Friday, October 14, 2016

Investing in DSK Dream City Pune

"You have never seen anything like this in your life 
& we bet you never will!" 
- from the brochure of DSK Dream City

Waterfall Residence at DSK Dream City Pune

Yesterday, 30 months after the launch, I visited 8,000 Crore & 250 Acre DSK Dream City near Hadapsar on Pune Solapur Highway.

The occasion was "DSK घ घरांचा उत्सव आनंदाचा!" event.

As per the ad, in this scheme, you can get a 1 BHK Flat in DSK Dream City for Rs. 54.31 Lakhs & a 2 BHK for Rs. 78.8 Lakhs.

As per the brochure, I got at the event, the possession of Waterfall Residence in the DSK Dream City will be in December 2018.

Walking from 'Torch Gateway' - the main entrance of DSK Dream City on Pune Solapur Highway - to Marketing Office in DSK International Campus was a pleasure. I enjoyed the walk-through of DSK Dream City as much as I had enjoyed it for the first time. The huge model was enchanting. Watching boats moving in the river was thrilling. The model of 10 acre Waterfall Residence was convincing.

DSK is offering flats on 999 year lease. It was a news to me. The salesperson took a notice of it & said - "It means that your next 15 generations will live here!"

"How is it possible? I am going to live in this flat for the next 400 years! In fact, at this age, I am here because I am searching an accommodation which will last long," I said.

"Sure! You have come at the right place," the salesperson said.

"Yes! As sure as DSK!! We share same conviction & confidence!!! First show me your 3 BHK Flat," I said.

The 10 acre Waterfall Residence has 8 towers - Ganga, Yamuna, Krishna, Koyana, Narmada, Godavari, Tapi & Kaveri.

If there had been a tower named Mutha River - I would have gone for it. Reluctantly, I settled for Ganga.

Down the line, I know, I have to explain why I chose 23 story Tower Ganga. My explanation would be something like this -

"Not so long ago, when people used to walk on their two legs, they used to visit temples of Gods in Himalayas - in which river Ganga used to rise. Eventually, the soft mountain ranges of Himalayas couldn't bare the onslaught of devotees' footsteps and turned into a plane land. Obviously, Ganga vanished. Thanks to Raj Kapoor for documenting it's glory in Ram Teri Ganga Maili."

I chose 19th floor. Why?

Because, in 2355 when I will celebrate my 400th birthday, it would be easy for me to remember in which year I was born. Otherwise, just imagine, how stupid I will look if I ask my football coach - "Why are we ending practice so early?" - and my coach answers - "Because we are celebrating someone's 400th birthday!"

Though I know that money is nothing but digits, I try to save as much as I can.

That's why when the salesperson told me that - if I book a 3 BHK Flat (114 sqmt / 1227 sqft Carpet + Terrace) in this "DSK घ घरांचा उत्सव आनंदाचा!" event - I can save 38,62,000 - I was really glad.

"Instead of 1,91,22,000 - in this event - you have to pay only 1,52,60,00" - the salesperson said.

"Oh! That's great!!," I said with utmost joy.

"How much can I save if I buy a 2 BHK & 1?," I asked.

"Why are you considering a 2 BHK? This is once in a lifetime offer!," the salesperson said.

"Where do you stay?," I asked.

"In Nav Sahyadri - Kothrud," the salesperson said.

"I stay on Paud Road - Kothrud. Last week I visited Gokhale Constructions' Navratrotsav. I know this is once in a lifetime offer. You know what I mean?," I said.

"Yes! You get a 2 BHK in this price at Kothrud," the salesperson said.

"Right. Still I am interested in a 2 BHK on the same floor. You know - why?," I asked.

"No. Why?," the salesperson asked.

"I have frozen my sperms. I am sure efficacy of my frozen sperms - an ability to produce - would be very strong even after 50 - 100 years. So, down the line - if I feel like having a baby girl - I should invest for her in a 2 BHK - right now. Right?," I asked.

The salesperson told me that instead of 1.29 - I can get a 2 BHK (83 / 893 sq.ft. carpet + terrace) for only 1.03!

"That's wonderful! What about a 1 BHK?," I asked.

The salesperson did his best to keep his face serious and told me that instead of 89 - I have to pay only for 71 - for a 1 BHK of 56 / 570 Carpet + Terrace.

"Thanks for being so professional! To satisfy your curiosity I owe an explanation for a 1 BHK. It's for my 'mother in law'. She will, for sure, outlive me," I said.

"You are kind & visionary man," the salesperson said.

"That's why I admire DSK. Look at him! What I am doing is nothing compare to what he is going to do. He and his next generations are going to take care of all of us for the next 999 years!," I said.

