Just 3.5 KM from Hinjewadi, at Tathawade! In Paranjape Schemes' Azure!!:
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| Way to Paranjape Schemes Azure at Tathawade, PCMC, Pune |
Though Paranjape Schemes mainly develops homes for intellectually & financially well off middle class in Pune, it has always addressed the needs of the special groups in the society.
For example, to provide housing for the senior citizens, for years, Paranjape Schemes is developing Athashri. Recently, to provide housing for the economically weaker section, Paranjape Schemes has launched "Happiness Hub" at Khed Shivapur near Pune. Now, to provide housing for the intellectually weaker section (IWS) of Hinjewadi IT professionals, Paranjape Schemes has launched "Azure".
Obviously, like Athashri & Happiness Hub, Paranjape Schemes' Azure has received huge response. Now, only a few flats are available for booking!
Secret of Success of Paranjape Schemes Azure at Tathawade:
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| Paranjape Schemes - Azure - 2 BHK 3 BHK Flats - Tathawade - PCMC - Pune - 5-1-2015 |
Today, out of the total 196 units in C, D, E & F buildings in Paranjape Schemes' Azure at Tathawade, only around 30 flats are available for booking! In the current slowdown in Pune real estate market, certainly, this is a huge success.
Of course, it's not a secret that Paranjape Schemes' brand equity is mainly responsible for the success. But, a few other points have also contributed a lot. Let us look at these points -
1) Paranjape Schemes' Long & Strong Relations with IT Professionals Working in Rajiv Gandhi Infotech Park at Hinjewadi:
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| Paranjape Schemes Blue Ridge Hinjewadi - view from KUL Ecoloch |
In October 2007, Paranjape Schemes launched Blue Ridge at the 1st phase of Rajiv Gandhi Infotech Park at Hinjewadi. Instead of completing the 140 acre special integrated township in minimum required time, Paranjape Schemes focused on learning about Hinjewadi IT Professionals & developing relationship with them.
In these 8 years, I am sure, Paranjape Schemes observed a few changes in Hinjewadi IT industry & Mumbai real estate investors.
1) More & more IT companies in Hinjewadi are employing intellectually weaker & weaker IT engineers and paying them less & less salary.
2) Intellectually weaker Hinjewadi IT professionals were buying homes near their offices. Not in Paranjape Schemes' Blue Ridge Hinjewadi but in the projects in Maan, Hinjewadi, Sus & Mahalunge Gram Panchayat limits.
Like Blue Ridge - these Gram Panchayats were not offering basic urban infrastructural services - like water, drainage, power, garbage disposal systems etc. - still these intellectually weaker Hinjewadi IT professionals were paying exorbitant property rates for these worthless properties. Why? Only to stay near office!
3) If it is near Hinjewadi - middle class real estate investors from Mumbai are eager to invest in anything which looks like a flat. Huge response to 'Slim Fit Home' in Blue Ridge has convinced Paranjape Schemes that if it is near Hinjewadi - Mumbai investors don't bother whether a flat is suitable for a family to live a comfortable life.
4) Paranjape Schemes' Yuthika at Baner was a huge success. But it was for the traditional loyal property buyers of Paranjape Schemes - financially & intellectually well off middle class home buyers. Not for the intellectually weaker section (IWS) of Hinjewadi IT professionals.
2) Tathawade - Wagholi in Pimpri Chinchwad Municipal Limits:
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| Tathawade - Wagholi in Pimpri Chinchwad Municipal - PCMC |
Like the small time builders, Paranjape Schemes could not afford to launch a housing project for IWS of IT professionals in Maan, Hinjewadi, Sus, Mahalunge, Marunji Gram Panchayats.
These small time builders were interested only in expanding their business. Whereas in the last 7 years, after expanding their business in multitude, Paranjape Schemes has accumulated huge debt. True, the upcoming IPO can generate 600 crores & fulfil Paranjape Schemes requirement of 200 crore working capital & repayment of 400 crore debt. But, it also means that - for Paranjape Schemes' - higher profitability was more important than the expansion of the business.
