there has been a clear step-up in checks around gold transactions and it has become increasingly difficult to park unaccounted cash in the form of jewellery or bullion.
Due to various measures taken by the government to tighten the noose around black money, there has been a clear drop in the prices of land and real estate and a decline in the appetite in gold, it said.
http://zeenews.india.com/business/news/economy/indias-black-economy-exceeds-thailand-and-argentinas-gdp-study_1891886.html
And here goes a major builder bankrupt -
DeleteJaypee Group defaults on Rs 4,460 cr debt, payments
Reflecting substantial financial stress, diversified Jaypee Group companies have defaulted on loans and other payments worth Rs 4,460 crore.
http://zeenews.india.com/business/realestate/latest-news/jaypee-group-defaults-on-rs-4460-cr-debt-payments_1891431.html
Greed, greed & greed. Don't know how builders can be so greedy animals ? Builder goes bankrupt but the buyers who have purchased under-construction flats will be left in lurch. Pay EMI for non-existing flat & pay rent to stay inside some flat. To be safe, buyers should buy ready possession flats with all approvals or stay on rent at fraction of cost. Don't spoil your life for crooks also called as builders.
Dream of Owning a House Being Shattered by Real Estate Builders
ReplyDeletehttp://www.news18.com/videos/india/dream-of-owning-a-house-being-shattered-by-real-estate-builders-1250857.html
Those who are suffering at the hands of crook builders, do use the link above to raise the issue in media.
Ethos - Golecha wakadkar builder wakad. They get the flat booked but if you cancel the booking within 2-3 months they deduct service tax + 50Thousand (min) from the booking amount. Also, builder forces you to make a loan from their agents and only from the private banks. Builder do not prefer to have agreement on the basis of SBI. Also, if you seem to be reluctant on some terms after booking builder shows his arrogance & threats you with changed terms. Any person looking to buy home from Golecha builder I humbly advice him/her don't see this person as your option. He is absolutely fraud in white collar. Don't get under impression of his high qualification from America all other crap. Although he says they follow men with ethics, it sounds all crap when you see his true color after booking.
ReplyDeleteI do not think Pune builders are willing to sell their flats to direct Buyers who asked so many queries before booking flats and who may become problem for them at a later stage. When you go for final negotiation after making them count so many gaps, they will give you un-reasonable quote, so that you do not get in touch with them again.
ReplyDeleteSome builders are fairly reasonable and respect their end buyers also. (This is as per the Location common rate, Project Size, Builder reputation and quality of project).
Specially new entrants in Pune Builder Lobby need to learn real estate business from some stable builders of Pune in terms of Value for Buyers Money Vs. Un-Reasonable rates they are expecting.
The best part is even smaller projects are saying they have only limited inventory, but you deny to buy from given inventory, within 1 hour they will suggest your preferred inventory.
I feel, Pune real estate boom is over, because Properties are over priced here and Buyers (Most from IT industries) have average salary of 30-40K Per month.
How will they pay even 40k EMI/Month?
Either property Prices go down in Pune or investors will keep their flats for long who actually are responsible for not letting property prices down.
Thank You Ravi Sir for all your contributions and guidance through Blogs.Even you do not know, how many people you have saved from Cheaters
Agree. And RE in Pune was driven mainly by IT whose salaries now have been saturated. Also new jobs in IT are not being created like it were 4-5 years ago.
DeleteIndia's IT mostly survives on outsourcing, mainly by Americans firms. Now apart from making H1B & L1 visas expensive by $4500, layoffs are taking place in US itself, which will set ringing bells in Indian IT cos to go slow on hiring & increments. Automation is other thing which is going to hit IT hard. See this recent news -
1 Lakh IT Jobs Shed By US Employers In A Month: Report
http://profit.ndtv.com/news/careers/article-1-lakh-it-jobs-shed-by-us-employers-in-a-month-report-1416033
Only Investors have capacity to buy flats in Good Projects in Pune. Direct Buyers are either not getting Good Options (Very Few have capacity of 70-80Lakhs) on Ready or near possession or they cannot stretch their budget because average salary of Pune Flat buyers is between 30k-40K against Minimum EMI of 40K.I guess rent is a good earning source for investors because half of their inventory will be unsold for next 5 years due to rate hype created by real estate drivers and Investors in Pune.
ReplyDeleteRates should fall down for sure, Lower bank interest rates can not attract buyers to leave in their own home.
Now it is wait and watch game between Buyers and sellers.
How much even investors will be able to sell remains a big question, especially in absence of buyers due to high prices. Then there are investors who want to sell their flat but project is abandoned/halted by builder. Also, banks don't give loan easily for flats which are 10 years or older so holding on for long is not good idea either.
DeleteAnd this is the precise reason why renting is such a fantastic option. The interest earned on amount paid for down-payment for buying flat is equal or more than the rent paid for same flat. So stay on rent, do some investments, lead good quality life. Pune property is not worth buying unless prices fall by atleast 50%. Better to see your money grow than throw it on a builder by buying over-priced, poor quality asset.
India’s top builders are selling assets and refinancing loans in bid to cut down debt, but without much success :
http://www.livemint.com/Companies/G4iYEpRQoACPKBU7nFKXgO/How-are-property-developers-dealing-with-the-debt-burden.html
This is 2 year old article & today we see how true it is.
How banks help keep real estate price high :
http://www.firstpost.com/business/economy/how-banks-help-keep-real-estate-price-high-1326211.html
Why believing that real estate prices will never fall is a stupid idea :
http://www.firstpost.com/business/economy/why-believing-that-real-estate-prices-will-never-fall-is-a-stupid-idea-1328437.html
And now we see that due to such actions, not just builders but banks too are going bankrupt on account of huge NPAs.
