It's all well and good at KUL Ecoloch Mahalunge

No! It's not about Mahalunge Maan Hitech City!!

Mahalunge Maan Hitech City!

A couple of days ago, Mr. Someone (To protect his identity - I am not mentioning his real name) Whatsapped me good news about KUL Ecoloch.

As per the invitation, I visited KUL Ecoloch last weekend. A few more M/s Someones from KUL Ecoloch (To protect their identities - I am not mentioning their real names) met me outside the main gate. Over a cup of tea, for a couple of hours, they told me everything about the good news.

Not only that! All Mr. Someones put me in their car and gave me a tour of KUL Ecoloch. They showed me the progress and expressed their satisfaction.

Glad to know that they are happy and well, I requested them to let me take some photographs.

"Please, don't blog about the news and the works," they requested me.

"Let the world know that you are doing good.....," I tried to convince them.

"Not now - at the right time - we will let you know!," one of the Mr. Someones said something like this and didn't let me shoot photos.

"As you wish!," I said and took their leave.

So, I have nothing to show and tell you about KUL Ecoloch. Except for one thing - It's all well and good at KUL Ecoloch.

Of course, you can see the photos of Blue Ridge Hinjewadi and the entrance of Khelo India Youth Games at Balewadi Stadium, I shot on my way to KUL Ecoloch.

Some of you may guess that it must be about Mahalunge Maan Hitech City.

No. It is not about it.

It is a little bit about Kumar Builders (the old owner of KUL Ecoloch) and VTP Realty (the new owner of KUL Ecoloch).

But it is more about those 734 plus Mr. Someones in KUL Ecoloch.

And, certainly, not about M/s Sachin, Sapana, Amol and Co who fought for justice.

Entrance of Khelo India Youth Games at Balewadi Stedium

Blue Ridge Hinjwadi from Mahalunge Chande Road

Related Stories:

1) A Visit to Mahalunge Hinjewadi Bridge

2) Lalit Kumar Jain Files Rs. 2 Hundred Crores Suit Against 6 Flat Buyers of KUL Ecoloch & Ravi Karandeekar

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For more than 3 minutes and up to 30 minutes - pay as you wish. After the conversation - transfer the money to my bank account. As much as you wish. From a few hundred to a few hundred thousand crores of US Dollars or Indian Rupees. Here are my bank account details:

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One flat buyer in KUL Ecoloch Mahalunge filed an FIR against the builder

Under 420, 34, 406 sections of Indian Penal Code &
Section 3 A, 4 A, 13 B & 23 A of Maharashtra Ownership of Flats Act (MOFA)
Hinjewadi Police station registered FIR against Riverview Properties,
the developers of KUL Ecoloch at Mahalunge:

Ms. & Mr. Ashwin Dudharam Gondane, the flat buyer in KUL Ecoloch Mahalunge filed an FIR against Kumar Builder KUL

The police can file an FIR against the builder!

1) Section 420 in The Indian Penal Code - is for cheating and dishonestly inducing delivery of property. It's a non bailable & cognizable offence. Punishment is imprisonment upto 7 years & fine.

2) Section 34 in The Indian Penal Code - is for the criminal acts done by several persons in furtherance of common intention

3) Section 406 in The Indian Penal Code - is for criminal breach of trust. It's a Cognizable & Non-Bailable offence. Punishment is imprisonment for 3 years, or fine, or both.

4) Hinjewadi Police registered the FIR because on the 1st of July 2016, Special Inspector General of Police Mr. Prabhat Kumar issued a circular and instructed Maharashtra Police to register FIR against the builders under Maharashtra Ownership of Flats Act (MOFA) if -

1) If the builder has not given possession of the flat on the date committed in the agreement.

2) If the builder has not obtained Completion & Occupancy Certificate before giving possession of flats.

3) If the builder has not displayed sanctioned plans at the site.

4) If the builder has not signed & registered the agreement after collecting 20 per cent of the property price from the flat buyer.

5) If the builder has not opened separate bank account & hasn't deposited moneys collected from the flat buyers in that account.

6) If the builder has not constructed as per the sanctioned plan or has constructed more than the sanctioned plan.

7) If within 4 months the builder has not applied for the formation of Co-operative housing society

8) If the builder has not done conveyance - has not transferred the ownership rights on the land & buildings - to the cooperative housing society - within the 4 months from the formation of the society.

