Sunday, November 15, 2015

Diwali 2015 with Mr. Nitin Kulkarni of Little Earth at Kiwale

Unforgettable Diwali Gift!


Unforgettable Diwali Gift 2015

On the first day of Diwali, I visited Nitin Kulkarni. The developer of Little Earth at Kiwale - www.littleearthpune.com . One of the projects - I recommend as - worth considering in 2015.

Nitin was suffering with cold. He had a running nose. He was wiping his face again & again.

"I guess, everything is okay," I said.

"You tell me - have a look at these figures - and tell me - how am I doing," Mr. Nitin said & turned the screen of the computer towards me.

Some 15 - 20 years ago - when I was in Pune real estate advertising - Nitin Kulkarni was a civil engineer - with one of the best builders - in those times. Even then, though he was just an engineer - I was sure - someday - Nitin would be a builder. Eventually, 5 years ago, in 2010, at the launch of Green City Pune on Handewadi Road at Hadapsar - I found out that Nitin has become a builder.

Certainly, I was happy for Nitin. And I was very much impressed too. Mainly for the two reasons.

1) You know? Nitin has roped in his previous employer & his old friend from Aurangabad as joint venture partners in Green City Pune! I always admire the builder who values relations.

2) Green City Pune was the right property at that point of time in 2010 - affordable flats & affordable bungalows in Pune Municipal Corporation limits. I am fond of the builders who build affordable homes.

In the last 5 years - Nitin has taken efforts to convince me that he is a good builder.

First, Nitin acknowledged my position as a blogger. The influencer - whose opinion some property property buyers take seriously. (You know? Most of the builders in Pune fail to understand how to deal with me.)

Then, Nitin took me to Green City Pune & showed the infrastructural services he had developed. He took me to Little Earth at Kiwale and showed me how he was implementing the same model - in PCMC - near Hinjewadi.

At that point of time - I was focused on Violation of Environmental Clearance. Nitin took time to explain - sustainable - self sufficient - infrastructural services in Little Earth Kiwale. Infrastructure which will generate revenue & reduce the cost of maintenance.

Certainly, Nitin's efforts paid off. I started recommending Little Earth at Kiwale.

Obviously, I became more alert about Little Earth.

After the unfortunate incident of police complaint by Vastushodh Projects - I have become more cautious.

Being more open - over the period of project - about my views & interactions with the builder - can be a sort of real time disclaimer about my views. I thought. So that - you do not have to wonder about my sudden shift - why am I suggesting something like - why you should not book a flat at Vastushodh Projects' UrbanGram & AnandGram.

Afterall, I write Ravi Karandeekar's Pune Real Estate Marketing News Blog to help you to buy a home in Pune.

Times keep on changing. Same about you, me & builders. Obviously, my views & recommendation keep on changing too. So, transparency is essential. I have realized.

"Look at these figures - and suggest - what should I do to get more bookings?," pointing at the computer screen Nitin Kulkarni of Little Earth Kiwale asked.

"Sure. I will. First tell me - how are you doing?," I asked.

"From April 2015 - the day of launch - on an average - every month 5 - 7 flats are booked. I have booked enough number of flats to fund the construction of this phase. But, you know? I was expecting more bookings. I wish to do something for more bookings," said Nitin.

"Yes! I know. You have enough bookings to complete the launched phase. At this point of time - when the home buyers are not sure about the completion & possession - this is a big USP of Little Earth," I said.

"And the amenities - club house and all - and infrastructural services - sewage treatment plant - water & power connection etc - are already in place - I am giving possession of the 1st phase in the next couple of months - means - by the time - the flat owners of this phase - will get the possession - they will get whatever they have paid for!," said Nitin Kulkarni of Little Earth Kiwale.

"Yes! I know. But, most of the property buyers don't know this. You know why? Because - you talk about the payment scheme - 5-75-10-10. Not about getting value for money - not about getting possession of a flat with operational - amenities - and - infrastructural services," I said.

"The property buyers know that - those builders who find it difficult to sell the flats - talk about the payment schemes - 10 - 80 - 10 - no EMI till Possession - and all. Why aren't you talking about possession of a flat - with amenities & water - power - STP?," I asked.

"Yes! I was considering the same! Should I highlight the guaranteed possession date?," asked Nitin Kulkarni of Little Earth.

"Possession date - is an oversimplification. Certainly, attractive. But - in the current circumstances - when the property buyers don't trust the builders - oversimplifications looks like - gimmick. Gimmicks & payment offers - erode brand value - do not communicate the strengths of the project. Do not answer - why is Little Earth at Kiwale better than Aditya Vivaaz at Ravet or Siddhashila Eela at Punawale? Respect the intelligence & preferences of the property buyers - Nitin - we know how location centric property buyers are - they will come to Kiwale only when they are convinced about benefits of booking a flat in Little Earth!," I said.

"True! Like DSK called Punawale as tomorrow's Baner - or like Adity Builder says about Ravet - Tomorrow's Aundh - at this point of time - I can't say anything about Kiwale. But, you know - how good is the location of my project - right?," said Nitin.

"When the project is good - it doesn't have to depend entirely on the benefits of location. Little Earth offers more than the convenient location for Hinjewadi IT professionals - as well as Mumbai investors - and you offer safety - a property within a budget - with operational amenities & water - power - STP - systems. And the bookings show that the property buyers are admiring & appreciating Little Earth - what more do you want?," I said.

"More number of bookings! But - if you say - it's okay - I am ready to accept!," said Nitin.

"Yes. You are doing quite well. Can you afford to be a patient? Do you have a huge debt - tension of interest payment? ," I said.

"No debt. No bank loans. No Private Equity Funding. No tension of interest payment," said Nitin.