Certainly, though these locations were suitable for IWS of Hinjewadi IT professionals - the land prices in Maan - Hinjewadi - Sus - even Marunji - had less potential for maximising the profits. Against that Tathawade has more potential!
Tathawade is as good as Wagholi! Close to prefered residential neighbourhood - Wakad. Near IT companies - 3.5 KM from Hinjewadi. No urban civic infrastructure. No roads. No water. No drainage lines. No garbage disposal. No storm water management. Lot of educational institutions. Lot of stalled or incomplete housing projects - for violation of Environmental Clearance. An ideal location for IWS of Hinjewadi IT professionals. Like Wagholi is an ideal location for IWS of IT professionals working in EON IT Park Kharadi!
Tathawade was merged in Pimpri Chinchwad Municipal Corporation in 2009. Today - in 2016 - the development plan of Tathawade is in the final stage of approval. Means, though today the actual worth of the property in Tathawade is nothing - banking on PCMC's efficient infrastructure development capacity - and Paranjape Schemes' brand value - charging higher property rates was easy. IWS of Hinjewadi IT professionals would be more than happy to pay the property rates of 2020 in 2016!
Paying future property rates today - is one of distinguishing quality of an IWS of Hinjewadi IT professionals. Since 2009 - 2010 - the guys who have booked the flats in Tathawade - at Elementa, Ganga Cypress, Bhojwani The Nook, Star Wood, Vilas Javdekar Developers Palladio, Ganga Aurum Park, Gravity Landmark's Austin Park, and recently launched Vishal Properties & Bhojwani Homes' 22 Story Skyscraper - have demonstrated that they love to pay future property rates today!
Not only that! Without any civic infrastructural development taking place in Tathawade - no road, no water, no drainage, no garbage, no public transport, no public utility - for every new project - these guys are paying higher & higher property rates! In 2009 - 2010 - property rates in Ganga Cypress & The Nook were around Rs. 4,000 per sq.ft. - whereas today - the basic property rate at - almost stalled - The Nook is Rs. 5,750 per sq. ft. & at - incomplete - Elementa Rs. 5,611 & 5,811 per sq. ft. And the upcoming Goel Ganga Developments' Fairmont at Tathawade is demanding Rs. 5,700 per sq.ft.!
This also proves that IWS of Hinjewadi IT professionals do not expect any value for their money! Those who stay in Star Wood, Vilas Javdekar Developers Palladio, Ganga Cypress - drink & use bore well water. Pay exorbitant rate for tanker water. Pay exorbitant maintenance charges for running sewage treatment plants. The IWS guys focus on giving. Not on getting. Otherwise, these IWS guys would have booked homes in Punawale, Ravet or Kiwale. Where infrastructure is ready & property rates are lower. Not in Tathawade!
After financial crisis of 2008 -2009, property rates came down in all cities in India. Only because of this IWS of IT professionals in Hinjewadi - instead of coming down - property rates in Pune real estate market have gone up.
By paying irrational property rates for the worthless properties located near Hinjewadi the IWS of Hinjewadi IT professionals have robbed themselves. Did they get the flat for which they robbed themselves? No! Most of these projects are stalled or incomplete. For example, Bhojwani The Nook & Vilas Javdekar Developers Palladio & Elementa at Tathawade.
No wonder IWS of Hinjewadi IT professionals has become the most favorite market segment of builders in Pune and Tathawade has become most promising investment destination in Pune real estate market.
3) Aadhe Adhoore Azure at Tathawade near Hinjewadi:
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| Layout Plan of Paranjape Schemes Azure at Tathawade, PCMC, Pune |
Paranjape Schemes knows that higher profitability demands higher efficiency & lower capital investment. That's why instead of spending a couple of crores on site office & sample flat, site office of Paranjape Schemes' Azure is in a container. Which costs only a few lakhs.