In this circular, Mr. Prabhat Kumar, has informed that these are cognizable offences for which 1 to 5 years imprisonment is the punishment.

The circular also said that if they received this type of a complaint - the police have the right to register an FIR against the builder.

Who can imagine to register an FIR under MOFA?

I don't know about Pune Police, but for me it was a surprise. In fact, a big surprise. Mainly because I was under the impression that, nowadays, there is no law in force to regulate real estate market.

The MOFA was scrapped on 6th Sept 2015 by The Maharashtra Housing (Regulation & Development) Act, 2012. And the center government's RERA - Real Estate (Regulation & Development) Act 2016 - repealed it on the 1st May 2016. But RERA was not implemented fully.

So, when the notification mentioned MOFA - I was surprised.

Which flat buyer would like to file an FIR against the builder?

Second reason for surprise was registering FIR against the builders!

Who can think of filing an FIR against the builder?

Flat buyers in Pune? No!

Majority of the flat buyers in Pune do not even let me blog about their issues.

Filing an FIR against the builder? Just forget about it.

Pune flat buyers love their builders more than they love their children.

Why the police should not take any action against the builders!

A) Suo Moto Action:

Good! Special inspector general of police didn't tell the police to take suo moto action against the builders - as directed by Bombay High Court about illegal constructions. Remember what did the court say?

"Why do you (police) want some aggrieved individual to come and register FIR. Is the police helpless? Why cannot you (police) initiate action on your own. Is there nothing like taking suo moto action? Once the police is aware that an offence has taken place then suo moto cognizance can be taken," the court has said.

Just imagine what would have happened if police started taking suo moto action against the builders.

Incidents like Sachin Agarwal of Maple Pradhan Mantri Awas Yojana Scam running away in the presence of the politician would have been repeated every day. And the police would have been ridiculed in the media for that.

B) Civil War:

Obviously, someone must have thought that, to strengthen the people's trust in the Indian judicial system, suo moto or after the FIR is lodged, the police should avoid taking any action against the builders.

If all builders in Pune went to jail - the young IT professionals in Pune who haven't yet booked flats - may start an agitation against the police - demanding - if the builders go to jail who will fulfill our dream of owning a home!

Who knows? A major civil war would erupt between those who have booked the flats and those who haven't yet booked the flats. Those who are victims of the builders and those who are not victims of builders.

Police usher new era of friendship, cooperation and prosperity in Pune real estate market!

Pune police know that their main job is to protect the citizens. The best way to protect is to avoid war. A war between the flat buyers and the builders. If we can bring two warring factions on the same table we can prevent war and make peace between the builders & the flat buyers.

So, Pune police simply neglected the provocative news stories published in the newspapers about themselves. For example:

1) One builder said - the police circular opens builders to blackmail from all sections.

2) Mumbai builders claim the circular is just another ploy that would help police officers to extort money from them for any small reason.

3) Flat owners without OCs to file police cases against builders.

4) Mr. Sanjay Deshpande, one of the builders in Pune, announced that - "It's Police Raj Over Builder Raj!" - and asked - "What next? Apply Martial Law & bring Army with AK 47 to punish builders in the name of protection of common man!"

5) When home department wrote to director general of police that the circular is "inconsistent with provisions of the Act" - the builders announced that the circular is withdrawn.

But Pune police said - circular or no circular - we must stop war and make peace among the flat buyers and the builders in Pune.

We must usher new era of friendship, cooperation and prosperity in Pune real estate market.

And you know?

Though the first FIR against the builder was registered in Pune real estate market at Dehu Road - Pune police almost succeeded in their mission to make peace among the flat buyers and the builders.

I have seen how efficiently & effectively Pune police deal with this issue.

I have spent an entire day with one flat buyer at one police station. Thanks to Pune police! The builder successfully managed to convince the flat buyer not to file an FIR - at least that day. The next day - that flat buyer told me that he has realized the importance of friendship & cooperation!

One other group of flat buyers also went to register an FIR against their builder. But police persuaded them to discuss with their builder before filing an FIR and sent home.

Police, Builder & Flat Buyers at KUL Ecoloch Site Office on Saturday, 23rd July 2016

Because of these experiences, I was sure, Hinjewadi police will convince the flat buyers in KUL Ecoloch. They will not file an FIR against Kumar Builders KUL. That's why I didn't go to Mahalunge at 10 am on Saturday. Around noon, I called one of the flat buyers. He told me that they are at Hinjewadi Police Station!

