Approximate Property Prices of 2 BHK, 2.5 BHK & 3 BHK Flats in Splendour - Megapolis Smart Homes 3, Hinjewadi Phase 3, Pune 411 057:
1) 2 BHK Flat - 855 sq.ft. Carpet:
Non Garden Facing - Rs. 44,85,658 (1st & 2nd Floor) - 47,20,409 (12th, 13th & 14th Floors)
Garden Facing - Rs. 45,44,345 (1st & 2nd Floor) - 47,79,096 (12th, 13th & 14th Floors)
|2 BHK Flat - 855 Carpet - Splendour - Megapolis Smart Homes 3: 2 BHK, 2.5 BHK & 3 BHK Flats at Hinjewadi Phase 3, Pune 411 057|
2) 2.5 BHK Flat - 1,003 sq.ft. Carpet:
Non Garden Facing - Rs. 51,95,082 (1st & 2nd Floor) - 54,70,405 (12th, 13th & 14th Floors)
Garden Facing - Rs. 52,63,913 (1st & 2nd Floor) - 55,39,236 (12th, 13th & 14th Floors)
|2.5 BHK Flat - 1003 Carpet - Splendour - Megapolis Smart Homes 3: 2 BHK, 2.5 BHK & 3 BHK Flats at Hinjewadi Phase 3, Pune 411 057|
3) 3 BHK Flat - 1,112 sq.ft. Carpet:
Non Garden Facing - Rs. 57,19,850 (1st & 2nd Floor) - 60,25,188 (12th, 13th & 14th Floors)
Garden Facing - Rs. 57,96,134 (1st & 2nd Floor) - 61,01,473 (12th, 13th & 14th Floors)
|3 BHK Flat - 1112 Carpet - Splendour - Megapolis Smart Homes 3: 2 BHK, 2.5 BHK & 3 BHK Flats at Hinjewadi Phase 3, Pune 411 057|
Megapolis April 2008 to April 2012:
View Investing in Hinjewadi IT Park Phase 2 & 3, Pune in a larger map
Pretending as the 3rd integrated township - after Amanora & Blue Ridge - formed as per Special Township Act of Maharashtra Government, in April 2008, Pegasus Properties - joint venture of Avinash Bhosale Group, Kumar Properties, GIC, and MIDC - launched 1,400 Crore Megapolis on 150 acre land leased from MIDC for 95 years.
At the time of launch of Megapolis (www.megapolis.co.in), Mr. Amit Bhosale, Director of Pegasus Properties, has announced that the first phase of 900 flats will be ready in 24 months - 2 years and rest of the 21 story 58 towers will be ready in 5 years. Means, in April 2013.
However, today, in April 2012, some 50 property buyers are living in - not completely ready - Sangria Towers, the first phase of Megapolis. These Sangria Towers, cluster of 9 towers of 21 stories, will take more than one year to complete.
However, 150 acre Megapolis isn't an unusual phenomenon. Other big townships - Amanora 400 acres (www.amanora.com), Blue Ridge 138 acres (www.blueridge.in), Nanded City Pune 700 acres (www.nandedcitypune.com) - all launched approximately 4 years ago - are in the same boat. Today, approximately 50 property buyers - a few more or less - have somehow managed to get possession of their flats in these townships.
Why only consider big size townships in Pune? There are many small size projects in Pune real estate market - 200 to 300 flats in 5 - 6 Buildings of 11 story - launched 4 years ago are still not completely ready in Wakad & Baner! For example Rohan Tarang Wakad (2006) & Rohan Leher Baner (2008)!!
In December 2009, to revive the almost stalled Megapolis, Pegasus Properties took two steps. First, it reduced the property rates of Sangria Towers from Rs. 3,200 per sq.ft. to Rs. 2,850 per sq.ft. Second, it launched Sparklet - Megapolis Smart Homes 1 - approximately 1200 units of 1 BHK Flat - 480 Carpet - for Rs. 16.6 to 16.9 Lakhs & 2 BHK Flats - 760 Carpet - for Rs. 24.86 to 25.35 Lakhs.
