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Monday, March 13, 2017

Why are wise Hinjewadi IT Engineers booking flats in Siyona?

1) Real estate development is not just business. It’s a very personal business.:

Nikita & Rohan Malik - Site Walk 2 at Pethkar Projects' Siyona at Punawale PCMC Pune on 22nd January 2017

When Jitu Sir - Mr. Jitendra Pethkar - invited me for the 2nd Site Walk at Siyona - 9 acre township of 2 BHK, 2.5 BHK & 3 BHK Flats on Mumbai Bengaluru Highway at Punawale in Pimpri Chinchwad Municipal Corporation - I was not surprised. Jitu Sir is my friend. He has invited me for the Bhoomi Pujan, the launch & of course, for the 1st Site Walk. And in the last 3 years, quite frequently, he has taken me to the site to show the construction progress of Siyona. So, for me the invitation was just a friendly gesture.

After the event, Jitu Sir asked me, "How was the event? Wasn't it better than the 1st? This time my marketing & engineering team had planned the entire event!"

"But the concept was yours - Right?," I said.

"Yes, it was mine - but not anymore - now, it's theirs. At the time of 1st Site Walk - when I told them the concept - my staff was a little hesitant about it..," Jitu Sir said.

"Facing all flat buyers is - like Aa Bail Mujhe Maar - certainly, a frightening situation - no wonder your staff was hesitant!," I said.

"You know? After the first event - they realized the importance - and this time they were enthusiastic about it - so they took responsibility to organize it," Jitu Sir said.

"Congratulations....big achievement," I said.

"Yes, indeed!," Jitu Sir said.

Those who don't know Jitu Sir - like I know - may not understand why he was so happy about his sales & engineering team.

By realizing the importance of Site Walk and by enthusiastically organizing it - his sales & engineering team has put into practice Jitu Sir's first and most important business principle - Real estate development is not just business. It’s a very personal business.

Our job is not only to sell flats. Recover loan installments.
Our job is not only to construct buildings. Make flats ready for possession.
Establishing strong connection with the flat buyers is our major responsibility.
Giving personal commitment to serve the flat buyers - from booking to possession - and even after that - is our job profile.

Jitu Sir believes in this. He lives by it. And he expects the same from his team.

Because, according to Jitu Sir, real estate development business - is not just a business.
It's a very personal business.

You know what?
Those who have booked flats in Siyona believe in the same.

For example -
For months Mr. Rohan Malik and his 20 friends discussed with Jitu Sir on Indian Real Estate Forum, then they met him 3 - 4 times in person - couple of times they inspected Pethkar Samrajya and then did group booking on the day Siyona was launched.
Because of the common belief.
Real estate development business - is not just a business. It's a very personal business.

Result is -
The flat buyers of Siyona know that they can reach Jitu Sir. They can talk. Write. Chat with him on social media. Meet him with an appointment.
They can log in to their account for the property related documents. To know about their payment status.
Visit the website of Siyona to know construction progress, current availability, and property prices.
Of course, from anywhere in the world.
The flat buyers of Siyona know that Jitu Sir will first inform them and then announce the reduced property rates.
Not only that! Jitu Sir will send them credit note of the difference too!!
At the appropriate stage, they know that, Jitu Sir will invite them for the Site Walk. He will give report of the progress of construction, announce important developments. Answer their queries. The site engineers will explain the construction process & progress.

The flat buyers of Siyona are always in the know.
Never in the dark about anything.
Because for Jitu Sir they all are persons. Important persons.
Not just bookings.
Not just allottees.

2) A Life of Happiness and Fulfillment:

A flat buyer hypothecates his life to own a home.
A builder must dedicate his life to give him that home.
For the successful completion of the housing project
- equal & 100 % commitment of the builder & the flat buyers is essential.
Jitu Sir believes.
That's why he develops only one project at a time.
At this point of time - Siyona - 9 acre township of 600 flats at Punawale.

The home ownership gives happiness & fulfilment to the flat buyers.
So is home building.
Jitu Sir believes.
And that's all he wants.
A life of happiness and fulfilment.

Otherwise, becoming a builder was never his goal.
He is a mechanical engineer. Topper.
Teaching engineering drawings was his first job.
But becoming a builder was his destiny.
When his architect brother decided to develop their ancestral property, Jitu Sir volunteered to attend the site office in the spare time. Soon real estate business became his full time job. And eventually passion.

In this journey - Jitu Sir experienced that for the buyers buying a flat is a very stressful experience.

"How can I make buying a flat a stressless experience?" - Jitu Sir asked himself.

