Saturday, February 14, 2015

Why did Kolte Patil Nest Fest 2015 receive such a huge response?

1,150 Flats Booked in 3 Days!:


Kolte Patil Nest Fest 2015 - 1,150 Flats Booked in 3 Days!

Over 30,000 individuals visited Kolte Patil Nest Fest 2015
- exhibition cum sale of properties in Pune -
organized on 6th, 7th & 8th February 2015.

1,150 homes - in the price range of 30 lakhs to 10 Cr - 1.25 Million square feet - Rs. 750 Crs ''inventory' was booked.

People from 80 cities, 25 countries, 12 subcontinents visited / booked / responded to Kolte Patil Nest Fest 2015.

Claims the press release of Kolte Patil Developers Ltd. (KPDL).

But, you know what?

This is not true.

Truth is something different.

For example -

1) The alliance from outer space are not counted. Only 30,000 individuals from the planet earth are counted.

2) The residents in Kolte Patil projects are not counted in 30,000. My guess is a few thousand home buyers who are staying in Kolte Patil Projects in Pune visited Nest Fest. Only to have a look at the senior managers who are mostly invisible & inaccessible.

3) A few thousand people working in Hinjewadi who  have booked flats - a long time ago - in the pre-launch offer of Kolte Patil Developers upcoming project in Wakad - also visited Nest Fest 2015. But, Wakad project was not displayed or even mentioned in Nest Fest - so they felt that they were at the wrong place and went away. These visitors are not counted in 30,000.

4) As a listed company there are some limitations on Kolte Patil Developers Ltd. (BOM:532924) about sharing accurate information.

KPDL has to keep in mind that they are talking to Bombay Stock Exchange. The most important financial institution which is still living in the past and is out of touch with reality.

For example - though - in November 1995 - Bombay - the english name was officially changed to Mumbai - it still calls itself - Bombay Stock Exchange.

That's why while reporting to BSE, KPDL mentions area in square feet. Not in square meters!
- Though, in December 1956, Indian Parliament adopted the metric system in weights & measures and from April 1962 banned the use of other systems!

Same about saleable area! In Maharashtra flats are sold on Carpet Area. But, KPDL has not told BSE whether 1.25 Million is carpet area or saleable area. Since the flat areas in Nest Fest brochure are saleable areas - I think 1.25 Million must be the saleable area.

All these efforts prove that Kolte Patil Developers Ltd. (www.koltepatil.com) is a good corporate citizen.

5) The KPDL press release does not take any credit for fulfilling Corporate Social Responsibility (CSR).  KPDL's humility is admirable.

By organizing Nest Fest 2015, KPDL gave an opportunity to enjoy a feeling of becoming an owner of a flat in the city of Pune.

Because of the unaffordable property prices in Pune - most of these people had lost hope of owning a home.

All these frustrated people - who can not fulfil their basic human need of a home - are always searching for an opportunity to pleasure themselves by booking a flat at the pre-launch or launch of a project. by giving a small token amount.

However, recently, builders in Pune have started demanding 20 percent down payment as a booking amount.  Not only that! In case of cancellation - most of the builders in Pune are taking too much time to refund the booking amount  and are deducting heavy cancellation charges.

With Nest Fest 2015 - Kolte Patil changed it all. One can book a flat by paying only 30,000 rupees - by cheque or credit card. In case of cancellation - full booking amount - without any cancellation charges - will be refunded immediately.

Instead of popular current offer of 10 - 80 - 10 payment system - with the help of ICICI Bank - Kolte Patil offered 5 - 85 - 10 payment offer.  Many people didn't realize that this offer is not based on the all inclusive property price but on the agreement value! It means that you have to pay for stamp duty & registration charges from your own pocket. Means 5 - 85 - 10 offer is nothing but 10 - 80 - 10 offer of HDFC.

It's not important whether the home loan offer was misleading or not. Means may be questionable. But result is not. Because of Nest Fest offer thousands of home buyers - who could not even think about owning a home - could enjoy pleasure of booking a home - is more important. Socially and economically.

Many may have to cancel their bookings for many reasons - not having 10 per cent own contribution - not being eligible to get required home loan - realizing that they can not afford to pay 55 percent of their monthly salary to the bank for the next 30 years.

So, what?

Today, number of cancellations are not important. Only number of bookings are.

Why?

Because the number of bookings tell us about the important role Nest Fest had played in Pune real estate market -

A) Nest Fest offered an opportunity to thousands of home buyers - who can not afford to own a home - to book a flat by paying nominal amount of money and experience the joy of owning a home.

B) Eventually, they may not become homeowners - so what?  Fantasizing - pleasuring yourself - also matters a lot in the life of a human being.

Right?

