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Wednesday, August 31, 2016

8 Questions every flat buyer in Pune should ask a builder

Why are smart IT Engineers in Hinjewadi booking a 2 BHK Flat (Rs. 66 - 73 Lakhs) / 2.5 BHK Flat (Rs. 80 Lakhs) / 3 BHK Flat (Rs. 91 - 97 Lakhs) in Pethkar Projects' Siyona at Punawale?:

There are some first time home buyers who consider 'a few more things' than just the location & the budget. I am always curious to know - what are these 'few more things' which play important role in home buying decision.

In fact, now, I have become more curious.

Some 10 - 15 years ago, when I was real estate salesman, it was easy to go beyond - location & budget.

At that time, Aundh & D P Road were the most prefered locations among Hinjewadi IT engineers. But, 'undeveloped areas' like Rahatani & Pimple Saudagar were offering Row Houses and flats - which were not available on D P Road and were less costly than a flat in Aundh. So, the smart first time home buyers took a risk of booking in Rahatani & Pimple Saudagar. Which were called Aundh Annexe, in those day. Now, they are happy about their decision.

Today, the undeveloped areas (Sorry! the developing areas!!) in PCMC, Tathawade - Punawale - Ravet - Kiwale, do not offer Row Houses. The current prices in these upcoming areas in PCMC ('Upcoming' sounds better than 'Developing', right?) are not exactly 'within the budget' of the majority. It is possible to book here only if both husband & wife are working and/or parents can support.

In this situation - when there is no unique property on offer - like a Row House - and the prices of the flats are not really within the budget - how come so many IT engineers in Hinjewadi decide to book a flat at Pethkar Projects' Siyona at Punawale?

Which are those 'few more things' - these smart flat buyers consider while booking a 2 BHK Flat (Rs. 66 - 73 Lakhs) / 2.5 BHK Flat (Rs. 80 Lakhs) / 3 BHK Flat (Rs. 91 - 97 Lakhs) at Siyona at Punawale? I was curious to know.

"Jitu Sir, why do people book at flat in Siyona?," I asked.

"Ask the flat buyers!," Mr. Jitendra Pethkar of Pethkar Projects, the developer of Siyona at Punawale said.

"Jitu Sir, you have disappointed me! I was expecting something like this - Ravi Karandeekar, people book at Siyona because of your blogs. One about the environmental clearance and one about the fair & transparent terms of transactions!!," I said.

"I am sure, you will be happier if the flat buyers say so! Right?," Jitu Sir said.

"Yes! You are right!," I had no option but to accept.

Engineering Karo...Shadi Karo....Ghar Kharido.....Sutras of Hinjewadi IT Engineers' Life:

"These three flat buyers are IT Engineers in Hinjewadi. They have done a group booking. They have done thorough research of all projects near Hinjewadi. I am proud of their bookings because they were very aware - well informed - & tough negotiators," Jitu Sir said.

"As good as the guys from Indian Real Estate Forum who did group booking at the launch of Siyona?," I asked.

"Yes! Talk to them!!," said Jitu Sir and organized a meeting at the site office of Siyona.

I was curious to meet these 3 guys. After a long time, I was going to meet the guys who have taken an informed decision. Otherwise, you know, recently, I have interviewed guys who have taken wrong decisions and have become victims of builders.

In these blogs on the victims of the builders - you come to know what not to do while booking a flat. Now, I am going to write about what to do while booking a flat.

This blog on the flat buyers in Siyona, for sure, would be positive & useful for the home buyers. (Afterall, providing useful information to the flat buyers is the main purpose of my blog.)

It was a pleasure meeting Mr. Abhishek, Mr. Bhavya & Mr. Ankit - 3 flat buyers of Siyona. Ankit had come with his baby. So, he couldn't participate in the interview. Abhishek & Bhavya gave the interview. If you view their video - Our journey of group booking flats in Pethkar Projects Siyona at Punawale - you will agree with me that - both of them have represented all of them - 3 couples of 6 IT Engineers - very well!

Before recording the interview, I had a long discussion with them. In that discussion, I found out exactly what were the "few more things" they have considered. These "few more things" were information about the infrastructural services, construction practices, policies & systems in Siyona.

Since, these guys have gathered this information by interviewing the builder - Jitu Sir - I decided to ask these questions to Jitendra Pethkar and make a separate video based on those questions - 8 Questions every flat buyer in Pune should ask a builder.

I requested Abhishek & Bhavya to tell the story of their property search. Of course, they have taken names of other projects. But they haven't said anything negative about them. Because, the intention was not to compare & prove that the Siyona is better than all other projects.

The intention of the interview was to describe - how these guys started their flat search based on the location and the budget - like all IT Engineers in Hinjewadi - but how they realized that there are a "few more things" which should be considered while booking a flat and how their journey ended at Siyona.

In this Hindi cum English interview, Abhishek & Bhavya, share a few important tips about buying a flat. For example - advantages of group booking, choosing the right type of the flat, buying resale flats, deciding the budget & saving for the down payment, right time to book a flat, searching online property listing portals for collecting information, usefulness of online property reviews, negotiating property rates & discounts, doing research about the builder's track record, the importance of interviewing the builder, how to rationalize your expectations about your dream home, how husband & wife have to respect & deal with each other's expectations and beliefs, baby or flat - what comes first, etc.

And an unique idea of - setting the deadline! If you want your dream home - you have to convert your dream into a goal - you have to set the deadline - because - goal is nothing but a dream with the deadline!

View their video interview. I am sure, you will enjoy it.

And, please, remember, without going on 'site', these 3 IT Engineer couples have succeeded in following three sutras of life - Engineering Karo...Shadi Karo....Ghar Kharido!

8 Questions every flat buyer should ask Mr. Jitendra Pethkar before booking a flat in Siyona at Punawale:

After interviewing Abhishek, Bhavya & Ankit, I met Mr. Jitendra Pethkar & told him my plan.

"Jitu Sir, I am going to play the role of a flat buyer & ask you a few questions about Siyona. Are you ready?," I said.

"Yes! I am ready!!," said Jitu Sir.

"Do you want to know what are the questions?," I asked.

"No. I am ready - always ready - to answer any question about Siyona. You know? Sometimes - if some buyer doesn't ask - I suggest to him to ask the particular question to me!," said Jitu Sir.

"Why?," I asked.

"See... I want the flat buyer to take an informed decision.....whatever that decision might be - booking a flat in Siyona.... or not booking in Siyona....the decision should be based on facts - not on misinformation or misunderstanding," said Jitu Sir.

Wait.... wait.... some of you might feel that Mr. Jitendra Pethkar is 'a flat buyer friendly builder'........Let me warn you.....Jitu Sir is a very shrewd businessman.....Jitu Sir is not trying to be a good friend of a flat buyer.....Jitu Sir....is protecting himself......safe guarding his interest......Jitu Sir knows that you can't hide anything from today's aware & assertive flat buyers..... as a builder - you can't succeed without 'Win Win' relationship with the flat buyers!

Jitu Sir is not pretending to be "A Good Builder" - you were always looking for.
Jitu Sir is making you a "A Good Flat Buyer" - so that you take the responsibility of your decision and never blame him for anything!

So, before you go ahead, ask yourself:
- Do I have the guts to become a good flat buyer?
- Am I ready to take the responsibility of my own decision?

Always remember that booking a flat in under construction project has some inherent risks. Still you are going ahead and booking a flat only because:
- 1) you know for sure that there is no risk from the builder's side and
- 2) you want to enjoy the benefits of booking a flat at under construction stage.

If you want to avoid the risk of booking a flat at under construction state - don't worry. Jitu Sir, is going to sell a few flats in Siyona at the ready possession stage! I know for sure. (And, of course, there is a second phase of Siyona - which will be launched when the first phase is ready for possession.)

My purpose is also the same. To make you a good flat buyer. I want you to make a decision of booking a flat in any project - only after asking these questions directly to the builder and only if you are satisfied with the answers! (Of course, if you wish, you are always free add a few more questions!)

After this disclosure, let us consider the questions - every flat flat buyer should ask before booking a flat.

1) Stability of RCC Structure & Safety Precautions at the Construction Site:

You know why this question has become important. Yes, because of the recent accident at Park Xpress at Balewadi. Not really. The fact of the matter is - quality of construction was always important for the flat buyers. But it was only about the constructed flat - mostly about the fittings, fixtures & finishing. This incident only amplified the question and made you to find out - what precautions a builder takes while constructing the RCC structure of the building.

Quality is the result of manpower and materials. That's why Jitu Sir says that his engineering team is working with him for more than 10 years. It means that, his team is experienced & committed. Jitu Sir also talks about the equipments - batching plant, labs & 7 days & 28 days cube tests of materials - in house as well as third party - at Siyona which assures quality of the materials.

Same about the safety. Construction is an accident prone activity. Being aware about the risks and being responsible about the risks - is the only way to avoid an accident. That's why at Siyona every engineer is responsible for the safety of the workers in his building. And to maintain this awareness, Jitu Sir conducts joint meetings of the engineers & the contractors regularly.

At one of the recent events organized by the builders association, one of the leading RCC consultants practically reprimanded the builders for not visiting their construction sites regularly and for not providing basic facilities to the construction workers as well as to the site engineers. "If you don't care for your workers - why would these workers work carefully?," The leading RCC consultant questioned the builders.

Point is - Visiting site sales office is not enough - visit the engineering office and labour camps at the site.