Jitu Sir found the answer:
1) Identify & eliminate the points of friction between the builder & the flat buyers
2) Reduce ambiguity - bring in more clarity

Based on this, Jitu Sir prepared terms of transaction between him and the flat buyers!
He calls them 'policies' & 'protocols' - Cancellation Policy, Discount Policy, Protocol Policy. He published these on the website of Siyona. Alongwith the property price list of the flats offered for booking.

The flat buyers of Siyona admired this initiative very much. Because now everything was in black & white. In public domain. Now there were rules which were applicable not only for the buyers but for the builder too.

"Yes! Policies have eliminated stress. But how can I make the flat buying experience happy & fulfilling?," Jitu Sir asked himself.

Jitu Sir got the answer -
I can enjoy a life of happiness & fulfilment only if my flats offer a life of happiness & fulfilment to the buyers.

This answer motivated Jitu Sir to develop Siyona as a green building project. He obtained GRIHA 4 Star Ratings.
He used computer simulation to finalize the layout.
He obtained environmental clearance precertification to develop proper infrastructural services.
He found out better construction practices to avoid cracks, leakage & seepage, better door & window frames etc.
While placing the order for lifts - he thought about the maintenance cost - not the purchase price.
When many flat buyers demanded mosquito net, he gave it to all windows in all flats.

The flat buyers of Siyona liked this win win situation - Jitu Sir would be happy only if they are happy!

3) Building solid, lasting business relationships:

Jitu Sir knows that when the flat buyers realize that they are very important persons for the builder and
the builder's happiness & fulfilment depends on their happiness & fulfilment
- very solid & long lasting relationship is developed between the builder & the flat buyers.

Relationships is the foundation of Jitu Sir's business.
He spares nothing to invest in his business relationships.
It may be a relationship with the flat buyers, suppliers, contractors, his engineering & sales staff and even with his construction labourers.

These are business relationships where money plays important role.
That's why he avoids over trading & over borrowing.
He never launches multiple projects.
He never spends huge amounts on advertising & promotion to create a brand image.
Jitu Sir focuses on delivery - giving possession of the flats. At the committed date. Whatever may be the market situation.

Result is -
The flat buyers recommend Siyona to their friends.
Suppliers give him competent rates and urgent delivery.
His engineering & sales staff is with him for years.
His contractors work efficiently.
His construction laborers give better output.
And his friends like me - Ravi Karandeekar - feel like sharing his success principles with you! Which Jitu Sir has not shared in his video interviews!!

In these 4 videos Jitu Sir has talked about Siyona, GRIHA, construction practices, and how Siyona is a sound, secure & safe investment.
He has talked about what he does & how he does it.
But I thought that it is not enough.
You should know 'Why does he do it?'
Because those who have booked the flats in Siyona - have booked it basically because of his values & principles.
Because of his "Why".
And if you value the same - you will also do the same.
You will book a flat in Siyona.
Today itself.
Of course, if your budget permits.
Otherwise, you have to wait for the 2nd phase of Siyona.
Right? View the 4 videos and share your views in the comments, please.

4) You are safe here:

Jitendra Pethkar - Jitu Sir - of Pethkar Projects - welcomes you to Siyona - https://goo.gl/IEq0cg - 9 acre township of 2 BHK (66 - 70 Lakhs Approx), 2.5 BHK (76 - 82 Lakhs Approx) & 3 BHK (83 - 90 Lakhs Approx) Flats (exact property prices are here - https://goo.gl/19j4ox - on Mumbai Bengaluru Highway at Punawale - in Pimpri Chinchwad Municipal Corporation - Pune 411 033. To watch you can download this 9 minutes English YouTube video on your mobile here - https://youtu.be/-3_rW4ruMBE

5) How to avoid leakage seepage - dampness - cracks in the walls of your flat?

In this 14 minutes YouTube Video, Mr. Jitendra Pethkar explains the construction practices he follows in Siyona - 9 acre township of 2 BHK, 2.5 BHK & 3 BHK Flats on Mumbai Bengaluru Highway at Punawale in PCMC. You can download this video & watch on your mobile. - https://youtu.be/w_iUcKeZHYU

Besides avoiding seepage - leakage - dampness - cracks - Jitu Sir - takes extra efforts to offer a flat which has a diagonal living room (with exact dimensions) with smooth POP finish on the walls & ceiling - no beam & column offsets - smoothly sliding windows & doors - sturdy door frames - strong walls. Even the floor lobbies at Siyona are diagonal - spacious - and have good light & ventilation!

