Ravi Karandeekar's Pune Real Estate Market News Blog: 2016

Wednesday, December 28, 2016

5 Objections Against Maharashtra RERA Rules

If approved as published,
Maharashtra RERA Rules will give legal authority to the builders
to dominate, victimize & intimidate flat buyers in Maharashtra.
That's why it is the duty of every citizen to email his objections
by 31st December 2016 at
suggesstionsonrera@maharashtra.gov.in

- Vijay Kumbhar

1) Maharashtra RERA Rules - Licence to dominate, intimidate & victimize flat buyers:

In his 18 minutes Marathi Youtube Video Mr. Vijay Kumbhar, RTI Activist, claims that instead of protecting flat buyers, Maharashtra RERA Rules give legal authority to the builders to dominate, intimidate & victimize the flat buyers.

Mr. Kumbhar has come to this conclusion after studying Maharashtra RERA Rules, the original Real Estate (Regulation and Development) Act 2016 of Central Government of India, and the rules of Real Estate Regulatory Authority (RERA) established in the Union Territories.

2) How will Maharashtra RERA Rules give legal authority to the builders to dominate, intimidate & victimize the flat buyers?

Look at these 5 clauses, Mr. Kumbhar says -

If Maharastra RERA Rules are approved as published:

1) Builder can easily terminate your flat agreement

2) Complaining against the builder is going to be very expensive

3) Builder's complete track record will not be available for the flat buyers

4) Real estate agents can cheat the flat buyers & get away with crime easily

5) Builder can discriminate against flat buyers

In short, instead of eradicating unfair, illegal & exploitative current business practices of the builders, Maharashtra RERA Rules give legal status to dominate, intimidate & victimize the flat buyers!

3) 31st December 2016 - the last day to email your objections:

That's why, Mr. Kumbhar says, you should raise objections against Maharashtra RERA Rules and email them at suggesstionsonrera@maharashtra.gov.in - by 31st December 2016.

Here is the summary of 5 objections:

1) If Maharastra RERA Rules are approved as published - builder can easily terminate your flat agreement:

Look at the clause no 6.3 & 6.4 on Page No 47. It says that by giving 7 days email notice a builder can terminate your flat agreement and sale your flat to anyone at any rate!

Not only that!!

You have to wait for 6 months to get your money back.

And you know what?

A builder will not pay you any interest for these 6 months - but you will keep on paying interest to the bank.

It means that the builder has all powers to dominate, intimidate & victimize you from the day to register your flat agreement.

You become a builder's slave on the day you sign the flat agreement.

6.3 Provided that, Promoter shall give notice of seven days in writing to the Allottee by email at the email address provided by the Allottee of his intention to terminate this Agreement and of the specific breach or breaches of terms and conditions in respect of which it is intended to terminate the Agreement. If the Allottee fails to rectifies the breach or breaches mentioned by the Promoter within the period of notice then at the end of such notice period, promoter shall be entitled to terminate this Agreement and upon termination of this Agreement the Promoter, shall be at liberty to dispose of and sell the Apartment to such person and at such price as the Promoter may in his absolute discretion think fit.

6.4 Provided further that upon termination of this Agreement as aforesaid, the Promoter shall refund to the Allottee (subject to adjustment and recovery of any agreed liquidated damages or any other amount which may be payable to Promoter) within a period of six months of the termination, the instalments of sale price of the Apartment which may till then have been paid by the Allottee to the Promoter but the Promoter shall not be liable to pay to the Allottee any interest on the amount so refunded.

2) If Maharastra RERA Rules are approved as published - complaining against the builder is going to be very expensive:

CHAPTER VIII
REAL ESTATE APPELLATE TRIBUNAL
28. Form for filing Appeal and the fees payable.- (1) Every appeal filed under subsection (1) of section 44 shall be accompanied by a fee of rupees one thousand in the form of a demand draft drawn on a nationalized bank in favour of the Appellate Tribunal and payable at the main branch of that Bank at the station where the seat of the said Appellate Tribunal is situated.

According to above RERA Rules for Union Territories, while filing a complaint against the builder, a flat buyer has to pay a fee of 1,000 rupees only.

But Maharastra RERA Rules say that you have to pay a fee of Rs. 10,000! (Chapter V - Clause 23)

This shows that Maharashtra RERA Rules are not for the protection of the flat buyers but for the protection of the builders.

Mr. Kumbhar feels that the builder lobby must have written these RERA Rules & Maharashtra Government may have just published them.

That's why every citizen must raise objections against Maharashtra RERA Rules by 31st December 2016.

CHAPTER V

FILING OF COMPLAINTS WITH THE AUTHORITY OR THE ADJUTICATING OFFICER

23. Manner of filing a complaint with the regulatory authority and the manner of holding an inquiry by the regulatory authority.-

(1) Any aggrieved person, having interest in the project, may file a complaint with the regulatory authority for any violation under the Act or the rules and regulations made thereunder, save as those provided to be adjudicated by the adjudicating officer, as per Form ‘L’ which shall be accompanied by a fee of rupees Ten Thousand in the form of a demand draft drawn on a nationalized bank in favour of regulatory authority and payable at the main branch of that bank at the station where the seat of the said regulatory authority is situated.

3) If Maharastra RERA Rules are approved as published - builder's complete track record will not be available for the flat buyers:

(vi) brief details of the projects launched by the promoter in the last five years, whether already completed or being developed, as the case may be, including the current status of the said projects, any delay in its completion, details of cases pending, details of type of land and payments pending etc. ____

Most of the buyers who have booked the flats in Kumar Builders' KUL Ecoloch & KUL Nation have told me that they didn't know that Kumar Builders & Kumar Properties are two different companies! They assumed that both are one & the same.

If they had known the history - the past projects - the track record - means about the status of Kumar Builders' previous projects - like KUL Utsav at Khadi Machine Chowk Kondhwa & 45 Nirvana at Paud Phata Kothrud - they would have been able to take a right decision.

Thanks to Maharashtra Government!

Even after RERA, the builders can take the flat buyers for a ride!!