Compared to Celestial City Ravet and other affordable compact flats launched at that point in Pune real estate market, for sure, Sparklet - Megapolis Smart Homes 1 was a better offer. Mainly, because of it's location - in the third phase of Rajiv Gandhi Infotech Park at Hinjewadi and the ready road and other infrastructure developed by MIDC. Obviously, Sparklet - Megapolis Smart Homes 1 received good response. Considering the progress of construction, if Sparklet - Megapolis Smart Homes 1 would be ready for possession in March 2013 - 3 years after the launch - it would be considered as a sort of a record in Pune real estate market.
Realizing that not the so called luxurious properties in Sangria Towers but the flats in Rs. 20 to 40 Lakhs price range is the key to survive, in August 2010, Pegasus Properties launched Sunway - Megapolis Smart Homes 2. Just 6 - 7 months after the launch of Sparklet - Megapolis Smart Homes 1. At nearly the same property rate of the closing booking rate of Megapolis Smart Homes 1. Rs. 2,400 per sq.ft. for Non Garden Facing Flats on the 1st to 2nd Floors to 2,850 per sq.ft. for Garden Facing Flats on the 12th, 13th & 14th Floors.
However, Pegasus Properties managed to increase it's profits by marginally increasing the carpet areas of the 2 BHK Flats - from 760 sq.ft. in the Sparklet - Megapolis Smart Homes 1 to 805 sq.ft. in Megapolis Smart Homes 2. Plus, in Sunway - Megapolis Smart Homes 2, Pegasus Properties introduced 2.5 BHK Flat of 964 sq.ft. Carpet area.
All inclusive property price of Rs. 28.46 to 33.62 Lakhs for a 2 BHK Flat and Rs. 33.51 to 39.65 Lakhs for a 2.5 BHK Flat was, surely, not only affordable but also very attractive for the young Hinjewadi IT professionals, Defense Personnel, Managers in Central Government and salaried real estate investors in Pune & Mumbai. Who booked more than 600 units - nearly half of the total number of flats in Sunway - Megapolis Smart Homes 2 - at the launch property prices in a few months.
Around November / December 2012, nearly 15 - 16 months after opening booking, Sunway - Megapolis Smart Homes 2 was almost 'sold out' - all approx 1200 flats were booked. Last 2.5 BHK Flats - on 1st & Top (14th) Floor - were priced at Rs. 46.23 Lakhs.
Though the flats were not available, property buyers who were searching property kept on visiting Megapolis. Because, property prices in Pimple Saudagar, Wakad in PCMC and Balewadi, Baner, Bavdhan in PMC were beyond budget of most of the property buyers. Along with the prices and property, construction progress of Sparklet - Megapolis Smart Homes 1 & Sunway - Megapolis Smart Homes 2 was looking quite impressive for the visitors. Obviously, majority of visitors expressed their interest in the upcoming Megapolis Smart Homes 3 and left their contact details with the marketing team.
By March 2012, the sales team of Megapolis had compiled a long list of 900 would be property buyers but there wasn't a single flat available to sell. The sales team of Megapolis was siting idle. In the last 16 months, the team of contractors have nearly finished the RCC of Sunway - Megapolis Smart Homes 2 and they were available to start the RCC of Megapolis Smart Homes 3. It also means that, nearly 90 per cent payment of Sunway Megapolis Smart Homes 2 was already received and the balance 10 per cent may take 24 more months to come.
So, opening booking of Splendour - Megapolis Smart Homes 3 was important for Pegasus Properties. Booking of Megapolis Smart Homes 3 was the only source of revenue for the builder. Booking of Splendour - Megapolis Smart Homes 3 means work for the idle sales team. Booking of Splendour - Megapolis Smart Homes 3 means not losing the RCC contractors.
So, on 13th March 2012, Pegasus Properties opened booking of Splendour - Megapolis Smart Homes 3. In the next 2 weeks, everything happened exactly as expected. RCC Contractors got work orders. Once again, the sales team of Megapolis became busy. Out of the list of 900 people, nearly 100 property buyers booked their flats by giving 15 per cent of the agreement value. Means, new & only source of revenue opened for the builder.
