Friday, October 31, 2008

Be ready to pay as much as 40% own contribution upfront if you are planning to buy a home on a bank loan

("No Own Contribution if You Give ADF!"
Blackship Infrastructure's exclusive offer for it's Mega Township 'Black Hole' at Kalewadi!
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Banks have started increasing the margin money for home loans following the downturn in realty markets.

Banks now want to ensure that even in the case of a sharp decline in prices and a default by the borrower, it should be able to recover the loan amount.

It's tougher buying a home now:

Margin money is the percentage of purchase price (own contribution) that the buyer has to bring. The balance is provided by the bank.However, the call for higher margins is likely to further depress the demand for residential property, at a time when high interest rates have already made house purchases expensive.


Many banks have already increased margin money by 5-25 percentage points depending on the amount borrowed. Country’s largest lender, State Bank of India (SBI), for instance, now prescribes a margin money of 25% for loans up to Rs 30 lakh, compared with 20% earlier. For loans up to Rs 1 crore, SBI has increased margin money requirement to 30% from 20%, and for loans above that, to 40% from 25%.

“We have increased the margin requirement in order to secure our advances from any price fluctuation in the market. Also, the requirement of higher margin money would ensure that only reasonably sound and credit-worthy borrowers are provided advances. This in turn would help keep the risk lower,” an SBI official said.

The new SBI rates are effective from October 10. At least two other large public sector banks have also increased the margin money requirement by 5-10 percentage points, while others are likely to follow suit. Officials of these banks were unavailable for comment.

Large private sector banks such as HDFC Bank and ICICI Bank have, however, not increased the margin money. Though they have tightened the prudential norms for giving loans and deciding the creditworthiness of borrowers.

“We have not made any changes in the margin money requirement for home loans as we have been fairly prudent in our lending process,” an ICICI Bank official said. HDFC Bank officials said that there was no urgency to increase the margin money as most of the home loans in the past one year averaged around 65% of the property cost.

Moreover, the bank is taking stringent measures to ensure that only borrowers with sound repayment capacity are extended the advances.

The tightening of loan mechanism and higher margin requirement come at a time when the real estate sector is facing a severe demand crisis. Earlier, buyers could borrow almost the entire sale consideration, up to 85% of the price in loan and the balance for furnishing the house.

The buyers will now have to pay up to 40% of the price from their own pocket. This is sure to make home buying difficult.
-The Economic Times

Related Stories:

1) Can our banks weather the financial crisis? - PSM Rao

2) Vijaya Bank moves to control home loan defaults

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Thursday, October 30, 2008

Recession proof defence equipments manufacturers propose 100 acre defense cluster at Pune!

Good news for Pune real estate!

Eyeing the estimated localisation contracts worth Rs 40,000 cr from global defence equipments manufacturers over next five years, Pune-based DEMA Manufacturers' Association has proposed a 100-acre "defence cluster" near Pune on public-private partnership basis.

The proposal submitted to the ministry of defence looks at setting up 50-70 manufacturing units along with a research and development centre, a testing facility and a training centre with an initial investment of approximately Rs 40 cr.

DEMA, a group of small and mid-sized companies involved in defence equipments manufacturing, has requested the ministry of defence to allocate the necessary 100 acre land for this project around Pune city to optimise the overall project cost. To read more, please, visit - Business Standard

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Thanks to high real estate prices! Pune to become 7th metro city in India : Assocham report

This is a serious report. Not a jock. Please, read it carefully and tell me,
1) Why not Chandigarh or Ahmedabad?
2) What you want? Metro City or Metro in the City?

The 7th emerging metro city in India!

Pune will soon acquire the status of being a metropolitan city in India. According to an Assocham report on ‘The 7th emerging metro city in India’ it owes its up gradation to a fast development pace in the area of infrastructural facilities, friendly business environment, education avenues and employment opportunities.

Contributing factors include the high real estate prices (Thanks to PBAP!) and a large population base as compared to other upcoming cities.

The study was carried out in four tier II cities including Pune, Ahmedabad, Lucknow and Chandigarh ranking them on eight parameters necessary for a metro city. They included:
1) social infrastructure,
2) infrastructure availability,
3) real estate cost and availability,
4) transportation facility (connectivity),
5) presence of quality educational institutes,
6) employment opportunity,
7) facility of financial services and
8) business environment

Pune occupies overall 1st position (though it needs to improve..!..?)

