Ravi Karandeekar's Pune Real Estate Market News Blog: property in Pune

Showing posts with label property in Pune. Show all posts

Friday, April 7, 2017

A Visit to Jhala Mhalunge Riviera

It's not all about Mahalunge Hinjewadi MIDC bridge:

Jhala Mhalunge Riviera from Mahalunge Hinjewadi MIDC Bridge

That day I couldn't stop myself from visiting Jhala Mhalunge Riviera.

Otherwise, for years, though it is so close, I had avoided visiting Riviera whenever I was at KUL Ecoloch.

But after visiting under construction Mahalunge Hinjewadi MIDC bridge on Mula river, and shooting photos of Blue Ridge Hinjewadi, KUL Ecoloch & Riviera from the broken bridge of KUL Ecoloch - I found Jhala Mhalunge Riviera irresistible!

No. Not really.

I wanted to avoid going back to KUL Ecoloch. So the only option was to visit Riviera. I assumed - visiting Riviera would be a less disgusting experience.

And you know what? Visiting Riviera was one of the most innocent experiences in my life.

Yes, innocent experience. Not a pleasant experience.

I hate innocence. I hate innocence in the young intelligent educated flat buyers.

Innocent flat buyers are mostly naive - stupid.

These 'innocent' flat buyers become victims of the unscrupulous builders in Pune.

At Riviera, I was treated as an innocent. Means, I was treated as stupid.

The salesperson at Riviera - showed me the location of the bridge on the map of proposed Baner Balewadi (from Mercedes Showroom) to Hinjewadi Phase 1 Road!
This bridge on Mula River is very close to our site. The salesman said.
It means that - Jhala Mhalunge Riviera is an ideal investment & residential destination.
If you are working in Hinjewadi - you will enjoy a good quality of life at Riviera.
If you are an investor - you will earn good appreciation.
All because of the strategic location of Riviera.
Close to Mahalunge Hinjewadi MIDC Bridge!

In 2011, the same sales talk - bridge to Hinjewadi - was given to 'innocent' flat buyers of KUL Ecoloch.

In 2011, the same sales talk - bridge to Eon IT Park Kharadi - was given to 'innocent' flat buyers of Phadnis Eastern Ranges.

In 2017, the same sales talk - the bridge to Eon IT Park Kharadi - is given to 'innocent' flat buyers of Puravankara & Godrej Infinity in Keshav Nagar.

In 2017, the same sales talk - the bridge to Hinjewadi - was given to Ravi Karandeekar at Jhala Mhalunge Riviera.

For a moment, at Riviera, I realized that I am facing what I wanted to avoid.

I had avoided going to KUL Ecoloch. Because, I can't bear the way the residents of KUL Ecoloch are surviving.
They are in pain only because they were too innocent - almost naive - when they booked their flats.
If they had behaved like adults - for sure - they would not have had to see these days. I believe.

At Riviera - I was considered & treated as an innocent. Not as an adult. Exactly the way - the residents of KUL Ecoloch were treated when they booked their flats.

I have avoided KUL Ecoloch. But I have become one of them.
Means, I am going to suffer like them.
No. I do not want to suffer. Suffering is unpleasant & painful.
Buying a home in Mahalunge & Sus is not all about the bridge to Hinjewadi.

Then what is it all about? You may ask.
Visit KUL Ecoloch to find out before booking a flat in Mahalunge & Sus. I will tell you.

What say you?

Are we slaves of the our IT company?

Do we buy a home only because - after our shift is over - our company does not let us sleep under the desk - and forces us to leave the office premises?

Is distance from the office the only parameter to choose a home?

What these projects in Mahalunge & Sus have to call them 'urban homes'?

These flats have a toilet or two - Sandas - Shauchalay in every flat.

But no water supply to wash your butt. No drainage lines - no sewage treatment plants - to process your shit.

Of course, if you love to play in your own piss & poop then you will love to live in Mahalunge & Sus. Right?

A Visit to Jhala Mhalunge Riviera

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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

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.

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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Tuesday, November 15, 2016

I visited Leisure Town near Amanora at Sade Satra Nali Gram Panchayat

Booby-traps on the border of Pune Municipal Corporation:

Site Sales Office of Leisure Town near Amanora at Sade Satra Nali Gram Panchayat, Pune 411028

Last 3 years I did my best to avoid visiting Leisure Town at Sade Satra Nali. But this Diwali, I had no option but to visit it. Reason was Abhimanyu Singh, one of my readers in USA.

Abhimanyu was interested in booking a 2 BHK Flat and was very excited about 2 things - 1) the location - behind Amanora 2) the property price - only 60 lakhs. Abhimanyu wanted my views about Leisure Town.

