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Thursday, April 6, 2017

A Visit to Pristine Equilife in Mahalunge Gram Panchayat

The dumb first time home buyer in Pune always lives happily ever after:

A Visit to Pristine Equilife in Mahalunge Gram Panchayat

On the day of launch - 18th March 2017 - I visited Pristine Equilife next to Saarrthi Skybay behind Balewadi Stadium in Mahalunge Gram Panchayat.

In less than 5 minutes, I collected the property price list & brochure. I came out of the site sales office. I started walking towards the main gate. Admiring myself for not wasting my precious time. But I let myself down. I did something I would have never done in my life. I stopped at the counter of SBI.

I know nothing. I am new. My senior has gone out. The guy at the SBI counter said.

"Good for you! Ravi Karandeekar, get out of here," I told myself and started walking.

"Hello! Can you spare a few minutes? I can make your dream come true," giving me his business card, a smart young man said.

"The builder has already done that," accepting his business card, I said.

"How can the builder do it without me? Don't you need money to buy his flat?," the smart young man said.

"Yes, of course! How can I buy a flat without a home loan!," I realized that he was assuming that I was the flat buyer. I accepted his important role in realizing my dream. I followed him to his table.

"Looking for investment property or a home for your son in USA," the smart home loan salesman asked.

"Investment property! No. I haven't invested in a property. This is for my son in USA," I said.

"Invest in this. Today rate is 4800. By the time of possession it will be 6500," the smart home loan salesman said.

"But the salesman didn't say anything about property price appreciation," I said.

"That's why I am here! Did he tell you anything about price negotiations & discounts?," the smart home loan salesman asked.

"Yes. He said that the property rates are fixed - not negotiable," I confessed.

"They say so - because you don't know how to negotiate. I will tell you how to get a discounted rate," grabbing my brochure & property price list, the smart home loan salesman said.

"I am also curious to know how much they can reduce the rates," sitting on the chair next to the smart home loan salesman, a young man said. His wife sat next to me. She was wearing sexy perfume.

"Both of you are working in Hinjewadi?," shaking his hand, the smart home loan salesman asked.

"Yes! Tech Mahindra," said the wife.

"Tech Mahindra is a beautiful company," I said.

"Have you booked?," the young man asked me.

"Yes. Almost. Going to finalize after this. Right price & good neighbours. What more do you want?," I said.

"He is looking for his son in USA," the smart home loan salesman said.

"But if you give me a good deal - I can invest in one for myself too," I said this and decided to shave off my white mustache & color my hair black before going home.

"I am here to give a good deal to you! First - give me your mobile numbers. I will send you a list of documents. Keep those documents ready. I will collect them tomorrow evening. Within 2 days I will sanction your home loan and give you the letter. Show my loan sanction letter to the sales executive of this project. Tell him - if you don't give me a good rate - I will go to these 4 projects in Mahalunge & Sus. Which projects? Don't worry. I will give you a list. You know what? Because of my loan sanction letter no salesman in any project can refuse to give you a big discount. This is the right way to negotiate the property price. Most of the buyers don't know this secret. That's why they fail to get discounted rates. But you will get. Promise!," the smart home loan salesman said.

"But what rate can I get?," the young man asked.

"I will tell you. Look around. How many buyers are here? Not more than 15. Considering the advertising - newspaper ads & hoardings - there should be minimum 150 people. But you can see only 15. Why? Market is slow. Right?," the smart home loan salesman said.

"There are more than 15," said the beautiful wife.

"Nowadays - on the day of project launch - event organizers not only supply hostesses to attend the enquiries - but - they supply dummy enquires too - good opportunity to earn extra bucks - for the young IT couples who are in relationships - my experienced eyes can identify these dummy enquiries - you can't - you think that these are real flat buyers who are booking flats without negotiating the rates - you become anxious and fill the booking form & give a cheque of a booking amount. I saw that anxiety in your eyes and approached you. I said to myself you deserve to get a fair deal. Right?," the smart home loan salesman said.

"True! I had become very anxious to see so many enquiries. For the time being, I was convinced that 4800 must be very attractive property rate. Thanks for saving me!," I confessed.

"But you didn't approach us - we came to you," the beautiful wife said.

"Tell me - with your loan sanction letter - how much discount can I expect?," the young man asked.

"How about 3800?," looking in the eyes of young man's beautiful wife - the smart home loan salesman asked.