The construction work at Azure is in full swing. And it will never slow down. Because Azure has received environmental clearance. Plans are approved. After the booking the agreement is done immediately. Cash flow is consistent & fast. 10 percent at the time of booking. 9 percent at the time of agreement. 10 percent at the foundation. Now, first slab of nearly all buildings is going on. Means 29 percent money of nearly 166 flats is already received.
Of course, this is half truth! Though the layout plan of Azure shows that there are 8 buildings - from A to G - only 6 buildings are approved - A, B, C, D, E, F at this point of time. Out of these approved 6 buildings only 5 floors of B building are sanctioned. And A building is MHADA Building. Not a part of Azure.
That's why at this point of time, Paranjape Schemes has booked & is constructing only B, C, D & E buildings. The maximum they can do as per the old Regional Plan. Later on, as per the Development Control Rules of PCMC, in place of Amenity Space, Paranjape Schemes will get sanction for H & G buildings & all floors in the B Building.
It means that those who have booked in B, C, D & E buildings will fund the construction of B, H & G buildings. Not only that! These guys would be glad if Paranjape Schemes charges higher rate - may be 7,400 per sq. ft. - for the flats in the buildings they have funded. And for their contribution - they will not expect any share in the profit of Azure! All profit will go to Paranjape Schemes. Aadha Adhura will double the profits!
Not realizing that residential development is not only group housing schemes - but group investment schemes too - is one more characteristic of intellectually weaker section of Hinjewadi IT Engineers. Because of their small IQ - builders in Pune are getting richer & richer and these guys are becoming poorer & poorer. Their homes are becoming smaller & smaller & home loan tenure is becoming longer & longer.
No wonder Paranjape Schemes decided to develop a housing scheme for IWS of Hinjewadi IT engineers. Azure will certainly increase profitability of Paranjape Schemes.
To increase the efficiency - means profitability - instead of appointing a human salesperson, Paranjape Schemes has installed a humanoid robot in the site office of Azure. A robot which looks like a human being.
When you enter the site office, this humanoid robot asks - "What is your requirement?" If you say - "2 BHK" - this humanoid robot pushes a button of the printer. The printer prints out the list of all 2 BHK & 3 BHK flats available for booking. While you are reading the printout - humanoid robot says - "Property rates are fix. Only Rs. 5,400 per sq.ft. No floor rise. No premiums. Same rate from 1st to last floor. No negotiations."
"But in the other projects in Tathawade the rates are much higher! Around 5,600 - 5,700!! Why is a big builder like Paranjape Schemes charging only 5,400?" - you ask. "I am not programmed to answer this question!," says humanoid robot. At this point - you realize that you are talking with a humanoid robot!
Once in awhile, some intellectually weak IT professional has a sense of humor. To make fun of humanoid robot in Azure, he asks - "What about water? Someone told me that there is no PCMC water supply in Tathawade?".
The humanoid robot at Azure says - "To obtain Environmental Clearance - commitment letter from PCMC for water supply is submitted."
Feeling ashamed of himself, the intellectually weak IT professional leaves the site office of Paranjape Schemes Azure.
Believing in water supply commitment letter is one more characteristic of IWS of IT professionals.
Those who have booked flats in the projects at Maan, Hinjewadi, Sus, Mahalunge, Marunji - or even at Wagholi & Bakori - Fursungi & Manjri - had believed in water supply commitment letters issued by these Gram Panchayats! Without asking from where are these Gram panchayats going to get the water? Do these Gram Panchayats own a Dam or what?
PCMC, at least, gets direct water from Pavana Dam and it has mechanism to process & distribute it. So, a commitment letter from PCMC has some value. What is the value of the water supply commitment letters issued by these Gram Panchayats? What is the value of the flat which doesn't have water supply?