2) Civil Construction, Basic Infrastructural Services in the Project & in the Neighborhood:

Once upon a time specifications & amenities in the project were important considerations. Now, local authorities expect that every project must develop it's own basic urban infrastructural services so that the burden on municipal services are reduced. That's why before booking a flat, you have to know about water, sewage, garbage, power, fire fighting, parking, storm water services planned in the project.

In an area like Punawale where the process of urbanization has recently started, it's obvious that you would like to know when Punawale would be as developed - means as urbanized as - Pimple Saudagar. But besides transformation into urbanization, you have to ask what kind of basic urban infrastructural services are planned - yes, not only the D P Roads - but the water, sewage, garbage, power, fire fighting, public utility spaces like gardens - vegetable market - municipal dispensary - public transport etc - in Punawale, Ravet, Kiwale. Says Jitu Sir.

It means that your home buying decision should not be based only on the proximity to Hinjewadi - distance from Hinjewadi - but on the basic infrastructural services offered in the project & in the neighbourhood. If you don't do that you will end up paying irrational property price for buying a flat in Sus & Tathawade - the areas which are geographically close to Hinjewadi - and find that these areas are unsuitable to live because there are no basic urban infrastructural services.

3) Cracks, Leakage & Seepage in the flat:

You get possession of the flat. Within a few days / weeks / months after you shift in that flat you notice that curtain rods fall down, walls have cracks and there are leakages & seepages in ceiling & walls - outer as well as the walls between the bedroom and the attached toilet. When there are no rains - from where is the water seeping in on my livingroom walls? You start wondering. Unfortunately, you have no option but to live with it. You are living in your new flat but you are unsatisfied - you feel cheated by the builder. This has become a common tragedy. Yes! I have seen how ashamed & unsatisfied many flat buyers are about their new flats!!

You face these situations mainly because of careless construction done by the contractors and cost cutting & lack of supervision by the builder. In most of the projects the walls are plastered only on the outer surface. Not on the inner surface. POP is directly applied on the inner surfaces of the walls.

But at Siyona, outer as well as inner surface of the walls are plastered!

The cracks appear wherever two types of materials join each other - like a wooden frame & a brick wall - an aluminium window frame & a brick wall - RCC Beam & brick wall - including electrical pipes running through the walls. At Pethkar Projects standard construction practice is- first, chicken or fiber mesh is applied at these joints and then the plastering is done on the internal surface of the wall and then the POP is done. Now, though the two types of materials expand differently - cracks on the walls are prevented considerably.

See that - to cut the construction cost - your builder does not directly apply POP on the internal surface of the walls - without applying chicken mesh on the joint and the plaster on the internal walls.

To prevent leakages in the toilets, at Pethkar Projects, along with the conventional brickbat procedure, a chemical coating is also done.

You see water seeping marks on the walls of the flats because of the process of osmosis - the water in the materials under the flooring tiles raises up on the wall. To prevent this from happening - at Pethkar Projects chemical coating is done immediately after the brickwork is complete. So, that at the time of flat possession - you do not see yellow patches on the walls.

These steps assure that you will get satisfaction and value for money. Certainly, I am sure, you will proudly invite your friends & relatives in your new flat in Siyona.

4) Importance of Environmental Clearance & GRIHA:

Before you step out to search a flat you should check two things.
1) Loan sanction letter from your bank
2) Environmental Clearance Certificate of the project
Stepping out to search a flat without a loan sanction letter & EC is like going to the airport to catch a plane to USA without your passport & visa.

Everyday, I give this example to practically every alternate flat buyer who calls me on 91 98600 44110 - who seeks my advice about buying a flat in Pune.

When someone asks my opinion about any project in Maan - Hinjewadi - Sus - Tathawade - Pirangut - and of course, Wagholi - I ask him -

"You are working in IT. You are buying a 50 - 60 lakh flat. Great! Are you married? No. Good. Would you like to marry my sister? My sister is tall, slim, fair, great cook, has a job, earns around 50K per month. Only problem is she has a small - very small - hole in her lungs, her liver doesn't function well, her kidney has failed, her heart needs angiography, that's all.!"

"Will you say - "Yes, Ravi! I will marry your sister!!"

"NO! Right? You will refuse to marry my sister!"

"You will tell me - "Ravi, your sister is my sister! How can I marry her? You better take good care of her. Right?"

"Same about this project! How can you think of booking a flat in this project which doesn't have basic urban infrastructure services like water, garbage, sewage, waste, power, fire management services? Don't you know that all these services are as important as lungs, heart, liver, kidney in a human body? Can you remain fighting fit without these systems in your body? No! Same about this project. You will get a flat but you can't live in it - if these systems are not functioning properly. Agree?"

Till today, no one has said - "No. I don't agree!"

In his video interview, Jitu Sir, puts this mildly. He says that environmental clearance is about the environmental friendly basic infrastructural services and GRIHA is about efficient performance of these services.

To know more about Environmental Clearance of Siyona, please, click here to view his video interview in Marathi. (You can also visit my blogs on the violation of environmental clearance scam of builders, politicians & bureaucrats in Pune.)

Jitu Sir is one of the few builders in Pune who is serious about not only getting pre-certification but he is 100% committed to actually implementing it in Siyona. Of course, this is not just a promise. In his previous project - Pethkar Samrajya in Shivtirth Nagar on Paud Road Kothrud, he has implemented it quite well. (I am proud of him for that, because I live in Shivtirth Nagar!)

You know? Besides comfortable & sustainable living conditions - your flat in Siyona will give monetary benefits too! Your property will appreciate well and according to star ratings of GRIHA - PCMC will give you discount on property tax!

5) About policies, systems & transparent transactions in Pethkar Projects' Siyona at Punawale:

1) Siyona No Infrastructure & Development Charges -

Remember Vijay Sagar's Hindi YouTube video on the Tips & Precautions for the first time home buyers in Pune? It is one of my most popular videos. Nearly 24,000 views & 330 likes. In that video Vijay Sagar has described how builders in Pune extort money from the flat buyers under the name of infrastructure & development charges and has appealed to the flat buyers to refuse to pay these charges to the builder.

Many aware & assertive flat buyers took it seriously and refused to pay these charges to the builder. However, most of the salesmen at the site told them that if they want to book a flat then they have to pay the infrastructure charges.

Obviously these flat buyers asked me - "Ravi, do you know at least one builder in Pune who doesn't take infrastructure & development charges?" -

"Yes, of course! Pethkar Projects' Siyona do not take infrastructure & development charges. Jitu Sir is not collecting these charges way before I recorded this video!," I used to tell them. Here is the link to the cost sheet of Siyona - have a look!

Siyona Cost Sheet -

2) Siyona 30 % Loading on the Carpet Area of the Flat -

Yes! The cost sheet is available on the website of Pethkar Projects' Siyona!

On cost sheet of Siyona, you will find the flats numbers opened for booking at this point of time.

The carpet area of the flat - yes, carpet area - the area inside the four walls on which you can lay your carpet - is mentioned.

In the next column - you will find the area of terrace.

Yes. Like some criminal builders in Pune, area of the terrace is not added into the carpet area of the flat.

Since, some criminal builders in Pune are still coating illegal saleable area of the flat - for the flat buyers' convenience of comparison - saleable area of the flat is also mentioned in the cost sheet of Siyona.

You will admire Jitu Sir for giving the formula of how he has calculated the saleable area - Saleable Area = 1.3 x Carpet + Terrace

It means that at Siyona loading is only 30 per cent. That 30 per cent loading is only on the carpet area of the flat.

Loading is not charged on the terrace.

I am sure, you will congratulate Jitu Sir for it.

3) Siyona - No Stamp Duty, No Registration Charges, No Service Tax, No VAT - Offer -

Since, there are no infrastructure & development charges at Siyona - after the column of agreement cost - you will find columns of stamp duty, registration, service tax and vat. Of course, at this point of time, Siyona is offering - NO Stamp Duty+ No Registration Charges + No Service Tax + No VAT Scheme - it means that if you book today - you can save minimum 8 lakh rupees!

The grand total of the flat price is, of course, after discount offered at this point of time.

4) Siyona Same Property Price All Over the World -

Did you notice one thing - while I am writing this blog - Jitu Sir is participating in a property exhibition at Singapore. It means that he is not quoting 'special rate' for the property buyers in Singapore!

Displaying cost sheet on the website of Siyona means you may be in Pune or in New Jersey, in Seoul or in Sydney, in London or L A, in Dubai or in Delhi - you pay the same property price!

5) Siyona No Maintenance Charges -

And the grand total on the cost sheet includes the maintenance deposit. Yes, deposit! Not maintenance charges but deposit. From Rs. 3 to 4 lakhs deposit - you have to pay at the time of flat possession. It means that the builder of Siyona is not going to spend these monies. The builder is only going to collect these monies and handover the entire fund to the society when the entire project is completed. You can read more about this in the question on this topic below.

6) Siyona Possession Dates -

At present, 14 story 6 towers in Siyona are under construction. The date of possession of every tower is mentioned on the cost sheet -Tower B & C - Wing B1 & B2 and Wing C1 & C2 - 31st March 2018 and the possession of Tower A - wing A1 & A2 - 31st December 2018.

These possession dates are commitments - which you are told when you visit the website on the day one! Who does this in Pune? Only Jitu Sir!

