Wednesday, September 29, 2010

Megapolis Hinjewadi Phase 3 Buzz:

Guess the property rates of A13, A14 & A15 buildings in Sunway - Megapolis Smart Homes 2!


Model of Megapolis Rajiv Gandhi Infotech Park Phase 3 Hinjewadi Pune - IMG_2887
Model of Megapolis, Rajiv Gandhi Infotech Park, Phase 3, Hinjewadi, Pune

All 2.5 BHK Flats gone.
Only, a few 2 BHK Flats are available in the buildings, now 'open' for booking.
These 'available for booking' 2 BHK Flats are on the 13th or 14th floor.
Megapolis is going to open bookings of A13, A14 & A15 buildings, soon.
But the property rate would be more.
How much more?
Nobody has any idea!

Though the rate is not known, those who want 'a specific flat', have already given cheques "to block" their flats.
Number of "blocked flats" goes above 50!
Plus, there is a long list of more than 150 names,
who haven't "blocked the flat by giving a cheque" but are serious about booking a 2 BHK / 2.5 BHK Flat in the new buildings - A13, A14 & A15 - in Sunway - Megapolis Smart Homes 2!

If, this is true, then - what would be the property rates of "upcoming" new buildings in Sunway - Megapolis Smart Homes 2? Any guess?

Megapolis Rajiv Gandhi Infotech Park Phase 3 Hinjewadi Pune - IMG_2883
A13, A14 & A15 Buildings in Megapolis Smart Homes 2 at Megapolis Rajiv Gandhi Infotech Park Phase 3 Hinjewadi Pune


When i heard this buzz in Pune real estate market, I found it amusing! Property price and number of bookings were never ruled the Megapolis Buzz.

Don't you remember that property rates of Megapolis Smart Homes 1 were increased only once? That too - after more than 700 flats were booked. Megapolis Smart Homes 2 was launched, nearly, at the closing property rates of Megapolis Smart Homes 1. With the floor rise, of course. So, obviously, now more than 500 bookings in Megapolis Smart Homes 2 - the property rates are due for revision. Looking at the track record of Megapolis, price increase would be normal, i thought.

Why keep on guessing and thinking? Why not visit Megapolis and find out? I asked myself.

What to do when '95 years lease' is expired? Any guesses?


Megapolis Rajiv Gandhi Infotech Park Phase 3 Hinjewadi Pune - Tanishq Kulkarni in the sample flat IMG_2919
Megapolis Rajiv Gandhi Infotech Park Phase 3 Hinjewadi Pune - Tanishq Kulkarni in the sample flat


On a rainy Sunday afternoon, in the Pitru Paksha, Megapolis wont have many site visitors. This visit to Megapolis wont be as exciting as my previous visits. I had told myself. But looking at the cars parked, i realized that i was wrong.

When i entered the site office and saw Mr. Hemant Kulkarni, G. M. of Pegasus Properties, developers of Megapolis Hinjewadi Phase 3, at the new model of Megapolis, i joined the crowd. Mr. Hemant had almost finished talking about 3 acre surprise sports amenities at Megapolis Smart Homes 2 - 3 cricket pitches with nets, 3 tennis courts, huge play area, multipurpose court, walking - cycling tracks and stadium like sitting arrangement to enjoy your dear ones play!

Megapolis Rajiv Gandhi Infotech Park Phase 3 Hinjewadi Pune - IMG_2890
3 acres for Tennis - Cricket - Play Ground - Megapolis Rajiv Gandhi Infotech Park Phase 3 Hinjewadi Pune 

"But what will happen to all this - when 99 years lease is over?" one visitor asked.

"It's 95 years lease - not 99! After 95 years - lease will be renewed! Nothing will happen to all this. For the renewal every flat owner will pay some nominal amount. Like 1 Rupee Per Square Feet! It may happen that you may not have to pay - Rs. 1 per sq.ft. - separately - because your society will have enough funds to pay for the renewal of the land lease! Point is 'renewal of 95 years lease' would be just a formality!! Not a big issue.," Hemant Kulkarni said.

Addressing to the group of visiting property buyers, Mr. Kulkarni said, "Consider us as a facilitators! This is Government Land. From the legal point of view - this is the most "clear land". Government has given us a job - a job to develop a township. We, Pegasus Properties, will do our job and hand over this township to you all!"

Enjoying the relaxed expressions on the faces of "would be owners of Megapolis", Hemant Kulkarni said, "That's why - between you - the property buyers and we - Pegasus Properties - there is no lease agreement - it's "Agreement to Sale" - sale deed! After the completion, we are going to form a society - or association of apartments - condominiums. We are going to do the "conveyance deed" - means going to hand over the ownership of the buildings and leasehold rights of the land to you - means to your society / association of apartments - condominiums. It means that you - your society / association of apartments - condominiums - will be the "owners" of the land and the constructed building on that land!"