Why?

Because, even after RERA, the flat buyers in Maharashtra are not going to get the complete track record of the builder - complete information about the builder's past projects.

The 'Application for Registration of Project' - 1 - VI - on the Page 23 of Maharashtra RERA Rules - only demands the list of completed or under construction projects in the last 5 years.

Whereas, the RERA Rules of Union Territory demands more than the list of projects. They want to know - including the current status of the said projects, any delay in its completion, details of cases pending, details of type of land and payments pending etc.

Just imagine, how this information about Kumar Builders' past projects would have been valuable to the flat buyers!

1) The flat buyers would have realized that Kumar Builders & Kumar Properties are two different construction companies.

2) If the flat buyers would have known Kumar Builders' - the current status of the said projects, any delay in its completion, details of cases pending, details of type of land and payments pending etc. - they would have been able to take the right decision!

This omission in Maharashtra RERA Rules proves that the real intention of Maharashtra RERA is to give legal authority to the builders to dominate, intimidate & victimize the flat buyers in Maharashtra!

(vi) brief details of the projects launched by the promoter in the last five years, whether already completed or being developed, as the case may be__________________________________;

4) If Maharastra RERA Rules are approved as published - real estate agents can cheat the flat buyers & get away with crime easily:

13. Revocation of Registration of real estate agent.-

The Regulatory Authority may, due to reasons specified under sub-section (7) of section 9, revoke the registration granted to the real estate agent or renewal thereof, as the case may be, and intimate the real estate agent of such revocation as per Form ‘I’.

Maharashtra RERA Rules not only protect the builders but their real estate agents too! In fact, if Maharastra RERA Rules are passed as it is, the real estate agents are going to get a license to cheat the flat buyers in Maharashtra!!

Because, if RERA revokes the license for any misconduct, just after 6 months the real estate agent can apply for it!

Rules of Union Territories - do not give this type of license to the real estate agents. (Page 5)

15. Revocation of Registration of Real Estate Agent.-.

(1) Where any real estate agent who has been granted registration certificate number commits breach of any terms and conditions specified under these rules or regulations made thereunder, or where the Authority is satisfied that such registration has been secured by the real estate agent through misrepresentation or fraud, the Authority may, without prejudice to any other provisions under the Act, either suo-moto or on an application or complaint from the promoter or allottee or revoke the registration or suspend the same for such period as the Authority thinks fit and inform all the promoters: Provided that, no such revocation or suspension of registration shall be made by the Authority unless an opportunity of being heard has been given to the real estate agent.

(2) Where the Authority revokes the registration it shall intimate about the same to the concerned real estate agent in Form ‘I’: Provided that, on the revocation of the registration by the Authority of any real estate agent; fresh application for grant of registration cannot be made again within a period of six months by such real estate agent.

5) If Maharastra RERA Rules are approved as published - the builders can discriminate against flat buyers:

(4) The declaration to be submitted under clause (l) of sub-section (2) of section 4 of the Act, shall be as per Form ‘B’, which shall include a declaration stating that the promoter shall not discriminate against any allottee at the time of allotment of any apartment, plot or building, as the case may be.

If passed as it is, Maharashtra RERA Rules will legalize the builder's passion for discrimination!

'Housing Project for Vegetarians' is not about food habits. We know the real meaning. Right?

By eliminating the above clause about Discrimination present in Union Territory RERA, Maharashtra Government has proved the builders are the real authors of the RERA Rules. Says Mr. Vijay Kumbhar.

That's why it is a duty of every citizen Maharashtra to email his objection against RERA Rules by 31st December 2016.

If you don't have time to study the Maharashtra RERA Rules, the original Real Estate (Regulation and Development) Act 2016 of Central Government of India, and the rules of Real Estate Regulatory Authority (RERA) established in the Union Territories, you can go through Mr. Vijay Kumbhar's objections and email the same at suggesstionsonrera@maharashtra.gov.in - before or on 31st December 2016.

Your children will be proud of you for raising objections against Maharashtra RERA Rules.

Maharashtra RERA Rules in English:

Maharashtra RERA Rules in Marathi:

Union Territories RERA Rules:

2) Maharashtra RERA Rules - A Nightmare for Home Buyers

1) Maharashtra RERA Rules Published!

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I enjoy talking, sharing my views and giving advice about buying property in Pune real estate market.

My email id is RaviKarandeekar@RaviKarandeekar.com Feel free to write to me. I reply as soon as i can.

If you want my advice, feel free to call me on 919860044110. First 3 minutes are free! And for more than 3 minutes - pay as you wish - you decide the value of my advice.

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Friday, December 23, 2016

Maharashtra RERA Rules - A Nightmare for Home Buyers

Instead of protecting home buyer's rights Maharashtra RERA Rules, if passed as it is, will intimidate flat buyers and protect builders & brokers:

Maharashtra RERA Rules - A Nightmare for Home Buyers

In model form of agreement to sale there is one very dangerous provision.

If the Allottee fails to rectify the breach or breaches mentioned by the Promoter within the period of notice then at the end of such notice period, promoter shall be entitled to terminate the Agreement and upon termination of this Agreement the Promoter shall be at liberty to dispose of and sell the Apartment to such person and at such price as the Promoter may in his absolute discretion thinks fit.

The notice period will of seven days and by email only.

There is more dangerous proviso ahead, that upon termination of the Agreement as aforesaid, the Promoter shall refund to the allottee within a period of six months of the termination.

That too subject to adjustment and recovery of any agreed liquidated damages or any other amount which may be payable to Promoter.

Promoter is entitled to do this at any time of agreement period. That means even if buyer has paid 90% of the amount promoter can terminate the agreement on any ground. And refund will be without interest.

To read more, please, visit Vijay Kumbhar's Exclusive News & Analysis Blog

1) Maharashtra RERA Rules Published!

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Thursday, December 15, 2016

Ankush Asabe of Shri Venkatesh Buildcon invited me to speak!

Pune Builders, Serve or Die:

Ankush Asabe of Shri Venkatesh Buildcon invited Ravi Karandeekar to speak!