Home prices set to fall; Mumbai, Pune, Delhi set trend :
ReplyDeletehttp://www.financialexpress.com/article/industry/companies/home-prices-set-to-fall-mumbai-pune-delhi-set-trend/283820/
Came across a very well written article. Lot of things have been summed up really well.
ReplyDeleteसावधान, बुडत्याचा पाय खोलात :
काल व्यावसायिक कारणासाठी, एका मोठ्या प्रथितयश बिल्डरला भेटायला गेलो होतो. तेव्हा आर्थिक मंदी ने ग्रासलेल्या बांधकाम क्षेत्रातील दुर्दैवाचा नवा "दशावतार" पाहायला मिळाला. आणि मन सुन्न झाले.
मोठ्या प्रमाणात बांधकाम करून ठेवलेल्या, अवाढव्य आकार आणि किंमतीच्या सदनिकांची विक्री होत नसल्याने दस्तुरखुद्द बिल्डरनेच त्या सदनिका भाड्याने द्यायला सुरवात केली आहे आणि सर्वात महत्वाचे म्हणजे ग्राहकांना आकर्षित करण्यासाठी त्याने तिथले भाड्याचे दर हे त्या भागातील सर्वसाधारण भाड्याच्या दरांपेक्षा बरेच कमी ठेवले आहेत. या कमी भाड्याबाबत छेडले असता " रिकाम्या पडून रहाण्यापेक्षा काहीतरी उत्पन्न येईल, टॅक्स प्लस थोड्याफार कामगारांचा पगार निघेल " एवढे साधे सरळ " Linear Equation " त्यांनी मला समजावले.
एका सर्वेक्षणानुसार, पुणे आणि परिसरातील बांधकाम व्यवसायिकांकडे तब्बल दीड ते दोन लाख सदनिका बांधून तयार आहेत पण त्यांना खरेदीदार ग्राहक मिळत नाहीयेत. अनुत्पादक कर्जाचे प्रमाण वाढल्याने बँका व आर्थिकसंस्थानी कर्ज द्यायला हात आखडता घेतला आहे आणि वसुली साठी तगादा लावला आहे आणि मोदी सरकार ने काळ्या पैश्याच्या उलाढालीचे " नरडे " बऱ्यापैकी आवळल्याने, त्या मार्गाने येणारा हक्काच्या रोख गुंतवणुकीचा " जिवंत झरा " जवळ जवळ आटला आहे.
त्याच वेळेस, पुणे-पिंपरी-चिंचवड-तळेगावदाभाडे-पिरंगुट-मारुंजी-भूगाव-पानशेत-शिरवळ-जेजुरी-उरळीकांचन -रांजणगाव -शिरूर-मोशी या विस्तीर्ण वर्तुळात तब्बल सहा ते सात लाख सदनिका, या छोट्या आणि "सुज्ञ" गुंतवणूकदारांनी फक्त "गुंतवणूक" म्हणून घेऊन ठेवलेल्या आहेत.
एवढ्या बिकट परिस्थितीत " सुज्ञ " गुंतवणूकदारांचे " मायबाप ", बिल्डरांनीच जर सदनिका अशा कमी दरात भाड्याने द्यायला सुरवात केली तर, या सूज्ञ गुंतवणूकदारांच्या सदनिकांना भाडेकरू मिळणे अवघड होईल किंवा या गुंतवणूकदारांना भाड्याचे दर चालू आहेत त्या पेक्षाही कमी करावे लागतील. पर्यायाने नुकसान सोसावे लागेल.
सर्वात वाईट म्हणजे पाश्चात्य देशांप्रमाणे भाड्याने किंवा लॉन्ग-लीझ ने राहण्याचा नवा "ट्रेंड" उदयास येऊन वाढीला लागेल आणि सदनिकांची मागणी अजून कमी होईल. मागणी कमी म्हणजेच सदनिकांचे दर आणखीन कमी होतील. पर्यायाने मंदीचा विळखा आणखी घट्ट होईल.
पुण्यातील मोक्याच्या जागांचे Rental Yield आत्ताच वार्षिक १ ते १.५ टक्के आहे. म्हणजेच सदनिका विकत घेण्याऐवजी, गुंतवणूकदाराने सदनिकेच्या किंमतीएवढे पैसे बचत खात्यात ठेवले तरी सुद्धा मिळणारे व्याज हे सदनिका भाड्याने देऊन येणाऱ्या भाड्याच्या दुपटीहून जास्त असेल तर फिक्स डिपॉझिट मध्ये मिळणारे व्याज हे येणाऱ्या भाड्याच्या तब्बल सहा ते आठ पट असेल. भारतातील बहुतेक सर्व महानगरातील परिस्थिती थोड्या फार फरकाने अशीच आहे.
*मित्रहो, बांधकाम क्षेत्राला सर्वोत्तम गुंतवणूक समजणा-यांना, तसेच अव्वाच्या-सव्वा कर्ज काढून काहीच्या काही दराने, शहराच्या कानाकोपऱ्यात, कड्या-कपारीत, दऱ्या-खोऱ्यात, जागा मिळेल तिथे पिसटल्या सारखे सदनिका घेत सुटलेल्या बऱ्याच सैराट जणांना ही मंदी म्हणजे एक सणसणीत " श्रीमुखात " ठरेल हे मात्र नक्की.*
Surprisingly no name of XRBIA ( Hill Demolition, Environmental clearances , timely (non) possession. etc
ReplyDeleteGreat work Ravi Sir
ReplyDeleteCan someone tell me what are the steps to form a society ?
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