"Of course, we are going to reserve some rights with us - like right to consume FSI! You will find all these legalities clearly mentioned in your agreement for sale. You will also find in the agreement that this transaction - of purchasing property - is as per the Maharashtra Ownership Flat Act. MOFA - Maharashtra Ownership Flat Act - is considered as the most property buyer friendly law in India!," Hemant Kulkarni said.

"That's fine! But why '95 years lease' in the first place?," someone said.

"Because, MIDC, Maharashtra Government's company can not sell the land. MIDC can only lease the land. All these IT companies have invested crores of rupees in their IT parks constructed on a land taken on lease from MIDC. So, can you!," Mr. Hemant Kulkarni said.

I almost felt like 'giving a big hand to Mr. Hemant Kulkarni'! He made my day. He made this visit as exciting as any visit to Megapolis. Oh! I forgot to take his photo. No problem, i will use the old one, i had already shot. And a few more, photos of Megapolis! Have a look:

Megapolis Smart Homes 2, Hinjewadi Phase 3 - Hemant Kulkarni, General Manager, with the property buyers
Megapolis Smart Homes 2, Hinjewadi Phase 3 - Hemant Kulkarni, General Manager, with the property buyers


View Megapolis Smart Homes Hinjewadi Phase 3 in a larger map

Megapolis Rajiv Gandhi Infotech Park Phase 3 Hinjewadi Pune - IMG_2885
School - Megapolis Smart Homes 1, 2 & 3, Shopping Mall and Multiplex

Megapolis Rajiv Gandhi Infotech Park Phase 3 Hinjewadi Pune - IMG_2891
TCS, Megapolis Smart Homes 1 and Sangria

Megapolis Rajiv Gandhi Infotech Park Phase 3 Hinjewadi Pune - IMG_2895
TCS at Rajiv Gandhi Infotech Park Phase 3 Hinjewadi Pune

Megapolis Rajiv Gandhi Infotech Park Phase 3 Hinjewadi Pune - IMG_2898
TCS & Sangria in Hinjewadi Phase 3

Megapolis Rajiv Gandhi Infotech Park Phase 3 Hinjewadi Pune - IMG_2902
Site of Tech Prak in Hinjewadi Phase 3

Megapolis Rajiv Gandhi Infotech Park Phase 3 Hinjewadi Pune - IMG_2905
Ready infrastructure at Rajiv Gandhi Infotech Park Phase 3 Hinjewadi Pune 

Megapolis Rajiv Gandhi Infotech Park Phase 3 Hinjewadi Pune - IMG_2906
G+9 TCS - shares common compound wall with Megapolis Smart Homes, Rajiv Gandhi Infotech Park Phase 3 Hinjewadi Pune 

Megapolis Rajiv Gandhi Infotech Park Phase 3 Hinjewadi Pune - IMG_2909
TCS & Sangria

Megapolis Rajiv Gandhi Infotech Park Phase 3 Hinjewadi Pune - IMG_2911
Megapolis Smart Homes 1

Megapolis Rajiv Gandhi Infotech Park Phase 3 Hinjewadi Pune - IMG_2913
Tanishq in the sample flat of Megapolis Smart Homes 1

Megapolis Rajiv Gandhi Infotech Park Phase 3 Hinjewadi Pune - IMG_2914
Huge open space for amenities in Megapolis Smart Homes 1

Sunway - Megapolis Smart Homes 2 - Amenities
Sunway - Megapolis Smart Homes 2 - Amenities

Megapolis Rajiv Gandhi Infotech Park Phase 3 Hinjewadi Pune - IMG_2915
Huge space between two buildings facing each other offers privacy

Megapolis Rajiv Gandhi Infotech Park Phase 3 Hinjewadi Pune - IMG_2917
Main entrance of Sangria at Megapolis Hinjewadi Phase 3 Pune

Team Megapolis:Sitting - Mr Chetan, Mr Hemant Kulkarni (GM), Mr Deepak Standing - Mr Suryakant, Mr Nishikant, Mr Pramod Fand, Mr Amit, Ms Kiran, Mr Hande, Ms Meenakshi, Mr Ginder, Ms Supreet, Mr Ved, Mr Rakesh, Mr Shailesh, Mr Datta
Team Megapolis:Sitting - Mr Chetan, Mr Hemant Kulkarni (GM), Mr Deepak Standing - Mr Suryakant, Mr Nishikant, Mr Pramod Fand, Mr Amit, Ms Kiran, Mr Hande, Ms Meenakshi, Mr Ginder, Ms Supreet, Mr Ved, Mr Rakesh, Mr Shailesh, Mr Datta

16) For Bookings Contact - Megapolis Smart Homes 2, Hinjewadi - Rajiv Gandhi Infotech Park Phase 3, Pune 411 057:


Megapolis Office: 020 3234 8180 / 8181 or

Pramod Fund 91 90110 09230

Deepak Choudhari 91 90110 09234

Chetan Shirude 91 90110 09228

Ginder Thakur 91 90110 09232

write:

smarthomes@megapolis.co.in

sales@megapolis.co.in


Related Stories:


1) SATURDAY, SEPTEMBER 18, 2010

Sunway - Megapolis Smart Homes 2 - Hinjewadi - Rajiv Gandhi Infotech Park Phase 3, Pune 411 057 - Current Property Prices of 2 BHK & 2.5 BHK Flats

2) FRIDAY, AUGUST 27, 2010

Megapolis Smart Homes 2 - "What's up?"