Pune occupied first position overall though it needs to improve on transportation, social infrastructure and financial services. (No! I don't think so!! You?)
Ahmedabad was the second most potential city providing good infrastructure and facilities and connectivity.
Lucknow was placed with third rank as it needs to pick up on infrastructure, business environment and social infrastructure.
Chandigarh, the smallest city among the four in terms of area size and population was ranked at the fourth position though it was ranked foremost in financial services and business environment.

Social infrastructure:

1st Position:
Ahmedabad occupied first rank on the parameter of social infrastructure. The city with literacy rate of 79.89% has high-grade institutes like IIM, NID, NIFT, EDII etc.

2ndPosition:
Lucknow with a literacy rate of 83.5% and presence of quality educational institutes including IIM, SGPGIMS etc was placed at second position.

3rd Position:
Pune and Chandigarh were assigned 3rd positions respectively on the social infrastructure parameter.
Pune has a literacy rate of 80.73% and skilled population, the city is a place of high grade institutes including NIBM, NIC etc.
However, 81.9 per cent is the literacy rate in Chandigarh with prominent institutes being Institute of Microbial Technology (IMTECH), Centre for Defence and National Strategic Studies (CDNSS) etc

Infrastructure parameters:

The infrastructure parameter rank cities on the basis of sub parameters including number of entertainment avenues, malls and multiplexes along with the presence of star category hotels.

No.1 - Pune with maximum number of malls and multiplexes (26) and star category hotels (25)
No.2 - Ahmedabad: 25 malls & multiplexes and 17 star category hotels.
No.3 & 4 - Chandigarh and Lucknow: at 3rd and 4th position respectively.

Attraction: Land Cost and Availability:

The favourable location and smoothen process of acquiring land along with the high property prices are few sub parameters of real estate cost and availability that attracts corporate sector to expand their business.

Pune has outpaced Ahmedabad, Lucknow and Chandigarh on the parameter of real estate prices and availability!:

After Pune, Chandigarh is considered to be the next emerging real estate market. Ahmedabad occupied 3rd rank while Lucknow at the bottom position was considered as most time consuming city in terms of process for acquiring land.

Employment parameter (means demand for real estate!)

On the employment parameter, among the four upcoming tier II cities, Pune carved the maximum share of 32.74% in the total jobs tracked for the period January-June 2008. The prominent sectors attracting large number of aspirants include IT, manufacturing, engineering and academics among others.

Financial services:

The four cities are ranked on the parameter of financial services, taking into account the sub parameters including number of offices of scheduled commercial banks (as on march 2007), density of offices of scheduled commercial banks per population, number of accounts of the scheduled commercial banks per population, presence of brokerage firms, presence of stock exchange, transparency in trading system.

Lucknow occupied first position.

The second rank was grabbed by Chandigarh.

However, both Pune and Ahmedabad occupied third rank...!
- livemint.com

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Buy flat, get step-dad free

A woman is selling a flat along with its contents - that include her stubborn step-father who refuses to move out. To read more, please, visit - Ananova

Related Stories:

1) Festive Offer of IDEB' Springdale, Italian homes on Nagar Road at Wagholi - free gift of a car with a flat or a twin bungalow!

2) Diwali Offer: Buy 1 flat Get 1 free!

3) Hindustan Construction Company’s upcoming townships in Pune, Nashik and Thane on hold

4) Is this the right time for NRIs to book a flat at Amanora Park Town?

5) Should i cancel my booking at Nanded City Pune?

6) Paranjape Schemes' Crystal Garden on Baner-Pashan Link Road and the beginning of a new world, Blue Ridge at Hinjewadi!

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4) Ravi Karandeekar's Pune Real Estate Blog

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Wednesday, October 29, 2008

Festive Offer of IDEB' Springdale, Italian homes on Nagar Road at Wagholi - free gift of a car with a flat or a twin bungalow!

1st residential project of Pune that received direct foreign funding!


I was more than happy to see the ad of Springdale at Wagholi.