7) Siyona Month Wise Time Table of Payments -

Every builder gives you slab wise payment schedule. The cost sheet of Siyona goes one step further and gives you approximate dates too! And if you consider the current status of construction 10th slab is casted - means the construction is going on as per the schedule.

When you know all these details about pricing & payment schedule - the moment you visit the website for the first time - it is very convenient for you to make a decision whether to explore the website further and visit the site or not. Right?

Siyona Take Informed Decision -

"Downloads" on the website of Siyona is a very important section. The download section has PDFs of 4 important subsections which you can download - again - the moment you visit the website of Siyona from wherever you are - at Berlin or Boston - :
1) Siyona Cancellation Policy
2) Siyona Discount Policy
3) Siyona Protocol Policy
4) Banks Approved
5) Brand Approved.

1) Siyona Cancellation Policy -

Entire population on planet earth knows how difficult it is to get your money back from the builder if you cancel your booking or agreement. But not at Siyona!

And the most convenient thing is - you know about cancellation charges & process of refund well before you pay a single rupee to Pethkar Projects!

The moment you visit the website of Siyona - you know everything about cancellation - have a look:

1) Yes! You read that - if you cancel your booking before registration of agreement - the entire amount you have paid - will be refunded to you within 15 days.

The entire amount - no cancellation charges at Siyona - You know? Some criminal builders in Pune charge 10 % of the booking amount. Some criminal builders in Pune charge 10% of the agreement value. Siyona doesn't cut a single rupee. Siyona refunds the entire amount you have paid!

Within 15 working days - Siyona refunds your entire booking amount within 15 days from the cancellation application. You know? Some criminal builders in Pune - refund your booking amount only after your cancelled flat is booked by someone and only when that dude pays that much amount to the builder. It means that, you cancel your booking and till you get back your booking amount keep on singing -

Hare krishna hare krishna, krishna krishna hare hare
Hare rama hare rama , rama rama hare hare
Hare krishna hare krishna, krishna krishna hare hare
Hare rama hare rama , rama rama hare hare

2) Yes! If you cancel your registered flat agreement - Pethkar Projects will charge you only Rs. 25,000 against administration charges and will refund the paid agreement value within 15 working days.

When you cancel the registered agreement - IGR of Maharashtra does not refund your registration charges. You get refund only of stamp duty, service tax & VAT. Of course, you have to do the follow up with IGR.

3) What if you feel that some other flat is better than you have already booked? Yes! You can book that flat - at the rate on the day of the change.

It means that you do not have to wait to book a flat till your parents come down from Bhopal. You can book a 2 BHK Flat - 104 in the Wing A1 of the A building - today and feel free to change to 3 BHK Flat - 904 in Wing C2 of C Building - if your parents insist. Good. Isn't it?

2) Siyona Discount Policy -

In their video interview - Our journey of group booking flats in Pethkar Projects Siyona at Punawale - Abhishek & Bhavya talk about - without any negotiations - on their own - at this point of time - how builders in Pune offer upto 500 rupees discount on the printed price list. That's why they were shocked when Kanchan, salesperson at Siyona, refused to give any discount - other than the standard discount on the group booking - published in the Siyona Discount Policy on the website.

But they didn't give up. All of them demanded to see the builder - Jitendra Pethkar. Assuming that only Jitu Sir has an authority to give more discount than the published discount policy. However, Jitu Sir disappointed them completely! Impressed by his decision these guys did the group bookings at Siyona. Why?

- Only because they were convinced that they were paying the right property rate.

- All of them realized that at Siyona they are going to get the value for their money.

- All them understood that they are booking a flat with a builder whose financial health is very strong.

- All three couples were convinced that Jitu Sir who is refusing to give more discount to get their bookings - will never cut corners to save the construction cost. It means that their finished flat would be exactly as per the concept presented to them at the time of booking.

3) Siyona Referral Policy:

These realizations have opened one more venue for them - The Referral Policy! As a flat buyer in Siyona - after the registration of agreement - they can confidently refer their friends - who have never visited or enquired at Siyona - and earn 1 % commission on the agreement value - after their friends register their flat agreements!!

4) Siyona Rate Protection Policy -

At this point of time, to get the enough number of bookings, builders in Pune have no option but to reduce the property prices. Obviously, if your builder reduces the property rate - the same reduced rate should be applicable to you. Right?

Otherwise, you will be considered as a fool who took a risk of booking at the early stage of the construction by paying much higher rate than those who took less risk & booked at the advance stage of construction and paid less rate than you! Right?

Certainly, no wise Hinjewadi IT Professional would have booked a flat in Siyona if Jitu Sir had not offered Rate Protection Policy. The learned members of Indian Real Estate Forum would not have done group booking at the launch of Siyona!

What about you? At this point of time, would you book a flat with a builder who is not offering rate protection policy?

Nope. Never. Right?

5) Siyona Brokerage Policy -

To sell their junk properties when criminal builders in Pune offer up to 4 % commission to the brokers to catch the naive flat buyers who are financially & intellectually weak, I feel very sorry for theses brokers.

I ask them - when you know that the builder is treating these naive flat buyers like a herd of sheep & goats at the time of the booking - eventually, at the time of possession, is going to butcher them - how can you call yourself property brokers?

The question is not only about morality & ethics. It's about the business.

How can you expect any business from the guy who has suffered because of you?

By misleading someone - you may earn 4 per cent today. But what about tomorrow?

If you want to remain in this business of property broking - better sell flats in Siyona.
You may earn only 1.5 % today. But the same flat buyer in Siyona will keep on giving you his and his friends business for the next 100 years.

Because, the flat buyers in Siyona are financially strong and they are from good families.
My dear broker friends, when you serve successful young guys - you serve yourself. You secure your future.

6) Siyona Protocol Policy -

Most of the time flat buyers are angry with the builder because there is no clarity about the terms of transaction between the buyer & the builder. In the absence of clarity - flat buyer expects something very simple from the builder which builder refuses or avoids to do. The flat buyer takes builder's refusal as an exploitation - an injustice - a crime and flat buyer vs builder fight starts.

Jitendra Pethkar has experienced this at an early stage of his career when he stopped teaching engineering classes and started looking after Pethkar Projects' Samrajya in Shivtirth Nagar on Paud Road in Kothrud. The flat buyers from his projects posted lot of complaints on the web - including on my blog. Jitu Sir replied to all complaints. He started attending every complaint. When flat buyers understood that he is attending their complaints - they stopped posting online.

While dealing with flat buyers' complaints, Jitu Sir realized that the best way to avoid complaints is to publish the terms of transaction between the builder and flat buyer at the beginning itself. And Siyona policies were born. Now, before you book a flat at Siyona, you know exactly what you can expect from the builder and what you cannot. It means that Jitu Sir not only identified & defused the points of clashes between the flat buyers and the builder, but he also gave specific commitments to the flat buyers. As we have seen in the cancellation policy - he has given commitment to refund your entire booking amount - without cutting a single rupee as cancellation charges - within 15 working days.

So, the intention of these policies is not only to remove ambiguity and publish terms of transactions - but also to give specific commitments in writing at the beginning of the flat buyer builder relationship.

For example, in this protocol policy - Jitu Sir specifies when you can visit your flat and at the same time retains the right to give or not to give permission with himself. It means that, if your childhood friend drops in the city for a day - you may not impress him by taking him to your under construction flat in Siyona - if Jitu Sir refused to give permission and you can not complain against him.

The internal & external changes in the flat is always a big issue between the flat buyer and the builder. Not at Siyona. Because in protocol policy published on the website of Siyona - Jitu Sir has already announced that - no internal or external changes will be accepted. Not only that! Jitu Sir has made it clear that - No item within the flat shall be cancelled. It means that - instead of vitrified tiles - you can not order him to put marble flooring in your living or can not demand - Jitu Sir, please, do not to put vitrified tiles in my living and pay me the cost of tiles! No. You can not demand something like this. You have been informed in advance - before booking - in the protocol policy published on the website of Siyona.

Since these terms of transactions are based on experience - the policies will keep on evolving. New terms would be added. Because the intention is to avoid conflict between a flat buyer and a builder by sharing information in advance. So, before booking a flat read the Siyona Policies carefully.

7) Siyona Login - Information on Your Fingertips -

The flat buyers can login on the website of Siyona and access their account. In this account they can see two things:
1) The registered agreement to sale of their flat and all documents related to it.
2) Payments details.

It means that, when you book a flat at Siyona, wherever you may be, the flat related documents are at your fingertips. Which is very convenient for busy IT Professionals in Hinjewadi and for NRIs.

Keeping flat buyers in the dark about the penalty interest on the late payment installments and demanding it at the time of possession is the common practice of the criminal builders in Pune.

"You will not get possession of your flat unless you pay these penalties" - most of the flat buyers in Pune will tell you that their builder threatened them like this.

Of course, many times payments are delayed. Sometimes, the flat buyer is responsible for the delay. Sometimes the builder. Problem is - by the time of possession no one remembers who was actually responsible for the delay.

At Siyona you will never face this issue. Your payment details will always be available to you in your login account. You will always be in the know. Never in the dark.

Criminal builders in Pune use 'ambiguity' as a weapon to exploit the flat buyers. That's why, you will find that there are very few builders in Pune who provide login facilities to the flat buyers.

Point is never book a flat with a builder who doesn't offer login facility - like Siyona offers.