I admire the current generation of flat buyers like Abhimanyu. Like the last generation of flat buyers they give importance to the location of the project. But unlike the last generation they go beyond location and consider other aspects like trust worthiness of the builder, quality of construction, timely possession, sanctions & approvals. Some even consider the environmental clearance! When the flat buyers like Abhimanyu ask my opinion, what they really want to know is whether I have any information about these other aspects.

In case of Leisure Town, Abhimanyu was the first flat buyer who had asked my opinion. Otherwise, in the last 3 years whoever called me was interested in discussing about the payment plan at Leisure Town - own a home without a bank loan - instead of taking a home loan & paying huge interest to the bank - pay property price to the builder in installments - pay 30 per cent down payment + 84 monthly installments + 3 bullet payments. Yes! Like Guardian Developers' 100 per cent interest free homes offer!! That's why I didn't visit Leisure Town in the last 3 years.

When a builder tries to get the bookings by offering some tempting discount offer or an easy payment plan, he is trying to force you to take an uninformed decision. Blind decision. Refusing this tempting offer is like missing an opportunity to own a home. This is pure emotional manipulation of the flat buyers. An unfair business practice. This is not a sale. This is a trap. (Of course, in the last couple of years we have seen that majority of flat buyers became aware about the trap and eventually cancel their bookings!) That's why I am completely against these types of offers & events. Including Leisure Towns' installment offer and upcoming Paranjape Schemes' Options Unlimited on 18th - 20th November 2016.

When it was launched, Leisure Town was a joint venture of 3 builders - 1) Well Wisher Group and 2) Sai Proviso Developers from Navi Mumbai and Tupe Developer of Sade Satra Nali. Then Well Wisher Group retired from the partnership and now only Proviso & Tupe Developers are left. Obviously, the separation had affected the flat buyers.

When a property buyer books a flat - for him getting possession of that flat is a question of life & death. I expect same level of commitment from the builder. Completing the project & giving possession to the flat buyers must be a question of life & death for that builder too. That's why I am against booking a flat at the under construction stage in the project which is a joint venture of 2 - 3 builders and in a project by some so called big brand builder who has multiple on going projects. The fight between the joint venture partners hampers the project badly. There are a lot of projects lying incomplete for years because of this reason. Similarly, the big brand builders with multiple projects are always casual about completion & possession.

Since Abhimanyu didn't mention about 'own a home without a bank loan' offer, I assumed that now Leisure Town may be trying to get the bookings on the merits of the project. On planning, progress of the construction, terms of transaction like property rate protection & compensation for delayed possession, basic urban infrastructure services - water supply - purification - recycling, sewage & garbage treatment provided in the project,environmental clearance, sanctions & approvals etc. I was visiting Leisure Town to get these details from the salesperson and express my views based on that information.

Guess! What would have happened at the sales office of Leisure Town? Did I succeed in getting the complete info?

The lady asked me the usual opening question - What is your requirement? I said - 3 BHK. She opened the presentation. Told me about the D P Roads which offer great connectivity, talked about advantages of being near Amanora, showed the layout plan and the particular building which had 3 & 2 bhk flats, showed the floor plan of a 3 bhk & 2 bhk flat and gave possession dates. When I complimented for her presentation skills, the lady told me that though she had joined Leisure Town only 3 months ago - but she is working in real estate for years.

Now, it was my turn to ask the questions. I asked her about the environmental clearance. She left the cabin and returned with some papers. "It's N A Order - not EC!," I said. "Don't worry. After the booking - I will give you a file containing all papers," the lady said. I realized that the lady is truly experienced real estate salesperson.

"What about 84 installments offer?," I asked.

"That is over. Now we have a new offer. Since we launched this offer - in the last 2 months we have received 33 bookings!," pointing at the property price list the lady said.

"We are giving nearly 7 - 10 lakh rupees discount! No government charges - No stamp duty - no registration charges - no service tax - no VAT - instead of 97,76,100 - you have to pay only 88,20,00 for a 3 BHK!," the lady said.

"WoW! And how much for a 2 bhk?," I asked.

"Instead of 67,59,450 - only 60,90,000 and instead of 66,60,000 - only 60 Lakhs!," the lady said and added - "Not only that! We have 10 - 70 - 10 - 10 offer!," the lady said.

"What's that?," I asked.

"You pay 10 % at the time of agreement - then HDFC pays 70% - then you pay 10% and at the time of possession HDFC pays last 10%!," the lady said.

"WoW!," I said.

"What is the rate?," I asked.

"Only 6,000! You know what is the rate at Amanora? 8,000! You won't get a 3 BHK in 88 lakhs in Amanora - though it is just behind our compound wall!," the lady said.

The property price list said that the basic rate was Rs. 5,300 + 700 per sq ft for Infrastructure, Development, Clubhouse Etc.!

"What are these 700 rupees per sq ft for?," I asked.