"Have you paid the salaries on time? Have you paid your contractors?," I asked.

"Yes! Of course!," said Nitin.

"Congratulations! Nitin - you are among the few builders in Pune who could fulfil their financial obligations this Diwali," I said.

"Good! I called you to hear this!," said Nitin and gave me 2 paper bags.

"OMG! Glad to know that you can even afford to give Diwali Gift to the blogger! What is in these 2 heavy bags?," I said.

"Idol of Ganapati & Dry Fruits!," said Nitin Kulkarni of Little Earth at Kiwale and asked - "Where are you going? Should I tell my driver to drop you?"

"If you are my true friend - please - never offer me your car. Instead - order me to walk. Because, walking is good for me," lifting two heavy paper bags, I told Nitin.

However, when I reached Joshi Hospital, I called my wife and asked her - What should I do about the 2 paper bags of Diwali Gifts?

"No problems. Come over!," my wife said.

She was right. For a moment - my mother in law admired the idol of Ganapati. And you know what? She asked for one more almond from the box of dry fruits. Because - the first one she had gulped down like a capsule.

"Now, I am feeling like I am celebrating Diwali," said my mother in law.

"Same here!," without looking at my wife, I said.

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11 comments:

  1. Nice writing. It would have been nice if some latest pictures from the site would have been also posted. However, the current times are such that buying flat whose possession is couple of months away as per builder also feels risky, though it is appreciated that this builder atleast completed the basic infrastructural services before handing over the flats to buyers.

    Overall though, the real estate market was very grim this Diwali.
    Reasons are same - high prices, less affordability and concerns over delivery of the project in time.

    Diwali fails to light up realty fortunes :

    http://www.tribuneindia.com/news/real-estate/diwali-fails-to-light-up-realty-fortunes/157746.html


    Ravi,
    Wish you and your well wishers a very happy & peaceful Diwali.

    ReplyDelete
    Replies
    1. "Overall though, the real estate market was very grim this Diwali.
      Reasons are same - high prices, less affordability and concerns over delivery of the project in time." - True.

      Thanks for your wishes, TheMonk!

      Delete
  2. Hi Ravi. Not sure if u have already made this point or not but Do you think less inflow of black money after new government may be one of the reason for real estate collapse?

    ReplyDelete
    Replies
    1. New Government isn't involved in real estate and corruption like previous Govt. What you said is true to large extent. The black money which used to ensure that holding capacity of builders increase, is not happening now. And since sales are also not happening now, things are turning bad to worse for builders and investors, which in one way is good for end users. Some good steps are also being taken by current Govt.

      Cabinet Clears Bill to Check Benami Transactions -

      Apart from confiscation, the Bill provides for prosecution and aims to act as a major avenue for blocking generation and holding of black money in the form of benami property, especially in real estate.

      http://www.ndtv.com/india-news/cabinet-clears-bill-to-check-benami-transactions-762732

      It will now be keenly watched as to how many more builders go bankrupt by end of current financial year in March next year.

      Delete
    2. To a certain extent - yes. Government's steps against black money has affected real estate.

      Common man finds it difficult to invest his black money.

      Only only big one can invest their black money in real estate - as foreign direct investment.

      You can say that government wants to corporatise the black money investment.

      Delete
    3. "Only big one can invest their black money in real estate - as foreign direct investment."

      Again agree to certain extent. However, this FDI thing was already happening even earlier via Mauritius, but good part in this is it will be accounted money on builders books and the FDI flow will be taxed, so will the builder. Till date, in many cases, builder used to accept in cash and return with interest in cash which was tax free being black. This won't be case with FDI. The failure of REITs is good example of this.

      Also with Automatic Tax Exchange of Information now coming in, hiding money abroad to bring back as FDI is going to be tough.

      Meaning of ATEI :

      https://financialtransparency.org/issues/automatic-tax-information-exchange/

      India signs MCAA pact on automatic exchange of tax information :

      http://www.thehindu.com/news/national/india-signs-mcaa-pact-on-automatic-exchange-of-tax-information/article7279712.ece

      All these things done by current Govt will certainly help reduce the nuisance of black money in India which is overall good for country's economy.

      Delete
    4. Henceforth this black money will be called funny money!

      Delete
    5. To understand the policies of this government - you have to use common sense & general knowledge.

      Delete
    6. LoL ! Funny money. Good one.
      Be it black money, white money or funny money, one thing which is certain is builders are running out of all such money. The NPAs in real estate sector also show it, atleast that of white money and perhaps funny money.

      Delete
    7. Yes, TheMonk. Most of the builders in Pune do not have any type of money. Some even don't have pocket money.

      Delete
  3. I am an owner of a flat in Marvel Diva & till 6 months back was extremely happy with Marvel, be it their product, behavior or their services. Then I got to know that these guys have spread their resources into many areas, HAVE OVER TRADED & now are facing a solid cash flow problem. The society was maintained beautifully till about 6 months ago. Now suddenly he wants to let go & hand over all expenses to the residents, giving a months notice.
    Apart from this, as per the agreement, he has charged a one time maintenance charge, with clear details that he would be putting the amount in a separate bank account & the interest would be used to run the society. They have also mentioned that as & when the society is formed, the amount will be transferred to the society. They have also included that in case they fall short of funds they have the right to ask the flat owners for more money & IN CASE THE OWNERS REFUSE, then he could use the money collected.
    It seems he has used all the money, without asking any flat owners or even taking their permission.
    I want to know if we can take the Marvel guys to court & is this not a case for criminal investigation as he has frauded on money that was put in trust by us.
    Sincerely,
    Marzi

    ReplyDelete