8) Siyona Photo Gallery -

After every 15 days - photographs of the construction status are uploaded on the website of Siyona as well as on the Facebook page of Pethkar Projects and personal profile of Jitendra Pethkar. Because of this wherever you are - you can monitor the progress of construction.

Actually, shooting and posting photos on the website and on the Facebook is not a big deal. Yes, not a big deal - if the construction is progressing as per the schedule - if the project is not stalled - if the builder considers that he is answerable to the flat buyers!

When most of the builders in Pune don't know that they are in the business of providing service to the flat buyers - why would they bother to report progress of construction to their paymasters?

Actually, it's not about the photos. It's about the builder's attitude.

So, book a flat only with the builder who every fortnightly posts photographs of the construction progress on his website and on his Facebook page.

It means that, like Jitu Sir, he knows that he is a service provider and you are his paymaster.

It's the duty of a builder to report you what he is doing.

6) At Siyona - No Maintenance Charges at the Time of Possession!:

In real estate development business, everyone knows that, profitability is very high. Irrationally high. Builders in Pune believe that considering the high risk in this business they deserve to earn exorbitant profit.

When the profitability is so high - why do these builders do not miss a single opportunity to loot flat buyers? From booking a flat to giving possession of the flat - and even after flat possession - builders keep on looting flat buyers. Sometimes the loot is called - cancellation charges, sometimes charges for NOC, sometimes maintenance charges. The name keeps on changing and looting continues.

But not at Pethkar Projects' Siyona!

I have already told you - at Siyona there are no charges of cancellation of booking, there are no infrastructure charges, no MSEB charges, no development charges, no legal charges, no society formation charges and you know? There are no maintenance charges at the time of possession!

At the time of possession you pay only Rs. 3 - 4 lakhs maintenance deposit. This maintenance deposit will be kept in the separate bank account. Jitu Sir will never touch that account. When the entire project is ready he will handover that maintenance deposit to the society. Look! How rich your society would be. Assuming that there are some 600 flats in Siyona - the society will have maintenance corpus of some 15 - 18 Crores! Just imagine with this corpus how well you can maintain your society and how much property appreciation you can earn!

But, how Siyona will be maintained till the society is formed?

Is Jitu Sir going to spend money from his own pocket to maintain the 1st phase of Siyona?

No! Like all builders in Pune, Jitu Sir also is in this business to make money. Lots of money. But not to make money like other builders make. Not by looting the flat buyers. Jitu Sir wants to make money like a businessman. He is going to keep your maintenance deposit in the bank - but he is going to use the interest earned on that deposit to maintain Siyona till the society is formed.

But what if the interest earned on maintenance deposit is not enough to maintain Siyona properly?

No problem! If extra money is required - Jitu Sir will spend that much money from his pocket!!

Does Jitu Sir believe in Dan Punya?

No! Jitu Sir is a smart businessman!! He knows that whatever money he will spend on the maintenance - whatever effort he will take on appointing and supervising the maintenance agencies - will pay dividends.

Just imagine - you have taken possession of your flat in the first phase of Siyona - and your friend - who is searching a flat near Hinjewadi - comes to your new flat on the 12th floor in the B Building - what will be the first question of your friend? - "Kitne me liya?" - Right? - and what would be the second question - "Maintenace kitna dete ho?" - Right? - because your friend is as smart as you are - he knows that - Ghar Lena Aasan Hai - But maintain karna is very difficult - just like a marriage - Shadi karna aasan hai - but Shadi nibhana very difficult - Right? - Just imagine - what will be your friend's reaction when you will tell him that you are not paying any maintenance charges! - your friend will say - Mere liye bhi ek book karwa de! - Right?

Whatever extra money Jitu Sir will spend from his pocket - will be marketing & advertising expenses of the second phase of Siyona! Of course, and the commision paid to you for referring your friend!!

Point is - if any builder demands maintenance charges at the time of possession - teach him Jitu Sir's business model of maintenance!

(Any means - any builder in PCMC or PMC. Because if you suggest this model to a builder in the fringe village - he will beg you to give him chullu bhar pani - so that he can end his life by jumping in it right now - I hope you know why this model will not work in the fringe villages!)

7) Impact of RERA on Pethkar Projects' Siyona at Punawale:

Authentication of the project & protection to the flat buyers are the main intentions of RERA. RERA will assure that the builder has all necessary sanctions & approvals before the project starts accepting booking and the builder will use the maximum money collected from the flat buyers for the development of the same project. Because of this the flat buyers' investment will be protected.

Pethkar Projects develops - one project at one time. For example at this point of time Jitu Sir is developing only Siyona at Punawale. Obviously, there is no question of diverting money paid by the flat buyers of Siyona to acquire land for the next project. Claims Jitu Sir in his video interview.

Launching project without obtaining sanctions & approvals is not a practice of Pethkar Projects. Though Jitu Sir has purchased the plot of land, he launched Siyona nearly after one & half years - only after environmental committee gave clearance.

"Even when there was no RERA - I didn't indulge in unethical business practices - protection to the flat buyers - our policies - like rate protection & cancellation policies - are already offering more than enough protection to the flat buyers - so the impact of RERA on me would be minimum," says Jitu Sir.

Point is - law can not stop the crime. Law only punishes the criminal. So, before booking a flat in Pune make sure that the builder follows ethical business practices. Don't book a flat with the builder who accepts pre launch bookings - bookings without obtaining all necessary sanctions and approvals. Don't book a flat with the builder who has launched multiple projects. Don't book a flat with the builder who have violated environmental clearance.

8) Mr. Builder, can we talk?

Jitu Sir is always available for the flat buyers. You can talk with him on Indian Real Estate Forum. You can talk with him on the Facebook. You can talk with him on Twitter. Of course, you can write an email to Jitu Sir. And if you wish you can meet him in person.

In fact, I suggest that you must meet Jitu Sir before signing the agreement of your flat in Siyona.

Why only Jitu Sir?

In whichever project you book - you should sign the agreement only after meeting the builder. And only after confirming that the builder himself is available on Email, on Facebook & Twitter. If the builder is unavailable & unapproachable - refuse to sign the agreement.

If you do not have the guts to refuse to sign the agreement - accept that you are not born to book a flat at an under construction stage of the project.

No problems! Go for a ready possession flat with completion and occupancy certificate. Paisa feko aur ghar kharido.

Yes! To buy a ready to move in flat what all you need is 'money'. Not Jitu Sir. Not Jitu Sir's policies. Not these 8 questions. Right?

Related Stories:

3) In 2016 - where to book a flat in Pune real estate market? (Part 2)

2) In 2016 - where to book a flat in Pune real estate market? (Part 1)

1) In 2015 - Where to book a flat in Pune real estate market?

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  1. There is no 1 bhk available in this project!! Otherwise the project looks good!

    1. Mr Singh why garbage city pune u can get better deal with same or even less budget in indor, Ahmedabad, Jaipur what say u...

  2. All good point about project are mentioned in blog, here are few not so good points
    - Even though there are no Infrastructure Charges those charges are included in base rate itself. I mean around 5600 to 6000 per sqft in Punawale is too much
    - Punawale doesn’t seem different from SUS gaon, both are not yet developed
    - Payment Schedule, 90% of amount has to be payed by Aug 2017 while the possession is in Mar / Dec 2018
    - What if possession is delayed?
    - Protocol Policy clearly mentions not to expect the amenities to be ready while taking possession
    - After possession Cooperative Housing Society / Apartment will be formed, will builder do that or it will be responsibility of members?

    1. "I mean around 5600 to 6000 per sqft in Punawale is too much" - Dear FlatToStay - thanks for raising important point.

      Why don't you ask Jitu Sir about the pricing?

      In fact, every flat buyer must question the builder - Why are you charging Rs. xxxxx/- per sq ft rate? I want to know your calculation.

      Do you agree with me, FlatToStay?

    2. Punawale doesn’t seem different from SUS gaon, both are not yet developed - Dear FlatToStay, it would have been better if you had not written this sentence.

    3. - What if possession is delayed?

      - Protocol Policy clearly mentions not to expect the amenities to be ready while taking possession

      - After possession Cooperative Housing Society / Apartment will be formed, will builder do that or it will be responsibility of members?

      I admire you for raising these questions, FlatToStay. Ask questions. Book only if the answers are satisfactory. Keep it up.

  3. wonderful, wish more people like jitendra in real estate!

    1. Many thanks Sanjay ji. Just getting inspired from some good people in the industry like you.

    2. "good people in the industry like you." - Like you? Who are these people, Jitu Sir?

  4. Dear FlatToStay,
    1. The effective rates are lesser for the current offer whereby amount equivalent to SD+RF+ST+VAT are waived off. Though one may find our prices on higher side he will surely agree to the point that we do not charge for extra heads like Infra, MSEB, Soc, Legar, Car Park etc.
    2. Punawale falls under PCMC limits and is R-zone in totality. Hence in near future will see much of the mixed development happening in this area. Also infra in PCMC is better in comparison with PMC.
    3. Obtaining OC from PCMC should take around 6-8 months and hence Possession date is mentioned as 31st March 2018.
    4. If Possession is delayed from the date mentioned in the Agreement then we have a compensation clause therein whereby Flat Purchasers will be (partly) compensated of their monthly rentals.
    5. Our first priority is to complete the building in all respects so as to start with Possession process, while they would see amenities getting completed within next 6-8 months.
    6. We will be forming Co-Op Housing Society/ies after Possessions are handed over.