It is not nice to tell your host - "Serve or Die".

Absolutely wrong when your host is a builder.

Because, though the flat buyers pay exorbitant Service Tax & VAT to the government,
builders in Pune do not consider that they are service providers & are least bothered about customer service.

But Mr. Ankush Asabe of Shri Venkatesh Buildcon didn't find it wrong or rude when I said so while inaugurating their "Annual Employee Meeting & Training Session"

"I was expecting something like this from you!," Mr. Ankush told me after my speech.

"Why did you invite me? Why didn't you ask topic of my talk? I haven't stopped wondering!," I asked him.

"This is an annual day of my company - we celebrate the success of a year gone & prepare and plan for the next - serious event - I didn't want something goody goody - you were first choice," Mr. Ankush said.

"Thanks for an opportunity!," I said & took his leave.

Since I was speaking to the entire staff of the builder, I told them what kind of a service flat buyers expect from the each department - sales, engineering, accounts, legal, maintenance, etc. - but never get.

How to use social media for outstanding customer service.

How RERA has empowered the flat buyers to take action against the builder if there is a deficiency in service.

What say you?

Besides location & property rate, isn't the service offered by the builder the most important parameter while booking a flat?

Isn't 'Deficiency in Service' the most common complaint against most of the builders in Pune?

Please, share your views & experiences in the comments.

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Wednesday, December 14, 2016

Marathi builders are putting a brave face on RERA

Builders claim that RERA is good for business
But anybody can see how frightened they are!

Marathi builders are putting a brave face on RERA

After the establishment of regulatory authority - every business has prospered.
For example, telecom industry.
The same way - RERA - Real Estate Regulatory Authority in Maharashtra - is going to boost the growth rate of real estate industry in Pune. (Means - we all are going to become more prosperous!)
So, be positive about RERA.

The next 2 - 3 years are tough.
Don't go for foreign tours.
Keep your luxury cars at home.
Stop wearing expensive clothes, eyewear, shoes, belts, & jewellery.
Attend office regularly.
Visit your site. Buy safety shoes for the site visits. Dirt & nails are lying around the site.
Don't ignore the flat buyers.
Behave like a businessman.
Be serious.
Always remember that 24 x 7 you are under observation.
Flat buyers, Punekars, officials...keep constant watch on us.
Better focus on completion of project. Give possessions.
If you do this sincerely - you do not have to worry about RERA.

For the last so many years we were playing against the cricket team of Bangladesh.
We were winning every match because the opponent was weak.
Now, our match is against the powerful team of Australia.
So, play like Dravid. Safe. Solid. Defensive. Watch every ball carefully.
You can win the match against RERA just by occupying the crease.
Don't worry.

Government imposed RERA mainly to teach a lesson to the builders in Delhi & NCR.
Not for us.
For years we were following MOFA. As much as we can.
Compared to Mumbai, we builders in Pune are law abiding decent people.
Out of all builders in Pune,
We Marathi builders are more ethical, more trustworthy & more transparent.
That's why we do not have to worry too much about RERA.

One after another, senior Marathi builders & legal experts were expressing their views about RERA. Not the exact words, but they meant something like this. It was a seminar of Marathi Bandhkam Vyavsayik Association (MBVA) at Pimpri Chinchwad.

After a week or so, I don't remember the exact words, but the main theme of the seminar was:
"There is nothing frightening about RERA.
Except a few points - there isn't anything new in RERA.
Make a few changes and you are ready for RERA."

After the seminar I felt ashamed of myself. I realized that all these years I was carrying wrong impression about these gentlemen.

You know? For me the builders were "Urban Bandits". Like the bandits of Chambal.

Daredevil 'Urban Bandits' who had guts to earn fortune by playing corrupt bureaucracy & skimming weak legal system. Like some daredevils who used to smuggle gold, silver & electronics.

All these years, I had a wrong impression that these 'Urban Bandits' were the product of wrong government policies. They thrive only in lawless corrupt environment.

How wrong I was!

After the seminar on RERA, I realized that the builders are not 'Urban Bandits' who are looking for quick & big bucks. They are gentlemen. Like you & me. Who respect law & order. At least, they pretend to. Which is equally good. Isn't it? What say you? Please, share your views in the comments.

1) Maharashtra RERA Rules Published!

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Tuesday, December 13, 2016

Sakal Vastu - Utterly Useless Property Exhibition

Property exhibitions are nothing more than traffic signals and builders the beggars - GypsyKing

Mr. Sanjay Deshpande of Sanjeevani Developers at Sakal Vastu - Not so utterly useless Pune property exhibition

Strong but truthful words. GypsyKing must have visited Sakal Vastu Property Expo last weekend. Every visitor may have felt the same. Sakal Vastu was a poor show.

By the end of 2016, most of the builders must have realized that property exhibitions are utterly useless. That's why they didn't participate in Sakal Vastu. Less participation of builders made it more useless.

Of course, a few people visited Sakal Vastu. Which was quite enough for the organizers. Means even the organizers were aware that potential buyers are not in a mood to buy a flat.

Potential flat buyers are waiting for the property rates to go down.
Potential flat buyers are waiting for the implementation of RERA.
And they are ready to wait for a long time.
May be for one more year.
2017 would be a year of waiting.
Because they know that booking a flat at this point of time is putting your life in danger.

However, Mr. Sanjay Deshpande of Sanjeevani Developers had a different experience.
"How come you are here?," I asked him.
"To answer the most obvious question - Will property rates go down by 50 %?," Sanjay said.
"How many people asked?," I said.
"Very few. May be because I have ready possession flats at Baner, Sus & Kiwale," Sanjay said.
"Are you ready to negotiate their prices?," I asked.
"Can I afford not to negotiate? A couple of people have gone for the site visits. I hope they will be back for negotiations!," Sanjay said.

How sad! At this signal, most of the beggars can't even beg!!

A few glimpses of utterly useless property exhibition Sakal Vastu:

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Saturday, December 10, 2016

Sakal Vastu Pune Property Expo 10th & 11th December 2016 - Really?

