5,000 Rupees Tamasha!
|A huge crowd gathered at the entrance of Happiness Hub|
Sunday afternoon, when I got down from Paranjape Schemes' bus at Happiness Hub, I saw a huge crowd gathered at the entrance.
What's going on? I asked someone.
Angry property buyers had gheraoed Mr. Shashank Paranjape. Mr. Someone told me.
Why? I asked.
People are angry. All flats are booked. How is this possible? The person next to me said.
Really! I said and started crying loudly.
Why are you crying? Mr. Someone asked.
Poor Shashank! Most of the builders are in trouble because there are no buyers. And Shashank is in trouble because there are too many buyers. How fortunate he is. I am crying because I am so happy for him. I said.
Using all my strengths, I tried to enter the crowd. But by the time I reached the center, Shashank was gone. Leaving behind some junior representative of Paranjape Schemes. Who was the target of the angry property buyers.
Let me explain what happened - we had planned to open bookings of only 1,000 flats in the 1st Phase. On Friday & Saturday - itself - all those 1,000 flats were booked. The huge response - was beyond our expectations. How can we stop the people from booking? How can we tell them - don't book all flats on Friday & Saturday - keep some flats available for booking on Sunday - for you all? The junior representative of Paranjape Schemes said.
But - you could have very well announced so in today's newspapers! We would not have come down. One angry visitor said.
Look at this bank cheque! I have driven down only to book a flat. Now, Paranjape owes me petrol & toll money. One angry & disappointed visitor said.
Were you planning to book a 2 BHK or 1 BHK Flat? I asked him.
1 RK. For investment. Controlling his tears, the angry & disappointed car owner investor said.
Who said you will not get a flat? We have opened booking of the 2nd phase! Don't waste time. Go in. The junior representative of Paranjape Schemes said.
In no time, all ran inside the pandal.
But there was one more crowd in the pandal. Angryly arguing with the representative of Paranjape Schemes.
How can you increase the property rates in one night? An old lady asked.
Why didn't you announce the increased property prices in today's ad? An old man asked.
Pointing at the layout plan the representative of Paranjape Schemes said -
This is a first phase. All 1,000 flats in the 1st phase were booked on Friday & Saturday. Only not to disappoint you, we have opened booking of the 2nd phase.
Otherwise - we were planning to open booking of the 2nd phase in 2016-17.
Because, the construction of the 2nd phase will start - after we complete the 1st phase. Means 2 years from now.
Considering hike in the raw material costs in 2017 - 18 - we have increased the property rates of the 2nd phase.
Plus, the flat sizes in the 2nd phase are bigger.
So, in the 2nd phase a 1 BHK goes for 20 -21 Lakhs & a 2 BHK for 30 - 31 Lakhs. All inclusive prices.
Our representative at the sample flat will explain to you in details. Please, go & have a look.
5 lakhs more? 1 BHK was only for 15.25 Lakhs - now, you are asking 20 - 21? This is unacceptable. An old lady said.
15.25 was the basic price. Including government charges it was - around 17 Lakhs. We have increased rates by only 300 rupees - from 2900 to 3200. So, now, the basic price is 17 and after government taxes - it is 20 - 21. The representative of Paranjape Schemes said.
Means - the property prices in your ads were misleading. I was not expecting this from Paranjape Schemes. An old man said.
And what about 1 RK? A smart young man asked.
No 1 RK in the 2nd phase. The representative of Paranjape Schemes said.
This is wrong. This is injustice against us. Said the beautiful wife of the smart young man and started crying.
Holding her close, the smart young man said - Today, young couples can afford to invest only in 1 RK. That too - because the booking amount is only 5,000 and payment plan is 5 - 90 - 5. How can you offer less number of 1 RKs when you plan affordable housing?
Why only young couples? Even we - middle aged middle income people too - can afford to invest only in affordable 20 - 30 lakhs properties at the far away locations - like this. Don't take it to heart. For middle class salaried people - property investment opportunities are very less. If not this - then invest in the next Paranjape Scheme. A middle aged man told the couple.
And - if the flats are available - from Monday - you can visit the office of Paranjape Schemes and book a flat by paying 5 %! Who knows someone may cancel the booking of 1 RK. The representative of Paranjape Schemes said.
Yes! Never lose hope. Look at us. We booked one 2 BHK yesterday. Today we are back with my sister. She wants to invest in a 1 BHK. Today, she has to pay more than what we have paid. But I have told her - go for it. Book. Down the line everything turns out well. A middle aged man told the couple.
Instead of wasting time here - better go inside & book. The representative of Paranjape Schemes said.
I thanked the middle aged couple for boosting the morale of the young couple and asked - What you said - about you & your sister's investments - is it true or you just made it up to calm him down?
All true! Look around. Most of the people are like us. Middle class investors. What about you? The middle aged man asked.
I am Ravi Karandeekar. I am Pune real estate blogger. I am here to enjoy this 5,000 rupees tamasha. I said.
Tamasha? What do you mean? Isn't it good investment? The middle aged man asked.
This is not an investment. This is addiction. Addiction of debt. When you borrow to invest - you create liability. You create debt. We all have become debt addicts. Debt is our drug. It gives us "kick". Illusion. Hallucination of prosperity. I said.
You are talking nonsense. The middle aged man said.
Yes. You are right. I am talking about nonsense. I said.
Launch of Paranjape Schemes' Happiness Hub at Khed Shivapur - Photo Visit:
|Launch Ad of Paranjape Schemes Happiness Hub at Khed Shivapur, Pune|
3) Pune-based real estate developer Paranjape Schemes files DRHP for $95M IPO (Rs 600 crore)
Use of proceeds:
The company plans to use the proceeds primarily for repayment and prepayment of loans (Rs 185 crore), construction and development of ongoing projects (Rs 186 crore) and investment in its subsidiary MDPL (Rs 162 crore for repayment of loan) and general corporate purposes.
2) 5 Reasons why you must not book a flat in Vastushodh Projects' UrbanGram & AnandGram
1) Why we all must appeal to Guardian Developers to stop '100% Interest Free Homes' offer
For precautions & tips in Hindi about buying a flat in Pune real estate market, please, view the video of Mr. Vijay Sagar of Grahak Panchayat.
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