Saturday, April 11, 2009

Mont Vert reduces property rates, infrastructure charges & offers 11 months rent as an additional discount for spacious flats in Tropez at Wakad, Pune

Own Today and Take Possession in June 2009!

Offer valid for limited flats!

Reduced property rates: From Rs. 3,199 to Rs. 2,566 per sq.ft.!

This is good! Costing sheet of Mont Vert Tropez with me had a property rate Rs. 3,199 per sq.ft. which is now reduced to Rs. 2,666 per sq.ft.

Not only that, today Mont Vert has reduced infrastructure charges and reserved car parking fees too.

Infrastructure charges are reduced to Rs. 85,000 from Rs. 1,25,000.

From Rs. 2,25,000, reserved car parking has come down to Rs. 1,75,000.

Rent Today Own Tomorrow:

Besides reducing property prices and infrastructure charges, though the possession is in June 2009, Mont Vert Luxury Homes is offering 11 months rent as an additional discount to you.

Which means, approximately, Rs. 1,32,000 off on 2 bhk, Rs. 1,43,000 off on 2.5bhk and Rs. 1,65,000 off on 3BHK!

Which means, approximately, additional property price reduction by Rs. 100 per sq.ft.

Means current property rates, for a few flats, in Mont Vert Tropez is Rs. 2,566 per sq.ft. (approx)!

Hinjewadi deserves it!

View "Take a first left turn as you drive down the Hinjewadi flyover!" in a larger map

More than reduction in property price and infrastructure charges what i liked most about Mont Vert's initiative is it's professionalism and openness.

No secret negotiation or an exclusive deal, Mont Vert advertised the price reduction!

I hope, other builders in Wakad will stop feeling ashamed of reducing property prices and start advertising their reduced property rates.

After all IT professionals working in Hinjewadi, prefer Wakad. And they deserve spacious flats.

Not reducing rates and offering small 1 or 2 bhk flats is nothing less than showing disrespect to those who created boom in Pune real estate market.

With "Rent Today Own Tomorrow" offer Mont Vert demonstrated that they understand your concerns. With this 'open property rates reduction' Mont Vert shows how much they respect you.

Don't you think you deserve spacious 2.5 bhk flat of 1300 sq.ft. in 40 lakhs or 3 bhk flat of 1500 sq.ft. in 45 lakhs? Rest are for - don't know exactly for whom - but, for sure, not for the IT professionals working in Hinjewadi. Right? Please, share your views in the comments. (Comments Policy),

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  1. Just to add, I visited them today, Ravi you are right on the prices. Now do you think these are right prices for this project and this area. I know you may have a soft corner for Mont Vert. Do you think I can meet the owner or top bosses of the company before I buy to see if I can bargain further.

  2. That is indeed a good news considering the builder's reputation. This will surely work as and eye opener for other builders/project in that area.But to b e very honest prices are still unjustified.


  3. This is cool but to buy a flat worth 40L one needs to have a salary around 16L per anum. I would realy like to know 'How many people earn salary of 16L?'

  4. anonymus how did you manage to get a fig of 16L per annum? Ravi is this true.
    I am sure if you are looking for a prop like this you have to pay 20% down i.e 8 lacs so loan amt is 32 lacs. How do u justify 16L per year requirement. I think something is amiss here.

  5. I too visited the site. They showed me their new USP. - A new approach road from hinjewadi main road. Now that looks like a better approach than what we went by today. I hope it becomes functional soon. They told me 15 days.
    I am looking at a 2.5bhk but size is really big at 1350sq ft sale area. 3 BHK is 1550sq ft.
    Dilemma is 2.5 bhk Tropez or
    3BHK compact?
    Wife inclined for 2.5bhk Tropez. Any advice Ravi? Thanks
    Love your blog

  6. # Ref: "Now do you think these are right prices for this project and this area."

    Yes and No! This is a special price for a few flat. The original price was the right price.

  7. # Ref: " I think something is amiss here."

    - All projects are not "entry level" homes.

    - Some are for the first time home buyers who, besides monthly income, have enough savings.

    - Up gradation also happens on a big scale.

  8. # Ref: " Do you think I can meet the owner or top bosses of the company before I buy to see if I can bargain further."

    - I have visited their site offices as a buyer. I found that salespersons have the authority to close the deal on their own. Means the boss is not involved in finalization.

    When the salesperson has this authority, it is better to convince him first about getting a better deal. If he is convinced then possibly you can get a better deal without seeing the owner.

  9. # Ref: "A new approach road "

    - I visited it too!

    - But eventually the old entrance is going to become a major road too.