Wow!! Free Entry & Parking at
The Orchid Hotel, Pune-Banglore Road, Adjacent to Balewadi Sports Complex, Pune!!!

Visit Sakal at - http://epaper.esakal.com/sakal/10Dec2016/Enlarge/PuneCity/index.htm

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Friday, December 9, 2016

Maharashtra RERA Rules Published!

Study the draft of Maharashtra Real Estate Regulatory Authority - RERA Rules & submit your suggestions and objections till December 23, 2016:

1) Maha govt publishes draft of RERA rules

2) Maharashtra finalises draft rules for Real Estate Act

3) Maharashtra's new Real Estate Act draft lacks ‘transparency’

4) Maharashtra's draft housing rules mandate greater compliance from builders

5) Maharashtra Releases RERA Rules For Public Suggestions, Buyer Groups Allege Dilution

6) New housing rules: Builders can now sell parking space in Maharashtra

7) Should you wait for the Real Estate Regulation Act or buy now?

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Wednesday, December 7, 2016

Democratic Revolution at Govind Darshan at Ravet

How Diamond Developers, the builder, & flat buyers of Govind Darshan, near ISKCON Temple, Pradhikaran Annex, Ravet are dealing & resolving issues:

Democratic Revolution at Govind Darshan at Ravet

Last weekend I had an amazing experience at Govind Darshan. I saw the future. The future of real estate development business.

1) I saw a glimpse of how flat buyers can convert authoritarian - almost feudalistic - nearly dictatorial - builder into a democratic leader.

2) I saw a brief view of how a smart builder can survive & become successful in changing real estate business.

I saw democratisation of real estate development business!

Yes! Besides the democratisation of politics, today we all are enjoying democratisation of business, education, knowledge, technology, media, manufacturing & distribution. But the democratisation of real estate industry? I was sure about it but never though it will happen so fast. Certainly, I was not expecting to see it at Govind Darshan.

It happened like this. The flat buyers of Govind Darshan invited me for their site meeting. Govind Darshan is a single stand alone building of 12 floors. It has some 84 units of 2 BHK (65 Lakhs) & 3 BHK (77 Lakhs) Flats (Few flats are available). Some 25 flat buyers had gathered at the under construction clubhouse.

"What can I do for you? Do you want my advice about how to fight with the builder? Do you want me to write about your problems?" - I asked them

"No. Nothing like that. We are good. We just want your opinion about - how are we doing - are we on the right track" - said the flat buyer.

"What is agenda?" - I asked.

"We are preparing an agenda for the upcoming meeting with the builder about the last installment of the payment" - the flat buyer said.

"How can you discuss payment installments? Isn't it a part of flat agreement?" - I asked.

"Yes, it is but we want to change it" - the flat buyer said.

"Can you?" - I asked.

"Why not? The constitution of India can be amended. Why not the flat agreement?" - the flat buyer said.

"Logically right. But practically not." - I said.

"In the last one and half years - our meetings with the builders had proved that it is possible!" - said the flat buyer.

"Both of you meet, discuss & resolve the issues - Hats off to you & your builder!" - I said.

"Not simple - serious issues - like compensation for delayed possession" - said the flat buyer.

"Don't tell me!" - I said.

"Yes! In this meeting we are suggesting our builder that the last installment should be at the time of possession. The agreement term was - possession would be given in 45 days after we pay the last installment - looking at the status of construction - we have realized that possession with completion & occupancy certificate would not be possible in 45 days - so we don't want to put pressure on the builder to rush or create conflicting situation - so changing term is good for both of us" - the flat buyer said.

"But why are you facing this issue?" - I asked.

"Mostly because of PCMC - their development rules are strange. They are sanctioning floors in installments. First 6 floors - then 10 floors - now 12. In this situation how can we complete the project & get possession in the stipulated time frame" - the flat buyer said.

"Means it is not flat buyers v/s builder situation" - I asked.

"We are one team!!" - said the flat buyer.

And you know what?

After the brainstorming at the clubhouse, all of us went to the site sales office of Govind Darshan. The sales executive not only arranged chairs but served coffee too. One of the flat buyers took responsibility of drafting the agenda on his laptop.

The sales executive & the flat buyers went on chatting about the progress of construction, due payments, and all. Someone suggested that the sales executive & the builder should "officially" join their Whatsapp group!

Now, the draft was ready. One flat buyer read it. The sales executive printed it. All flat buyers signed it. Office staff made a xerox copy of it. The flat buyers gave the original to the sales executive.

Then parliament of Govind Darshn was adjourned!

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Tuesday, December 6, 2016

Give up hope of buying a flat in Pune - CREDAI

"Don't be stupid.
Stop spreading rumors in the mainstream & social media.
Because of the demonetisation of 500 & 1000 rupee notes
the property rates in Pune real estate market are not going to go down."
Announced Mr. Shantilal Kataria,
President CREDAI Pune Metro in a press note.

Give up hope of buying a flat in Pune - CREDAI

When it comes to real estate market in Pune
CREDAI Pune Metro is the final authority.
Recently, we have realized this in the case of
Pradhan Mantri Awas Yojana - Maharashtra Housing Day
- 1 BHK Flat for Rs. 5 Lakh offer by Maple Group.
CREDAI Pune Metro certified that it was not a scam but a genuine offer.

When the president of CREDAI Pune Metro, Mr. Kataria announces that
the property prices in Pune real estate market will not go down
the flat buyers have to accept that as an ultimate truth.
Because in Pune real estate market the flat buyers do not matter.
In Pune real estate market only builders matter.

Removal of black money will reduce the property prices in Pune
and we will be able to own a home
was the hope of frustrated & frightened flat buyers in Pune.

A hope of being able to own a home in Pune is nothing but a weak & cheap sentiment
aroused in the ignorant minds of aspiring young flat buyers.

Yes, just hope. Not a fact. Not reality. Says Mr. Kataria.

