Friday, April 17, 2015

Dwarka Darshan

Naiknavare Developers Present "The Summer Home Carnival"
The Best Deals This Summer - Gudhi Padwa to Akshay Tritiya -
for 1 BHK, 2 BHK, 3 BHK Flats & Row Houses in Dwarka at Chakan:

Dwarka Avenue View

At Naiknavare Developers' Dwarka at Mahalunge on Chakan Talegaon Road, everyone asked me only one question - Are you looking for a flat on rent?

Yes! Everyone!! Not only the shopkeeper in front of the main gate, the security guards, the construction workers, the residents, children playing inside Dwarka, but even the guy in the site sales office of Dwarka!!!

Everyone, except the receptionist at Naiknavare Developers' ( head office on Ghole Road at Shivajinagar, Pune. She gave me the brochure of "The Summer Home Carnival" and explained the scheme in brief.

From Gudhi Padwa to Akshay Tritiya - you can 'apply' for any property in Naiknavare Project. Dwarka at Chakan & Eagle's Nest at Vadgaon - Talegaon in Pune real estate market. A flat or a row house or a townhouse. By paying only Rs. 35,000. Then you are free to choose a deal. The best deal of your choice.

Now, we all know what is the meaning of the best deal. Right?
Borrow at a high interest rate from a bank and giveaway that money - free money - to the builder - without any interest - for free - so that, the builder can survive! Right?

This was the 'offer' of Kolte-Patil Developers' Nest Fest 2015, Pride Purple Groups' Tag Your Home Expo, Maple Shelters' India Housing Day,, Darode-Jog Properties Exclusive Pre-Launch Offer (EPL Offer). Right?

To make it easy for you to borrow - banks - mostly private banks - foreign owned private banks - are ready to accept your 20 percent 'own contribution' in two installments. 10 percent at the time of agreement. 10 percent at the time of possession.

This is happening in broad daylight. Under the very nose of Reserve Bank of India.

To tempt you to borrow from the bank and giveaway to the builder - Naiknavare Developers are ready to share your home loan interest. 1) Till possession - out of (9.9 percent current) prevailing interest rate of HDFC - you pay only 7 percent and Naiknavare will bare the rest (currently 2.9 percent (9.9 - 7)) or 2) For 12 months - Naiknavare will pay your EMI. Means, you pay no EMI for 12 months - Enjoy 12 Months EMI Holiday. You are free to chose one out these two temptations! What freedom!!

Besides this - Naiknavare Developers are giving you "rental assurance & assistance'. After the possession, Naiknavare is assuring you that you will earn rental income. For that, Naiknavare will help you to rent your flat.

Naiknavare Developers have announced - Don't Pay but Get Rent!

Don't Pay means what? Don't Pay EMI? No! Not at all! Don't misunderstand. Considering the rental in Dwarka - 3,000 to 6,000 for 1 BHK & 2 BHK Flats - you may recover only the monthly maintenance & water charges. Not your EMI.

Because approx current all inclusive property prices, as per Naiknavare Developers price list, at Dwarka are -

1) 1 BHK Flat - Rs. 20.26 - 21.53 Lakhs Onward
2) 2 BHK Flat - Rs. 30.67 - 33.94 Lakhs Onward
3) 3 BHK Flat - Rs. 37.50 - 40.42 Lakhs Onward
4) Row House - Rs. 77.15 Lakhs Onward

Karmanye Vadhikaraste Ma Phaleshu Kadachana
- You have the right to work only - but never to its fruits:

At Deccan Gymkhana bus stop, I saw Naiknavare Developers' The Summer Home Carnival offer painted on PMPML bus. "Naiknavare, You Too?" I said to myself and visited their head office on Ghole Road.

The attractive receptionist gave me the booklet and brief information about the scheme. An unenthusiastic salesperson gave me the price list & brochure of Dwarka.

Since there was no other 'investor' present, the salesperson expressed his inability to arrange the site visit. So, I took Corporation to Mahalunge PMPML bus to Dwarka.

I knew that for Dwarka, I have to walk one and half kilometer from Chakan Talegaon Highway, still I asked a shopkeeper - How to go to Dwarka? - and instead of an answer - I was asked the famous question - for the first time - Are you looking for a flat on rent?