Then an engineer took me to visit the site of Waterfall Residence in a golf cart.

At the site, pointing at the structure, he told me that - "Underneath this is a huge 8 acre basement for car parking - which, of course, you can't see"

"In fact, the basement took most of our time" - he added.

For a long time, I stood looking around. Pointing at the board of Talib & Shamsi I asked him, "What do they do?"

"They are construction contractors," the engineer said.

"Are they on vacation?," I was about to say - but I didn't.

After all, I am not in a hurry.

I am going to be here for a long long time.

"Is it fair to get a discount from DSK? In fact, people like me - who have ample of time & lot of money - should pay him more. After all, money is nothing but digits. What he is planning to do is the realty," while coming back to the office, I was thinking.

I have never seen something like DSK is planning to develop and, certainly, I would like to see it developed - in this life.

What say you?

Please, share your views in the comments.

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  1. Not visited and even not planned. Since it has launched I never able to be convince self :).

    This is truly beyond reach of normal middle class person. Not sure how many bookings they were able to attract till now .. by chance did you get any idea about numbers ?

  2. ha ha ha.. do I need to write more than a big laughter ??

  3. 2.5 years have been passed & still see the state of construction ! At this rate, not even half the project will be completed by the time 999 years lease expires, LoL & that too if builder has money to build something.
    If one sees the video of DSK Dream City, this sweet talking builder comes up at end of video with his son & grandson and says we all 3 generations will be there to maintain the project ! This means project will neither be completed, nor will be handed over, even after 3 generations.
    The price which this builder is demanding for location & infra where not just Mowgli but even Bhaloo, Baghira, Kaa won't live in, is much higher than some of far more better developed locations inside PMC limits.

    If finances of this DSK builder as seen as per his own filings, the sales have nose dived, while debt has increased. Figs are mentioned for last financial year in this link -

    If current financial year situation is considered, the situation has only further deteriorated, not just for DSK but for almost all the builders.
    Rather than buying something at crap location in under-construction project whose completion date is unknown, better to rent at developed location at tiny fraction of this cost.
    All these offers coming from builders is nothing but clear indication that builders, hoarders are in big financial trouble which going forward will simply lead to real estate prices crashing.

    1. Monk where u got the vdo link, can u plz share the link?

    2. Here's the link which is official DSK video -

      To save time, you can directly watch from 14:00. He says no society will be formed & as long as sun, moon is there, DSK will maintain it !
      Btw, just watch the body language of DSK's son. Reminded me of Nawaz Sharif's body language while meeting Barack Obama in Washington, LoL.

  4. Flat on 999 years lease??? So I am still renting said flat? and Giving DSK a nice premium for it?


  5. It's really an once in life time opportunity,
    Pay one time rent and enjoy for 999 years . seriously calculate, 999 years is 11988 months.
    So pay 57 lakhs only one time that comes to @ 475 per month
    Thanks Dsk hee haa haaa

  6. Ravi , Can you write more about difference between lease for 99 or 999 years / Condominium ( Maharashtra flat ownership apartment act) / and Co-operative housing society ?

    now days pune builders misuses Condominium law and not transferring land to said apartment members.

    1. Let me tell you something about this as I had discussion with my lawyer friends few months back.
      Lease land is nothing but rented land. Builder opts for leased land to save his initial cost than to buy it. There are cases where even temple trust lands have been leased to builder due to corrupt temple management as well.
      This though creates problem later, be it increase in FSI, TDR rights, both which rests with land owner as well as during any new development/redevelopment on the said plot.

      Builders are doing apartment & not society simply because there is a fix set of rules under which society is covered unlike Apartment Condominium.
      In society where entire project is one, in apartment, each unit or flat is separate. Consider it to be similar to a free hold plot.
      In co-op hsg soc, entire rights are transferred from builder to society & later society can do conveyance deed of land & get it's ownership even by the way of deemed conveyance if builder doesn't co-operate which is the case in almost all cases.
      In apartment condominium, builder executes Deed of Apartment, called as DOA with each flat buyer separately & the laws applicable to all those who sign DOA are as per the Deed of Declaration or DOD drafted by builder as there is no standard format for it unlike co-op society.
      Here one needs to ensure that the FSI rights & it's value/use rests with the apartment body & not with the builder. For this you collectively need to fight to ensure that this clause in mentioned in all DOAs.
      Only when all DOAs are done, the name can be put on 7/12 extract. And land ownership is as per the size of the flat & so is voting rights. So a 3 BHK buyer will have more rights than 2 BHK one in apartment unlike society.
      Similarly, land ownership is divided amongst each flat owner based on size of flat.
      Builders also want to own common areas including amenities incase of apartment if buyers don't focus on the clauses mentioned in DOA.
      Biggest problem in apartment is builder needs just 5+ flat buyers to sign DOA after which apartment is formed unlike society where 60%+ approval is required. So builder through his chamchas forms apartment even if majority buyers don't want it happen. Recently, Govt has made this fig from 60% to 51% for society which is better than earlier.