Fact of the matter is - because of the demonetisation
& all other initiatives of Modi Government - like -
GST - Goods and Service Tax,
RERA - Real Estate Regulation Act,
Smart City Mission,
Swacch Bharat Mission,
Housing-for-All,
infrastructure development programs like ring road, Metro & Local Train etc,
and the effects of these initiatives like -
urbanisation,
migration,
job creation,
low home loan interest rates,
foreign direct investment etc.
are going to boost the demand of housing.
And the high demand will increase the property rates in Pune.

What is the intention of Mr. Kataria behind revealing the truth of impending property rate rise in Pune real estate market?

The reason is certainly not to insult the aspiring flat buyers in Pune.

The reason may not be to clear the myth that Modi Government is pro young citizens of India.

The reason may not be to claim that like previous governments, Modi Government is also the builders' government.

My guess is - Mr. Kataria wants aspiring flat buyers in Pune to enjoy a good life.

His hidden message is -

Stop hallucinating of being able to own a home.

Give up hope of owning a home.

Stop saving for down payment.

Start splurging. Shop till you drop.

Instead of visiting builders websites - keep on browsing Amazon and other online stores apps on your mobile.

Instead of visiting property exhibitions - visit shopping malls & multiplexes.

Instead of visiting builders' site offices - have a great time in pubs, restaurants & resorts.

In short, the president of CREDAI Pune Metro says, don't bother us.

How noble are Mr. Kataria's intentions!

He has told us something which our parents never told us.

Parents are insisting to buy a flat and settle down - which is practically impractical in this age.

Mr. Kataria has told us which everyone of us wanted to tell his or her spouse but never dared to say so bluntly.

Don't assume that only death can do us part. Lifestyle, job, colleagues, drinks & drugs, sex are more powerful than the death.

Life is not secure anymore.

We all are floating.

There is no job security.

Possibility of becoming unemployable is certainty.

Artificial intelligence is ready to take over our jobs.

Raising a child has become unaffordable.

Education is very expensive.

Medical treatment is exorbitant.

Jobs are making us mentally & physically unhealthy & unfit.

There is no pension. No social security.

No one knows how to survive the old age.

In this situation what is the point in saving for down payment and keeping on paying 50 - 60 per cent of monthly income as EMI for the next 20 - 30 years?

Enjoying every day as the last day of your life - make sense.

Instead of becoming a homeowner - becoming a consumer is more fun.

Instead of paying EMI - paying rent is cool.

Giving up hope of buying a flat makes sense.

Thanks Mr. Kataria, president of CREDAI Pune Metro, we will not wait & watch for property rates in Pune to go down - we will never aspire to book flat - we will never bother the builders in Pune.

May god bless you with ever increasing property rates in Pune real estate market.

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Friday, December 2, 2016

Renegotiate the agreement value of your flat

After the demonetisation of 500 & 1000 notes,
wise flat buyers in Pune are postponing the registration of agreement &
are trying to renegotiate the property price with the builder!

Renegotiate the agreement value of your flat

The property rates in Pune are going to go down.
Those who want to book a flat & those who have already booked
- both are sure about the property rate correction in Pune real estate market.

But you know what?
Those who have booked the flats but as yet have not signed & registered their agreements
also believe that the property rates in Pune will go down.

These guys believe that the agreement value of their flats
which they have agreed to pay while booking a flat
are not valid any more.

Solution?

These guys want to renegotiate their property prices!

What if your builder refuses to renegotiate? I asked one of them.

I will cancel my booking! The flat buyer said.

Really!? I asked.

Yes! I am ready to cancel. But I know - I don't have to cancel. The flat buyer said.

Why? I asked.

My builder can not afford my cancellation! My builder knows that he is not going to get new bookings for a while. That's why he can not let me cancel my booking. He has no option but to renegotiate. The flat buyer said.

Sounds logical! What is your expectation? 25% price reduction? I said.

25% is good! More than percentage - I want to make sure that I am paying the right price! The flat buyer asked.

Right price means? I asked.

When I booked the flat - I was blind. Yes, I negotiated. But the basis for negotiations was the current market rate in the area - the comparison - not his actual costs. Now, I am going to ask questions about his costs & pricing. He has to convince me with the proof. The flat buyer said.

Do you expect the salesperson to know all these things? I asked.

No. I am going to negotiate only with the builder. The flat buyer said.

Perfect! I said.

If the builder refuses to negotiate or fails to justify the price - I have made up my mind to cancel the booking. You know? Because of this demonetisation I have realized my mistakes. My builder's booking terms are completely unfair and may be illegal. The flat buyer said.

Such as? I asked.

If I cancel the booking - I have to pay 5% of the agreement value of the flat as - cancellation charges! In my case - 5% means 7 lakhs! Is this legal? The flat buyer asked.

Are you asking me - Can a builder charge percentage of the agreement value as 'cancellation charges'? I said.

Yes! The flat buyer said.

What if the answer is 'yes'? I asked.

I will go to court. I will file case against the builder. Cancellation charges is an exploitation - unfair - abusive term. The flat buyer said.

Demonetisation has really opened your eyes! The builders days are numbered!! I said.

What say you?

Are you renegotiating the agreement value of your flat?

Share your experiences in the comments, please.

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Saturday, November 26, 2016

How to survive the sinking Pune real estate market

1) Property Rate Protection,
2) Third Party Construction Quality Audit Reports
3) Compensation for Delayed Possession
are the 'life jackets' which may help the flat buyers
to survive the sinking ship of Pune real estate market!

After the demonetisation of 500 & 1,000 notes, most of the flat buyers who have already registered their Agreement to Sale have panicked.

"Should I cancel the agreement & jump off this sinking ship?" - some asked me.

"Am I going to go down with the sinking Pune real estate market?" - some are worried.

They have panicked because they firmly believe that demonetisation has completely disrupted the Pune real estate market. New flat buyers are going to postpone booking flats & wait for the rates to fall substantially. Slow bookings will hamper the progress of construction and possession would be delayed. Because of the delayed possession those who have booked will suffer huge financial losses.

Falling property rates will certainly reduce the builder's profit margins. To recover the losses the builders will cut corners and will offer inferior quality construction. Result is the flat buyers will not get value for their money and will suffer irrecoverable financial losses.