    1. Thank you for detail reply
      I am reading these blogs from long time and this is first time i felt like commenting because I am also following you on IREF
      Big thumbs up for your transparency, which is rare.
      I am looking for flat but don't feel going for any because of the end product we get (the quality) after spending such huge amounts.

      If the same project was anywhere in Wakad / Rahatani / Pimple Saudagar with same rate, I would have went ahead and booked. I still feel the rates are bit more considering the location

    2. 1. Best calculation to do for buyers - Agreement Cost/Carpet Area of flat = Actual rate per sq ft.
      2. Areas like Baner near Pancard club, Kharadi, Balewadi still lack basic infrastructure like water, proper roads, street lights etc. despite being in PMC limits. So even if area is in PMC/PCMC limits, current infrastructure must be seen than future about which nothing is certain.
      3. Why the word 'Tentatively' in possession date ?
      4. Partly compensated of their monthly rentals - can you please be more specific about the exact amount which will be offered incase of delays ? Is the amount mentioned in agreement ? Also what about those who are not staying on rent but buying this as new one & will sell existing flat once possession of new flat is taken ?

      These news makes builders' (not specifically you) promise towards compensation as farce -

      Builders stop paying rent, stall projects citing crunch -

      5. Samrajya project launch 2004, amenities completion in 2012 ! What if you complete amenities after completing phase 2 ? Also hope there won't be change in layout mid-way in Siyona as it was in Samrajya.

      6. Co-op Hsg soc will be formed in how many months after giving possession ? After possession are handed over is very vague term. Some builders deliberately don't sell 1 flat & say that all flats not sold, so handover will not take place now.

      Nonetheless, I appreciate that you atleast came in front of camera & gave interview to Ravi.


      This is very nicely covered. Thank you for all the details & for creating this blog which helps us not only get lot of information but a wonderful platform to share our thoughts as well. Keep it up.

    3. @ FlatToStay,
      Hope you are aware that IREF has been purchased by Housing.com, a broking firm whose business runs on builders' money. Though I don't follow that forum, one of my friend said that his comments critical of few builders (not Pethkar though) were deleted by admins. So credibility is big issue on that forum after Housing.com takeover.

    4. Ohh I didn't knew that comments are deleted if against any specific builder. But in general I have never seen over positive comments for any builder

    5. 1. Thanks for appreciating the calculation part.
      2. Punawale is completely R zone so would see mixed more Residential+Commerical development in coming years. Also infra is better in PCMC.
      3. Since we used to have this cost sheet since our launch we used that word 'tentatively'. Now It has been removed from the Cost Sheet. Also we mention specific date in the Agreement.
      4. I used the word 'Partly' because the amounts mentioned in the agreement i.e. 7000 for 2BHK, 8500 for 2.5BHK & 10,000 for 3BHK may be lesser than actual rentals going on in vicinity. Its applicable to all Flat Purchasers irrespective of his current occupation.
      5. In Samrajya it was wrong strategy that we completed the amenities after completing all buildings since we later realised that amenity part can help us get good rates. In Siyona will be correcting this, and hence amenities will be ready before we launch Phase 2.
      6. Co-Op Housing Society for Phase 1 will be formed within 6 months from the date of Possession, i.e. by 30th September 2018. It is irrespective of vacant flats.

    6. 2. "Residential+Commerical development in coming years."
      - But problem is almost all builders take into consideration the future development in their today's prices !! There should be an offer from builder, pay 50% at time of possession of flat & balance 50% when the area is good for human habitation. If builders are confident about the infra development, they should accept these demands !

      4. "I used the word 'Partly' because the amounts mentioned in the agreemen"
      - Are there clauses like builder won't be liable for any compensation incase of delays due to - Act of God, non availability of raw materials, labour problems, sanctions etc. ?

      5. "In Samrajya it was wrong strategy that we completed the amenities after "
      - Also hope that unlike Samrajya, there won't be any change in layout midway in Siyona. Builders can give 10 reasons why it is better than earlier layout(main reason is more profit, FSI utilisation, reduction in construction cost etc) but from buyers perspective it happens to be a loss-loss deal in almost all cases.

      6. "Co-Op Housing Society for Phase 1 will be formed within 6 months from the date of Possession,"
      - And conveyance deed will be executed in how much time post society ? If I am correct, Samrajya conveyance deed has still not been done despite the project being launched 12 years ago !

    7. Dear TheMonk,
      1. Our pricing is not based on any future development but current product & service that we are committed to deliver.
      2. Force Majeure is included in the agreement for the reasons mentioned by you. But for claiming it we have a correspondence each time such situation arises. Fortunately till date such situation haven't aroused.
      3. Change in layout in Samrajya has only benefitted the residents as amenities were planned in a much better way. This I'm stating based on the feedback we received from Samrajya residents.
      4. Conveyance in Siyona will be done only after entire project gets completed, as per terms mentioned in registered agreement. I'hv already mentioned herein above the reasons as to why final conveyance can't be done in case of Samrajya.

    8. Thanks a lot! I enjoyed this conversation very much. TheMonk, I wonder, how come you know so much about Samrajya!

    9. 1. Good to see the clarification that you aren't considering proposed future infra while selling the flats.

      2. "Force Majeure is included in the agreement " - thanks for these details.
      Would like to know if builders can accept a 'Force Majeure' clause in terms of payment from buyers ? Like builders have non-availability of raw material, labour, buyers too can have non-availability of increments, lack of promotion in company, Act of God - like not going on-site for IT yedas etc. The buyers too can inform in advance about this & delay the payments.
      And this I am asking not just you as a builder but entire crime syndicate of Lashkar-e-CREDAI.

      3. Are more than 60% buyers in Samrajya happy with changed layout ? Anyway, since this is done project, I am not keen to stretch this layout issue but for buyers at Siyona, they should know that future change in layout mid-way is possible.

      4. If Samrajya conveyance deed is not done even after so many years, what is the guarantee that it will be done for Siyona ?

      @ Ravi,

      "TheMonk, I wonder, how come you know so much about Samrajya! "
      - BIA, Builder Investigative Agency !
      On serious note, unlike IT Yedas of this blog, for me information is a treasure. The more you have, more well informed decisions you take, be it financial, personal or professional.

      In Samrajya, another funny thing is despite being one project in phases, there are multiple ganpati mandals, LoL.
      Reason is newer phase buyers don't mix with older phase buyers & vice-versa. This is called diversity in division !

    10. Dear TheMonk,
      1. Thanks for the kind words.
      2. There is no such provision from buyers side. They have to make the payments as and when they become due. If they are unable to do it they have option to cancel the agreement and claim refund.
      3. The percentage of satisfied buyers in Samrajya would go beyond 60%. This is based on the service feedback we collect from buyers few months after their possessions are given.
      4. Siyona is a 9 acre development with only 2 phases while Balwantpuram is approx 40 acres development in 4 phases of which Samrajya is phase 2. Siyona will be over after its phase 2 is completed, after which conveyance will be done. Final Conveyance in case of Balwantpuram will be done only after rest 2 phases are completed.

    11. Dear TheMonk,
      In Samrajya there is only one Ganesh idol for all 3 societies. Members from all societies participate in various festivals and their Apex body carry out common programs & games etc. We are glad to see their unity in diversity.

    12. Btw how many bakaras u could fetch with this free publicity :)

    13. "Siyona is a 9 acre development with only 2 phases while Balwantpuram is approx 40 acres development in 4 phases of which Samrajya is phase 2. Siyona will be over after its phase 2 is completed, after which conveyance will be done. Final Conveyance in case of Balwantpuram will be done only after rest 2 phases are completed."

      - The info is already put as how to partial conveyance deed is also possible. Also, if I am correct, you have plans to have commercial projects in newer phases. This may again complicate matters.
      And what if remaining phases are not done in next 10 years, whose chances are very high ? So by the time Balwantpuram is completed, Samrajya will come up for re-development, LoL. This means again these flat buyers will be stuck as land belongs to builder.
      When you plan to do such things, only construction cost & profit should be taken from buyers. Why is land cost also included when it is not to be given to buyers ? Hope prospective flat buyers learn something from this.

    14. Also, what if phase 2 is delayed ? There is no clarity on phase 2 completion, it's configuration etc. of Siyona as of now. This means be it amenities or conveyance deed, both will be stuck till then.
      Though I appreciate you patiently answering the comments, these actually lack credibility in terms of overall time bound completion of project per se.
      Atleast for me as a buyer, land ownership is very important decision while buying flat & this is one of the major reasons I have decided not to buy in any townships be it Amanora, Megapolis etc.

    15. Dear TheMonk,
      We are committed to complete Phase 1 including the amenity part by 31st December 2018, while Phase 2 would be launched same time around which will take another 3 years for completion. Hence we expect to get the conveyance done by 2021-2022. We have made many organisational changes since 2008 which has earned us a reputation to design better homes, deliver them in time, through customer centric service.

    16. Dear TheMonk,
      M20/30/40 grade concrete structure lasts for more than 50 years. So many years for Shefalika/ Samrajya to think for redevelopment. As mentioned earlier, we tried to do part conveyance as per the terms mentioned in the contract, but since the society insisted for full conveyance which was not possible the matter had to be take to courts. If there could have been a way to convey land in such big layouts then Hon. Registrar would have certainly suggested us and passed appropriate order. But since there is complex issue relating to consumption of FSI+TDR involved in such cases it was stayed and were are waiting for the Hon. HC to guide us to resolve the matter amicably whereby interests of both parties are sufficiently safeguarded.

