Saturday, April 2, 2016

Own a Home or Double Your Money

मालक व्हा घराचे किंवा दुप्पट पैशांचे -
Own a Home or Double Your Money
An Offer by Amit Enterprises Housing Ltd. Pune

Own a Home or Double Your Money - Astonia Royale Ambegaon

On the April Fool's Day 2016 - मालक व्हा घराचे किंवा दुप्पट पैशांचे - announced the full front page advertisement of Amit Enterprises. Pay 10 per cent to book a flat. No Pre-EMI till possession. At the time of possession - if you change your mind - get back double the booking amount. The offer was for Bloomfield & Astonia Royale at Ambegaon and Colori & Astonia Classic at Undri.

Instead of calling 91 99 22 99 88 99 for more information, I decided to visit the office of Amit Enterprises. When I reached the only address given in the ad - Amit House, 1902, Sadashiv Peth, Bajirao Road, Pune, Bharat - the security guard told me to visit the site sales offices.

What an opportunity! I can actually visit the meticulously planned Mediterranean style township Astonia Royale!! I can enjoy 2 Lakh sq. ft. amenity space, centralized garden & clubhouse which reflects Singaporean architecture. All of this - Mediterranean, Singaporean & all - at Ambegaon!

Own a Home or Double Your Money - Main Gate of Astonia Royale Ambegaon

You know who welcomed me at Astonia Royale? My old friend Mr. Ravindra Davkhare, Senior Manager - Sales. Obviously, first few minutes went in talking about our old days. About his days in Aditya Builders' Krishnakeval Township & Highland Winds at Kondhwa, selling ICICI Home Loans - my old days in real estate advertising & failed sole selling venture on Pashan Sus Road etc.

Then I asked Mr. Davkhare about the offer. The offer is simple. 10 per cent booking amount. No pre-emi. At the time of possession - if you change your mind - get twice the booking amount - double your investment in 3 years. Mr. Davkhare said.

It would be better if you explain the calculations - the financial benefits for a flat buyer - I requested.

Calculations are done by the finance department. My job is to sell the offer. By the way - who will cancel the booking at the possession stage? Here - we have all - well to do - Maharashtrians - who from booking to possession - I have observed in my last 6 years at Astonia Royale - develop emotional attachment with their flats - they won't cancel their flat only for the sake of 'double booking amount'. Mr. Davkhare said.

Yes, you know better. I said and expressed my wish to visit the site.

Write something good about my project. Post good photos. Mr. Davkhare said and told his assistant to give me the site tour.

While walking from the site office to the main entrance gate, Davkhare's assistant told me the difference between the original & the current floor plans.

When we were about to enter Amit Astonia Royale, Mr. Ravindra Davkhare, Senior Manager - Sales, came running and ordered us to stop. He told his assistant to go back to the office.

"You can't go inside. You are prohibited," Mr. Ravindra Davkhare, Senior Manager - Sales, said.

"Why?," I asked.

"You know why! Why do you do this? Why do you hurt the sentiments? Someday - if someone - loses his cool - you may have to pay a heavy price. If you want to maintain good relations with us - delete that post on Facebook," Mr. Ravindra Davkhare, Senior Manager - Sales, said and told me to go way.

Are you curious to know which is that Facebook post?

Here it is -

Own a home or double your money

Posted by Ravi Karandeekar on Friday, April 1, 2016

Related Stories:

3) Real Estate Regulatory Authority (RERA) Comes to Town

2) Amit Enterprises launches Astonia Royale, next to Bloomfield, in Ambegaon Village on Mumbai Bangalore Highway

1) Why i can't refuse to visit Amit's Astonia Royale at Ambegaon Village

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  1. This is yet another scam to fool buyer.
    The ad says double your money as if builder will pay double the flat price, when actually it's just the booking amount.

    "No Pre-EMI till possession. At the time of possession - if you change your mind - get back double the booking amount."

    - This means builder doesn't have money to complete project, so no pre-EMI till possession, & this too is with conditions apply as liability of repaying loan is with buyer & not builder so if builder defaults, banks will catch buyer.

    And this booking amount is meagre when compared to total cost. The buyer looses heavily in terms of stamp duty, registration, LBT, TDS, service tax etc. So this money which is actually more than double the booking amount is already lost. Add to it the interest lost on this booking amount had it been kept in bank.
    And by the time project gets completed & prices fall by 50%, what will buyer do with double the booking amount or project is not completed even after 10 years ?
    So overall, this is loose-loose case for buyer. If buyer is smart enough, he should directly ask builder to give 50% discount than resort to such gimmicks.

    Btw, can Mr. Ravindra Davkhare, Senior Manager - Sales answer what is the fate of Amit Sereno at Baner, near Pancard club which is stalled even after 4 years of launch & last year given to Kolte Patil who themselves are unable to complete their own existing projects ?

  2. I am resident of Astonia Royale. The project is a big failure. The plan was for 18 building into 48 flats per building. Now with additional FSI they have added 250 more flats putting more burden on infrastructure which is already insufficient for current Residents. No amenities provided yet. No late possession compensation given.

    1. "Now with additional FSI they have added 250 more flats putting more burden on infrastructure which is already insufficient for current Residents."

      - This is precisely the reason why builders don't do conveyance deed and keep giving lame excuses of 3 year old petition of HC.
      As said before, if builder is not going to give in writing about conveyance deed, don't buy flat. As long as builder owns the land, he will keep exploiting buyers. Right now crook builder added 250 flats, tomorrow if he manages more TDR, he will put another 250 ! Those builders who care about their buyers will do conveyance deed in stipulated time as mandated in MOFA.

      Now since Amit builders has cheated you (just like his other project buyers), you should file case in consumer court against the builder.
      These are this week verdicts in favour of buyers :

      The district consumer court has asked a builder to pay compensation ranging from Rs 15 lakh to Rs 19 lakh to each of the complainants for violations that came to light after the construction of the building.

      This one is of Pune based crook builder, Rama builders who too got penalised.

      Consumer forum slaps Rs 2 lakh fine, asks him to provide facilities in six weeks -

      This court order should be ample encouragement for people who do not appeal against builders, thinking they might lose the case.

    2. monk as i dont have ur email id.. something for u plz read at link

  3. Hi Ravi, I came across this link about the real estate crash in 1997 where prices crashed 50% -
    Late 80's/90's born generation like me would not be aware about it. If you were involved with real estate at that time can you please share your experience/views at that time, maybe with a blog? Like was price crash was mainly limited to under construction property or did it affect even ready possession/resale flats?