You know - Why does Jitu Sir take so much efforts?
Because he believes that - Real estate development is not just business. It’s a very personal business!

6) What is the difference between Jitendra Pethkar & other builders in Pune?

Pune builders are smart. Jitendra Pethkar - Jitu Sir - is not.
Here is how -

1) For the last 7 years smart Pune builders are launching projects without obtaining Environmental Clearance - EC. But Jitu Sir launched Siyona - 9 Acre Township of 2 BHK, 2.5 BHK & 3 BHK Flats at Punawale in PCMC - only after obtaining EC.

Though he has purchased 9 acre plot in 2012 - Jitu Sir waited 2 years to obtain EC. He launched Siyona in 2014 only after obtaining EC.

No smart Pune builder has lost so much time & money for EC.

2) Smart Pune builders know that IT Engineers in Hinjewadi know nothing about the importance of Environmental Clearance.

While booking a flat these IT engineers consider only 4 things. 1) Location 2) Budget 3) Amenities 4) Specifications. They don't bother about provision & management of basic urban infrastructure services in the project - like water - sewage - garbage - power - plantation - car parking etc.

Smart Pune builders take advantage of this ignorance among Hinjewadi IT Engineers and do not give any importance to these things while marketing & developing their projects.

Against this Jitu Sir takes efforts to educate Hinjewadi IT engineers about EC. He obtains GRIHA 4 Star Ratings. He invests huge amounts to develop basic urban infrastructure services in Siyona.

Because Jitu Sir believes that as a builder it's his responsibility. Responsibility to see that all services will work properly & the flat buyers will enjoy comfortable life in Siyona.

A first time home buyer can only think about booking a flat. As a builder - Jitu Sir believes that - it's his responsibility to see that they live a comfortable life in their flats. In this YouTube video Jitu Sir explains (in English) how he does it in detail. (To watch - you can download this video on your mobile.)

You may ask - like smart Pune builders - why doesn't Jitu Sir take advantage of ignorant Hinjewadi IT Engineers?

Because - Jitu Sir believes that - "Real estate development is not just any business. It's a very personal business."

7) Is it safe to buy a flat from a human being?

“It's just business - nothing personal...” most of the builders in Pune follow this rule set buy their Guru. The Godfather.

They disassociate themselves from the business and create a brand. A corporate brand.

"You know? Young Hinjewadi IT Engineers feel it safer to buy a flat from a corporate brand - than from any person!," Pune builders tell each other and spend huge amounts of money to create their corporate brand image.

Against this Mr. Jitendra Pethkar - Jitu Sir - of Pethkar Projects believes that - "Real estate business is not just a business - it's a very personal business."

Yes, Jitu Sir has built an organization - a company - a team. Pethkar Projects is not a one man outfit. But Jitu Sir & his team believes in one on one relationship. Long lasting strong relationship. A relationship based on rules and personal commitment.

That's why any flat buyer can write, talk, meet Jitu Sir in person, ask him any question and have a conversation with him. Not only about the construction progress, flat possession but about financial fitness of Pethkar Projects too. Like this 28 minutes YouTube conversation - to watch you can download this video on your mobile - https://youtu.be/3hwd9bEqUQ0

If you prefer to book a flat with a builder who is not a human being but is a company - a brand - an image - you will not like this video.

But if you like to be treated as a human being and demand 100% personal commitment of the builder to give possession of your flat in time & complete the project as presented to you in the brochure - you will like this video.

Related Stories:

4) 8 Questions Every Flat Buyer in Pune Should Ask a Builder

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. To start with, I neither want to discuss about this project or the location etc as it has been already discussed on earlier Siyona blogs.

    These are few universal points which I would like to inform for benefit of buyers -

    1. Prices on builder website need not be the actual price at which sales take place. Builder can keep same price or increase it but actual sale can happen at much lower price. To know at what price sales are happening, don't visit builder website but IGR, Maharashtra website from where you can directly lift the index 2 copies of the flat/owner where price is also mentioned.


    In this case, as builder has accepted that he has given credit note to some of his buyers, it is official acknowledgment that prices are falling. Now whether credit note is equal to price fall or not is different question.

    2. CRISIL RATING or any such ratings are best used for marketing gimmick. I interact with these type of rating agencies on regular basis, be it CRISIL, ICRA, or CARE & I have seen closely how these ratings can be manipulated. Ever wondered how AA rated NFO becomes negative in 2 months ? Ofcourse, I won't say that these ratings are junk but certainly it should be taken with pinch of salt. Just last week I had meeting with one of the senior head of one of the above mentioned agency in Delhi & casually gave a *beep* about his agency. CRISIL is a S&P or standard & poor company, the same chaps alongwith Fitch had given high ratings to Goldman Sachs before it went bankrupt in 2008, LoL.