"Why are you thinking so negatively? Why are you ignoring the brighter side? Builders claim that because of the demonetisation not only the property rates but home loan interest rates are also going to go down and real estate is going get a big boost!" - I asked.

"My agreement is already signed & registered at a much higher rate - reduced property rates is nothing but a loss for me - banks & builders are famous for ignoring old buyers - they only care for the new bookings & the new borrowers" - some flat buyers said.

"Big boost - means big problems - these notorious builders divert money and launch new projects - means assured delayed possession & inferior quality construction" - some flat buyers said.

"Reducing property rates, delayed flat possession & inferior construction quality were serious concerns for a long time - even when you booked - demonetisation hasn't created these issues - right?" - I asked.

"Right" - most of the flat buyers agreed.

I fail to understand why did these flat buyers take the risk of booking a flat!

Unaffordable property rates was not the only reason why flat buyers were not booking.

Poor construction quality, delayed possession, unfair & exploitative terms of transactions in the flat agreement - were equally responsible for discouraging the flat buyer to book.

By publishing circular of director general of police even Maharashtra Government had accepted that builders are committing crimes against the flat buyers.

By passing RERA the central government of India also announced the need to end builders' criminal business practices.

Point is - for the last 3 years - booking a flat was as dangerous as drinking & driving at high speed on the wrong side of Mumbai Pune Expressway.

Glaciers of property price reduction, inferior construction quality & delayed possession had already damaged the ship of Pune real estate market. These guys boarded this sinking ship without wearing life jackets. And now, after the demonetisation they have panicked and trying to jump off the ship. How stupid!

Guys, come on. Real estate development is a 'collective investment scheme'.

A Collective Investment Scheme (CIS) is an investment scheme wherein several individuals come together to pool their money for investing in a particular asset(s) and for sharing the returns arising from that investment as per the agreement reached between them prior to pooling in the money.

When you book a flat - you become one of the owners of the project.

When you book a flat - you become one of the partners of the development.

When you book a flat - you become one of the stakeholders in the venture.

As the owner - partner - stakeholder - you have all the rights to protect yourself.

To protect yourself order your builder to install new policies about - 1) Property Rate Protection 2) Third Party Construction Quality Audit Reports 3) Compensation for Delayed Possession.

1) Property Rate Protection - Till the completion of construction & obtaining 'completion & occupation certificate' - if the property prices are reduced - the same reduced property rates should be applicable to you - even if your agreement is registered. You should get the credit note for the reduced price which you can redeem at the time of possession.

Pethkar Projects' Siyona at Punawale is offering Property Rate Protection Policy from the day project was launched in 2014.

Rohan Builders was the first builder in Pune who offered Price Protection Scheme in 2009.

2) Third Party Construction Quality Audit - Durocrete Construction Quality Rating Agency Pvt. Ltd. (CQRA) is offering construction quality assurance services since 2004. CQRA advises, trains, monitors, inspects, audits construction at every stage. Home Inspect - prepossession inspection of every flat covers over '75 parameters' including electrical, plumbing, waterproofing etc.

Order your builder to appoint CQRA or any other third party construction quality auditor.

3) Compensation for Delayed Possession - When possession is delayed every month you lose - 1) Pre EMI - which is nearly an EMI of your loan amount + 2) Monthly Rent 3) You suffer social insult & mental agony. Obviously, compensation for delayed possession must cover your all losses. It means that 9% interest or a rent - which some scumbags are offering - is certainly not enough.

Order your builder to rewrite the compensation clause in the agreement. If it is not there - add it.

The Problem of builders in Pune is - they misunderstand their role & responsibilities.

"I am the promoter & developer - means the owner of this project & I will run it as I wish" is the feudalistic delusion of these scumbags. Exactly like politicians who believe that they own this country.

Obviously, initially, you will face resistance from your builder.

So, first you have tell these scumbags that you - the flat buyers - are the paymasters - owners of this collective investment scheme. Your builder is just a facilitator - a coordinator of services. If there is a deficiency in the services offered - he will be penalized.

And do your best to teach your dumbhead builder how these policies will also help him to survive the sinking Pune real estate market!

What say you?

Can you survive the sinking ship of Pune real estate market with the help of 1) Property Rate Protection, 2) Third Party Construction Quality Audit Reports 3) Compensation for Delayed Possession?

Would you like to suggest something more?

Please, share your ideas in the comments.

1) Pune property rates will keep on going down

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Thursday, November 24, 2016

Pune property rates will keep on going down

What would be the effect of demonetisation of 500 & 1000 notes on Pune property rates?:

www.wpclipart.com Image

I feel pity for Pune builders.

In the last couple of years, the builders in Pune had lost respect & credibility.

Somehow, with the help of private housing finance companies these builders were managing to remain in business. They were tempting the buyers to book a flat by offering discounts & easy payment plans.

The naive flat buyers were reluctantly accepting these baits & booking flats only because they were still afraid of property price rise.

In spite of the huge inventory of unsold flats laying around, investors', bureaucrats' & politicians' black money was empowering the builders in Pune to hold on the property rates.

Instead of waiting for 50 % property price correction - it is safe to surrender and accept 15 % - 20 % discount and book a flat now - was the popular idea among these naive flat buyers.

But the demonetisation completely neutralized this fear factor. Flat buyers in Pune no more fear of property price rise. Flat buyers in Pune no more belive that of property rates will remain stagnant. Even naive flat buyers in Pune strongly believe that property rates in Pune are going to fall.

So, now, the builders in Pune have lost their most effective weapon - the fear.

But, there is no cash component in Pune - the difference in ready reckoner rate and selling property prices is not much - builders in Pune go for construction finance - if you consider the land price & construction cost, the property rates in Pune are quite reasonable and there is no scope for price reduction - some experts told me.

Booking a flat is a sentimental act - not a rational decision - dude! I told him.

But, financially price reduction is impossible - one expert said.

Financially? Whose money is this? This industry runs on the flat buyer's money - if you don't bend then they will break you - I told him.