3) MONDAY, AUGUST 2, 2010

Big news about the soft launch of Megapolis Smart Homes 2 at Hinjewadi Phase 3, Pune

4) WEDNESDAY, SEPTEMBER 15, 2010

Affordable 2 BHK Flats in Pune real estate market

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17 comments:

  1. Hi,

    Would owners of Smart Homes - 1 also have access to "surprise Amenities" or are they only for Smart Homes -2 buyers.

    ReplyDelete
  2. The whole thing is going to turn into a surprise come the lease renewing time. Flat owners(?!) will be left to sort out the matters themselves.
    Why would builder care about what's going to happen in 95 years time?
    The IT companies have invested crores in the MIDC to make crores. They will make crores year on year and leave it once no more profits are coming.
    But the people investing in Smart Homes are investing for their lives. It's all they have.

    Stop this nonsense of praising and promoting this scam.

    ReplyDelete
  3. Area - 805 sq ft
    Agreement value - Rs 28,68,200
    Effective rate - Rs 3562

    You might as well add another Rs 500 or 1000 to the rate and get a same size second hand 6-7 years old apartment in Aundh for Rs 3600000.
    At least you are in Pune that way.

    ReplyDelete
  4. Yes, Shraddha! Owners of Megapolis Smart Homes 1, as well as Megapolis Smart Homes 3 can use these amenities along with the owners of Megapolis Smart Homes 2!

    ReplyDelete
  5. Dear Mistral, i liked your statement - "Stop this nonsense of praising and promoting this scam." Very good! Keep it up!!

    ReplyDelete
  6. Its an excellent blog. Answered and clarified lot of queries. Any update on the possession of smart homes-1? The last I heard was June-2012.
    But I also read somewhere that they might give possession by Dec-2011

    ReplyDelete
  7. Dear Mr Ravi, is it a matter of concern that the Sunway agreement papers do not mention the date of possession of the flat ... it only mentions that the possession is after 36 months from the date of starting the construction.... any idea when will that be??

    ReplyDelete
  8. Dear Somu, what is the "matter of concern"? Have you ever heard that any agreement has ever mentioned the "date"? Is it practically possible to mention the date of possession of a real estate development?

    Don't over expect! Remember that you are buying a concept. You have believed that it will be executed in the full and final form.

    Ask any property buyer - he will tell you that every project takes 3 - 4 months more!

    Haven't you seen so in your professional life?

    ReplyDelete
  9. Hi Ravi,
    I overheard that there will be a expressway going thru Hingewadi which will finally connect the balore highway. I mean the current hingewadi bypass will become a internal road and this new highway will actually serve as a expressway. Is this true?
    Please clarify if u have any information.

    ReplyDelete
  10. Hi Ravi

    Any idea on the progress on construction of smart homes? 1 and 2? Its been a while now since you last posted on the same. Thanks

    ReplyDelete
  11. I will post about the construction progress of Megapolis Smart Homes 1 & 2 in this week.

    ReplyDelete
  12. Hello Ravi,
    Any idea on the progress on construction of smart homes2? Thanks

    ReplyDelete
  13. What is the current rate in Megapolis sunway 2- new building

    I am interested to buy the same

    Thanks

    Sainath pingale

    ReplyDelete
  14. Is it written in the lease agreement that after 95 years it will be renewed with rs 1 per sqft?

    why was this information not a part of marketing broucher or company website?

    ReplyDelete
  15. Good point Kali! I completely agree with you!! However, let me take this opportunity to remind you all that:

    Ravi Karandeekar's Pune Real Estate Market News Blog:
    Real Estate Brochure is a fairy tale, a dream, a concept, a wish list but no, not a "promise" or an "offer" !

    ReplyDelete
  16. I came across this article which states that Megapolis is not a township
    http://www.moneylife.in/article/special-township-projects-rti-query-reveals-lack-of-monitoring-and-adherence-to-norms/19724.html

    Now given the fact that Megapolis is not a township; does Megapolis has right to develop commercial facilities (Mall, Multiplex, restaurant) on the land it has taken on lease from MIDC?
    Does anybody have idea about it?

    ReplyDelete