Mr. Lalit Kumar Jain on Real Estate Locha:
I am big fan of Mr. Lalit Kumar Jain. Chairman and Managing Director of Kumar Builders Urban Development Ltd. (KUL) (www.kul.co.in) and President of Confederation of Real Estate Developers' Associations (CREDAI).
In the last couple of months, Mr. Lalit Kumar Jain has talked a lot about delay in getting sanctions and approvals for the real estate projects and no bank finance for the builders. Result is, real estate locha!
Of course, those who have booked at the pre-launch or the launch stage of the projects in Pune real estate market know all about real estate locha!
Some of you, also know about 'possession locha in Pune real estate' and how helpful "CREDAI Pune" is!!
Point is, after learning about real estate locha from Mr. Lalit Kumar Jain, i came to the conclusion that there is no point in writing about any project till the builder gets all sanctions and approvals.
From the experience of Nanded City Pune, i added the time required for the pre-construction site development and decided that i should write about the township projects only when the actual construction starts!
If you haven't read about real estate locha, please, look what Mr. Lalit Kumar Jain says:
"Whether buying land, expediting government clearances, a process that can take three months to a year and half, approaching over 40 government authorities or agencies involved in the project clearance, there is potential for added costs.
From buying land to project launch, developers wait for up to three years. With bank funds unavailable to developers, input cost of funds for land can double in this time," Mr Lalit Kumar Jain, National President, Credai and Managing Director of Kumar Urban Development in Hindu Business Line
"The Credai has prepared a comprehensive checklist of requirements of each department, like environment, traffic, garden and water and this list will be submitted to the Union minister of Urban Development, Kamal Nath, later this month."
"If this list is approved by the government, a builder will get the approval within three weeks. Thus, we can control 25% cost of delay, thereby reducing flat prices. We have no control over the cost of land, material and labor, so at least let us control the cost of delay," added Lalitkumar Jain, President of the Confederation of Real Estate Developers Associations of India, (Credai), in The Times of India
At the moment the sector has many hurdles in the process of obtaining over 40 approvals including environment, high rise, airport authority and police, Jain said adding that some states like Maharashtra were taking over a couple of years for according all clearances," Confederation of Real Estate Developers' Association of India (Credai) president Lalit Kumar Jain said today - in ibnlive.com
The Confederation of Real Estate Developers' Association of India (Credai), the apex body of private real estate developers, today said that it would make the code of conduct mandatory for all its members.
President of Credai Lalit Kumar Jain said that members advertising their projects in the media should clearly mention about their affiliation with the apex body.
They should also clearly mention the saleable area (which is the super-built area) and the carpet area in brochures, he told reporters here.Jain said that Credai had also set up a grievance redressal mechanism for buyers to register complaints with the body.
He said that Credai would arrange for arbitration between two parties to avoid going to the court.
Any member who was found not adhering to the code of conduct would be expelled from the body, he said. (Credai to make code of conduct mandatory for members - Press Trust of India)
"Kumar Builders has postponed plans for initial public offering and now Kumar Builders are in talk with private equity firms to raise around $300 million over 2011-12. The Pune-based real estate firm is creating special purpose vehicles (SPVs) for each of its projects, and plans to sell 26 per cent to PE firms in each SPV.
“Kumar Builders will hive off 26 per cent stake of each project to private equity players for raising the funds.
We hope to complete the process before next fiscal-end,” Lalit Kumar Jain, chairman of Kumar Builders, told Financial Chronicle.
The company is in talks with several PE players both in the domestic market and overseas
market for raising funds, according to him.
Jain said the company has postponed plans for IPO for the time being as market sentiment is not that bullish. Kumar Builders, had filed an application for IPO in 2009 to raise around Rs 450 crore in 2009 but later deferred the plans due to adverse market conditions.
The company will launch one residential project in Kalina, one in Vile Parle (East) and another in Ghatkopar, each project counting 100 flats. It will also launch one special economic zone in Hinjawadi, in Pune. The total investment for the projects will be around Rs 1,050 crore, according to Jain.
In February, the company raised $55 million from Dutch equity firm FMO.
"The $55 million which we raised recently will also be utilized for the new residential and SEZ projects that we are launching in the next quarter," Jain said.
There is liquidity crunch in the market and raising funds has become difficult for real estate companies as banks turned extremely cautious. "These projects are expected to be completed in next seven years," Jain said." (Kumar Builders eyes $300m PE Funding in domestic and overseas market)
Chemical Locha in Mr. Property Buyer's Brain!