"What? Where? Really!," I said in disbelief.

Are these flat buyers of KUL Ecoloch love their children more than their builder or what? I asked myself.

How can Pune police fail to stop war and make peace among the builder and the flat buyers? I asked myself.

I spent the entire day with the flat buyers of KUL Ecoloch at Hinjewadi Police Station but didn't get the answers.

If you know, please, let me know - out of some 1200 flat buyers in the first and second phase of KUL Ecoloch - how can only one flat buyer dare to file an FIR against the builder for not giving possession of the flat?

A few flat buyers of KUL Ecoloch at Hinjewadi Police Station

What? Who is the builder?

Why are you interested in the builder?

No. Lalit Kumar Jain's name is not mentioned in the FIR.

What about the arrest?

You people watch news channels and expect that every time after registering the FIR police go and arrest the culprit.

You are warmongers. You are not peace lovers.

But remember - Pune police are for peace. Peace between the builders and the flat buyers.

Pune police are trying to usher new era of friendship, cooperation and prosperity in Pune real estate market!

Amen.

Are these flat buyers of KUL Ecoloch love their children more than their builder or what?

Related Story:

1) An Invitation for Kumar Builders KUL Ecoloch Mahalunge Phase 1 & 2 Flat Buyers

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Feel free to call me:

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.

Of course, for a serious discussion, better fix an appointment at a time convenient to both of us. So that we can have uninterrupted & in depth discussion on my mobile (919860044110)
- on Video Hangout on Google+
- or on Skype (ravikarandeekar) .

For more than 3 minutes and up to 30 minutes - pay as you wish. After the conversation - transfer the money to my bank account. As much as you wish. From a few hundred to a few hundred thousand crore of U S Dollars or Indian Rupees. Here are my bank account details:

Ravindra Karandeekar,
Bank of Maharashtra.
Savings A/c no- 20047674794.
Branch- Bajirao Road Pune MICR Code 411014010.
IFSC- MAHB0000001



  

Kumar Builders' KUL Utsav, Kondhwa Budruk - A Reason to Celebrate!

Good news for those who have booked a flat in Kumar Builders' KUL Ecoloch at Mahalunge, launched on this Akshay Tritiya in 2011!

Kumar Builders' KUL Utsav Kondhwa Budurk, launched on the previous Akshay Tritiya, on 15th May 2010, has received necessary sanctions this month, in June 2011.

In just 12 - 13 months from the launch!

Obviously, all those who had given 15% own contribution to Kumar Builders, a.k.a Kumar Urban Development Ltd. (www.kumarbuilders.com) and were anxiously waiting for more than a year are very happy.

Now, after a year of the launch, construction of KUL Utsav will, soon, begin!

And, soon, in another few years', they hope to get possession of their flats!!

Isn't this reason to celebrate?

KUL Utsav Kondhwa Budruk Launched on 15th May 2010, Akshay Tritiya, an auspicious day!:

KUL Utsav Kondhwa Budruk Launched on Akshay Tritiya 15th May 2010 (Click the Image to Enlarge)

View Kumar Properties' Kumar Palmcrest, 2 BHK Flats at Pisoli, Pune in a larger map

You know what?

The other day, i got down at Khadi Machine Chowk, on Katraj Saswad Road, to visit Kumar Properties' Kumar Palmcrest at Pisoli. I was shocked to see a few people at the site of Kumar Builders' KUL Utsav, walking towards the site office.

Showing huge curiosity and happiness, i asked the security at the gate, "Why did you send these people in that office? Is anybody there at the site office?"

"Yes, Sirji is in the office. These people were 'inquiries'!," the security said.

"Really! Good!! And what's that? JCB! Whats that JCB doing in KUL Utsav?," i asked and went in.

Looking at the condition of the site office of KUL Utsav, first, i felt that Kumar Builders is demolishing it. But, then i realized that - No!, In over a year, Kumar Builders didn't get time to complete it.

Of course, after the launch of KUL Utsav, there was no reason for Kumar Builders to complete it. Anyways, the site office has already played it's role quite well!

A few people, whom i followed, were standing in a circle discussing. "Is this the Kumar Project which is launched today?," one of them asked me.

"Kumar Palmcrest! Yes, i think so!! But there is no one here, no name or picture of the project or anything here!!," I suggested.