"Look - it's written here - for - Infrastructure, Development, Clubhouse etc," the lady said.

"In short - you are giving discount of government charges by one hand recovering that amount by the other hand as infrastructure, development, clubhouse charges," I said to myself. It means that the property rates at Leisure Town have not changed much in the last 3 years - according to Indian Real Estate Forum - in December 2014 rate was Rs. 5,500 and after 3 years, in November 2016, it is 5,300 per sq.ft..

Even after the 3 years - the USP is - near or behind Amanora is the attraction & only available information about Leisure Town!

'Bank on the location & compare the price difference' - is the strategy applied by the all projects on the border of PMC. Western Hills - Bella Casa - Ganga Acropolis on the border of Baner & Sus, Ganga Legend on the border of Bavdhan Khurd & Budruk, Pura Silversands & Godrej Infinity on the border of Mundhwa & Keshav Nagar - all 'bank on the location & compare their prices with the prime projects in the PMC limits'. Naive flat buyers forget that you have to compare apples to apples. Not oranges to apples! Unfortunately only after flat possession when lack of basic urban infrastructure services become a pain in the ass - these naive flat buyers realize that the difference between apples & oranges!

But how can I explain all this to Abhimanyu?

How can I say - "Abhimanyu, it's a booby trap!"

How can I tell him - "Abhimanyu - Don't lit this cigarette - there is a firecracker in it - you may burn your face. Don't sit on that chair - you may fell down - someone has loosened the screws!"

Who knows? Abhimanyu may feel that I let him down by not giving informed unbiased view. He may get upset for expressing my hunch - feelings - guess - suspicion - as an expert opinion.

Was it a right decision to visit Leisure Town?

What say you? Please, share your views in the comments.

Leisure Town near Amanora at Sade Satra Nali Gram Panchayat, Pune 411028 - Photowalk:

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Tuesday, November 8, 2016

The best way to buy a flat in Pune real estate market

Buying a Ready Possession 2 BHK Flat in Westend Village at Bhusari Colony, on Paud Road, near Chandani Chowk, Kothrud, Pune 411 038 by The Construction Group:

This Diwali, from 22nd to 28th October, The Construction Group released ready possession 2 BHK Terrace Flats with one Car Park in G & H buildings in Westend Village for sale. The 6 story G & H buildings have total 72 units - 6 units per floor. On an average - the carpet area is around 800 sq.ft. and the saleable areas are between 1035 & 1065 sq.ft.

Every flat has an entrance lobby. The terrace is attached to living ( on odd floors) and to dining (on even floors). Approximate room sizes of these 2 BHK Flats are - Living 15'9" x 10'6". Kitchen with Dining 15'9" x 7'10" / 13'9" x 7'10". Common WC & Bath. Master Bedroom with Attached Toilet - 14'5" x 10'6" + 7'1" x 4'7". Second Bedroom - 12' x 10'6".

All inclusive property prices of these 2 BHK Terrace Flats with 1 Car Park are around Rs. 1.05 - 1.10 crores. Obviously, Westend Village received very good response.

WYSIWYG - What You See is What You Get:

The event was organized in the parking of G & H Buildings. Both the buildings were ready for possession with completion & occupancy certificate. You can inspect the building. Visit the flats of your choice. Confirm the light & ventilation in every room of your flat. Check the fittings & fixtures. Have a look at the view from your terrace and windows. See the car parking arrangement.

Besides your flat, you can have a look at nearly 10 year old township. You can see who would be your neighbours. You can visit the recreation center and see what kind of community activities are organized by the residents. You can visit the playground for the children.

Along with your flat in G & H Building, you are going to get one year membership of well maintained private Westend Club. You can visit it and check the Gym, Swimming Pool, Party decks.

In short, this is the best way to buy a flat - what you see is what you get when you buy a 2 BHK Flat in G & H Buildings of Westend Village!

What is the right age to buy a home?

I visited Westend Village on 26th, 27th evenings & on 28th morning. After Sakal Big 3 Home Utsav on 20th to 23rd & one day search at Pirangut on 19th, visiting Westend Village was an eye opening experience for me.

Looking at the families inspecting the flats & buildings and having one on one chat with the builder - Mr. Vinayak Keshav Bapat - who was always present at the venue, I realized that middle age is the right time to buy a home!

When you are middle aged, you have enough experience, money & maturity to make the right decision. Home ownership becomes a reward for leading a happy family life, a successful career & a meticulous money management.

In your 20s & 30s, you are not fully prepared to take the most important decision in your life. Your limited budget forces you to choose pigeon hole size flat build by some unscrupulous builder in some undeveloped location which has no basic urban infrastructure. You take a big home loan & lose your financial freedom. And your property becomes punishment.

What say you? What is the right age to buy a home?