    17. Dear Enigma,
      Wrong metaphor, we consider our buyers as stake holders in our projects. I use this platform to put my side of the coin so that buyer can get an opportunity to evaluate our project & me as a developer in a unbiased way.

    18. Rolly polly lol. Kindly note rates will increase from next week onwards... hurry ...last chance :)

    19. Thanks for the details.

      "Hence we expect to get the conveyance done by 2021-2022."
      - This means it will take atleast another 6 years for the entire project to be completed, that too if it's with no delays. Since amenities may not be ready before phase 2, phase 1 buyers will be having nothing till then, right ?

    20. Dear TheMonk,
      Amenities for Phase 1 will be ready by 31st December 2018, only after which Phase 2 will be launched.

    21. Hope that amenities completion date alongwith conveyance deed date is mentioned in agreement.

    22. Dear TheMonk,
      Amenities completion date is not mentioned in the Agreement as amenities are split into two parts, few are in Phase 1 remaining in Phase 2. The development work for first part of amenities would start before we start giving possessions for Phase 1 on 31st march 2018 and flat purchasers should be able to see the amenities taking shape.
      Incase of Conveyance, though specific date is not mentioned in the Agreement but period after completion of the project is mentioned.

  5. About the buyers -
    Copy paste my earlier posts about buyers working at Yedatech Park.

    About the project -

    Possession date mentioned is as : For B & C is 31st March 2018 & 31st December 2018 for A building.
    It is April 2018 & Jan 2019 if 1 day is shifted. This is nothing but Bata style of writing 99.99 instead of 100 ! Add phase 2 to it & entire project completion will take another few years.

    Coming to legal aspect, read the word TENTATIVELY possession date......
    Ask any top class property lawyer & he will say beware of words like Tentative, probable, equivalent etc. This word - TENTATIVE OR TENTATIVELY is exploited by builders in court when delays take place.

    But I am sure, buyers must have signed agreement with word Tentative mentioned in agreement, making themselves Yeda. Buyers rather than asking just for price, specifications etc. should ask builders to remove these type of words from agreement. If not, be ready to suffer incase of delays.

    The total price of flat is so high that one can buy ready possession flat at better locations than Punawale. Nothing beats benefits of good location (http://ravikarandeekarsblog.blogspot.in/2016/08/sad-story-of-a-son-who-purchased-a-flat-in-sus-gaon-near-baner-at-pune-india.html).
    One also needs to factor in the loss on rent & loss of income tax benefits in pre-EMIs while calculating the actual cost while buying under-construction flat.

    Risks in buying under-construction flats :

    And what happens if a buyer is left in a state where he cannot recover money from the builder? Legal experts say that buyers take the risk of investing in an under-construction project and that is an individual risk. Buyers have the legal right to recover the amount but if they cannot, that is the consequence of the risk they have taken.


    Have no money to refund home buyers: Unitech to SC :

    SC asks Parsvnath to refund home buyers; builder says it can't repay :

    The good thing about this project (if builder keeps his word) is the internal wall plaster before putting POP unlike many chor builders like Mittal who directly put POP on bricks to save cost which later leads to major water seepages.
    Details mentioned on website is also far better than other Pune builders but then even a 4-5L car in-depth details are mentioned on website ! This looks better because rest of builders are professional dacoits.
    Please read discussion with Mr. Jitendra Pethkar in comments section -


    "Did you notice one thing - while I am writing this blog - Jitu Sir is participating in a property exhibition at Singapore."

    - Singapore property rates have fallen by 22%.
    NRIs would better buy flats in other countries. High priced flats with poor infrastructure is best left for IT Yedas !

    The Global Real Estate Bubble Is OFFICIALY Bursting :


    1. I had gone through your conversation with Pethkar Builder in another post. For all your queries the only answer builder had was to refer some HC / SC judgment or pending cases, this is like finding some loophole in law.
      I think when the "Conveyance Deed will be done" should be added in Agreement

    2. We always maintain a stand that our flats are priced on higher side for its authenticity. we ensure that all legal compliances are in place, project is approved by leading housing finance companies, Project progress is paced as per the schedule and we try to provide better product & service to our esteemed customers. Cost part is something to be analysed by the customer and if s/he feels it justified, he'll go for it.
      I appreciate your views, would like to request you to do make a Siyona visit to get first hand experience.

    3. Dear FlatToStay,
      In that conversation I tried to emphasise on the fact that Samrajya was Phase 2 a part of big layout having its development proposed in total 4 phases. Hence there is a limitation to convey land for one particular Phase and Apex Conveyance in such cases can be done only after entire development, in other words consumption of entire FSI+TDR is done. On these facts there is a clear judgement of Bombay High Court whereby Conveyance for a said society was being stayed.

    4. "We always maintain a stand that our flats are priced on higher side for its authenticity. we ensure that all legal compliances are in place"
      - Frankly, I don't understand how does having sanctions means asking for premium in pricing ? It is illegal to launch projects without approvals but it seems that builders are so used to do illegal work that doing something legal means something extraordinary for them, LoL !

      Similarly, project has to be as per schedule. Infact, had Pune builders been somewhere else, they would have ended up paying heavy penalty for delays which is mentioned in agreement for major projects in developed countries. Again in Pune or India, builders think that completing work on promised time is something extraordinary work !

      "Cost part is something to be analysed by the customer and if s/he feels it justified, he'll go for it."
      - Agree.

      "I appreciate your views, would like to request you to do make a Siyona visit to get first hand experience."
      - Thanks for the invite. I may do so once the project is completed so that we can see how much promises have been fulfilled.

      "On these facts there is a clear judgement of Bombay High Court whereby Conveyance for a said society was being stayed."

      - I am still asking you to post the details of the same as the case is 3 years old. Fact remains builders don't to give away land to buyers. On one hand, builders include cost of land in their cost while on other deliver flat without land. I really don't understand why IT Yedas buy in projects where land is not theirs ? Pay tens of lacs & even a crore plus for just some concrete & steel in air !
      This is true even for townships. Projects like Megapolis don't even own land but belongs to MIDC !

    5. Dear TheMonk,
      1. We always try to maximise our profits in order to grow our business and organisation, but in doing so we ensure that our business is based on Trust, Transparency & Ethics. Pricing is our discretion, if its justified, people will buy with us, if not we need to introspect and make required changes in our strategy.
      Similarly we think timely possession is the essence of the contract. Even a delay of few months can cause much concern to the buyer as many a times he has to pay rent & EMI simultaneously. So we religiously follow the schedule so that we can handover the possession in time.
      If you wish to see the completed Phase 1, then you are welcome to visit Siyona on 31st March 2018.
      As regards the case I had already shared with you the case details in one of the previous blog. Kindly refer that post. Conveyance becomes complex whenever its a case of large township project involving development in multiple phases like in Balwantpuram. For the same reason Hon. Registrar rejected applications for last 2 societies who approached for the Deemed Conveyance and now its pending at HC. We have never opposed for Conveyance, just it needs to ensure that our interests as regards FSI & TDR are sufficiently safe guarded.

    6. Great conversation.....these comments add huge value to the blog. Thanks a lot, TheMonk & Jitu Sir!

    7. "We always try to maximise our profits in order to grow our business and organisation"

      - Completely agree. Businesses should run for making profits, be it real estate or anything else. But real estate is one such sector where buyers are real share-holders (as they actually fund the project) & builder ends up cheating their own share-holders which is clearly reflected in one sided agreements, lack of conveyance deeds etc.

      Major problem with builders is they don't know when profit ends & where greed starts. The actual reason for this sector in doldrums is only greed of builders. To revive the sector, greed has to be removed first.

      "Registrar rejected applications for last 2 societies who approached for the Deemed Conveyance and now its pending at HC. "

      - Question is why did societies had to approach registrar for deemed conveyance ? It's because builder is not doing it. Even incase of multiple phases, conveyance deed is possible if builder has the will.
      I am sure, this same issue pending here & there (for past 3 years) will be given as excuse even for Siyona.

      Q. How the conveyance in favour of the legal body will be done in case of layout plot where the builder carries out the construction in phases?

      Ans: In case of layout plot, the provision for part conveyance has been done in the new proposed Rule No9 (2). It has been clearly pointed out that in case of layout plot, the legal body will be entitled to get the proportionate undivided rights, title and interest in the layout plot based on the FSI/TDR used for the respective building out of the total development potential of the entire layout plot as on the date of conveyance of the land and the building and as per the disclosure made by the builder. In case the builder has not disclosed the same, the entire balance FSI/TDR will be transferred to the legal bodies proportionately otherwise it will be available to the builder.


      Pune Builder Fined For Not Executing The Conveyance Deed :


      The above links needs to be read by Samrajya people now.

      "We have never opposed for Conveyance, just it needs to ensure that our interests as regards FSI & TDR are sufficiently safe guarded."
      - This is same as a dictator saying - we never opposed elections as long as we are voted back to power !

    8. Dear TheMonk,
      Before the societies approached for Deemed Conveyance we had many meetings with the societies where we conveyed them that we are willing to make part conveyance as per the provision in their registered agreements and tried explaining them the limitations to do full & final conveyance since rest 2 phases were yet to be completed. The MOM & Correspondences are one record. They insisted on full conveyance, which wasn't possible as per contractual terms, and hence then later approached the Registrar for Deemed Conveyance.
      At Deemed Conveyance Office, the Hon. Registrar accepted our submission for limitation for conveying the land at this stage and based on a HC judgement passed the order staying their applications.