4) WoW! MHADA Types Flats near Hinjewadi!! What an investment opportunity!!!
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| WoW! MHADA Types Flats near Hinjewadi!! What an investment opportunity!!! |
Nowadays no business is run to fulfil the need of the needy. Hotels are not opened to serve food to the hungry people. Hotels are there to serve those people who are not hungry. Hotel are in a business to entertain these not hungry people. Same way, the builders don't construct housing projects for the people who need a shelter. The builders develop housing schemes who already own one house. These homeowners love to invest in second property and earn handsome appreciation.
Obviously, Paranjape Schemes also had an eye on these second property buyers. Mainly from Mumbai. And in Mumbai, you know, MHADA flats are very popular among middle class. But the supply of MHADA flats is too less than the demand. The MHADA Lottery 2016 is going to offer only 1085 flats in Mumbai. Obviously, instead of waiting for MHADA flat many people prefer to invest in a flat in Pune. If the flat is near Hinjewadi - Paranjape Schemes had observed - these Mumbai investors are ready to pay exorbitant rates.
To let the economically weaker section (EWS) of the people enjoy living in the developed area, in November 2013, Maharashtra Government decided that in the projects which are developed on more than 1 acre size of plot - on the 20 percent of the plot the builder must build houses for EWS & handover these flats to MHADA - Maharashtra Housing and Development Authority.
Many builders were not happy about this policy. But Paranjape Schemes had no problem with it. Because, Paranjape Schemes knew the relation between intelligence and earning. Those who are intellectually weaker earn less. Those who earn less are intellectually weaker. In fact, this principle applies to businessmen too. Paranjape Schemes is one of the biggest builder in Pune only because of their intelligence - believes many.
Point is, at Azure, Paranjape Schemes is more than happy to construct A building as MHADA building.
Not only that! They planned the entire project in such a way that economically weaker flat buyers in A Building & intellectually weaker flat buyers in B to H building will not feel jealous about each other!
To help them to gel with each other - only way was to reduce the difference between the two types of homes.
To bring EWS & IWS buyers on the same page - Paranjape Schemes decided to design homes for IWS - as good as EWS homes! Means all 2 BHK flats in Azure are MHADA type flats. MHADA flats! It means that Azure is a great example of earning huge profits & fulfilling social responsibility.
Someone told me that, MHADA is already considering to make a 3 BHK Flat in Azure - a standard model for a 3 BHK MHADA flat!
It means that with Azure, Paranjape Schemes is setting standards for - economically & intellectually weaker housing in urban cities in Maharashtra!
If you glance at the room sizes (Ft & Inches) in MHADA flat in A Building & IWS flats in C, D, E, F buildings you will understand how Paranjape Schemes has achieved this monumental success -
| 2 BHK Flat | Kitchen | Living | M. Bedroom | C. Bedroom |
|---|---|---|---|---|
| MHADA | 6 - 6.5 x 6.10 - 8.5 | 8.1 x 12.10 - 18.1 | 10.5 x 8.10 | 10.5 x 8.10 |
| Azure | 8.2 x 7.10 | 10.11 x 18.6 | 10 x 12 | 10 x 10.11 |
Now, tell me who will invest 71 - 73 Lakhs in a 2 BHK Flat of 60 sq. mt. (645 sq.ft.) carpet & 91 - 100 lakhs in a 3 BHK Flat of 89 sq.mt. (958 sq.ft.) carpet at Tathawade near Hinjewadi?
Only intellectually weaker section of Hinjewadi IT engineers & Mumbai investors! Right?
What say you? Please, share your views in the comments.
