1) Buyers should go for property that is got the statutory approvals, where work is in progress — the more advanced stage of completion the better.
2) The buyer has to beware — check the documents thoroughly, see the plan approvals and related paper work are in place, check if the project is progressing and at what stage it is in and most importantly, the reputation and track record of the builder and ability to deliver.
3) Reputed builders now compensate buyers when there is an inordinate delay.
In most cases the developers cannot be blamed for the delay as the system in place is a long and complicated process involving multiple government agencies. The developer can provide the plans and title documents but there are over 15 No-Objection-Certificates that have to be obtained from a range of agencies like traffic police, water supply and drainage, electricity board, airports authority, pollution control boards and the Public Works Department.
To read more, please, visit - R. Balaji -The Hindu Businessline
Beware and be careful but keep on investing in under construction properties!I can't imagine what will happen if on one fine morning each and every property buyer in Pune decides to buy only "ready possession flat" in a project which has all amenities ready and operational!
If builders are convinced that yes, people are not going to book when the project is launched, i am sure, majority builders will leave Pune real estate market, and will go to Bollywood! In Bollywood, Pune builders will start producing Hindi films where distributors, financiers and now corporates, give advances when you launch your film!
Those who will remain in Pune real estate market, will find it difficult to sell their ready possession flats. Because, there is a vast difference in selling imagination and reality.
We all know this, but never accept that most of the flats do not look as good as their floor plans. Home owner out of "self respect" never tells you exactly what is his opinion about his flat, but keeps on talking, very proudly, about the changes he has made in the original floor plan and the interior he has done!
The real estate investor, who keeps the original floor plan and doesn't make any interior, finds it very difficult to sell his "investments"!
To survive, these unfortunate builders, who have no option but to continue in Pune real estate market as a builder, has to change his basic "theory".
Instead of focusing on the plot size and shape, FSI, corporation laws and premiums, he has to give importance to the needs, tests and aspirations of the home buyers! For that, along with the architects, structural designers, plumbing consultants, electrical consultants and landscape designers; he has to appoint marketing consultants (like me!) who know what home buyers are looking for!
For any businessman, you experience this in every day life, his business is more important than his customer. That's why, you see auto drivers dusting off his rickshaw when he is waiting at the stand , but he will never dust the seat before you get in! Same is with the builders. Forget about considering that home buyers are the center of their business, most of the builders try to avoid meeting their clients! Out of more than 100 builders, i know personally, very few actually talk to their customers, on their own.
Point is, dear Pune home buyer, please, keep on booking when the project is launched or when the project is under construction but never think of buying only ready possession properties. No, oral consent is not enough. You have to take a oath, in writing, in the comments! (Comments Policy)
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
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