Friday, March 13, 2009

NRI property buyers are still shopping in Pune real estate market!

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"Ravi, i have come from LA with only your mobile number in my purse," she said.

"Oh! Great!! Madhuri, is it you?," i asked very confidently. But before i could ask, "How is Ram?", the caller said, "I am Pam. Pramila!"

"Hello Pam! Why did you take trouble to fly down to Pune? We could have met at Vegas," i was not sure about her identity or intention. But for sure, i was not ready for one more fight with my wife.

We were just recovering from a fight over an unexpected guest who dropped in and settled down in my father's vacant bedroom in my flat which i use as my home office.

My wife took some time to accept that it was not about sharing a bedroom but my guest's interference in her kitchen irritated her. Certainly, my considerate guest agreed to spend more time in her bedroom, which was my home office, and focused on inspiring me.

"Ravi, very funny. I have come here to buy a property. My husband is planing to retire in a couple of years and settle down in Pune. So get down to business and suggest me some good properties," Pam said.

"Oh! Pam, my dear reader from LA!! How exciting!!," i thanked Pam and we went on talking about Pune real estate market. As i have done with my US readers in the last couple of months.

Welcome to Pune real estate market!

In the month of December - January talking to my visiting US readers has become practically my part time job. But in February number of visitors have come down to only one per day. I certainly missed you all. I am not sure how much i was useful to you but for your convenience, i am going to follow your request and start accepting payments by cheque. In coming years, we have to be more generous to all those Indians returning from US. Should't we?

However, i was very much sure that last NRI has gone back to US, until yesterday evening, i visited Samrajya, second phase of Pethkar Projects' Balwantpuram at Shivtirthnagar, my neighborhood, on Paud road in Kothrud.

Kothrud - last sanctuary:

From my first post on the launch of Samrajya, NRIs from all over the world has visited the blog but nobody has called me to talk about Pethkar Project's Balwantpuram. I somehow knew that no Punekar or Mumbaikar needs my advice to book in any project in Kothrud. Kothrud has become last sanctuary of Pune. Which not at all resembles in looks but gives you the familiar feel of being in Pune.

Pethkar House Factory:

I don't look at Samrajya as a real estate consultant and blogger but only as a neighbor. I admire it more than take a critical look. Initially, i was happy about Samrajya because it was one of the few townships, which has all modern amenities like swimming pool and clubhouse, in the old developed part of Pune.

But recently, i have started admiring Pethkar Projects' Samrajya for it's investments in systems and construction facilities.

Pethkar Projects have big plot of land. Even after constructing 72 flats in Ornate Park + 275 flats in Shefalika Heights + 224 flats in the first phase of Samrajya, Pethkar Projects has enough land to construct more than 375 flats and more in the next phases.


I enjoy taking a walk on the road which divides Balwantpuram into 2 parts.

On one side of this road, there is a completed 1st phase of Samrajya, in which families are already living and the 2nd phase which is under construction.

On the other side of the road are upcoming 3rd and 4th phases of Samrajya, where at the moment, Pethkar Projects have their steel yard, workers camp, concrete mixing unit and other facilities.

Besides this infrastructure, what i enjoy most is watching and talking to Pethkar Projects busy engineering staff and always smiling salespersons in their brand new sales office.

When i take a walk and see this infrastructure, i feel as if i am visiting some industrial manufacturing facility. Which is a rare feeling. Because, generally, construction site, small or big, looks like a traveling circus. Make do, functional, temporary arrangement.

Denver Maharashtra Mandal:

I was telling you about what happened yesterday evening. While taking a walk and looking at the second phase of Samrajya, i saw a family in the under construction building. One gentleman, must be the member of that family, was standing out side the sales office, playing with his kid as a dutiful father.

Nowadays, i get very excited even if i see a single property buyer at any site. But to avoid a disappointment, i always assume that they have already booked their flat and are at site only to discuss the changes or to argue about delayed possession.

So after saying hello and all, i asked him whether he has come for "the changes" in his flat or to see the progress of the work. He said that he has come for booking a flat! "Booking! From where?," i asked him. "Denver!" he said. "I see." i said as if Denver is near Peru Gate. I took his leave because my free talk time limit of 5 minutes was almost over and i went into the sales office of Samrajya.

Obama ki Jai Ho!

