Amanora launches second-hand flats business in Pune real estate market

The move coming out of the urgency of selling the apartments in a slumped real estate regime or a business opportunity along with a value-added service for probable customers?

Ad on the front page of Times of India, 18-9-2009:

"At a given time, we have planned for a capacity of buying up to 250 old flats. For this, we have made a provision of approximately Rs 75 crore. The process would work like an inventory where we will buy old flats and sell them off on a regular basis. And through these deals, we expect to generate revenue worth Rs 170 crore from Amanora Park Town"

The bookings are coming in fast:

When asked, if the slump in the real estate sector had promoted the company to start this scheme, Deshpande ( City Corporation managing director Aniruddha Deshpande) said

"No. We had recently announced 300 new apartments in the township out of which, more than 250 have been sold. there are some 2,000 apartments presently under construction and we have sold over 1,200 as of now. And the bookings are coming in fast"

City Corporation is developing a 400-acre township named Amanora Park Town in Pune, which would have 12,000 apartments in different categories. Business Standard

What say you?:

Business Standard thinks that Amanora Eazy Home Switch proves desperation. Aniruddha Deshpande says it's business opportunity and value added service. What say you?

Related Stories:

Amanora Park Town offers real estate investment opportunity for a wild boy Mowgli!

Amanora Trendy Homes - Pre-Launch Offer

Ravi Karandeekar's Pune Real Estate Market News Blog - most popular blogs - August 2009

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Amanora Park Town offers real estate investment opportunity for a wild boy Mowgli!

Are you a game for an Amanora Eazy Home Switch?

If you have that wild boy in you who fantasizes about being Mowgli of Jungal Book, like Bob's son Eli and don't mind roaming around bare chested, you will find Amanora Park Town's Eazy Home Switch offer a once in a life time real estate investment opportunity in Pune!

Here is Amanora Eazy Home Switch offer:
According to the Ad:

Click to enlarge!

Here is an opportunity to live your fantasy!

Amanora Easy Home Switch offer is applicable to Amanora Towers 1 to 10 only. Please, check up the construction status of these towers before you remove your shirt. Who knows you may select a flat in the wrong tower and miss an opportunity to live in Jungal Book and would be forced to become a citizen of the privately managed digital township located opp. Magarpatta City at Hadapsar in Pune, India!

According to the news:
The cost of your house will be the down payment for the new flat:

The City Corporation Limited (CCL) under the Special Township Policy of Government of Maharashtra has launched 'Amanora eazy home switch service' scheme.

People can sell their existing flats and in return buy one at the Amanora Park Town by paying the balance, under the scheme. Amanora Park Town is situated at Hadapsar, close to Magarpatta. The company officials claimed that this is the first such scheme in the country.

As per the scheme, the government-approved valuers will conduct the valuation process for the existing flat of the customer. After he agrees/accepts the price recommended, the same amount is considered as the down payment for buying an apartment at Amanora Towers.

"We are planning to invest close to Rs75 crore in the project, which would be almost doubled with the sale of the new flats," said CCL managing director Aniruddha Deshpande. The company plans to create an inventory of 250 apartments through the new scheme.

As for the inventory Deshpande said, "We are planning to venture into a new line of business, wherein we will renovate the existing flats and re-sell them," said Deshpande.

Mumbaiites with flats in Pune will be one of the prime targets. According to a survey by Amanora, close to 15% to 20 % of Pune properties belong to Mumbaiites.

The new flats under the scheme would, however, be allotted at the Amanora Towers 1 to 10, which are two and four BHK flats starting from Rs50 lakh to Rs1.2 crore.

"Each flat is between 1,260 and 4,200 sq ft at the rate of Rs4,200 per sq ft. Of the 10 towers, only around 50% are occupied so far," the officials said.

"The service will benefit those who wish for a better quality of urban life being offered at Amanora.

It is good for families of professionals working abroad as it makes the buying and selling process faster and is convenient," said Deshpande.

Thank God!: Customers can continue staying in the existing flats till s/he gets possession of the new units at Amanora.

The criteria for selecting the old apartments is that it should not be more than 20 years old, should be within the PMC limits and documents, including ownership title, should be in place.

Describing some important highlights of the service, Deshpande said that it has a transparency as the valuation of the existing flat will be done by a government-approved valuer.

Related Stories:

Amanora Trendy Homes - Pre-Launch Offer

Ravi Karandeekar's Pune Real Estate Market News Blog - most popular blogs - August 2009

Feel free to call me:

I enjoy talking, sharing my views and giving advice about buying property in Pune real estate market (so, i do not charge anything for the first 5 minutes!) Call +91 98600 44110

If you like to chat, join me, RaviKarandeekarsBlogs on Google Talk.

Yes, my email id is RaviKarandeekarsBlogs@gmail.com Feel free to write. I reply as soon as i can.

Check my Google Profile: http://www.google.com/profiles/ravi.karandeekar

Subscribe for Free!

To receive free emails or free RSS feeds, please, subscribe to Ravi Karandeekar's Pune Real Estate Market News Blog

For my blogs on real estate projects near Hinjewadi, real estate investment, advertising and other related topics, please, visit and join my Ravi Karandeekar's Pune Real Estate Blog Group