"Now a days, there are no visitors on the day of the launch, but builder's people are always there at the site. Let us see if someone is inside," one of them suggested.

We went a little further in and saw a man inside the room talking to someone. One of my new friends asked,"Is this project launched today? We saw the ads in many newspapers!"

"No. This project was launched last year. On 15th of May 2010. This is Kumar Builders' project. Today, Kumar Properties launched Kumar Palmcrest. It is in Pisoli. Further on this road towards Undri Chowk," the man in KUL Utsav told us.

"Are flats available here?," one of my new friends asked.

"Yes, we have 1 BHK, 2 BHK, 2.5 BHK Flats. If you wait for a moment, i will give you all information. Till then, you can visit our sample flat," the man in KUL Utsav said.

Another man, took us to the sample flat. With a great effort, this other man in KUL Utsav opened the door of the sample flat. I think it was not opened for months.

All of us went inside the flat.

"Is this sample flat? Are you sure?," one of my new friends asked the other man in KUL Utsav.

"Yes, sir. This is a sample flat. There is one more," the other man in KUL Utsav said.

"Didn't i tell you Kumar Builders and Kumar Properties are 2 different builders?," one of my new friends said.

"Yes! But many people don't know this! You know? Recently, one of my friend even booked in Kumar Properties' project in Hinjewadi - assuming that it was Kumar Builders' project!," i said.

"But, here no one will do that! Let us get out of here and go to Kumar Properties at Pisoli!," one of my new friends said and all of them left.

I decided to wait and meet 'the man' in the site office of Kumar Builders' KUL Utsav - the sales person at KUL Utsav.

For me, he is the bravest real estate salesperson in the entire Pune real estate market. Not waiting to meet him, i felt, would have been disrespect of all salespersons in Pune real estate market.

Look, i was rewarded for being kind!
The salesperson at KUL Utsav gave me the good news about the sanctions!

Kumar Builders, a.k.a. Kumar Urban Development ltd., believe in launching a new project on an auspicious day of Akshay Tritiya.
In 2010, it was KUL Utsav at Kondhwa Budruk.
In 2011, it was KUL Ecoloch at Mahalunge.

Kumar Builders never miss Akshay Tritiya.
No formalities, like sanctions - approvals - permissions from PMC / PCMC / State or Central Government, can stop them from launching a new project on Akshay Tritiya.
They go ahead and launch the project - even if - the sample flat and the site office is not ready!
Like they did in KUL Ecoloch at Mahalunge.

Another important feature of Kumar Builders is - they book a flat by accepting only 20% own contribution!

For the rest of the property price they wait till you register the agreement.
For example, here at KUL Utsav at Kondhwa Budruk, they were waiting for more than 13 months for you to sign and register your agreement!

Obviously, when i went to Kumar Palmcrest in Pisoli, i asked the salesperson about booking amount and sanctions.

Kumar Properties never launch a project without sanctions and approvals, the salesperson at Kumar Palmcrest Pisoli said.

The salesperson at Kumar Plamcrest, also, told me that the booking amount is only Rs. 50,000. But, Kumar Properties is not going to deposit - en-cash - your cheque till you go for the agreement!

And, you get a month's time to give your own contribution.

And you know what? The salesperson at Kumar Plamcrest Pisoli said that after giving your own contribution and stamp duty & registration charges - in the next 8 days - you have to register your agreement.

Boring!
Isn't it?
The Kumar Properties don't give you a single reason to celebrate!

You, who booked at Kumar Builders' KUL Ecoloch Mahalunge, are lucky!
You, lucky fellows, are going get many reasons to celebrate.
In fact, for sure, your life is going to become a celebration!
Right?

Related Stories:

1) FRIDAY, MAY 14, 2010

Kumar Urban Development Ltd (Kumar Builders) to launch KUL Utsav at Khadi Machine Chowk, Katraj Kondhwa Road junction, tomorrow!

2) THURSDAY, JUNE 23, 2011

Kumar Palmcrest, 2 BHK Flats at Pisoli, Launched!

3) MONDAY, APRIL 11, 2011

Pre-Launch Offer of KUL Ecoloch Mahalunge Township - real estate and chemical locha!

4) FRIDAY, MAY 6, 2011

Kumar Builders' KUL Ecoloch Mahalunge, Baner Annexe, near Hinjewadi IT Park Pune, Launched!