    Btw, one such good article here.
    Credit rating agencies and the subprime crisis -

    Hundreds of billions of dollars' worth of these triple-A securities were downgraded to "junk" status by 2010,

    In short, getting good ratings by manipulation is like getting doctorate from Bharti Vidyapeeth, LoL.

    And today, even the biggest of crook builders say that they welcome RERA. Fact is do they have a choice ? Builders welcoming RERA is like Pappu, Khujliwal congratulating Modi !
    Post RERA, hope conveyance deed is done by Pethkar builders for Samrajya, Kothrud which is pending for atleast a decade now.

    Luxury homes in some Mumbai areas see steep correction -


    Bengaluru sees 42% decline in housing launches in 2016 -


    Btw, Ravi, did you see latest video shot in DSK office where builder, DSK openly admits being bankrupt & doesn't have money due to which cheques are getting bounced ? See the video here -


    1. "To know at what price sales are happening, don't visit builder website but IGR, Maharashtra website" - Good suggession, TheMonk.

    2. is it possible to get other flat buyers index 2 copies from IGR ? so we can compare the prices

    3. @TheMonk - Thank you for this information.

    4. @ Manohar shinde,
      All the index 2 copies not just of this project but any project can be taken from IGR website. Apart from sale/purchase, you can even find out whether the property has been hypothecated to financial institution as well & when. This is useful especially in case of resale where investors may at later stage put their flat as collateral for taking some loan. Though this can be found by lawyer, it makes your work easier in advance. The agreements with land owners by builders can also be seen.
      You simply need to enter survey number & name of area & you will find all the details, right from first sale of flat upto the last till date.
      Btw, for timepass (or rather testing all parameters), I got index 2 of Sachin Tendulkar flat at Amit Sapphire Park at Balewadi. Even the person to whom Tendlya had given power of attorney is mentioned !

    5. Hi Ravi ,
      Do you feel the cost of this project justified .
      @The Monk - You may give your feedback.

    6. For me, all under-construction projects are not even remotely on radar irrespective of price, location. See these news where buyers are stuck & builders have gone absconding. Imagine what will happen if builders like KUL, DSK etc. go absconding !



      And as far as this project is concerned, I can't stay in such location, bang on highway without any social & commercial infra around. This holds true even for ready possession project but poorly located.
      As far as price is concerned, it's subjective. For me, it's just calculation of buy Vs rent (no emotions please) & in current times, renting is best bet. At fraction of cost of EMI, you can stay on rent in some of the best locations in the city. So you enjoy good quality life without hurting your pocket in form of EMIs.

      Advantage homebuyers! Prices decline sharply by 14% across top eight cities -


    7. @ The Monk : Thanks a lot for your kind reply .I have been reading Ravi sir and your posts for quite a long time .This blog is must read for all property seekers .

    8. Dear PuneRealEstate, when you book a flat in an under construction housing project - you pay for the service builder provides - not only for the raw material he uses - land, steel, cement etc. Looking at your question - I feel that I have failed to convey it. No problem. I will keep on trying.

    9. @The Monk : Account not getting created on eSearch web site

      When you create new account it is showing SuccesssFully created , but in the actual when you try to login its always says invalid user id or password

    10. Many Many Thanks for the link https://esearchigr.maharashtra.gov.in

    11. TheMonk thanks for sharing amazing information it will definitely help first time home buyers like me and will save our hard earned money.

    12. Monk: Thanks for the useful link and your views. Keep up the good work of educating investors and home buyers.

  2. Yes, TheMonk! I have embedded it on my blog -
    Updated! DSK's reply to the fake (?) viral video!!
    DSK is struggling to get his ducks in a row - https://goo.gl/iOGKK4

    1. First of all, that video is not fake. One can get forensic lab test report of that clip. And most importantly, the video showing DSK admitting that he is bankrupt has also come in newspapers.

      DSK viral video indicates what lies beneath -
      DS Kulkarni, head of DSK Group, is in trouble. A video of him pulling up his staff for issuing cheques that eventually bounced was leaked on Friday.

      The staff must resign or I will attempt suicide. Why do you tell them (creditors) to deposit cheques?