    9. Since I don't have details about the content of MOM, I won't comment on it.
      But if buyers are getting conveyance deed done for complete Samrajya including amenity space, they should do it.

  6. Some real estate news :

    As usual, Pune crooks, Pride Purple builders & their henchmen are putting pressure on judge to grant these crooks bail for slab collapse at Park Xpress, Balewadi which killed 10 workers.


    Tight norms on black money will strangle real estate, jewellery :


    And this is one of the biggest news :

    Housing bubble set to pop? Developers' unsold inventory at a 10-year high :
    About 1.2 billion sq ft worth Rs 6 lakh crore remains unsold in June 2016


    1. dear monk, every perosn guilty or not, always try to play every possible card in this country to stay out of the jail refer dear sahara shree :)
      ; we are lucky the judge (if she is speaking truth) has courage to mention it & then pass the order of transferring the case to other bench!

    2. Agree Sanjay D.
      But issue with Sahara is more political than financial. Putting details here will divert topic away from real estate.
      On other hand, Pune builders become builders with an intention to con buyers. That's why you see frequent change in layouts, increase of number of flats by use high amount of TDR thus reducing flats:open space ratio, show good sample flat but deliver third class flat etc.
      Not doing conveyance deeds also show sheer greed of builders as they want to hang on to the land & it's benefits for their life.
      Atleast courts are now ordering lot of actions against crook builders who individually maybe even bigger than most of Pune thugs put together.

      BTW, you had plans to exit Lashkar-e-CREDAI after it came in support of Sachin Chorwal of Maple Matka Centre. What happened ? Still with Lashkar-e-CREDAI ? Even Jitendra Pethkar is part of same criminal syndicate.

    3. Lashkar-e-CREDAI..... Sachin Chorwal of Maple Matka Centre.....I liked it, TheMonk!

  7. Replies
    1. Author means the one who wrote the comment. TheMonk. Not Ravi Karandeekar!

    2. Yes, same comment above got posted twice so deleted it for less clutter on your blog. Thank you for clarification to your readers.

  8. I am sure reader would like to review this too about the PAST OF THE BUILDER


    1. I was talking about these experiences - which encouraged Jitu Sir to become so much organized & transparent. Thanks for sharing the link, Hatim.

    2. Dear Ravi Karandeekar,
      Thanks for your appreciation and kind words. I thinks its need of the time to have clear disclosure of facts and have fixed policies in place.

  9. If this news is true then its shocking especially because the kind of image Pethkar builders have created via IREF interactions n all

    1. Dear Hatim, FlatToStay,
      The news is true, but the reason behind that event was some personal grudge of the officer under investigation. You can also make it out since the arrest was being made in year 2013 for a case of year 2005 that too for a amount of 50,000. Ofcourse perception matters, but what is stated herein is the truth.

    2. You accepting that the news is true and replying for each and every query is appreciated !

    3. Fact - Haathi ke dikhane ke daat aur khaane ke daat alag hote hain.
      In public forums even Baramatikar Saheb acts as if he's a saint, LoL.

      Nonetheless, it is good to see that Jitendra is atleast coming up on open forums & putting his view forward.

      BTW, forgot to ask -
      What is the floor to ceiling height in Siyona ? Is it mentioned in writing ?
      Several builders like Rohan, Mittal, Nyati have reduced the floor-ceiling height to save cost. Their logic is simple - reduce height by atleast 1 feet & in 10 floor building, almost 1 floor is constructed for free.
      Buyers should lay high importance on this aspect as it affects overall space inside the flat.

    4. Public perception is based on the facts that surface in media, but many a times there is a different story hidden beneath the matter. I'm aware that I can't change the perception, but whatever facts I mentioned herein above have some truth in it.
      Floor to Ceiling height in Siyona will be between 9'3" to 9'6" (variation accounts to uneven floor bed preparation). Its a 14 storey building planned under 45 mtrs.

  10. Our visit to Siyona-
    After hearing about this project in Sakal expo in Aug 2016 held at VITS, I along with my family visited Siyona soon after the expo. We like the project, flats are specious and amenities are also good. We had a video tour in an AC room before visiting the sample flat. My kid liked the maze garden, I like the Bali theme, wife liked the flat. Everyone has something to like. Few things we noted which are bit concerns-
    1. We found its costing is at higher side. Surrounding area is not yet liveable.
    2. We saw some trucks parked near project main gate. Mostly highway truck folks taking full day stop near some Dhaba before moving on.
    3. We were also bit concerned about the potential noise pollution since it's close proximity to highway. Close proximity to highway means 24x7, 365 days a year, noise pollution.

    We like the project and despite of having some concerns, we tried to see if the sales lady is ready for some price negotiation but all our efforts in vain. Only thing she was highlighting was the waiver of stamp duty/registration/service tax/vat. But if you see other project like siddhashila eela, without any waiver, their cost is same to Siyona's. So what is the point of having a waiver, looks like waiver is only to show but actually it is already considered in price per sq.ft. Seeing our dream home nowhere close to reality looking at the high cost, we returned home silently. I am sure Jitendra must be negotiating when it comes to buy land, buy cement, steel, labour and what not but shows no sign of rate negotiation for buyer.

    1. Dear Unknown,
      Thanks for your candid review and appreciating the planning & design of Siyona. Coming to your concerns:
      1. Our product is different so is its pricing. We try to give more value for money by giving more carpet per saleable, no separate heads other than Agreement Cost, Fix date of Possession, better specifications with renowned brands and most importantly a customer centric service. Punawale is entirely R-zone, hence development is taking pace and soon will be liveable.
      2. Few years back there was a check post at that location, though the check post has gone now, still the trucks habitually stand there. We had raised this concern with the local corporate and Highway Authority. They have assured us to move them to some other place by the time of Possession.
      3. Though Siyona is Highway touch, still it is not bang on highway, but approx 100 mtrs from the proposed service road. So there shouldn't be any noise pollution concern.

      We think our prices are apt for the product & service we deliver. Its upto the buyer to scrutinise the project & evaluate the developer and if s/he feels it justified then to go with it.

    2. One more concerned to put on my list.
      As latest I am finding proposed Garbage depot seen in Punawale. Its approx. arial distance from Siyona is 2.6Km as pointed by google map. I think it will do some harm to any potential investment in this area.

    3. Thanks for the comment, Unknown. Since you have already visited Siyona, please, tell me, have I missed any important information in this blog? Can you share your views on the planning of the project & flats, please?

    4. Dear Prashant, when someone asks me about garbage depot at Punawale - I ask him - Do you segregate waste in your home - do you have separate bins for dry & wet waste in your home? Do you process wet garbage in your terrace or in your society? My observation is those who are not aware about garbage processing & collection in Pune are concerned about the depot in Punawale. Those who are aware do not see as an issue. By the way, soon, I am going to write a blog on garbage depot at Punawale.

    5. Ravi sir pls write blog on garbage city pune. Everywhere only garbage while driving garbage truck in front at signal garbage tank.

    6. Prashant,
      I suggest you rent a flat near highway, ample of which are available at Wakad-Bavdhan belt & experience first before taking any call. This I am saying not specific for this project but any project in general near highway.

      Living Near A Highway Affects Lung Development In Children, Study Shows:


    7. Ravi, i have already provided my views about the Siyona. There can be seen under 'Unknown' user (don't know why unknown is showing for my first post even after using google+ a/c). We like the project/scheme but there are few concerns which are holding me back. This blob covers most of the things about the project except the concerns i am mentioning.

      Summarizing my concerns:
      1. We found its costing is at higher side. Surrounding area is not yet liveable.
      2. We saw some trucks parked near project main gate. Mostly highway truck folks taking full day stop near some Dhaba before moving on.
      3. We were also bit concerned about the potential noise pollution since it's close proximity to highway. Close proximity to highway means 24x7, 365 days a year, noise pollution.
      4. Proposed Garbage depot seen in Punawale. Its approx. arial distance from Siyona is 2.6Km as pointed by google map

      For most of the above things, Jitendra has already provided his comments.

    8. Dear Prashant Bhagat,
      The proposed garbage depo land is yet to be acquired by the PCMC and currently is still with the forest department. There have been many protests against the proposed GD by local villagers since 2010. As per the Asst. Exe Engineer for that area it is possible for that garbage depo to come over there, but he also ensure that it will not be a dump like Moshi or Fursungi but a solid waste management plant like we have in Aundh etc. This is quite obvious as we will be seeing many residential development in Punawale hence in future there would be requirement to process solid waste while wet garbage is to be processed in-house by societies to generate manure and consume within the society landscape.
      As regards Siyona, then it falls @2.5 kms radial on North-East side. Also Siyona is ahead of the Punawale subway on the highway and doesn't fall on the road leading to this proposed GD. So this GD shouldn't be of much concern for Siyona residents.

    9. Sure, Enigma. I will write about the garbage depot at Punawale. Yes, I agree with you. Crime, pollution & garbage are the big issues in Pune.

    10. Prashant, thanks a lot for joining the conversation. Sorry for inconvenience of not being able to post as Prashant. You have raised important questions and added value to my blog. I am sure, you must have enjoyed the experiences of receiving replies from the builder - Jitu Sir.