Obviously, I also locked my eyes in hers.

"1,000 rupees discount! Is it really possible?," I heard young man's voice.

But neither the smart home loan salesman nor I bothered to respond. We were drowning in the eyes of his beautiful wife.

"That would be dope!," blinking her eyes the beautiful wife said.

"This is beyond my expectations! Is it really possible to get 1000 rupees discount?," the young man asked again.

"Because of my loan sanction letter no salesman can say no to you! If not here - I will get it for you in some other project of your choice in Mahalunge - Sus - Maan. But that's not all!," the smart home loan salesman said.

"I am game. What more do you have?," leaning on the table, the beautiful wife asked.

"100% loan! You have to pay only Stamp Duty & registration charges to the builder - means approx 2.4 / 2.6 L + 30K - less than 3 lakhs for a 2 BHK Flat & around 4 for a 3 BHK - it would be considered as your own contribution to the builder. Thought it will go to government as a Stamp Duty & Registration Charges! I will give you a loan for the rest - Agreement Value + Service Tax + VAT!!," the smart home loan salesman said.

"Means we have to pay only 3 - 4 lakhs from our pocket?," the young man asked.

"You will give 100% of agreement value + service tax + vat to us. Promise?," grabbing the hand of smart home loan salesman, the beautiful wife said.

"How can you give 100% loan? Yours is a nationalized bank. Isn't it against the rules of RBI?," I said.

"We have given 12 CR construction finance to this project. That's why we can offer an exclusive finance scheme," firmly holding the hand of the beautiful wife - the smart home loan salesman said.

"But your bank's name is not on this property price list. Look at this - 8) Project approved by HDFC, ICICI, Axis Bank & SBI. Your bank's name is not here. Neither there is a board at the site which declares that your bank has given project finance to this project," I said.

"Why would I claim if my bank hasn't financed?," looking in the eyes of beautiful wife - the smart home loan salesman said.

"Where is my promise?," putting the other hand on the smart home loan salesman's hand, the beautiful wife asked.

"I will promise about 100% loan only after looking at your papers. At this point - I can only promise about giving 87% of Agreement Value + Service Tax + VAT. However, actually - 87% of Agreement Value + Service Tax + VAT is equal to 100% of Agreement Value! You got what I mean?," the smart home loan salesman said.

"Will you please repeat? If you give only 87% - when am I supposed to pay those 13%?," keeping his hand on the shoulder of his beautiful wife - the young man said.

"I will explain it in detail when I will give you your loan sanction letter. At this point of time - you only remember 4 things. 1) Give me your papers and get the loan sanction letter from me. 2) You will get a huge discount on property price. 3) Your own contribution would be only around 3 lakhs - Stamp Duty + Registration 4) Rest of the money will come from my bank. Belive in me. I am here to make your dream come true," the smart home loan salesman said.

"I find it difficult to believe. Yours is a nationalized bank," I said.

"We have a subsidiary. The subsidiary can do many things which a nationalized bank can't. Talk to your son - he will understand," in an irritated voice - the smart home loan salesman said.

"What more can you do for me?," asked the beautiful wife.

"Possession is after 3 years. If you can not manage 13% - after a few months - I can give you top up loan to pay it. If you managed to collect it - I will give you top up loan - you can use that money to do whatever you want to do - decorate your flat, buy a new fridge - TV - car - whatever. Happy?," the smart home loan salesman said.

"At what rate?," I asked.

"Home loan at only 8.5% - 30 years repayment tenure," the smart home loan salesman said.

"And for the top up?," I asked.

"We will talk about it at the right time," the smart home loan salesman said.

"What would be ratio of EMI & monthly income? 50%?," the young man asked.

"You are working in one of the best - A grade - company. I will give you more than you are eligible for! Your EMI would be around 70% of your monthly income," the smart home loan salesman said.

"That would be dope. Isn't it baby?," the beautiful wife said to young man.

"Get a cheap home loan from me & live happily ever after," the smart home loan salesman said.

"Only a dumb can live happily ever after!!," I said to myself.

What say you?

Please, share your views in the comments.

Related Story:

1) A Visit to Mahalunge Hinjewadi Bridge

2) Sad story of a son who purchased a flat in Sus

3) What if Hinjewadi IT Engineers were a little less stupid?