Tathawade Photowalk:
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| Keystone Altura - Launching Soon at Bhumkar Chowk Wakad, PCMC, Pune |
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| Ganga Aurum Park Tathawade - Austin Park Tathawade - Hoardings at Ginger Hotel Bhumkar Chowk Wakad |
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| Vision One Shopping at Tathawade, PCMC, Pune |
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| Way to Azure at Tathawade PCMC Pune |
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| Rise Alta at Tathawade - Hoarding |
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| Elementa at Tathawade PCMC Pune |
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| Dharti at Tathawade - Offer Upto 31st December 2015 |
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| Elementa from the road to Azure at Tathawade PCMC Pune |
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| Elementa from Azure Tathawade |
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| Paranjape Schemes Azure at Tathawade & Vilas Javdekar Developers Palladio |
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| Palladio - View from the road |
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| Palladio - View from the road |
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| Children Play Area at Javdekar Palladio Tathawade PCMC Pune |
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| Children Play Area at Javdekar Palladio Tathawade PCMC Pune - http://palladio.javdekars.com/index.html |
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| Podium Garden at Javdekar Palladio Tathawade PCMC Pune - http://palladio.javdekars.com/index.html |
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| Amphitheater at Javdekar Palladio Tathawade PCMC Pune - http://palladio.javdekars.com/index.html |
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| Swimming Pool at Ganga Cypress Tathawade PCMC Pune |
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| Podium Garden at Ganga Cypress Tathawade PCMC Pune |
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| Podium Garden at Ganga Cypress Tathawade PCMC Pune |
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| Ganga Cypress Tathawade PCMC Pune |
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| Elementa Tathawade PCMC Pune - http://www.akshardevelopers.com/project/akshar-elementa-0 |
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| Elementa Tathawade PCMC Pune - http://www.akshardevelopers.com/project/akshar-elementa-0 |
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| Podium Garden at Ganga Cypress Tathawade PCMC Pune - |
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| Elementa Tathawade PCMC Pune - http://www.akshardevelopers.com/project/akshar-elementa-0 - From Podium Garden at Ganga Cypress Tathawade PCMC Pune |
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| Elementa - Ganga Cypress Tathawade by Goel Ganga Developments - Woods - View from Palladio |
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| Bhojwani The Nook Tathawade PCMC Pune - Austin Park Tathawade PCMC Pune - www.gravitylandmarks.com & Ganga Aurum Park Tathawade PCMC Pune - www.goelganga.in |
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| Goel Ganga Fairmont Tathawade PCMC Pune - www.goelganga.in |
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| Austin Park Tathawade PCMC Pune - www.gravitylandmarks.com & Ganga Aurum Park Tathawade PCMC Pune - www.goelganga.in |
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| Austin Park Tathawade PCMC Pune - www.gravitylandmarks.com & Ganga Aurum Park Tathawade PCMC Pune - www.goelganga.in |
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| Bhojwani The Nook Tathawade PCMC Pune |
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| Austin Park Tathawade PCMC Pune - www.gravitylandmarks.com & Ganga Aurum Park Tathawade PCMC Pune - www.goelganga.in |
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| Bhojwani Skyscraper at Tathawade |
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| Way to Jadhav Wasti Tathawade |
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| Way to Jadhav Wasti Tathawade |
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| Crystal Properties' site - view from the way to Jadhav Wasti Tathawade |
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| Crystal Properties' site - view from the way to Jadhav Wasti Tathawade |
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| Goel Ganga Developments site - view from the way to Jadhav Wasti Tathawade |
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| Way to Jadhav Wasti Tathawade |
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| Way to Jadhav Wasti Tathawade |
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| Way to Jadhav Wasti Tathawade |
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| Bungalows - View from the Road to Jadhav Wasti Tathawade |
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| Way to Jadhav Wasti Tathawade - |
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| Way to Jadhav Wasti Tathawade |
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| Ashok Nagar Road - Jadhav Wasti - Aundh Ravet BRTA Road |
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| Ashok Nagar Road - Jadhav Wasti - Aundh Ravet BRTA Road - |
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| Ashok Nagar Road - Jadhav Wasti - Aundh Ravet BRTA Road - |
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