While booking a flat - "Location" - is not the one & only parameter!
|Wipro Hinjewadi Pune|
Nowadays at least those who call me on 91 98600 44110 know that along with location - there are many more things to consider - while booking a flat in Pune real estate market.
In 'many more things to consider' mostly they want to know from me - 1) Track Record & Reputation of the Builder 2) Development Prospects of the Area 3) Potential of Appreciation.
For example - Ms. Dipika - not her real name - has shortlisted Western Hills at Baner. Dipika wants to know -
1) The Track Record & Reputation of Atul Enterprises, the builder of Western Hills
2) Development prospects of Sus Gaon
3) How much her 70 lakh rupees 2 BHK Flat will appreciate in the next 5 - 6 years
Dipika's voice tells me that she is beautiful. Her tone tells me that she has liked this flat very much. Emotionally she has made up her mind. But her rational mind has ordered her to seek my opinion before making a decision.
Now, tell me, in this situation - how can I say anything negative about a builder - about Sus - about property appreciation? I am not a heartbreaker!
Ravi, if your honest opinion breaks Dipika's heart - not you but the builder is responsible! Why didn't the builder answer her questions? Sharing authentic information would have been helpful for him to get her booking! I said to myself.
Dipika, did you visit the website of Western Hills? Didn't you find replies to your questions on it? I asked.
Western Hills website only has a layout, plan, list of specifications & amenities. Yes, and a few words about the builder & his 2 sons. Dipika said.
You know why? I asked.
May be they have something to hide. Dipika said.
Means you got answers to your first 2 questions - about the builder & Sus Gaon. Right? I said.
Sort off! But what about my third question - property appreciation? Dipika asked.
Are the property prices published on the website of Western Hills? I asked.
No! Dipika said.
Why? I asked.
Because their rates are negotiable. Instead of 5,950 - after negotiations - I got a rate of 5,330. Dipika said.
Are you the best property price negotiator in the world? I asked.
No. I am not. Dipika said.
Means, someone who is better than you would have got 5,000 Rs. Per Sq. Ft.! I said.
May be. But 5,330 is good. Isn't it? Dipika asked.
Why do you think so? I asked.
Considering the location & comparing with the rates in Baner - 5330 is good & fits in my budget. Dipika said.
Still you don't feel safe to pay this price. You have liked the flat & the project. You can afford to buy. Still you are not sure. Right? I said.
This is my first flat. Obviously, I am less confident. Dipika said.
Let us see what would have given you confidence. Wouldn't it have been better - if Sus Gaon had a development plan? I asked.
Certainly, yes! Development plan would have told me about the future prospects & potential of appreciation. Dipika said.
And if the builder had published terms of transaction - his policies - the procedures he follows - would have you asked about his past? I asked.
No. Why would I? I am interested in the present. Dipika said.
That's the problem! You are paying for the service. But the builder - the service provider - is avoiding to announce & accept - terms, conditions, policies, rights & responsibilities - up front. That's why you are not sure about booking a flat in Western Hills. I said.
Do you mean to say that should I drop the idea of booking a flat in Western Hills? Dipika asked.
That's your call! Now you have realized that lack of well defined terms of transaction between you & the builder is preventing you from booking. Why don't you suggest the builder to publish these on his website? I said.
It's his business! Why should I bother to tell him? Dipika said.
Who sets the service rules in your company - employee or employer? Employer. Right? In this transaction - remember - you are the employer - the paymaster. The builder is a service provider. Seva de ne wala. Your employee. Obviously, it is your responsibility to tell your builder - how he should provide the service! I said.
You are making things complicated. I don't have time to teach the builder. Tell me - in simple words. Should I go for it or not? Dipika was annoyed & angry.
I can make it simple. Find the builder who has well defined terms of transactions! Location & budget are the parameters to shortlist the projects. Not the parameters for booking. For booking the builder who has published well defined terms of transactions is the criteria. Got it? I said.
You suggest the name of the builder who has well defined terms of transactions! Dipika said.
Sorry. I don't know any. I said.
Then what? Dipika asked.
Tell the builder - how he should serve you! I said.
You do that! And let me know when you make or find one. In the meantime, I will go for a resale or a ready possession flat! Dipika said.
That's less risky. Better than booking. I said.
Yes. Adoption is better than giving a birth. Dipika said.
The Terms of Transactions Between a Flat Buyer & a Builder:
If you see my blogs on the problems between the builder & the flat buyer - you will realize that - no transparent terms of transactions between the builder & the flat buyer is the root cause of majority of complaints. For example -
No clarity between club membership & flat possession was the reason for my blog - The Crime at SKYi Songbirds Bhugaon
Hiding information about Environmental & Aviation Clearances was one of the reasons contributed in creating mistrust about the builder in The Case of Suyog Nisarg at Wagholi, Pune
Lack of cancellation policy was the reason for my blog - Is Vastushodh Projects a Trustworthy - Reliable Builder?
What say you?
Don't you think that - before making a decision of booking a flat - you must know the terms of entire transaction - from booking to conveyance - between a flat buyer & the builder?
The publicly announced transparent terms of transactions is the most important parameter to decide whether to book a flat or not.
I have made up mind - in 2016 - I will recommend only those projects which have - transparent terms of transactions. If we all insist, someday, for sure, all builders will become transparent & publish the terms of transactions.
Please, share your views in the comments.
3) In 2016 - where to book a flat in Pune real estate market? (Part 2)
2) In 2015 - Where to book a flat in Pune real estate market?
1) Pune real estate market research report, trends & forecast 2016
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