I know IDEB, promoter of Springale, as a real estate development company which is going to transform the skyline of India. The ultimate aim of Harkirat Singh Bedi, Managing Director, IDEB Projects, is to exceed customer's expectations. A proof of efforts is – Silver Ocean of Mauritius, the foreign invest partner has invested more than Rs 33 Crores in Springdale.

I also knew that IDEB, founded by Iqbal Singh Bedi back in 1942 in Punjab, constantly strives for perfection. Because of this Sachin Shah's company Samsara Capital LLc has given $32-million (about Rs 150 crore) private equity funding to IDEB.

To me and my dear wife, this ad was more than festive offer. It was an invitation to share a dream of India's growth story. We felt as if Michelangelo and Leonardo da Vinci were calling us to their bella figura! We were more than honored to receive this free gift! Please, have a look at our humble thoughts and help us with your wisdom in the comments!

Which car?

1) Hyundai Accent when you buy a 2.5 bhk or 3 bhk flat


2) Honda City when you buy a Twin Bungalow

How many cars?

Only one car with one flat?

"Considering the location of the project, Wagholi, don't you think it will better if we get more than 1 car?," says my wife!

"1 car for you + 1 car for me + 1 car for Charlie (our son!) + 1 car for our guests who come over quite often from Nagpur (my wife's home town!) + 1 car for Charlie's baby sitter + 1 car for emergency," my wife says, we should get a free gift of minimum 6 cars!

"Considering the property rate at Springdale, Rs. 2,800 per sq.ft., don't you think it is very reasonable of us to ask for more than 1 car?," i ask my wife.

1) Cost of 2.5 bhk flat: Rs. 50 lakhs (approx)

2) Cost of 3 bhk flat: Rs. 65 lakhs (approx)

3) Cost of Twin Bungalow: Rs. 78 - 80 lakhs (approx)

4) Cost of Hyundai Accent: Rs. 5 lakhs (approx)

5) Cost of Honda City: Rs. 9 lakhs (approx)

"What, if we don't want a free gift of a car?": We, my wife and i, are debating over this.

1) Tanishq Gift Voucher of the same amount!

She is crazy about Tanishq collection: Zoya:
Intricacy coupled with the simplicity; The magnificence of history interwoven with linear contemporary; Secrets of the pharaohs masked with the mystery of the cosmos; oriental art embellished with occidental architecture; nature's bounty matched with man's ingenuity.


"Honey, day and night, I dream about BMW 6 Series Convertible!," i confess to my wife.
The exclusive incarnation of the Gran Turismo convertible: powered by the muscular six-cylinder or awe-inspiring eight-cylinder petrol engine, the 6 Series Convertible takes open-top driving to new and inspired heights


"Idea!, Ravi, let us ask for a free gift of a twin bungalow or a 3 bhk flat!," my wife.

My wife is a genius! We were seriously evaluating our gift options. Should we be practical and go for the free gift of cars? Or Should we fulfill our desire to own a BMW and Tanishq Zoya?

"Ravi, you know, now a days, builders are offering this type of a free Diwali gift!," my wife said. She also told me about how free flat is a better gift idea for a builder and as well as for our family.

As usual, my wife was right. After all, i thought:
Springdale offers an escape from a world of chaos into an organized and well-managed world that has been created based on the best practices of modern town planning. The exquisite landscaping between and around the apartment buildings; parks; water -bodies; makes this enclave a pleasure to live in.

When you will receive your free gift?

We were very much convinced about opting for a free gift of a 3 bhk flat.
"But for the free gift of a flat, we have to wait till the project is ready!," my wife sound nervous.
"Darling, did you think that we were going to get all these free gifts against booking?" I asked her.
"Ravi, tell me, who deserves a gift if the project is completed in time? Property buyer or a builder?," my wife asked me.

What was going on? Was my wife secretly reading my Pune real estate blogs on news, investment, advertising and Aundh annex? Was she a secret real estate shopper who has all inside news? Or has my wife joined some secret group?

Before i could open my mouth, my wife said, "Builder! Builder should be gifted!!"
"Gift? No! The Queen should give him Knighthood!! Duke of Wagholi!!," i said. Thank god! Why, every time, she should be on the top? Ravi Karandeekar is a pioneer Pune real estate blogger. Happy Diwali!