  11. Another news of risks involved in buying under-construction flats -

    Information compiled by real estate analysts shows that more than 7,000 residential projects out of 9,591 launched between 2008 and 2010 in top cities that account for 75 per cent of the market are still unfinished.
    Things are so bad that some projects have been languishing for as long as five years. Several top developers took huge loans for specific projects at high rates before 2010/11 but diverted the money - as well as buyers' funds - to build land banks and to launch other new projects. They are now bankrupt and without capital to finance these projects.


    Real estate is now getting hit by banks recovery dept. Don't know what will happen to buyers who have booked flats in such under-construction projects.

    Banks, lenders crack the whip on real estate firms for loan recovery :

    Banks and large lenders like Life Insurance Corp. of India (LIC) are auctioning assets seized from debt-laden property developers that have defaulted on loans in the face of a real estate downturn.

    In recent months, banks have taken over ongoing projects, land and offices of real estate companies to recover their dues.


    1. Happened to read article stating how luxury flats are immune from market conditions recently, Lol. But facts speak otherwise. See the latest stats, including that for Pune -

      Luxe homes face 4-year inventory pile-up :

      The luxury real estate market has come crashing down in the past few years, leaving developers of opulent housing saddled with an inventory that will, by some accounts, take four years to clear.

      “In good times, we brokered about 25 transactions in the luxury space every month. Today, we’re lucky if we can close even one deal a month,” he says.


    2. Welcome Ravi. Here's one more latest one. Hope buyers take well informed decision before considering buying in under-construction flat.

      Cash-crunched builders unable to pay suppliers of bathroom fittings :

      Makers of bathroom fittings are having a tough time recovering their dues from builders on time because of a prolonged slowdown in the real estate sector.


    3. TheMonk,
      We all readers appreciate your valuable information. You rightly mentioned about the risk in under-construction project.
      Its high time that government brings in pending real estate regulatory bill to stop the crook builders from doing fraud and looting ordinary citizen of the country

    4. Milind, RERA is for encouraging & promoting flat bookings at the under construction stage of the project! Government's initiative to ensure that the builders will get funds to develop the project.

    5. "TheMonk,
      We all readers appreciate your valuable information. You rightly mentioned about the risk in under-construction project. "

      - Thank you Milind for the kind words. Since I have personally seen cases of flat buyers being cheated big time, I don't want the same to happen with anyone else. This is the sole reason I keep posting on Ravi's blog, though some may feel me to be a troll, LoL.

      BTW, about 3 months ago, major news about Pune real estate & how flat buyers are being cheated by builders had come in Indian Express & our own Ravi features in the news. Very useful news, do go through it.

      Real estate: Dream homes turn a nightmare for flat buyers in Pune :

      RITESH Jain (name changed on request) had booked a 2BHK flat in an ongoing project of a prominent builder in Kharadi in 2014. Two years later, he is yet to get possession of his flat. “The agreement that I had signed with the builder had said I would get possession by the end of 2015. The builder keeps on assuring me that I will get the flat soon, but that soon seems to be far away,” he says.

      Jain, who is paying a hefty house rent, is now thinking of taking legal measures against the builder.

      Jain’s predicament reflects the situation faced by lakhs of people in the city who are made to run from pillar to post to get possession of their promised flats despite making payments on time.


      What the Govt does or doesn't is secondary issue. What we can do as a buyer is a primary issue. If we, the flat buyers decide to buy only ready for possession flat with all approvals, chances of getting cheated are very slim. Problem is buyers fall into builders trap of if not now, never or hurry, last few flats left, buy now before prices rise etc. & book under pressure. And then there are people who book anything, anywhere due to peer pressure from friends or relatives. Just because tom, dick & harry are buying, I should also buy !
      Atleast I have decided to stay on rent in good area with good infrastructure at fraction of cost that of EMIs till prices fall & even after that, will opt for ready for possession flat with approvals. This helps financially as well as mentally. Ek haath se lo, dusre haath se do. Simple.

      And now some real estate news.

      Balewadi slab collapse: Pune Court issues non-bailable warrants against 4 builders, 2 others :

      A magistrate court in Pune has issued non- bailable warrants (NBW) against six persons, including four builders, in connection with the Balewadi slab collapse incident. The builders are Arvind Premchan Jain (44) of Shivajinagar, Shravan Devkinanda Agarwal (45) of Pashan, Kailas Babulal Wani (48) of Erandwane, Shyamkant Jagannath Wani (52) of Shivajinagar. The other two persons are Pradip Janardan Kosumbkar (41) of Kothrud and Jansal Sudhir Parekh (47) of Aundh.


      Realty firm MD held in flat cheating case :

      Mumbai police arrested Pujit Aggarwal, managing director of realty firm Orbit Corporation, in a cheating case on Thursday. A local magistrate remanded him in police custody till September 12.
      (Do read the user comments also)


  12. Some more news about risks involved in buying under-construction flat & how people are loosing their money, be it buyers or hoarders in real estate.

    Real estate investors put pressure on developers to return money :

    Real estate investors who have taken a hit from a slowing property market are putting pressure on developers to cancel bookings and return their investments.


    Even South India real estate is affected, not just NCR or Pune, MMR.

    Aliens home buyers take to the streets over delay -
    Nearly a decade after its glitzy launch, the multicrore Aliens Space StationI project has turned into a nightmare for 400-odd buyers.

    The builders' inordinate delay in handing over the flats on time has severely hit our pockets. Many customers continue to stay in rented flats and pay EMIs. A few of them have stopped paying EMIs considering the consequences on their finances," said Manmohan Singh Chane, secretary of Aliens' welfare association.


    And finally, real estate bubble is bursting globally.

    London Bridge Is Falling Down :
    This bubble is already showing signs of bursting in the high-ends of the leading cities – from London to Manhattan to Miami. Others, including Singapore and Vancouver, are already down 22% and 24%, respectively.

    Italy is already bankrupt with bad bank loans at about 18%. It will likely default by early 2017…

    China’s massive real estate bubble also looks dangerously close to bursting…

    Major events like these will send a tidal wave around the world in the next year or so. And there’s nothing the central banks can do about it this time!


  13. Leading consumer rights group Mumbai Grahak Panchayat (MGP) has written to the state government to speed up implementation of the new Real Estate Act and advised potential home buyers to defer booking flats till the new law is enforced.


  14. This is a very good article written few months ago.
    Why Indian Real Estate Will See A Crash, Or At Least A Long Period Of Stagnation :

    Real estate in India is overpriced, while rental yields are too low to make sense as a good enough investment.

    If the property market were to function as efficiently as the stock market, real estate prices should crash, but the market is rigged.

    The fundamental reason why property prices have to fall is because they are no longer affordable to the vast majority of Indian middle class households.

    If one accepts 4-5 percent rental yields as a reasonable level at which property makes some investment sense, it means prices have to crash almost 50-80 percent from current levels to equate demand and supply.

    The problem with predicting a real estate/property price crash is that you will look wrong most of the time. People were expecting a 2008 global financial crisis three or four years before it happened, but for much of the time before 2008 they looked like cassandras.

    And so it will be with Indian real estate. Those predicting a crash will look foolish for a couple of years, but prophetic when it actually happens. The current level of property price is unsustainable. It has to crash.


  15. Useful info for those who have purchased under-construction flat & are now stuck because builder is not completing project.

    Builders can be arrested for not delivering: National Consumer Commission -


  16. New App helps property buyers verify projects approved by PMC -

    For residents of Pune who are planning to buy property, there is some good news. The Pune Municipal Corporation (PMC) has launched a mobile App — Pune Urban — which would provide information on residential projects approved by the civic body.

    “The Pune Urban is the official mobile App of the PMC’s Building Permission Department. This app would enable citizens, architects and builders to instantly connect with the building permission department,” said Prashant Waghmare, city engineer of PMC.

    He said the Pune Urban mobile App would make it easy for citizens to verify the real estate projects approved by the PMC.


    The above app should be used so that builders can't make buyers ulloo by giving them fake info about approvals. However, this is no substitute for hiring good property lawyer but good for prima facie info.

  17. Nice Blog ,Thank you for sharing such a important information about 8 Questions every flat buyer in Pune should ask a builder.

  18. Surprise! Modi government’s black money move will make your dream home cheaper, boost ‘Housing for All’
    The unprecedented move against black money would also imply that housing across segments would become cheaper!


    Black money crackdown: "Land prices may crash 30% in 6 months"
    Pankaj Kapoor, MD, Liases Foras, a real estate consultancy, believes land prices will crash 30 per cent in the next 3-6 months. "It will have a big impact especially on the land prices and luxury market . They were used as avenues to hoard black money."

    Samtak Das, Chief Cconomist and National Director, Research of Knight Frank, says, "Land prices will be under pressure as in residential sector the unaccounted money is 30 per cent, in case of land it is 50 per cent."
    "The construction cost will also go down by 20-25 per cent as the money that the builder has to pay in black to get the approvals from the authorities will not happen now as people will be scared of taking cash," said Kapoor.


    So with all these things taken into account, flat prices should fall by atleast 50-60%. Big whammy for builders, hoarders.
    And yes, many builders will be thrown out of business as their real estate firm used to run on black money of politicians, gutter babus, doctors etc. So even after crash in real estate prices, buy ready for possession flats only as completion for under-construction flats is not guaranteed as such builders can go full bankrupt.