5) THURSDAY, MAY 26, 2011

Visit to Kumar Builders' KUL Ecoloch Mahalunge!

6) TUESDAY, JUNE 21, 2011

Property Rates in Pune Real Estate Market Going Down?

7) MONDAY, JUNE 13, 2011

Is Pune real estate market about to crash?

8) WEDNESDAY, JUNE 1, 2011

May 2011 - Most popular blogs on Ravi Karandeekar's Pune Real Estate Market News Blog

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 3 minutes!) Call +919860044110

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

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Kumar Builders' KUL Ecoloch Mahalunge, Baner Annexe, near Hinjewadi IT Park Pune, Launched!

Urban Development or Urban Dream?

"Dream" is the foundation of KUL Ecoloch (www.kulecoloch.com) at Mahalunge by Kumar Urban Development Ltd. (www.kul.co.in)

"You dreamt it. We designed it"

"They say a picture is worth a thousand words. Sometimes, it's worth a million dreams. KUL Ecoloch at Mahalunge, is truly where every dream finds expression."

"The survey, a massive communication exercise, garnered exhaustive feedback from the (800) would be home buyers on various aspects of their dream home - "

"All that you dreamt"

"About KUL: No two dreams are alike."

Is it "An Urban Dream"?

Launch Ad of KUL Ecoloch 1 (Click the Image to Enlarge)

KUL Ecoloch Launch Ad 2 (Click the Image to Enlarge)

Brochure of KUL Ecoloch at Mahalunge, Pune - 1st Phase - 12 Buildings -
1 BHK (392 -527 sq.ft. Carpet),
2 BHK (615 – 726 sq.ft. Carpet) and (756 – 903 sq.ft. Carpet),
2.5 BHK (974-1000 sq.ft. Carpet) &
3 BHK (1070 – 1194 sq.ft. Carpet) and (1239 – 1296 sq.ft. Carpet) Flats:
(Click the Image to Enlarge)

KUL Ecoloch 1

KUL Ecoloch 2

KUL Ecoloch 3

KUL Ecoloch 4

KUL Ecoloch 5

KUL Ecoloch 6

KUL Ecoloch 7

KUL Ecoloch 8

KUL Ecoloch 9

KUL Ecoloch 10

KUL Ecoloch 11

KUL Ecoloch 12

KUL Ecoloch 13

KUL Ecoloch 14

Click here to view PDF of KUL Ecoloch (1st Phase) Mahalunge Brochure

Updates:

2) Kothrud police booked Lalit Kumar Jain for cheating, breach of trust and forgery

1) THURSDAY, MAY 26, 2011

Visit to Kumar Builders' KUL Ecoloch Mahalunge!

Related Stories:

1) MONDAY, APRIL 11, 2011

Pre-Launch Offer of KUL Ecoloch Mahalunge Township - real estate and chemical locha!

2) KUL launches 1st township designed by buyers

3) THURSDAY, SEPTEMBER 11, 2008

How to get "preferential property rate" for a flat in Kumar Builders' upcoming townships at Hinjewadi and Kharadi?

4) THURSDAY, MAY 5, 2011

Paranjape Schemes' Blue Ridge Hinjewadi opens booking of 2 new towers of compact 2 BHK & 3 BHK Flats!

5) WEDNESDAY, MAY 4, 2011

Want Guaranteed Delayed Possession?

6) TUESDAY, MAY 3, 2011

Megapolis, Hinjewadi Phase 3, Pune 411 057 - from 28th April 2008 to 30th April 20011

7) MONDAY, MAY 2, 2011

Property Prices of Sunway - Megapolis Smart Homes 2:
2 BHK & 2.5 BHK Flats at Hinjewadi Phase 3, Pune 411 057

8) MONDAY, APRIL 25, 2011

Want to Invest 4 to 8 Lakhs in Real Estate?

9) SUNDAY, MAY 1, 2011

April 2011 - Most popular blogs on Ravi Karandeekar's Pune Real Estate Market News Blog

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 3 minutes!) Call +919860044110

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.

Join me on Google Buzz at
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

Pre-Launch Offer of KUL Ecoloch Mahalunge Township - real estate and chemical locha!

Mr. Lalit Kumar Jain on Real Estate Locha:

I am big fan of Mr. Lalit Kumar Jain. Chairman and Managing Director of Kumar Builders Urban Development Ltd. (KUL) (www.kul.co.in) and President of Confederation of Real Estate Developers' Associations (CREDAI).