Tuesday, October 28, 2008

Diwali Offer: Buy 1 flat Get 1 free ! Video:

"Buy one, get one free! No, it’s not an enticing offer for shirts, soaps or shampoos. But, believe it or not, an irresistible offer for a flat.

Hit badly by the down slide in realty prices and in order to lure buyers to their new projects, builders in Mumbai, Thane and Navi Mumbai are coming up with the most extraordinary offers —- buy a house and get a free car, or buy back offers, and now, even another flat for free!

Indeed, an advertisement of the Cosmos group, known for their lifestyle projects in Thane, reads, ‘Ghar sobat ek ghar mofat’ (Buy one house, get one free) for four of their projects, three near Ghodbunder Road in Thane and one in Lonavala.


“Yes, the offer is valid on two and a half BHK, a 2 BHK flat or a bungalow. On a 2 and a half BHK or the bungalow, the offer is that of a 1 BHK flat and for a 2 BHK flat, the offer is that of a one room kitchen,” said Mahesh Patil of the Cosmos Group.

Diwali Offer: Buy 1 flat Get 1 free ! Video: Free Videos Online. Video Clips, Video Movies, Live TV & More at In.com


A Thane property consultant said, “The Swastik Group is offering a 12-month free home stay with no rentals or maintenance in Thane. Earlier this year, the same group sold several flats while giving a car free and offering discounts on interest on home loans. The group also offers a home loan at a fixed interest rate of 8 per cent, while the current rate is around 12 per cent. Some of these offers are being termed as Diwali offers, but the market situation is actually grim.”

Another major name in the property circuit, Sunil Mantri Realty, has introduced a new ‘buy-back offer’ for their projects in Mumbai. If the property price falls below the purchase value, Sunil Mantri Realty will buy it back at the same price. For this, the buyer has to keep possession of the flat for three years.


In Navi Mumbai too, realty rates have come down from Rs 6,000 to Rs 9,000 six months ago to Rs 4,000 to Rs 5,000 today. Palm Beach Road, an upscale area in Navi Mumbai, has also seen rates decrease for new projects.

In the western suburbs too, the Wadhwa Group has lowered rates on 1BHK, 2BHK flats and duplexes in their projects at Goregaon.

Said property consultant Kevin Fernandes, “All over, the real estate market is depressed. People are choosing to wait. In the case of Thane, if realty rates witness a slump, Ghodbunder Road, which is far away from the station, will be the first to see people shying away. However, the ‘buy a house, get another one free’ offer is really tempting and may entice a lot of buyers,”

Individual projects apart, property exhibitions are also proving that present times call for desperate measures. At a recent property exhibition on MMRDA grounds in Bandra Kurla Complex, 85 developers had put on display over 800 properties with offers ranging from stamp duty waiver (five per cent of the cost of the flat) to a discount on interest on home loans. The four-day exhibition saw over 85,000 visitors, but the conversion of visits into sale of flats was less than 10%. (Remember, what happened at PBAP mega property exhibition 2008?)

“The deals are drying up and the volumes of transaction are going down by 60 to 70 per cent from what they were last year. It shows a clear reduction in demand. The other main reason behind this is the liquidity crunch that has affected the market. Major banks are shying away from giving loans, or extending financial support to developers. As a result, to start new projects, developers have to unlock liquidity and have to reduce property prices. This situation had prevailed in Mumbai even before the global meltdown. At the moment, however, it is not hinting at a crash but referring to a correction. Once the correction comes into effect, there will be stability,”
said Ghulam Zia, National Director Advisory Services, Knight Frank (India) Pvt Ltd.
- Mumbai Mirror Online

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Sunday, October 26, 2008

Deepotsav at Shaniwarwada , Pune


Around 65,000 earthen lamps were lighted up on the occasion of 'Deepotsav' to herald Diwali, the festival of lights by hundreds of women illuminated at the Shaniwarwada Palace here. (TOI Photo)

The women worked meticulously, as they lighted up these traditional lamps popularly called 'Diyas', to create fascinating designs and patterns.