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  1. Well said Ravi! I wonder what happened to the beautiful wife after taking such a big loan! Looks like everyone in Real Estate is just trying to cheat you of your hard earned money and make you a bank slave for rest of the life.
    One important point that everyone seems to be missing is that builders have become very smart when it comes to putting price of a property on paper. No one notices that they increase Sale-able area and decrease the carpet area. Loading is 35-40% nowadays. Consider this: saleable area= 1550 and carpet= 1100. So that is a difference of 350 sq foot.Because builders know that all the buyers will bargain on price per square feet but no one objects to such high loading. So by lowering price by 200-400 per sqare feet, builder still make killing on the extra imaginable area that he 'sells' the buyers.

    1. Dear Sushant, I completely agree with you about the cheating in area calculations. For example - Total Carpet Area = Carpet Area + Dry Balcony + Terrace Area. Adding the area of a terrace in the Total Carpet Area is a crime. And these builders add 35 % loading on this so called Total Carpet Area!

    2. You know, Sushant? At Equilife infrastructure charges are Rs. 5,50,000 and Legal Charges - Rs 20,000.

    3. Yes, I see a need to educate buyers here. We must make a checklist for general public to follow on - do's and dont's before buying a flat. Gather support, unite the buyers and get them to consciously choose what they are getting into.

      Also MSEB connection is charged anywhere between 100000 to 300000. If you build an independent house, meter and electric connection charges are not even 25k

  2. Dear Ravi,
    The total carpet area here is = Carpet area + enclosed balcony + dry balcony + terrace. Why and from where this enclosed balcony coming here i am unable to find out. can't find it in their layout.
    Also, should we book flat in mahalunge?
    I am looking to book one 2 bhk flat near wakad, baner in approx the 2 bhk range of this project or should we wait for rera act to implement in may 2017?
    Request you to please suggest.

    1. Hell Umesh!

      In the old days - every room used to have a balcony. In those days - 80s & 90s - flat buyers used to demolish the wall, enclose that balcony & make the room bigger. When PMC realized this - it started giving official permission to add the balcony in the room. It means that the room dimensions which we see in the brochure contains actual room + enclosed balcony.

    2. No. Umesh, you should not book a flat in Mahalunge.

      When I met Pritam Goyal - the developer of Equilife - I told him that if anyone asked me - "Should I book a flat in Equilife?" - My answer would be - "No. Better book a flat in Pristine Greens at Moshi"

    3. Of course, Umesh. You must wait for the implementation of RERA in Maharashtra! Visit this blog to know more -

      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

      And book a flat only if Maharashtra RERA is on the lines of RERA Act passed by the Central Government.

      If it is not - don't buy a flat in Maharashtra. And if possible - Quite Maharashtra. Don't live in Maharashtra.


      Please, read this blog -

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

      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

      Read more at - https://goo.gl/7wHt6v

  3. Ravi : please change the summary of this blog to :

    "The dumb first time home buyer in Pune always lives happily ever after in the company of mosquitoes and birds"

    After taking a loan which imposes an EMI of 70% on the monthly take home salary the so called owner would have no option but to live in the company of mosquitoes and birds. Especially in the no roads and no infrastructure place called Mahalunge

    1. 70% income in home loan EMIs ! What next, give both the kidneys as downpayment, LoL.
      Better invest the downpayment amount required to buy flat & from interest earned, rent a nice flat at Aundh. So stay essentially for free !

      ""That would be dope. Isn't it baby?," the beautiful wife said to young man."

      - That would be an excellent reason to go to pubs & get screwed :p

      Btw, one more eg. how buying under construction flat is risky -

      No sign of flats even after paying 90% cost, homebuyers protest outside Jaypee office in Noida -


    2. Better invest money equivalent to your EMI in mutual funds with long term perspective and once you get good returns, purchase a property in a well developed and secure area. Keep 10 years as minimum investment horizon.

  4. Good comments.
    But I want to know about saarrthi skybay project next to equilife.
    River is there behind E tower. Is it sanctioned and if then red line is crossing E tower.
    Could you please educate me on this.

    1. Great! You have a lot of knowledge about buying property. Now, get the answers - with the documentary evidence - from the builder. If builder fails to answer with the proof - don't book a flat with him. In fact - I will try my best to convince you to buy a flat in PMC - PCMC area. You don't deserve to live in a fringe village like Mahalunge.