However, when i saw the booking forms, I noticed that most of the property buyers were experienced working couples. Not the young first time home buyer from Hinjewadi. Because of the property prices, Spendour - Megapolis Smart Homes 3 has lost it's sheen & edge. Megapolis Smart Homes has lost it's soul and body.
Now, i realized that, not the young IT professional - the first time home buyer - but the builder's greed for more profit has become the driving theme of Splendour - Megapolis Smart Homes 3. It's not win - win offer, anymore. Now, it's I (builder) win, you (the property buyer) lose - offer. Like all offers in Pune real estate market.
Killing of the goose that lays golden eggs:
When i visited the structure of RCC & Brick Work of Sparklet - Megapolis Smart Homes 1, I asked the salesman the reason behind launching 2 BHK Flats in Splendour - Megapolis Smart Homes 3 in the property price range of Rs. 45 Lakhs to Rs. 50 Lakhs.
Casually, he said, "Because, at some point of time the builder has to focus on earning profits! You know that we sold Smart Homes 1 & 2 at very low price..."
"Not at low price but at the right property price - because at that point of time you were struggling to survive. Now, you may be safe - but what about the completion of the entire 150 acre Megapolis?," I asked.
"Come on...timely possession and completion of the project are property buyers' concerns. For a builder what matters is 'how' - not 'when'. Smart Homes 1 was social work - Smart Homes 3 is business," the salesman of Megapolis said.
"Don't you think that Smart Homes 3 would be quite a slow business? Look how much time you took to sell bigger & better 2 BHK Flats for Rs. 45 to 50 Lakhs in A, E, G, H Towers of Sexy Sangria?," i asked.
"Who told you that we are in a hurry? Plus, ask any property property buyer in Smart Homes 1, 2 & Sangria - they will tell you that they all are happy about appreciation of their investment! Our goal is - customer satisfaction!," the salesman said.
Yes, the salesman of Megapolis was right. All Pune property buyers in Pune real estate market always believe in all ideas which are always beneficial for the Pune builders.
After you book a flat - you suddenly stop bothering about your colleagues and friends, your younger brothers and sisters, your relatives and neighbors - who are looking for a home. Irrational property rate is no more your concern. Unethical, abusing and exploitative business practices of the Pune builders and housing finance companies don't make you angry.
After booking a property you turn into a selfish pig. What matters to you is the value of your property. You become so dumb that when builder increases property rates for more profits - you take it as an appreciation of your property! So, the salesman of Megapolis was right. Those who have already booked must be happily congratulating themselves and Pegasus Properties.
Same with those who are looking for home near Hinjewadi! True, majority would be unhappy about the hiked property rates of Splendour - Megapolis Smart Homes 3. But, like politics - not the enlightened majority but naive minority always supports and accepts the property prices.
These naive minority would be property buyers, the builders of Megapolis Smart Homes 3 know - will not ask - on what basis Pegasus Properties demands the property rate of Rs. 3,500 to 3,750 per sq.ft. In any business - from a supplier - a purchase manager of a company demands for the bifurcation of the cost. But in real estate business, the property buyer never asks to his supplier - the builder - what is the cost of a land, cost of RCC & brickwork - plaster, cost of bought out finishing items like tiles, sanitary fittings, doors and windows.
Even when the land is given by MIDC, which is owned by Maharashtra Government, to Pegasus Properties for the purpose of providing housing for the workers of IT Companies in Rajiv Gandhi Infotech Park at Hinjewadi. Where increase in the property rate should be related to increase in the cost of construction raw material and labor charges.
These minority would be property buyers are too desperate to ask whether it's constitutional for the Sate Owned MIDC - which is one of the partners in Pegasus Properties - to use Maharashtra Government's land for exploiting the citizens of Maharashtra!
Who will go to Bombay High Court against Maharashtra Government and demand - Was this land acquired from the farmers of Maharashtra to make Avinash Bhosale Group, Kumar Properties and GIC - investment arm of Singapore Government, rich?