"Congrats Swati! When other builders are renting out their properties, you have customers eager to book at Samrajya!" i tried my best to cheer her up. "Booking? See, we have done couple of agreements today. All are NRIs. In a hurry to go back!," Swati, experienced real estate salesperson and marketing manager of Samrajya told me very proudly.

"This must be the last NRI in Pune," i said. "Or may be the first out of 1 lakh returning Indians!," she said. "Obama ki jai ho!," i added to her.

Do you peep into the kitchen of the restaurant?

How do you decide to book a flat? Is visiting sample flat enough for you to make up your mind? Do you take trouble to find out construction facilities and the process of the project in which you are planning to book? How do keep yourself updated about the progress of the construction if you are not in town?

Do you think i should write more about the progress of the construction? Please, share your views, experiences and suggest me the projects i should write about in the comments. (Comments Policy),

Feel free to call me:

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 5 minutes!) Call +91 98600 44110

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7 comments:

  1. Ravi, there you go again. I was really interested in reading about the information you might have to share about the NRI buyer's interest in the Pune RE. But you started off with the topic and then moved onto advertising another property. And that too with photos and all.
    If you were really sincere about it you'd have made 2 separate entries for these topics and not sell the said property under the disguise of NRI interest in Pune RE. I thought you were better than this but what do you know I thought my builder would give me possession in time too. Dreamer, you say?

    ReplyDelete
  2. # Ref: "I thought you were better than this but what do you know I thought my builder would give me possession in time too. Dreamer, you say?"

    - Hello Anonymous, thanks for the comment.

    - OK, i got it, I was not good.

    - But, sorry, i didn't get you. I think you are worried about delayed possession of your flat. Right?

    - You can be specific and tell me to write about your project. Can you do that?

    - Let me repeat:
    Do you think i should write more about the progress of the construction? Please, share your views, experiences and suggest me the projects i should write about in the comments.

    - I want to write useful stuff so please, keep on suggesting the topics.

    ReplyDelete
  3. Hi Ravi,
    Most of your regular readers, including myself, visit this blog to keep in touch with the overall real estate scenario in Pune.
    Your posts are most interesting when you write as an external observer, neither biased towards investors who want the market to crash, nor towards builders who want the market to remain ultra expensive where it is today, in their cartel like grip.
    Believe it or not, as an existing real estate investor, I do not want the market to go back to the rate of 1500 - 2000 (per sq ft carpet area incl of extra charges) which was the state in 2003 - 04. In those times, that was the rate in established areas like Kothrud.
    This rate will push builders against the wall because cost of construction is around 1200 - 1400 and they will compromise on quality.
    I also do not want to pay the exorbitant rates charged by builders today between 3500 - 5000, simply because as a middle class IT person, I do not want a mountain of debt all my life.
    But when you add blogs promoting specific projects under the guise of discussing NRI property buyers, that is a major disappointment.
    I understand that you are a real estate professional also, and have a certain vested interest.
    You can take a look at two blogs: www.danmelson.com and www.searchlightcrusade.net. Both are written by the same real estate broker in San Diego, CA. One blog contains info about his properties for sale and one blog contains general articles on California real estate.
    Such a demarcation will help your readers.
    Keep up the good work!

    ReplyDelete
  4. My only problem with this post was that your post title mislead me to believe that I was going to read about your own experience on NRI interest in Pune RE. sorry if I didnt make it clear enough.
    As far as the problem of delayed possession, it's beyond my control as the builder is stuck and so am I in this situation and its so close that I cant do much about it. The only thing I can do is wait till possession and then go to consumer court to ask for the losses incurred due to delayed possession including rent, loss of tax benefit for housing loan and the extra interest paid as pre-EMI which was due to the delays.
    So here you have a topic, do write about how to go about going to consumer court and what transactions that can be claimed as losses including the one ones I mentioned already. Also if possible, you can throw light on chances of us the consumers getting a success in the consumer court. I know this is not what you do or your specialty but this could bring more visitors to your blog and possible other readers can put in their 2 cents.

    ReplyDelete
  5. Agents blog whose disguised as the consumers friend...

    ReplyDelete
  6. It is great to have the opportunity to read a good quality article with useful information on topics that plenty are interested on. I concur with your conclusions and will eagerly look forward to your future updates. Thanks a lot and keep on posting more valuable information.

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    ReplyDelete