Deepotsav is today an annual affair. Hundreds of visitors from across India and abroad converge here on this occasion. The even is being conducted by the Chaitanya Hasya Yoga Mandal (Chaitanya Laughter Yoga Group) since 2002." To read more, please, visit -The Times of India

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Get lifts checked regularly

“It is important that owners of the office or residential complexes ensure that the periodic maintenance of elevators installed is carried out. It is not practically feasible for people to depend on the builders (read this comment) to undertake the maintenance work since his responsibility gets over after installing the elevator. This will help in preventing any mishap,” Fire Brigade assistant divisional officer, Prashant Ranpise told Sakaal Times.

Factors like Power failure, improper closing of door, improper handling could all contribute towards malfunctioning of elevators.“Lifts installed have certificate of permission from electrical inspector PWD (Lifts) regarding its usage. There are also norms like total number of people and weight allowed in a certain lift. These instructions must be adhered to. Also, get the liftroom inspected by authorities periodically,” Ranpise said. To read more, please, visit - sakaaltimes

Related Stories:

1) Film Maker Mahesh Bhatt caught in an elevator mishap at Apsara Apartments, Bandra, when he went to get a last glimpse of Sunil Dutt

2) Half of city's lifts un-certified (old but informative story from Chennai)

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Saturday, October 25, 2008

Hindustan Construction Company’s upcoming townships in Pune, Nashik and Thane on hold

Given the current turmoil in the market and subsequent impact on real estate, Hindustan Construction Company has decided to put on hold its planned townships in Pune, Nasik and Thane. Land acquisitions for these projects have been deferred for now given the high interest rates and low liquidity in the market.

HCC will focus more on government projects in power and water sectors and will look to bid for PPP projects with caution.


Ajit Gulabchand, chairman and managing director, HCC, said while the Lavasa and IT park in Mumbai is on schedule, the company has decided to go slow on the township projects in Pune, Nasik and Thane given the current market environment. to read more, please, visit - India Real Estate Monitor

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PMC General Body defers support to fight against the state government move to make major modifications in the development plan of Baner and Balewadi

Green Pune Movement:

Even as citizens, civic activists, NGOs and environmentalists have joined hands under the ‘Green Pune Movement’ (GPM) banner to fight against the state government move to make major modifications in the development plan (DP) of Baner and Balewadi, the Pune Municipal Corporation (PMC) general body preferred to defer the proposal supporting the movement.

While many proposals in which corporators had suggested ward-level works were approved by the GB on Thursday, the proposal seeking GB’s permission to register the objection to the changes in DP on behalf of the PMC was kept pending.

State Government's modifications:

Green Pune Movement members have alleged that reservations for gardens, playgrounds, primary and high schools, exhibition grounds, otta markets, fire brigade and important roads — in short, all public amenities — have either been removed or are being proposed to be removed and replaced with the ‘residential’ tag. The Bio-Diversity Park (BDP) reservation too is held in abeyance. -The Times of India

About Baner Balewadi DP:

As per Indian Express News service, after holding for two years, the State Government had approved the draft development plan (DP) without any changes along with the 89 hectare reserved for bio-diversity park (BDP).

Most of the land reserved for BDP in the two villages belong to various government organisations and the work for developing it had already begun.

"The approved part DP covers 1290 hectare of Baner and Balewadi villages. It has around 118 reservations in the area," PMC city engineer Prashant Waghmare had told reporters.

The part DP for Baner and Balewadi villages was given sanction to ensure development work of the area before the Common Wealth Youth Games in October 2008.

Wahgmare had said that approved DP for the two villages does not include town planning scheme in the area.

Thus, the concern ended for losing the "green" development plan for 23 villages likely to getting stuck due to the builder lobby pressurising the government to allow land on hill slopes and hill tops for construction purpose was .

The planning committed in its draft DP for the 23 villages merged in PMC in 1987 had banned constructions on the hills and along the banks of the rivers. The draft DP was submitted to state government for approval on January 1, 2005.

The PMC had accepted the recommendations of the Centre for Advance development Computing (C-DAC) and environmentalist for preparing draft DP.

