Tuesday, June 10, 2008

Magarpatta's Nanded City Pune closes it's offer of phase 1 with a promise to open 2nd phase in December 2008

Who said we are interested in the 2nd phase of inquiries!


On the foundation of frustration about Pune real estate market and desperation about housing, 'Nanded City Pune' developed huge hope in the minds of the property buyers.

All inclusive model of Magarpatta City will also include the middle class was the hope of the majority. Thousands of 1 bhk flats was the main attraction.

Taking advantage of this Mr. Satish Magar, Chairman and Managing Director of Magarpatta Township Development and Construction Company Limited gave us an offer of Rs. 3,200 per sq. ft. which we couldn't refuse.

Along with this offer, Chairman of Nanded City Development and Construction Company Ltd. had sent a message - Consider 'Nanded City Pune' as any other real estate development project in Pune. Book your 1 bhk, 2 bhk, 3bhk flat for the quality of the construction and infrastructure support we offer. Treat us as you treat Amul Butter. Buy it for the taste, not because it is produced by the farmers co-operative!

Amen!



We, the middle class citizens of urban India, want affordable housing.

Is there any upcoming real estate project which is in tune with the people?

Hope and subscribe to "Ravi Karandeekar's Pune Real Estate Market News Blog" to know.

12 comments:

  1. I I wanted to know how is Magapatta city different from other co-operative housing societies. Basically in Mumbai society collects tax which it uses for the maintenance of the society, but over here the Magarpatta office claims that they will collect only one time tax of 2L and then there after no tax. But what after 50 years when the building has to be brought down and new building has to be constructed in other co-operative housing societies we have a concept of sinking fund, but since here no money is collected on monthly basis what happens finally when the building is old. Basically what I am interested in knowing is what should one look for before buying in a place like this.

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  2. what should one look for before buying in a place like this? Thanks Jyothish for the comment. Very important point. Sure, i will find out and blog. What you say is right. Most of the time we do not consider these important issues and book which creates hell of the issues later on. Providing this information is the exact reason to start this blog. By this comment you remind and guide me to make this blog useful. Thanks!

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  3. Hi Ravi,
    Thanks for your regular updates about the few best projects in Pune which I get to know at home!

    As you said, the onetime maintenance is charged to flat holders but is it charged to the commercial space which in fact (as per Magarpatta model) is not sold. Those commercial space generates income which is passed on to stakeholders of the project. Now correct me if I'm wrong -
    1. If all flat holders are the society members, aren't they stakeholders and eligible for some income which in fact society is generating?
    2. If even 1bhk owner will have to pay one time maintenance, then is society collecting same amount from commercial spaces in that proportionate? And in this case, I'm wondering from whom?
    If No, then isn't unfair to collect maintenance from res space and use that money for entire soci including commercial and distribute the income to stake holders (again not sure if res flat holders are stake holders)?

    I think, in simple terms, give and take should be in same proportionate to all members of society which I doubt is happening here.

    Again thanks for your time and answering to my silly questions but am really confused about its operational model which you harly think if a simpele res. soci.

    - A punite

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  4. commercial space generates income which is passed on to stakeholders of the project. Passed to the share holders of the company, because they own it. Not to the society. Company maintains and spends from it's pocket because it owns it and it generates lease and rental income for the company. Residents are benefited - well maintained township.

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  5. Hi Ravi,

    Today m here with a new perspective (or dilemma). Enough goodies have been said about Nanded city(and Magarpatta city). BUT, after reading all the articles that are published in the newspaper and on the internet and after personally attending the Inauguration function and listening to the Politicians and Satish Magar, what seems is the project is aimed at more and more profit and benefits for the farmers who have invested their land and the stakeholders. The main focus has been to change their lives and overwhelming joy is because they will have a life long income.

    I am feeling frustrated at the very thought of nothing good is being said or done for the residents(flat, row house etc owners) of this place. Of course, Nanded City is going to provide world class amenities but that will come at a cost.

    It's like earn as much as you can from the pockets of the residents (and also the companies that will be using the commercial space here) and distribute it among the farmers and the stakeholders. LIFE LONG. HURRAH. WE ARE HAPPY,.. U R HAPPY.. PRESS IS HAPPY. BUT... AT WHOSE COST? ULTIMATELY HUNT THE OWNERS AND TEAR THEM DOWN TO EARN AS MUCH AS POSSIBLE

    Ravi,.. why don't I have peace of mind? Am i being pessimistic here?
    Please reply back with your frank and open comments. May be few good things that you see might inspire me to feel good.

    May be am looking for a FEEL GOOD FACTOR!

    May be Satish Magar is reading(i wish this from bottom of my heart, god!) my concerns and might through light on the real picture.

    Regards,
    Sandy

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  6. I am feeling frustrated at the very thought of nothing good is being said or done for the residents(flat, row house etc owners) of this place. Hello Sandy! Come on, cheer up! When you attain your friend's wedding, do you expect to get the presents? No! You give present. Right? Function was farmers. Not yours. Right? The turning point in the life of farmers. Not in your life. You did the right thing. You attained the function. You gave the present. Now, just forget about it. You are one of the thousands. Not the only one. Relax!

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  7. Hello Ravi,
    Good that you have started this blog. I have invested in Ist phase of Nanded City. I am looking forward to get a 1 BHK, my only concern is will I get a 1 BHK or will it be exhausted before I get a chance to choose a flat there. I am not sure about the model in Nanded but in Magarpatta City they have very limited 1 BHK flats. Please throw some light into this !!!

    Thanks,
    Alex

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  8. Congrats Alex for booking 1 bhk flat at Nanded City, Pune! I am looking forward to get a 1 BHK, my only concern is will I get a 1 BHK or will it be exhausted before I get a chance to choose a flat there. True, maximum number of bookings may be of 1 bhk. May be more than 4000 flats Mr.Satish Magar is going to build, as he his said in the press conference. But at this point of time, nobody can say how many bookings will be canceled by December 2008. Alex, relax but see that you are the first to confirm your booking. I am sure, you will get your flat. God bless you!

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  9. Hello Ravi
    After launch of Nanded city and the unexpected rates....how the real estate market on
    Sinhgad road will react...I have gone through yr blog "Everybody talking about Magarpatta cming to Pune"....
    Is there any good project available on Sinhgad road,warje area at similar rates...thanks

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  11. Magarpatta was fortunate that the IT boom happened and it grew. All this real estate hype as been generated on the assumption that IT boom will continue to happen forever. I think we are heading for disaster.
    IT will statgnate in another year or so. After that much of the farmers will have to go back to farming , for getting more money. Also, with Pune becoming more expensive, most IT companies may relocate to other small towns.

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  12. Hi Ravi,

    Pl. let me know why schemes like magarpatta, salunke vihar, amanora etc are sold on lease rather than ownership basis.

    what is the difference ? what are the advantages for the buyer and what are the advantages for the seller or rather the lessor?!!

    kindly let me know.
    LS

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