Leading Builders & Property Buyers in Pune Present Real Authentic Report:
|Property Buyers Present Real Authentic Pune Real Estate Market Report at Pune Home Buying Festival 2016|
Pune Home Buying Festival 2016 - organized by CREDAI Pune Metro & Property Buyers Awareness Program organized by Akhil Bharatiya Grahak Panchayat was nothing but the live presentation of Pune real estate market research report of 2015 and forecast for 2016.
This report covers more than the usual topics -
1) When will Pune real estate bubble burst?
2) Number of unsold flats in Pune
3) Will Pune market slow down or pick up?
4) Will the property prices in Pune go up or down?
5) Effects of changes in home loan interest rates
6) The investment destinations in Pune etc.
This report focuses on:
1) Possession of flats - not on number of bookings.
2) Completion of projects - not on launching of new projects.
3) "Other Charges" - "Infrastructure Charges" - "Maintenance Charges" - not on the property rates.
4) Actual worth of the property - not on the property price.
- Why? Because, this report is not prepared by some foreign owned real estate consultant or media house.
Those who visited the festival have already received & discussed this report.
Here is the summary for those who didn't or couldn't visit:
A) A huge number of property buyers in Pune have not received possession of their flats and they do not know whether they will ever receive possession or not. Because -
|A huge number of property buyers in Pune have not received possession of their flats|
1) The builder has become bankrupt & has abandoned the project.
2) The builder is facing financial crunch & construction is stalled.
3) The builder has not received necessary clearances - sanctions & construction has slowed down.
4) The builder has committed the crime of violation of environmental clearance & has received stop work order.
5) The builder has not received enough number of bookings & the construction of the project has not begun.
6) The joint venture partners - the promoters of the project - have split or have some disagreements & issues - and the project is stalled.
Their message for new flat buyers in 2016 is -
1) Every builder is not eligible to book at the launch or at under construction stage of project.
2) Anyone can launch a housing project but very few are capable of completing it.
B) Most of the flat buyers in Pune who have received possession of their flats are unsatisfied & disappointed. Their reasons are -
|Swimming Pool in Vilas Javdekar Developers' Palladio at Tathawade|
1) They have lost huge amounts of money because of the delayed possessions.
2) Even after paying the entire property price, they are forced to occupy their homes illegally because their builder has not obtained completion & occupancy certificate.
3) They are suffering due to insufficient or lack of basic facilities like road, water, drainage, power, garbage, safety & security, etc.
4) They have not become the true owners of their homes because their builder has not formed a co-operative housing society & hasn't done conveyance.
5) They are feeling that their builder has looted their maintenance fund - misappropriation of maintenance charges collected from the flat buyers at the time of possession.
6) They are complaining about quality of construction - mainly leakage & seepage in ceiling & walls, poor quality & poor fitting of floor tiles, internal walls without plaster.
7) They are suffering because of the poor planning & allocation of car park.
8) They are disappointed because of the incomplete, insufficient & less than promised amenities.
Their message for new flat buyers in 2016 is -
1) Avoid booking a flat in the fringe villages of Pune which come under PMRDA.
2) Big builder, big brand, does not mean good quality & good service.
3) Form a flat buyers group & monitor the progress of construction on a weekly basis.
Take these precautions while booking a flat in 2016:
|Take these precautions while booking a flat in 2016|
Those who have received possession of their flats & those who haven't - appealed to new flat buyers in Pune to avoid the mistakes they have made. To avoid becoming a victim of a builder - like them - their suggestions are:
1) Obtain loan sanction letter from the bank before you start searching a flat.
2) Consider the repayment of loan - not only your eligibility to get the home loan.
3) Book a flat on the basis of per sq. meter carpet area - prevent a builder from committing a crime against State Government of Maharashtra & Central Government of India by selling a flat on the basis of per sq. ft. saleable area.
4) Do not make a decision based on the property ad, sales brochure & sales talk of the salesperson - do title search of the plot of land, check the environmental clearance, sanctions & approvals, study the terms of transactions in the agreement.
5) Book a flat only if the builder is ready to appoint third party construction quality auditor & is ready to share reports at every stage of the construction - till possession.
6) Book a flat only if the builder offers 5 years warranty & guarantee for your flat.
7) Book a flat only if - in case of delayed possession - the builder is ready to pay rent, pre emi & compensation for mental agony, social insult & loss of income tax benefit etc.
8) Give more importance to the current financial status & the debt of the builder than - the number of under construction projects, the history - the track record - & future plans of the builder.
9) Know the actual charges required for electricity, society formation & firmly refuse to pay exorbitant charges.
10) Refuse to pay infrastructure charges - means, charges for the car park - because a builder can not sell a car park - covered or open.
11) Refuse to pay floor rise & the premium for the garden facing flats.
12) Put pressure on the builder & bank to relate the disbursement of loan installment from first slab to conveyance deed.
13) Take possession of your flat only after it receives completion & occupancy certificate from PMC, PCMC & PMRDA.
14) Till PMC, PCMC & Gram Panchayat starts supplying water - it's builder's responsibility to supply free water.
15) After the possession, insist on appointing professional agency for the maintenance of the society and monitor the accounts of maintenance fund.
Builders in Pune Present their Real Authentic Report & Predictions for 2016:
|Zero Percent - 0% - Down Payment Offer by Kolte-Patil|
|Zero Percent - 0% - Down Payment Offer by Paranjape Schemes|
Individual builder & CREDAI Pune Metro avoided to come on the same page with Pune property buyers. CREDAI took help of Pune police and pushed the property buyers out of the venue of Pune Home Buying Festival 2016. However, their stalls presented the true status of their business & what are their plans for 2016.
Zero Percent - 0% - Down Payment Offer by Paranjape Schemes Construction Ltd. & Kolte-Patil Developers Ltd. - two biggest & most respected builders in Pune real estate market - told every visitor that the offer is not really about the down payment at the time of booking a flat.
Zero Percent - 0% - Down Payment Offer is a warning about drowning.
It's a call for help.
On behalf of the entire builder fraternity in Pune,
these two leading builders were crying for help - "Please, save us from drowning!"
Where to book a flat in 2016?
Now, it's your call.
Even if a pirate is ready to become a businessman - would you take a risk of boarding his sinking ship?
Certainly, not! Right?
What say you? Please, share your views in the comments.
1) Warning for CREDAI Pune Home Buying Festival Visitors
Subscribe for Free!
To receive free emails or free RSS feeds, please, subscribe to Ravi Karandeekar's Pune Real Estate Market News Blog
Feel free to call me:
I enjoy talking, sharing my views and giving advice about buying property in Pune real estate market.
My email id is RaviKarandeekar@RaviKarandeekar.com Feel free to write to me. I reply as soon as i can.
If you want my advice, feel free to call me on 919860044110. First 3 minutes are free! And for more than 3 minutes - pay as you wish - you decide the value of my advice.
Of course, for a serious discussion, better fix an appointment at a time convenient to both of us. So that we can have uninterrupted & in depth discussion on my mobile (919860044110)
- on Video Hangout on Google+
- or on Skype (ravikarandeekar) .
For more than 3 minutes and up to 30 minutes - pay as you wish. After the conversation - transfer the money to my bank account. As much as you wish. From a few hundred to a few hundred thousand crore of U S Dollars or Indian Rupees. Here are my bank account details:
Bank of Maharashtra.
Savings A/c no- 20047674794.
Branch- Bajirao Road Pune MICR Code 411014010.