Monday, June 1, 2009

The Best of East Pune - 5th, 6th & 7th June '09 - Weikfield IT Park, Nagar road - CREDAI Pune property exhibition

Real Estate Projects in East Pune:

In this 2nd area specific property exhibition, (1st was Best of West Pune), members of Confedaration of Real Estate Developers Association of India, Pune (formerly PBAP) will display their projects in these locations: Camp, Koregaon Park, Kalyani Nagar, Viman Nagar, B. T. Kavde Road, Mundhwa, Kondhwa, Manjri, Handewadi, Hadapsar, Mohammadwadi, Kharadi, Wadgaon Sheri, Ghorpadi, Lohegaon, Vishrantwadi, Tingre Nagar, Dhanori, Kalas, Wagholi and Undri.

Building fund for PBAP office!

Besides promoting sales, these property shows serve one more purpose. Every participating builder adds Rs. 20,000 to the building fund for PBAP office.

I am sure, Pune property buyers would like to contribute to this corpus too. Each and every Pune property buyer would be happy to pay Rs. 5 as an Entry Fee for the exhibition. Am i right?

After all, by booking a flat on the day of launch and while the project is under construction, we all Pune property buyers finance the builders.

Financing the office building of the builders' organization, which contributes almost 5% (is expected to rise to 6%!) to the gross domestic product (GDP) of India and provides jobs to millions of Indian citizens, can be considered as a token of appreciation from the Pune property buyers. Am i right?

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  1. we will definitely fund the office of Builders Association in Pune, if they start promoting ethical practices in construction industry. Right now, my honest opinion about this association is not very flattering to write here. Some rules which have been passed by Supreme court of India should me made mandatory like mentioned below, if this done, I will personally donate Rs 500 to this office building.

    1) Car park should not be charged as per Supreme court ruling.
    2) Carpet area should be charged and not the super built up area.
    3) MSEB charges should me made uniform across PMS/PCMC limits.
    4) Society Formation should be made uniform.

    These suggestions will reduce property prices and accelerate the take off of unsold houses in Pune.

    Pune Buyers Association.

  2. On 30th and 31st May 2009, we had an exhibition in Le Meridian. Close on the heels of this you have "The best of East Pune" on 5th 6th 7th June 2009.
    It is getting difficult to keep track now.
    Also the property rates have been spiked by builders in the range of 100-200 rupees in the last month or so, there by making the affordability of most projects very low. I wonder whats going on now. How long will you see this impass. Why not accept the fact that prices need to come down to regenerate interest in Realty.

  3. Hi,

    Has anyone apporached Viva Swaraj for their viva hallmark project in Bavdhan? It seems this is their first project in Pune (They are Mumbai based builders).

    Do you have any experience to share ?

  4. Thanks Ravi for keeping users informed with latest Pune RE news!

    Its very interesting that Builder lobby don't want to accept the reality and market forces. They are not reducing the prices, not declaring how many sales are happing and there is no mechanism to check the facts. Just Gera, Kumar will sponsor some articles (or is it TOI who is playing Role behind?) in Property times saying whatever blah blah and they assume there will be fools who will rush to exhibitions by reading those baseless articles and give them 40-50 L in such times. No way, keep dreaming and use whatever tactics you have until you get exhausted by paying hefty charges (for Exhibition space, ad space, sponsored articles and manipulated misdirecting news - all to TIOlet group) and in the end YOU WILL come down to earth. Trust me..but only after paying huge amount to Times group. But remember more tactics you people are using , buyers are becoming more and more united, educating themselves. All the best! Lets DO it this time, buyers are pretty much prepared,willing and have patience to see you on ground this time!
    - AR

  5. I always wonder what should be intrinsic value of the property/flat? Like listed companies on stock exchanges - there is a market capitalization (share price x total number of shares) of the company which is driven by sentiments as compared to actual value of the company which is worth of tangible assets company belongs.

    Ravi - do you think there can be a rule of thumb for roughly estimating the average cost of construction psft? I am talking about all construction aspects minus land price to calculate this number. We have to discount land price coz it's really variable and is based on area/locality/black and white nature of deal.

    Like in case of magarpatta city, where a huge land bank was acquired years back and now they are riding on a wave of 3250 psft price tag. I wonder what would be profit margin. Long back (guess it was year 2004) I was takling to my friend who is in construction business and he said a top quality construction rate should not go above Rs 800 psft. Considering this was 5 years back, any guess on what it should be now?

    Vidyadhar K.

  6. "I was takling to my friend who is in construction business and he said a top quality construction rate should not go above Rs 800 psft. Considering this was 5 years back, any guess on what it should be now?"

    Currently the construction cost is 700(basic) - 1200(Luxury) Rs psf including the profit of Builder/contractor. IF you calculate on carpet thats the actual flats cost, if on build up that includes amenities cost too. So there stands your flat construction cost. Land cost is mostly lower then 500 psf per flat as land cost get multiplied by no of floors.
    Average floors in today's inventories are 6 so 500 * 6 = 3000 and at this price you can get land in almost all areas other then central business district of Pune