Anand Agashe, director editor Sakaal:

“The development plan will impact the quality of life of the people in Pune for hundred years and if the administration has done something wrong with the plan, people have the right to stand up and ask questions,” Anand Agashe had said, referring to a subtle warning that municipal commissioner Praveensinh Pardeshi had issued at a meeting with editors of newspapers from the city.

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Magarpatta City - an Eco City:

Case study for sound sustainability principals demonstrating an excellent solution that cities across the world could follow - presented at 9th World Congress of Metropolis at Sydney, Australia

City Nations!

The 9th World Congress of Metropolis was held at Sydney Convention and Exhibition Centre, Darling Harbour, Sydney, Australia from 22nd to 25th October 2008, hosted by the New South Wales Government, with the theme of 'Connecting Cities' and highlighted the increasing importance of cities, more so than nations, as principal hubs of international interaction.

It focused on City Leadership, Climate Change, Financing Public Infrastructure and Urban Renewal, looked at how the structure of metropolitan regions could replicate the success of these networks at a regional level, developing as poly centric cities of diverse functional hubs.

Sustainability:

"Metropolis" is the World Association of major metropolises of 104 member cities having a population of greater than one million people. The World Congress of Metropolis invited Magarpatta City, Pune as a case study - an ‘Eco City’ for its sound sustainability principals demonstrating an excellent solution that many cities across the world could follow.

Inclusive Growth:


Mr. Satish Magar, Chairman and Managing Director, Magarpatta Township Development & Construction Company Limited, presented Magarpatta City to the international audience of delegates at the 9th World Congress of Metropolis Sydney, who looked up at it being the first of its kind role model of ‘Inclusive Growth’ with the unique concept of the farmers – landowners as equity shareholders.

Employment opportunities within walking distance:

The ‘Walk to work, Walk to school, Walk to recreation’ aspect of Magarpatta City which has brought the CBD (Central Business District), i.e. Cybercity Magarpatta, Pentagon commercial offices zone and the upcoming SEZ with more than eighty thousand employment opportunities within walking distance of the residents was well acknowledged.

Quality of life:


Magarpatta City with its own independent neighborhoods, schools and shopping facilities, solving major transport and commuting problems thus enhancing the quality of life of the inhabitants here, appealed well to this highly knowledgeable audience in this developed nation.

Of noteworthy appreciation were the social infrastructure and planning aspects, self sustaining measures of of water harvesting, solar water heating, bio-gas generation, garbage segregation, intensive implementation of greenery and safeguarding the environment at Magarpatta City.

Related Stories:

1) Should i cancel my booking at Nanded City Pune?

2) Is this the right time for NRIs to book a flat at Amanora Park Town?

3) Paranjape Schemes' Crystal Garden on Baner-Pashan Link Road and the beginning of a new world, Blue Ridge at Hinjewadi!

4) On the auspicious day of Dasara, Magarpatta City opens the bookings of 1 bhk flats!

5) Magarpatta City - sustainable community

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Tuesday, October 21, 2008

Is this the right time for NRIs to book a flat at Amanora Park Town?

Pune property buyers, give up the hope of property rates coming down!


Value for your Dollars!

In the present economic condition when Amanora ad claims that 'Towers 1 - 10 give you full value for your money', i assume that by money they mean Dollars, not actually rupees!

Because from finance minister of India to Aniruddha Deshpande, Managing Director, City Corporation Ltd. (promoters of Amanora Park Town), all need your dollars to come out of the current financial crises. So everybody is doing his best to convince you about safety and profitability of investing your dollars in India.

But how do you look at it? Because of the real estate rates, investing in Pune properties was not that attractive, but has the financial crisis changed it all? And what about those of you who are planning to return to Pune? Please, share your views in the comments. (Comments Policy)

Value for your Dirhams!

I asked my friend Pradeep, sales manager at Amanora, about the response. But Pradeep was in Duabi for MagicBricks.com Pune Property Show, Dubai on the day the ad was published so he could not tell me more than the number of calls received. However, in Dubai, Pradeep says, response was positive. Are you, Dubai? Please, share your views!

Return of Hedge Funds:

Commenting on my post Paranjape Schemes' Blue Ridge at Hinjewadi - An American Illusion? somebody called me on my mobile and explained that Hedge funds will sort out their mess by January and by middle of next year foreign direct investment will return to India. Till then it's your field.