Not only the white color workers in IT Companies, but Pegasus Properties knows that the Hinjewadi Industries Association (www.hiapune.in) which launched "Hinjewadi First" to demand better roads, power and water for Rajiv Gandhi Infotech Park will not lift a finger for it's workers!
Hinjewadi Industries Association will not insist on providing housing for the eligible majority of it's workers. Instead of that, like these industries have always done, they will start talking about expected rise in the job opportunities in the third phase of Hinjewadi. Which will frighten those who are not convinced about the property & price and are siting on the fence to jump in the fire and book in Spledour - Megapolis Smart Homes 3 - before the property price rises after the certain number of bookings!
"Mr. Ravi Karandeekar, property prices is not an issue. On your blog you should write about "increased service tax in Union Budget 2012"! You should talk against banks for not reducing home loan interest rates. You should be against banks not funding stamp duty, registration charges, service tax and other charges. All these increases the own contribution of the property buyer, reduces his eligibility for a home loan and makes buying a home more difficult for him!," the salesman of Megapolis said.
"Yes! You are right! I should write about it. Fighting with the government is better than loosing your friendship. Agreed, I should never write about your property prices. But, considering these issues what motivated you to launch properties in the price range of Rs. 45 to 60 lakhs?," i asked.
"We keep our eyes open. Though we are a few kilometers away - we are aware about the property prices in Wakad and Baner - Balewadi! If you compare the property prices of Spendour - Megapsoli Smart Homes 3 - with the prices in the known & familiar areas in PMC & PCMC - you will accept that our property rates are competitive!," the salesman said.
"So are the rates in Life Republic (www.liferepublic.in) and Nanded City Pune! You know what? Someone asked me to help him choose between Life Republic & Megapolis Smart Homes 3. He said costing of a 2 BHK Flat in both the projects is nearly the same - he was confused about finalizing! Can you guess, what would have I said?," i said.
"Certainly! Splendour!! We are planning to give possession of all buildings in March 2015 - in just 3 years!," the salesman said.
"Yes! I could say that only in 2013 - after you give possession of Sparklet - Megapolis Smart Homes 1!! However, i never expect any builder to give possession on time. Why take a trouble to give possession on time - when you have already received 95 per cent of the payment? What can any property buyer do who has signed an agreement which is in the builder's favor? So, possession is not a point. Point is - Life Republic is planned as a small private city - whereas - Megapolis is a housing colony of white color workers of Rajiv Gandhi Infotech Park. I told him that it's his personal preference - whether he want his son to grow up as a worker's son or a private citizen!," i said.
"No wonder your readers say that you are biased about Life Republic!," the salesman said.
"Why readers? I myself say that I am biased about all integrated townships and the projects in the residential zones of Hinjewadi Phase 2 & 3 - which includes Megapolis too! But when it comes to choose between the two - for a fact - no human being will like to live on the "Animal Farm" - in the residential zone of Hinjewadi Phase 2 & 3! By pricing irrationally - you have exposed your negative side!," i said.
Guys, when the offer is unethical - do you see any point in talking about the planning, specifications and amenities?
Anyways, Megapolis Smart Homes 3 is just a little bigger version of 2 at a very big property price and the minority would be property buyers only bother about - what are the prospects of appreciation of Splendour - Megapolis Smart Homes 3. Right?
And the answer is - there never will be shortage of the naive property buyers who care less for their life & money!
1) THURSDAY, APRIL 5, 2012
Sparklet - Megapolis Smart Homes 1 - Photo Visit
2)SATURDAY, JANUARY 28, 2012
A Home in Hinjewadi Phase 2 & 3
3) SUNDAY, APRIL 1, 2012
Ravi Karandeekar's Most Popular Pune Real Estate Market News Blogs in the First Quarter of 2012
4) SUNDAY, APRIL 1, 2012
March 2012: Ravi Karandeekar's Most Popular Pune Real Estate Market News Blogs
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 Ravi@RaviKarandeekar.com Feel free to write to me. I reply as soon as i can.
Join me on Google +
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 premium real estate projects in Pune, real estate investment, advertising and other related topics, please, visit and join my Ravi Karandeekar's Pune Real Estate Blog Group