You know? On phone, many times i am rude. As rude as some of your comments on my blogs. Sometimes, even i insult the caller. For example, yesterday, i told the caller that - like Munnabhai - there is a chemical locha in his brain!
The home buyer called on my mobile 919860044110, to discuss about investing in KUL Ecoloch Mahalunge Township. He told me about the pre-launch offer and asked for my take. I told him how i respect and follow Mr. Lalit Kumar Jain. "As per Mr. Lalit Kumar Jain - sanctions and approvals - is a big real estate locha! So, you should not consider any project unless it receives all necessary sanctions!," i told the caller.
When the caller started talking about the low property prices at launch and convincing me about the expected appreciation, i requested him to "think in numbers" and consider the "risk factors" about investing at pre-launch or even at the launch stage of any project.
But, the caller was not listening. He kept on telling me about the pre-launch offer of KUL Ecoloch Mahalunge Township. Ultimately, i asked him, "Why did you call? To sell Kul Ecoloch Mahalunge Township? Or to seek my advice?"
"For your advice!," the caller said.
"Good! My advice is - you need psychotherapy - there is a chemical locha in your brain!," I said. I was about to give him the telephone number of the shrink but the caller ended the call.
You know? Many property buyers, particularly those who fantasize about investing in a plot of land, those who dream of earning big returns and a huge appreciation from a 1 BHK Flat in some fringe village, those who go for the pre-launch offer of the projects which haven't yet received N A, have found my shrink quite useful for cleaning chemical locha in their brains!
KUL Ecoloch Mahalunge - Aayla! Lochya Zala Re!!
Dear wife or a girl friend? Big Builder or my principal? My Real Estate Guru - Honorable Mr. Lalit Kumar Jain or my old friend Mr. Fahim Khan? Why do i have to face this type of a situation again and again?
You know? Late in the evening, my old friend Mr. Fahim Khan, Dy. General Manager, Sales & Marketing, Kumar builders (KUL), called me, "Ravi, we have soft launched Mahalunge Township and I want you to write a blog about our pre-launch offer!," Fahim said.
"Lochya Zala Re!," i said to myself and asked, "Fahim, have you received all necessary sanctions?"
"Sanctions will come in a month. Consider, how much your readers can save...how much 'thanks' you will receive from your readers!," Fahim said.
"Lochya Zala Re!,' i said to myself and asked,"But...what about Mr. Lalit Kumar?"
"What about him? Want to interview him? Don't worry. I will arrange! I am sending all data..," Fahim said.
"Fine...send....but for more info - i will give your contact number on my blog. OK?," i said.
Is there any chemical locha in my brain?
Why didn't i refuse to blog the pre-launch offer of KUL Ecoloch Mahalunge Township?
Considering the huge number of property buyers who are suffering with chemical locha about investing in Pune real estate, Ravi Karandeekar, whether you write or not, you have to keep on talking - discussing - answering phones on this project near Hinjewadi.
So, why not blog your views and avoid talking about it?
I went on debating.
Result is - at least, you will not call me and tell - Lochya Zala Re!
You will call:
Mr. Fahim Khan, Dy. Manager, Sales & Marketing, Kumar Builders
Cell : +91 7709002283 E-Mail: email@example.com
+91 20 4000 6000 F: +91 20 2633 0584
If you want to view the PDF Files about the project, please, visit these links:
1) Location of KUL Ecoloch Mahalunge Township
2) Layout of KUL Ecoloch Mahalunge Township
|(Click the Image to Enlarge)|
3) Presentation of KUL Ecoloch Mahalunge Township:
4) Floor Plans of KUL Ecoloch Mahalunge Township:
1) 1st floor
2) 2nd floor
3) 3rd floor
4) 4th floor
5) 5th floor
6) 6th floor
7) 7th floor
5) Specification of KUL Ecoloch Mahalunge Township:
6) Amenities at KUL Ecoloch Mahalunge Township:
3) Kothrud police booked Lalit Kumar Jain for cheating, breach of trust and forgery
2) THURSDAY, MAY 26, 2011
Visit to Kumar Builders' KUL Ecoloch Mahalunge!
1) FRIDAY, MAY 6, 2011
Kumar Builders' KUL Ecoloch Mahalunge, Baner Annexe, near Hinjewadi IT Park Pune, Launched!
1) WEDNESDAY, MAY 4, 2011
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