I really feel pity for these dumb, disrespectful, unreliable, untrustworthy, powerless buggers.

You know?

In the last 15 days, since the demonetisation of 500 & 1000 notes on 8th November 2016, everybody asked me only one question - "What would be the effect of demonetisation of 500 & 1000 notes on Pune property rates?"

Eventually I realized that this was not the question. It was a firm belief. Not a wish. Not even a prediction. Everyone was very much sure that because of demonetisation property rates in Pune are going to go down.

Not only that! Everyone was ready to wait till the property rates really go down. Ready to wait to book a flat. Ready to postpone the registration of agreement to sale. Ready to renegotiate the price of the resale flat. Everyone was sure that there was no point in rushing. Better wait & watch.

What happens when the flat buyers do not book a flat?

Property rates go down. Right?

What say you?

Share your views in the comments, please.

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Tuesday, November 15, 2016

I visited Leisure Town near Amanora at Sade Satra Nali Gram Panchayat

Booby-traps on the border of Pune Municipal Corporation:

Site Sales Office of Leisure Town near Amanora at Sade Satra Nali Gram Panchayat, Pune 411028

Last 3 years I did my best to avoid visiting Leisure Town at Sade Satra Nali. But this Diwali, I had no option but to visit it. Reason was Abhimanyu Singh, one of my readers in USA.

Abhimanyu was interested in booking a 2 BHK Flat and was very excited about 2 things - 1) the location - behind Amanora 2) the property price - only 60 lakhs. Abhimanyu wanted my views about Leisure Town.

I admire the current generation of flat buyers like Abhimanyu. Like the last generation of flat buyers they give importance to the location of the project. But unlike the last generation they go beyond location and consider other aspects like trust worthiness of the builder, quality of construction, timely possession, sanctions & approvals. Some even consider the environmental clearance! When the flat buyers like Abhimanyu ask my opinion, what they really want to know is whether I have any information about these other aspects.

In case of Leisure Town, Abhimanyu was the first flat buyer who had asked my opinion. Otherwise, in the last 3 years whoever called me was interested in discussing about the payment plan at Leisure Town - own a home without a bank loan - instead of taking a home loan & paying huge interest to the bank - pay property price to the builder in installments - pay 30 per cent down payment + 84 monthly installments + 3 bullet payments. Yes! Like Guardian Developers' 100 per cent interest free homes offer!! That's why I didn't visit Leisure Town in the last 3 years.

When a builder tries to get the bookings by offering some tempting discount offer or an easy payment plan, he is trying to force you to take an uninformed decision. Blind decision. Refusing this tempting offer is like missing an opportunity to own a home. This is pure emotional manipulation of the flat buyers. An unfair business practice. This is not a sale. This is a trap. (Of course, in the last couple of years we have seen that majority of flat buyers became aware about the trap and eventually cancel their bookings!) That's why I am completely against these types of offers & events. Including Leisure Towns' installment offer and upcoming Paranjape Schemes' Options Unlimited on 18th - 20th November 2016.

When it was launched, Leisure Town was a joint venture of 3 builders - 1) Well Wisher Group and 2) Sai Proviso Developers from Navi Mumbai and Tupe Developer of Sade Satra Nali. Then Well Wisher Group retired from the partnership and now only Proviso & Tupe Developers are left. Obviously, the separation had affected the flat buyers.

When a property buyer books a flat - for him getting possession of that flat is a question of life & death. I expect same level of commitment from the builder. Completing the project & giving possession to the flat buyers must be a question of life & death for that builder too. That's why I am against booking a flat at the under construction stage in the project which is a joint venture of 2 - 3 builders and in a project by some so called big brand builder who has multiple on going projects. The fight between the joint venture partners hampers the project badly. There are a lot of projects lying incomplete for years because of this reason. Similarly, the big brand builders with multiple projects are always casual about completion & possession.

Since Abhimanyu didn't mention about 'own a home without a bank loan' offer, I assumed that now Leisure Town may be trying to get the bookings on the merits of the project. On planning, progress of the construction, terms of transaction like property rate protection & compensation for delayed possession, basic urban infrastructure services - water supply - purification - recycling, sewage & garbage treatment provided in the project,environmental clearance, sanctions & approvals etc. I was visiting Leisure Town to get these details from the salesperson and express my views based on that information.

Guess! What would have happened at the sales office of Leisure Town? Did I succeed in getting the complete info?

The lady asked me the usual opening question - What is your requirement? I said - 3 BHK. She opened the presentation. Told me about the D P Roads which offer great connectivity, talked about advantages of being near Amanora, showed the layout plan and the particular building which had 3 & 2 bhk flats, showed the floor plan of a 3 bhk & 2 bhk flat and gave possession dates. When I complimented for her presentation skills, the lady told me that though she had joined Leisure Town only 3 months ago - but she is working in real estate for years.

Now, it was my turn to ask the questions. I asked her about the environmental clearance. She left the cabin and returned with some papers. "It's N A Order - not EC!," I said. "Don't worry. After the booking - I will give you a file containing all papers," the lady said. I realized that the lady is truly experienced real estate salesperson.

"What about 84 installments offer?," I asked.

"That is over. Now we have a new offer. Since we launched this offer - in the last 2 months we have received 33 bookings!," pointing at the property price list the lady said.

"We are giving nearly 7 - 10 lakh rupees discount! No government charges - No stamp duty - no registration charges - no service tax - no VAT - instead of 97,76,100 - you have to pay only 88,20,00 for a 3 BHK!," the lady said.

"WoW! And how much for a 2 bhk?," I asked.

"Instead of 67,59,450 - only 60,90,000 and instead of 66,60,000 - only 60 Lakhs!," the lady said and added - "Not only that! We have 10 - 70 - 10 - 10 offer!," the lady said.

"What's that?," I asked.

"You pay 10 % at the time of agreement - then HDFC pays 70% - then you pay 10% and at the time of possession HDFC pays last 10%!," the lady said.

"WoW!," I said.

"What is the rate?," I asked.