C) Home buying is a stressful experience. With Nest Fest 2015, Kolte Patil made home buying stress less. Nest Fest let people take a thoughtless home buying decision. Young people know that there is nothing like shutting brains off and going with the crowd. Parents know that more than Due Diligence - being with popular sentiments makes life easy.

Kolte Patil Developers offered such a life enriching social experience to the homebuyers
- but, refused to claim it in the press release.
What humility!



6) Yes! 30 years home loan tenure!! At Kolte Patil Nest Fest, ICICI Bank was offering 30 years to repay the loan.

In the over crowded Nest Fest, I heard one bank executive telling his colleague, "When I will become the chairman of our bank - I will offer home loans with 60 year tenure & at zero percent down payment. Look - property prices & interest rates are not in Bank's control - but the home loan terms & tenure are. Right?"

"True! But that's not enough. We have to do something more. Because, home loan eligibility is a big hindrance. Instead of salary & CIBIL credit score - why not consider the credit card limit! After all  - we are number 2 in Indian Credit Card Market. One should get a home loan - if  EMI is within your credit card limit. What do you say?," the colleague asked.

"Brilliant! Increasing credit card limit is always in our hands!! But how can we decide the credit limit?," the first bank executive asked his colleague.

"Let us relate the credit card limit to the property one is purchasing!," the colleague said.

"Done! Brilliant!! I will send this proposal to Heil Hitler!," the first bank executive told his colleague.

"Don't rush! Think about the downside - how will you cover the risk?," said the colleague.

"Don't you know about Credit Default Swap - CDS? We are the one who introduced CDS in India!," said the first bank executive.

"No I haven't . What is it?," asked his colleague.

"In fact - I don't know much about it - but someone told me that CDS played important role in sub prime crises in USA  - and the head of our extended family - Deutsche Bank - knows how to play this type of a game. So, for sure, my proposal would be accepted," said the first bank executive.

"Means - soon you will be chairman," said the colleague.

'"Yes! And everyone will become a homeowner! Irrespective of how much he earns!," the first bank executive said.

"I am hoping to become a CEO of some real estate developer in Pune!," the colleague said.

This conversation convinced me that Kolte Patil Nest Fest 2015 has not only changed Pune real estate market - but, it's going to change the economic future of India.

And you know what?
In the press release, Kolte Patil Developers Ltd. claim no credit for it!
Jai Hind!  

Related Stories:


1) Aditya Vilas Javdekar Invites You to Rob a Bank

2) Do not sell homes to those people who can't afford to buy

3) 5 Signs That You're Living Beyond Your Means

4) How much house can you buy?

5) How You Become a Slave to the Bankers!

Kolte Patil Nest Fest 2015 - A Few Glimpses:



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7 comments:

  1. Hello All,

    I am also any of the home buyers in nest fest Feb-2015.
    What mainly convinces me is the mode of payment which was 5 – 85 - 10.
    The way I took this offer as I have to pay 5 % amount at the time of booking. 85 % will be funded by bank and finally I have to pay rest 10 % at the time of possession. And I think that’s how they marketed also. [This amount is not including registration changes and maintenance changes]
    As I have very less saving with me I was not able to book flat anywhere else. And finally I have this mouthwatering offer by THE kolte patil.
    So I booked the 1 BHK flat at Life republic by paying 5% (which is my full saving amount up to now).
    Gradually demand of disbursement started coming and within six months 78% amount is already paid. In which bank has given 73 % and I gave 5 %.
    Now this is time for next disbursement, Bank is now not willing to release rest money. Now they have modified the scheme now this is converted to 5-75-10-10. This means I have to arrange for my part of 10% now. I have no idea from where I can arrange this 10%.
    This is how I got fool by xx and yy.

    Feel free to share your story, and lets fight together.
    Regards,
    Poor Home buyer.
    Who think he/she can buy home in Pune.



    ReplyDelete
    Replies
    1. I feel your pain my friend . nothing is worse than getting into a debt and then being cheated. I thank Ravi for such blogs which educate buyers. Every flash shale of property is effectively a crowdfunding operation by builders who are in panic mode as not enough sales are happening . there is a very big probability that after taking the cash the builder disappears or delays for ever

      Delete
  2. Hi, kolte patil is the biggest thug ever, be careful with them.

    ReplyDelete
  3. Hi,
    Do you have any updates on wakad prelaunch project? That project is in prelaunch from past 3 years, and from past 3 years whenever i contact kolte patils team, they repeat the same thing that it is getting launched next month. I last heard that it has been blocked due to clearance issue and so will not be launched in near future. Any idea about it, as there is no point in asking kolte patil team, they are are bunch of liars who have just taken thr public money.

    ReplyDelete
  4. I was planning to book an apartment in the pre launch project in Wakad as everything looks good .....I had no clue about the above please advice if i should refrain from going ahead with the same

    ReplyDelete
  5. Don't buy flat from Kolte Patil.They are big thugs.

    ReplyDelete