While walking on the kaccha road to Dwarka, I understood the meaning of "A Bharat Pattern Township".

Mostly the kaccha road was empty. On the edge of that kaccha road,  three or more people were skillfully riding on old - outdated - models of two wheelers. Without bothering the two wheelers, small rows of people - in bright shirts & trousers - were walking on the same edge of the kaccha road. All would vacate the edge of the kaccha road - as soon as some truck blow horn. Once in a while, a brand new car would pass by - at the speed of a bullock cart.

India is a poor country.  In poor India, young unskilled - semi skilled - labour is available at very low wages. They need housing. Which locals can't provide. So, builders - like Naiknavare Develoeprs - buy farmers' land. Build housing. Which unskilled - semi skilled - workers can only rent - not buy.

So, the smart builders - like Naiknavare Developers - are appealing to white collar salaried middle class  people who are eligible for housing loans.

The builders - like Naiknavare Developers - are taking disadvantage of these white collar salaried middle class people's inability to do simple maths and their greed for money.

By painting an unrealistic picture of future development - like an airport at Chakan and huge foreign investment in Chakan MIDC - the builders - like Naiknavare Developers - are tempting these white collar salaried middle class to borrow money from the banks at high interest rates and "invest" it in housing - which will give them huge passive income - huge property appreciation.

If you read a few comments on my old blogs, you will realize that Naiknavare Developers ( had to face tough challenges. However, somehow, they managed to overcome them. Economic crisis, slow industrial growth, inflation, lack of governance had affected the bookings and  the construction at Dwarka. But Naiknavare didn't give up. At Dwarka in the last 7 - 8 years, they have built and given possession of nearly 2,000 flats. More than 500 flats are already occupied. Dwarka has water supply from  Bhama Askhed Dam. I was told. Ideally, what Naiknavare has done may not be great. But, realistically, Dwarka is a big success.  

However, down the line, the white collar salaried middle class real estate investors have realizes that the rate of appreciation in Pune real estate market is not much. In fact, too less than the projections. Return on investment - rental income is negligible. Maintenance cost of property is exorbitant. Infrastructural development is too slow. Growth of IT, auto, engineering industries is not much. Job creation is slow. Salaries are low. But getting out of real estate market is not easy. Forget about booking a profit - liquidating investment is not easy.  There are no buyers. Plus, financially, capital gain tax is prohibiting them from selling the property. This situation has affected all builders in Pune. Including Naiknavare Developers and Dwarka.

However, now, what can an investor do but keep on reading Bhagvad Gita -

Karmanye vadhikaraste Ma Phaleshu Kadachana,
Ma Karmaphalaheturbhurma Te Sangostvakarmani

You have the right to work only but never to its fruits.
Let not the fruits of action be your motive, nor let your attachment be to inaction.

Moral of the story is - Today, in Pune real estate market, an investor can't earn appreciation and - the end user - a home buyer - can not buy a home. He can only rent a flat. Like most of the families living in Naiknavare Developers' Dwarka at Chakan (

Visit Naiknavare Developers' Dwarka - 130 Acre Township of 6000 Affordable 1 BHK 2 BHK & 3 BHK Flats & Row Houses at Mahalunge on Chakan Talegaon Road Pune 410501 - Photowalk:

Naiknavare's Dwarka, Chakan - Layout

Contact Naiknavare Developers' Dwarka at Chakan:

98500 53249 / 88050 30222 / 98503 00387 / /

Related Stories:

1) Now, Chakan, hot real estate investment destination in Pune, has a new addition
- Eiffel City, Boulevard township of 2 and 3 bhk flats and Villas

2) Naiknavare's Dwarka at Chakan - offers special property rates for 1 bhk, 2 bhk, 3 bhk flats and row houses

3) Naiknavare's Dwarka at Chakan Talegaon Road - property prices of Row House & 3 BHK, 2 BHK & 1 BHK Flats

4) Naiknavare's Dwarka Chakan Property Prices

5) Pune Property Prices & Availability November 2013

6) Current Property Prices & Availability in Pune West

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