In the last couple of months, Mr. Lalit Kumar Jain has talked a lot about delay in getting sanctions and approvals for the real estate projects and no bank finance for the builders. Result is, real estate locha!

Of course, those who have booked at the pre-launch or the launch stage of the projects in Pune real estate market know all about real estate locha!

Some of you, also know about 'possession locha in Pune real estate' and how helpful "CREDAI Pune" is!!

Point is, after learning about real estate locha from Mr. Lalit Kumar Jain, i came to the conclusion that there is no point in writing about any project till the builder gets all sanctions and approvals.

From the experience of Nanded City Pune, i added the time required for the pre-construction site development and decided that i should write about the township projects only when the actual construction starts!

If you haven't read about real estate locha, please, look what Mr. Lalit Kumar Jain says:

"Whether buying land, expediting government clearances, a process that can take three months to a year and half, approaching over 40 government authorities or agencies involved in the project clearance, there is potential for added costs.

From buying land to project launch, developers wait for up to three years. With bank funds unavailable to developers, input cost of funds for land can double in this time," Mr Lalit Kumar Jain, National President, Credai and Managing Director of Kumar Urban Development in Hindu Business Line

"The Credai has prepared a comprehensive checklist of requirements of each department, like environment, traffic, garden and water and this list will be submitted to the Union minister of Urban Development, Kamal Nath, later this month.

"If this list is approved by the government, a builder will get the approval within three weeks. Thus, we can control 25% cost of delay, thereby reducing flat prices. We have no control over the cost of land, material and labor, so at least let us control the cost of delay," added Lalitkumar Jain, President of the Confederation of Real Estate Developers Associations of India, (Credai), in The Times of India

"

At the moment the sector has many hurdles in the process of obtaining over 40 approvals including environment, high rise, airport authority and police, Jain said adding that some states like Maharashtra were taking over a couple of years for according all clearances," Confederation of Real Estate Developers' Association of India (Credai) president Lalit Kumar Jain said today - in ibnlive.com

The Confederation of Real Estate Developers' Association of India (Credai), the apex body of private real estate developers, today said that it would make the code of conduct mandatory for all its members.

President of Credai Lalit Kumar Jain said that members advertising their projects in the media should clearly mention about their affiliation with the apex body.

They should also clearly mention the saleable area (which is the super-built area) and the carpet area in brochures, he told reporters here.

Jain said that Credai had also set up a grievance redressal mechanism for buyers to register complaints with the body.

He said that Credai would arrange for arbitration between two parties to avoid going to the court.

Any member who was found not adhering to the code of conduct would be expelled from the body, he said. (Credai to make code of conduct mandatory for members - Press Trust of India)

"Kumar Builders has postponed plans for initial public offering and now Kumar Builders are in talk with private equity firms to raise around $300 million over 2011-12. The Pune-based real estate firm is creating special purpose vehicles (SPVs) for each of its projects, and plans to sell 26 per cent to PE firms in each SPV.

“Kumar Builders will hive off 26 per cent stake of each project to private equity players for raising the funds.

We hope to complete the process before next fiscal-end,” Lalit Kumar Jain, chairman of Kumar Builders, told Financial Chronicle.

The company is in talks with several PE players both in the domestic market and overseas
market for raising funds, according to him.

Jain said the company has postponed plans for IPO for the time being as market sentiment is not that bullish. Kumar Builders, had filed an application for IPO in 2009 to raise around Rs 450 crore in 2009 but later deferred the plans due to adverse market conditions.

The company will launch one residential project in Kalina, one in Vile Parle (East) and another in Ghatkopar, each project counting 100 flats. It will also launch one special economic zone in Hinjawadi, in Pune. The total investment for the projects will be around Rs 1,050 crore, according to Jain.

In February, the company raised $55 million from Dutch equity firm FMO.

"The $55 million which we raised recently will also be utilized for the new residential and SEZ projects that we are launching in the next quarter," Jain said.

There is liquidity crunch in the market and raising funds has become difficult for real estate companies as banks turned extremely cautious. "These projects are expected to be completed in next seven years," Jain said." (Kumar Builders eyes $300m PE Funding in domestic and overseas market)

Chemical Locha in Mr. Property Buyer's Brain!