  10. Ref: "Dilemma is 2.5 bhk Tropez or
    3BHK compact?"

    - Both fit in the same budget. Right?

    - I will say 2.5 bhk. Besides number of rooms and the area the "feeling of a space" also matters. It starts from the entrance lobby to floor lobby. It is better to get that feel and finalize.

    - However, how you are going to use that room, who is going to occupy it, also plays important role.

    - House wifes have their own calculations and a strange sense about it than husbands. It's better to let them decide.

  11. I dont think these prices are right. Infosys and other companies are planning to lay off 50,000 employees every quarter till the recession is over.

  12. Good Luck to Infosys guys and gals.

  13. #ref: "This is cool but to buy a flat worth 40L one needs to have a salary around 16L per anum"

    Don't know how we got this figure. For Rs. 32lacks-34lacks home-loan with tenure of 20years, you should have salary of 8lacks-9lacks per annum.

  14. Ravi Nice blog. I agree with you that each buyer enters at different level. So I do not agree with one of the post here that who will buy these property. I can and many others can the BIG Q is ... Is this the bottom. I am not sure of the bottom but we are near there IMHO.
    I am looking for a bargain and more and more seems to be coming around with Mont Vert Tropez kneeling to market conditions and taking a bold approach and reducing the total cost.

  15. #ref Don't know how we got this figure. For Rs. 32lacks-34lacks home-loan with tenure of 20years, you should have salary of 8lacks-9lacks per annum.

    This is exactly the statement I was expecting. There is difference in eligibility and 'what you can afford'. Do a google search on 'Home prices vs income ratio'. Take example of above case, 9L yearly income with 32L of loan and 10% interest rate for 20 years emi would be around 30T per month so yearly 3.6L is gone in EMI, 1.4 L taxes which leaves 4L i.e 34T per month for all the expenses which includes your veichle, grocery, utilities, child education and what not. After all those expanses how much can you save? Is it worth to compromise other luxuries in life for buying a house with unrealistic prices. When people borrow money to there limits for a particular comodity then it leads to bubble. This is what happened in last few years.
    After doing a google search as above you will see different people saying different things, to me ratio of 2.5 is a nice ratio when you can afford housing without compromising other luxuries of life. I know people will make an argument that person earning 9L will have salary of 18L in few years, but it's just a hope. I don't think that we will see same salary increments in future which we saw in last few years.

  16. Wakad doesn't deserve a price of even 1800 Rs / sq ft.

    There is no return if you buy anything above that price.

  17. Just went across the whole blog.
    Indians are great. Read the first few pages of this person(Director RBI) and he has concluded in 2006 that there will be Real estate bubble bust soon in US Link: . As they are taking loans more then what they can afford. Their Home prices/Income ratio has long been 3 - 3.5 in almost all regions. And in 2006 it went to 5.
    And you know our Home prices/Income ratio, calculated based on Per capita of country its several hundreds. Don't believe me ? look at this

    Anyways it should always be below 5

  18. interesting news.

    What makes them reduce the rates by whopping Rs 500 psft in not even one month since they launched the great RTBT scheme? by the time industry stouts were shouting at the top of their voice that we have reached the bottom, it can't get any down. What is this happening now?

  19. Spoke to the director of Comapny Manish Kaneria from here CT USA on why this great reduction in price and RTBT? This is his response as I remember...
    RTBT was great success for Pashan area properties but but not so great for Wakad.
    So mont vert had to do the direct thing ie reduce the price of the property to see if serious buyers with affordability show up.
    he also said while others were negotiating close doors on prices mont vert wanted to do it by advertising.
    he also suggested that this reduction is keeping in mind about 40 flats that will become available in June July 2009 as ready possession. So why not sell these and use the funds wisely to look for land bargains for future projects.

    I must say it was a very interesting, open and lengthy conversation with him.
    I am going to have my dad look at the place while I do the detail study on their website.
    Ravi nice blog. Please can you report on your view of the mont vert Tropez. This will help me and others.

  20. # Ref: "Ravi nice blog. Please can you report on your view of the mont vert Tropez. This will help me and others."

    - Sure! I will "review" Tropez! Good idea. Thanks!

  21. # Ref: " Infosys and other companies are planning to lay off 50,000 employees every quarter till the recession is over."

    - Good news for you:

    Infosys hires 5,000 employees in Q4

    April 15, 2009 14:19 IST

    Software services provider Infosys Technologies said Wednesday it has hired close to 5,000 employees in the first three months of this year, but net additions were just 1,772 to its headcount after taking into account attrition and other factors.