"Only 6,000! You know what is the rate at Amanora? 8,000! You won't get a 3 BHK in 88 lakhs in Amanora - though it is just behind our compound wall!," the lady said.

The property price list said that the basic rate was Rs. 5,300 + 700 per sq ft for Infrastructure, Development, Clubhouse Etc.!

"What are these 700 rupees per sq ft for?," I asked.

"Look - it's written here - for - Infrastructure, Development, Clubhouse etc," the lady said.

"In short - you are giving discount of government charges by one hand recovering that amount by the other hand as infrastructure, development, clubhouse charges," I said to myself. It means that the property rates at Leisure Town have not changed much in the last 3 years - according to Indian Real Estate Forum - in December 2014 rate was Rs. 5,500 and after 3 years, in November 2016, it is 5,300 per sq.ft..

Even after the 3 years - the USP is - near or behind Amanora is the attraction & only available information about Leisure Town!

'Bank on the location & compare the price difference' - is the strategy applied by the all projects on the border of PMC. Western Hills - Bella Casa - Ganga Acropolis on the border of Baner & Sus, Ganga Legend on the border of Bavdhan Khurd & Budruk, Pura Silversands & Godrej Infinity on the border of Mundhwa & Keshav Nagar - all 'bank on the location & compare their prices with the prime projects in the PMC limits'. Naive flat buyers forget that you have to compare apples to apples. Not oranges to apples! Unfortunately only after flat possession when lack of basic urban infrastructure services become a pain in the ass - these naive flat buyers realize that the difference between apples & oranges!

But how can I explain all this to Abhimanyu?

How can I say - "Abhimanyu, it's a booby trap!"

How can I tell him - "Abhimanyu - Don't lit this cigarette - there is a firecracker in it - you may burn your face. Don't sit on that chair - you may fell down - someone has loosened the screws!"

Who knows? Abhimanyu may feel that I let him down by not giving informed unbiased view. He may get upset for expressing my hunch - feelings - guess - suspicion - as an expert opinion.

Was it a right decision to visit Leisure Town?

What say you? Please, share your views in the comments.

Leisure Town near Amanora at Sade Satra Nali Gram Panchayat, Pune 411028 - Photowalk:

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Wednesday, December 28, 2016

1) Maharashtra RERA Rules - Licence to dominate, intimidate & victimize flat buyers:

2) How will Maharashtra RERA Rules give legal authority to the builders to dominate, intimidate & victimize the flat buyers?

3) 31st December 2016 - the last day to email your objections:

1) If Maharastra RERA Rules are approved as published - builder can easily terminate your flat agreement:

2) If Maharastra RERA Rules are approved as published - complaining against the builder is going to be very expensive:

3) If Maharastra RERA Rules are approved as published - builder's complete track record will not be available for the flat buyers:

4) If Maharastra RERA Rules are approved as published - real estate agents can cheat the flat buyers & get away with crime easily:

5) If Maharastra RERA Rules are approved as published - the builders can discriminate against flat buyers:

Maharashtra RERA Rules in English:

Maharashtra RERA Rules in Marathi:

Union Territories RERA Rules:

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Friday, December 23, 2016

Instead of protecting home buyer's rights Maharashtra RERA Rules, if passed as it is, will intimidate flat buyers and protect builders & brokers:

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Thursday, December 15, 2016

Pune Builders, Serve or Die:

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Wednesday, December 14, 2016

Builders claim that RERA is good for business But anybody can see how frightened they are!

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Tuesday, December 13, 2016

Property exhibitions are nothing more than traffic signals and builders the beggars - GypsyKing

A few glimpses of utterly useless property exhibition Sakal Vastu:

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Saturday, December 10, 2016

Wow!! Free Entry & Parking at The Orchid Hotel, Pune-Banglore Road, Adjacent to Balewadi Sports Complex, Pune!!!

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Friday, December 9, 2016

Study the draft of Maharashtra Real Estate Regulatory Authority - RERA Rules & submit your suggestions and objections till December 23, 2016:

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Wednesday, December 7, 2016

How Diamond Developers, the builder, & flat buyers of Govind Darshan, near ISKCON Temple, Pradhikaran Annex, Ravet are dealing & resolving issues:

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Tuesday, December 6, 2016

"Don't be stupid. Stop spreading rumors in the mainstream & social media. Because of the demonetisation of 500 & 1000 rupee notes the property rates in Pune real estate market are not going to go down." Announced Mr. Shantilal Kataria, President CREDAI Pune Metro in a press note.

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Friday, December 2, 2016

After the demonetisation of 500 & 1000 notes, wise flat buyers in Pune are postponing the registration of agreement & are trying to renegotiate the property price with the builder!

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Saturday, November 26, 2016

1) Property Rate Protection, 2) Third Party Construction Quality Audit Reports 3) Compensation for Delayed Possession are the 'life jackets' which may help the flat buyers to survive the sinking ship of Pune real estate market!

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Thursday, November 24, 2016

What would be the effect of demonetisation of 500 & 1000 notes on Pune property rates?:

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Tuesday, November 15, 2016

Booby-traps on the border of Pune Municipal Corporation:

Leisure Town near Amanora at Sade Satra Nali Gram Panchayat, Pune 411028 - Photowalk:

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Builders claim that RERA is good for business
But anybody can see how frightened they are!

Wow!! Free Entry & Parking at
The Orchid Hotel, Pune-Banglore Road, Adjacent to Balewadi Sports Complex, Pune!!!

"Don't be stupid.
Stop spreading rumors in the mainstream & social media.
Because of the demonetisation of 500 & 1000 rupee notes
the property rates in Pune real estate market are not going to go down."
Announced Mr. Shantilal Kataria,
President CREDAI Pune Metro in a press note.

After the demonetisation of 500 & 1000 notes,
wise flat buyers in Pune are postponing the registration of agreement &
are trying to renegotiate the property price with the builder!

1) Property Rate Protection,
2) Third Party Construction Quality Audit Reports
3) Compensation for Delayed Possession
are the 'life jackets' which may help the flat buyers
to survive the sinking ship of Pune real estate market!