    2. I feel sorry for the F D Holders. Thanks for sharing, TheMonk.

    3. Instead of feeling sorry for DSK, you are feeling sorry for the FD holders!!

  3. Ravi is there something like an itinerary that you can publish with the dates you would be visiting the "launches" at such sites. Its summer time and i want my free ice cream and soft drinks . Would be nice to accompany you as well :-)

    1. Enjoy my company, GipsyKing. Don't expect free ice cream and soft drinks from the builder.

  4. Hi Ravi,
    Hubtown (Ackruti) builder has been arrested alongwith NCP MLA who diverted Govt money into this builders project. Don't know what will now be fate of flat buyers who have bought flats at Hubtown Countrywoods at Katraj Kondhwa road.

    Court attaches NCP MLA’s properties -

    A sessions court on Friday ordered the attachment of NCP MLA Ramesh Kadam’s properties in the Lokshahir Annabhau Sathe Development Corporation scam.
    Kadam is accused of siphoning off money meant for the welfare of backward communities.

    Media reports suggest that around Rs 106 crore of corporation’s money was diverted to realty firm Hubtown and its sister company Comran Realty. One of the other accused, Vyomesh Shah, a chartered accountant, has been the managing director of Hubtown since December 30, 1996. According to his profile on the company’s website, Shah is the President of the Maharashtra Chamber of Housing Industry. Apart from Shah, the CID has arrested Kiran Contractor and Suhas Dhumbre, both employees of Hubtown, who also hold senior positions in Comran Realty, and Kadam’s trusted lieutenant, Vilas Bhandarkar.


    Apart from this, the Maharashtra Govt has reworked the state RERA rules to make it buyer friendly. Good to see this. Now more gutter grade builders will be thrown out from the market due to their customer conning practice.

    Pro-builder norms in Maharashtra realty law junked after protest -

    The state government will this week finally approve the new Real Estate (Regulation & Development) Act (RERA), meant mainly to protect flat buyers from being short-changed by developers.

    TOI has learnt that the state plugged most of the pro-builder clauses in the draft rules following an uproar from consumer rights groups and housing activists. This newspaper had first exposed the major loopholes and lacunas in the draft rules notified last December.


  5. Ravi
    1. Agreed that Jitu_Sir's process is well organized . Can you suggest him to include all xyz extra charges in the carpet area and give total cost of flat = carpet area * psf rate of carpet area . Lets see the transparency .
    2. With affordable housing getting industry status why is it not possible to build the project first and then sell it ? - The customer will buy what he sees and there is no question of transparency nor requirement of any regulator nor huge cost of pre-sales and marketing .
    3. I hope that people dont go for brand name and dont buy in future projects of developer based on delivery history of the developer . Every project and time is different as can be seen by the current state of branded developers .

    1. Dear P B,

      1) Carpet area x per sqft rate - please, visit the cost sheet of Siyona here - https://goo.gl/19j4ox

      2) First build - then sell - if you prefer this - buying a ready possession flats is very much possible in Siyona - if you visit the cost sheet of Siyona - https://goo.gl/19j4ox you will find that the entire project is not opened for booking. Only specific flats are available for booking.

      3) I completely agree with you, P B. Analyse the current project. Good suggestion. Thanks!

  6. Hi Ravi, it is great to read about a Builder who is Ethical (if i may say so reading this post) and thinks about the home owners more than his profits.
    I am on the lookout for more such developers and list them in a website so that It becomes like a whitelist for new flat buyers.

    1. Sure, Sushant. Good suggestion. I will prepare a list.

    2. @Sushant thanks for asking a list of such ethical builders in Pune. It will be really helpful to new buyers to know these builders (then buyers could find out how differently they work).
      @Ravi Karanddekar eagerly waiting for your new post about it :) thanks as always!

  7. Hi Ravi ,
    is it a good time to invest in Pune Real Estate or one should wait for RERA implmentation ?

    1. Visit this blog - Don't book a flat in Pune till RERA is implemented ----- Important tip for the first time home buyers in Pune real estate market - Don't book a flat in Pune & Pimpri Chinchwad Municipal Corporation till RERA - Real Estate (Regulation and Development) Act, 2016 - is implemented in Maharashtra: - https://goo.gl/QAckQb

    2. I liked the videos posted by My Jitu. His simplistic and resourceful advertising is appealing. Hope he lives up to the expectations & does not kejriwal-it-up @ the end :)

  8. Can anyone in IT throw some light on this news ?

    Forced Resignations Are Becoming Common in Pune's IT Sector -


    1. This may be happening in some small or mid size firms. The more established companies are structured in their approach, so the firing is not so random. Companies are reviewing the value an employee is bringing Vs the salary paid before making a decision. Those who are overpaid for the job, have a reason to worry.