What is your take?

What is your take on this investment opportunity in Pune real estate market, NRIs? Please, share your views in the comments and help us to prepare ourselves to give up the hope of property rates coming down!

Related Stories:

1) Investment opportunities for Non Resident Indian (NRI) in India

2) NRIs take advantage of the current situation of high exchange rates and interest rates - Venugopalan

3) India's steps to beat global crisis

4) India may register a Gross Domestic Product growth of 7.9 % in 2008-09, which may slip to 6.9 % in 2009-10 - World Economic Outlook projection

5) Amanora Park Town, Hadapsar: 400-acre model township for Pune

6) Congrats Pune real estate investors, for thinking irrationally and paying illogically high price for the newly launched property

7) City Corporation, promoters of Amanora Park Town, to build 50,000 houses in 5 townships for various income groups in and around Pune

8) Aniruddha Deshpande, of Amanora Park Town, to offer flats in 10 to 20 lakhs in his upcoming township in Pune

9) Temple of Environment in Amanora Park Town, Pune

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2) Ravi Karandeekar's Pune Real Estate Investment Blog

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4) Ravi Karandeekar's Pune Real Estate Blog

5) Please, feel free to call me on my mobile +91 98600 44110! I enjoy talking, sharing my views and giving advice about buying property in Pune real estate market (so i do not charge anything for the first 8 minutes!)

6) Please, join me on Friendfeed, to share news articles, family photos, interesting links and videos and let us discover and discuss information!

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Indradhanu at Vanaz, on Paud Road in Kothrud, offers special property rate for Diwali!

Rs. 500 per sq.ft. off!

In Kothrud, we believe that even if we haven't thought about booking a flat, we must visit the site of any newly launched project. Since very few projects are launched in Kothrud, we search and visit upcoming projects. Not only that, we keep on visiting the ongoing project as the construction progresses. As a good neighbor, we also give our expert comments and suggestions to the builder. In return, we expect that the a builder should entertain us with great respect. If the builder fails to do this then you know what happens. Pethkar Projects' Samrajya at Balwantpuram, in ShivtirthNagar on Paud road, is a good example!

Nitin Devasthali, my friend and sales manager of Indradhanu, knows this very well. He also knows a few more secrets of selling real estate in Kothrud because Devasthali has sold Kumar Properties and Avinash Bhosale Group's joint venture, no, not Megapolis at Hinjewadi phase three, but Karishma on Karve Road, the first upmarket township project in this part of Pune.

As a true citizen of Kothrud, last weekend, i visited Indradhanu. Nitin Devasthali and i are old friends and share common interests because both of us are from advertising. When i visited Indradhanu, Nitin was with a client. The young couple must be from IT and since their parents were not with them, this must be their first visit.

As i entered the office, Devasthali stood up and welcomed me as if i had come to book a flat. With great enthusiasm he said, "Special offer! Per sqft 500 rupees off!"
He insisted that the offer is for 'limited number of bookings' only.
At the same time, he said, the offer is for 'limited period of time' because this is a special Diwali offer.
He shook my hand and said "Book a 2 bhk, or 3 bhk flat under this scheme and save more than 5,00,000 rupees! Happy Diwali!"
And he continued conversation with his client.

Related Story:

Ooh La La! Amruta Khanvilkar in Indradhanu at Vanaz!

Subscribe for free to receive hot Pune real estate news, views and reviews:

1) Ravi Karandeekar's Pune Real Estate Market News Blog

2) Ravi Karandeekar's Pune Real Estate Investment Blog

3) Ravi Karandeekar's Pune Real Estate Advertising and Marketing Blog

4) Ravi Karandeekar's Pune Real Estate Blog

5) Please, feel free to call me on my mobile +91 98600 44110! I enjoy talking, sharing my views and giving advice about buying property in Pune real estate market (so i do not charge anything for the first 8 minutes!)

6) Please, join me on Friendfeed, to share news articles, family photos, interesting links and videos and let us discover and discuss information!

Visit Ravi Karandeekar's Pune Real Estate Blog Group and join for free to receive updates of all blogs!