    The total headcount of Infosys [Get Quote] and its subsidiaries stood at 104,850 employees as on March 31, 2009, the company said in a statement.

    'During the quarter, Infosys and its subsidiaries added 4,935 employees (gross). The net addition during the quarter was 1,772,' it stated.

    In the entire financial year ended March 31, 2009, the company took on board 28,231 employees, but the net additions for the year were just 13,663.

    "The year ahead would be challenging on the people front. Our continuous investment in capability development, training and certification would make us more competitive. We have tightened our performance management system to create a more focused workforce," Infosys Head-HRD and Education & Research TV Mohandas Pai said.

    Overall, the company's headcount at the end of FY 08-09 stood at 104,850, 42 per cent higher than 73,490 employees in FY 2007-08.

    The company's employee strength has been steadily increasing from the past five financial years. The employee strength was 23,377 in FY'04, 32,178 in FY'05, 44,658 in FY'06 and 59,831 in FY'07.

    'We continue to invest in our employees through training and building their skills across various technologies and domains,' the statement added.

    Infosys Wednesday announced a 29.1 per cent increase in consolidated net profit at Rs 1,613 crore (Rs 16.13 billion) and a 24 per cent growth in income to Rs 5,635 crore (Rs 56.35 billion) for the quarter ended March 31, 2009 as compared to the year-ago period.

  22. # Ref: " Infosys and other companies are planning to lay off 50,000 employees every quarter till the recession is over."

    -Good news for you:

    Infosys CEO, S Gopalakrishnan, says no layoffs this yearAs Infosys prepares to cope with lower demand for software services this year, it will have to take measures to compete aggressively and protect its operating margins.

    CEO S Gopalakrishnan told ET in an interview that his company will not lay off software professionals this year, but absorb them in internal projects. Following are the excerpts from the interview:

    Would Infosys be looking at layoffs?

    Compared to the global environment, India is significantly better.

    Layoffs have not taken place.

    There is a focus on performance in this industry and ranking is based on that. We cannot afford to lower the performance bar, though such numbers are very low in Infosys.

    There are no layoff plans or job cuts at Infosys. In fact, we are still investing in training and certification programmes. The number of people asked to leave is very small. The Economic Times

  23. From Rs. 2,25,000, reserved car parking has come down to Rs. 1,75,000. What a Joke!
    And about the layoffs, IT people started to realize what is happening in there company and perception in media!

  24. 1,75,000 for car parking, 85K for MSEB a rate of 2666psf and you still feel so happy about them that they have publicly reduced the rate. I have visited their site, there is no shops nearby and approach road seems to be passing thru a slum.

    How can someone justify such a price.

    Read my views on Mont-vert Tropez at Pune Realty

  25. Hi Ravi,
    Thanks for a nice blog. I thoroughly enjoy ur comments.
    I brought 2 BHK flat in Tropez last year , @ rate of RS 3175/ Sq feet. Now the rates have fallen to RS 2666. Also the rates for MSEB ( Rs 75, 000) and double car park Rs 2,25,000 has been reduced. Its total loss of roughly 6-7 lacs for me.
    Ravi do u think i should cancel the contract as the construction is still going on, and i am paying more than whats the good is worth of ? Please guide me
    Many thanks

    Ravi do u think its worthwhile to cancel the

  26. # Ref: "Ravi do u think i should cancel the contract?"

    - Hello Sudhir!
    Cancel? Why do you wish to penalize yourself? If you cancel, your loss would be lot more than 6-7 lakhs.

    You are not the only one in the project who is loosing money. There are others who booked along with you. Add to it bookings in other projects in Wakad. This is a serious issue.

    Obviously, no builder will come forward to compensate your losses.

    It doesn't mean you should not try to "reason" with the builder. Collectively. Try your best.

    Otherwise, if it's your residence, does price reduction make any difference? Not really, until bank tells you that you are a defaulter.

    If it's an investment, loss and profit is a part of the game.

    As it is, it's expensive and not so easy to sell when the project is under construction. After possession is the best time.

    "Hold on. Things will improve down the line." is too optimistic view.
    "Cancel" is an equal extreme end.

    Instead of losses. Try to focus on what you are getting. If you find: 1) this flat would be a good asset with a potential of appreciation or 2) can provide comfortable living, - keep it.

    Ask yourself, why did you book it in the first place?

    You may find some worth in the liability!

    Mostly, real estate investment is more than a financial calculation.

  27. the current rate they are offering is 2150 per sq ft... the cost of 3 BHK comes to about 38 lakhs, which I have booked recently...