You know? On phone, many times i am rude. As rude as some of your comments on my blogs. Sometimes, even i insult the caller. For example, yesterday, i told the caller that - like Munnabhai - there is a chemical locha in his brain!

The home buyer called on my mobile 919860044110, to discuss about investing in KUL Ecoloch Mahalunge Township. He told me about the pre-launch offer and asked for my take. I told him how i respect and follow Mr. Lalit Kumar Jain. "As per Mr. Lalit Kumar Jain - sanctions and approvals - is a big real estate locha! So, you should not consider any project unless it receives all necessary sanctions!," i told the caller.

When the caller started talking about the low property prices at launch and convincing me about the expected appreciation, i requested him to "think in numbers" and consider the "risk factors" about investing at pre-launch or even at the launch stage of any project.

But, the caller was not listening. He kept on telling me about the pre-launch offer of KUL Ecoloch Mahalunge Township. Ultimately, i asked him, "Why did you call? To sell Kul Ecoloch Mahalunge Township? Or to seek my advice?"

"For your advice!," the caller said.

"Good! My advice is - you need psychotherapy - there is a chemical locha in your brain!," I said. I was about to give him the telephone number of the shrink but the caller ended the call.

You know? Many property buyers, particularly those who fantasize about investing in a plot of land, those who dream of earning big returns and a huge appreciation from a 1 BHK Flat in some fringe village, those who go for the pre-launch offer of the projects which haven't yet received N A, have found my shrink quite useful for cleaning chemical locha in their brains!

KUL Ecoloch Mahalunge - Aayla! Lochya Zala Re!!

Dear wife or a girl friend? Big Builder or my principal? My Real Estate Guru - Honorable Mr. Lalit Kumar Jain or my old friend Mr. Fahim Khan? Why do i have to face this type of a situation again and again?

You know? Late in the evening, my old friend Mr. Fahim Khan, Dy. General Manager, Sales & Marketing, Kumar builders (KUL), called me, "Ravi, we have soft launched Mahalunge Township and I want you to write a blog about our pre-launch offer!," Fahim said.

"Lochya Zala Re!," i said to myself and asked, "Fahim, have you received all necessary sanctions?"

"Sanctions will come in a month. Consider, how much your readers can save...how much 'thanks' you will receive from your readers!," Fahim said.

"Lochya Zala Re!,' i said to myself and asked,"But...what about Mr. Lalit Kumar?"

"What about him? Want to interview him? Don't worry. I will arrange! I am sending all data..," Fahim said.

"Fine...send....but for more info - i will give your contact number on my blog. OK?," i said.

Is there any chemical locha in my brain?

Why didn't i refuse to blog the pre-launch offer of KUL Ecoloch Mahalunge Township?

Considering the huge number of property buyers who are suffering with chemical locha about investing in Pune real estate, Ravi Karandeekar, whether you write or not, you have to keep on talking - discussing - answering phones on this project near Hinjewadi.
So, why not blog your views and avoid talking about it?

I went on debating.
Result is - at least, you will not call me and tell - Lochya Zala Re!

You will call:
Mr. Fahim Khan, Dy. Manager, Sales & Marketing, Kumar Builders
Cell : +91 7709002283 E-Mail: fahim.khan@kul.co.in
+91 20 4000 6000 F: +91 20 2633 0584
Website: www.kul.co.in

If you want to view the PDF Files about the project, please, visit these links:

1) Location of KUL Ecoloch Mahalunge Township

2) Layout of KUL Ecoloch Mahalunge Township

(Click the Image to Enlarge)

3) Presentation of KUL Ecoloch Mahalunge Township:

4) Floor Plans of KUL Ecoloch Mahalunge Township:

1) 1st floor
2) 2nd floor
3) 3rd floor
4) 4th floor
5) 5th floor
6) 6th floor
7) 7th floor

5) Specification of KUL Ecoloch Mahalunge Township:

6) Amenities at KUL Ecoloch Mahalunge Township:

7) Pre-Launch Property Prices at KUL Ecoloch Mahalunge Township:

Updates:

3) Kothrud police booked Lalit Kumar Jain for cheating, breach of trust and forgery

2) THURSDAY, MAY 26, 2011

Visit to Kumar Builders' KUL Ecoloch Mahalunge!

1) FRIDAY, MAY 6, 2011

Kumar Builders' KUL Ecoloch Mahalunge, Baner Annexe, near Hinjewadi IT Park Pune, Launched!

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