      51% members is now enough to form hsg society -

      I know you had asked this question to Ravi but wanted to share this with you at the earliest so that if anyone are going to sign any DOA in near future should be aware about FSI/TDR & land ownership clauses.

      Btw, even Amanora Park Town, Megapolis are on leased/rented land. Like DSK Dream City, here too you don't BUY a flat but RENT it by paying ONE TIME RENT to builder ! And you never own the land either. Consider it as your car where wheels/tyres ownership is not yours & even for filling air, you need approval from car maker, LoL.

      Globally, even the banks don't give loan easily for projects on leased land as after certain period, flat cost is zero & what holds is only land cost, which is not owned by flat buyers ! Projects on leased land are far cheaper - about 30% cheap but due to lack of awareness in India, builders exploit it to the fullest & by the time buyers realize they have been made ulloo, it's too late.

      Following is an article about New York condos. It's a good read.
      Landlease apartments are cheaper, but are they worth it?

    2. Wow,,thats a very important piece of information.
      Thanks you so much Monk for sharing this valuable info

    3. in case of Flats in gram panchayat which are N.A T.P approved.
      What is 8 A registration.
      Will 8 A registration(utara) ensure I am owner of the piece of land

    4. Builders only need to please sarpanch of village, all sanctions are given on platter. Then crook builders like Marvel who have projects like Fria at Wagholi haven't even registered project with Wagholi gram panchayat.
      Don't buy flat in gram panchayat. It is simply throwing your money into drain. Simply look at Ravi's previous blog how flat buyers are suffering with non existing basic infra for flats purchased at gram panchayat.

    5. Thanks a lot TheMonk for this valuable info .
      Appreciate your commitment and in depth knowledge.

  7. The most hilarious write up I have ever read Ravi! Dream never come true! And When I had visited that site they had told the possession will be in March 17 and not even three floors till now. 1 BHK for 80 lacs! Only ghosts will stay in this ghost town! I can buy a flat in Dubai in stead of fursungi at that price and commuting will also be easier than this! my relative who works in one of his companies tells me that the site construction work of all the projects of this builder are totally stopped for months and no salaries been done last three months and its hitting his company also. we have not even receiving our fixed deposits back too and when my family went there to enquire about, we had worst service given and they saw hundreds of suppliers, contractors and financiers waiting and fighting for their money! It seems everybody's dreams will shatter in this project including promoter's! as per Mr.Monk said, the video of dsk clearly shows that it will take his three generations to complete the project leave aside maintenance.

    1. " I can buy a flat in Dubai in stead of fursungi at that price"
      - True & good to see this awareness.
      But as per latest statement issued by Lashkar-e-CREDAI, Fursungi is Dubai annexe ! World's tallest building is also coming up here, Burj-Al-DSK, LoL.

      "the site construction work of all the projects of this builder are totally stopped for months and no salaries been done last three months and its hitting his company also. we have not even receiving our fixed deposits back too and when my family went there to enquire about, we had worst service given and they saw hundreds of suppliers, contractors and financiers waiting and fighting for their money!"

      - This is indeed a very important news you have shared about DSK. This again shows how builders are bankrupt & they will even loose the hard earned money of genuine flat buyers (I don't care if any hoarders make loss).
      All this makes renting once again more cheaper & safer than buy & get into sinking ship where there are no life jackets.

  8. recently i came across a writeup by sanjeev chandokkar about dsk group & dream city... think its greed and over ambition is what lead to downfall of the group as well no study of the market has been done before launching the project as big as size of dream city as no more real estate clients buys what you are building! Need of the market is simple affordable homes and that we could do by keeping our over heads limited. Also 25 projects get succeeded doesn’t means 26th one will get succeed and especially when its way bigger than all of 25 ongoing projects (BTW 25 is wrong figure, it’s hardly 5 to 6 projects were ongoing check the web site of company ) as well the management never thought what if this projects fails, no fall back arrangement! One thing Mr. Sanjeev is silent and that is borrowing by the group, no body exactly knows how much DSK Group has borrowed and what is logical assets valuation as projects has no meaning or base. In this market buyers decide value of your land or flats and not the developer, also what kind of money it will take to complete the dream city and how the group is going to raise it and what still then the product is non saleable? All these questions the management needs to answer transparently then only flat holders and investors will believe in the group and it will stop the discussion in media about the group!