Booby-traps on the border of Pune Municipal Corporation:
|Site Sales Office of Leisure Town near Amanora at Sade Satra Nali Gram Panchayat, Pune 411028|
Last 3 years I did my best to avoid visiting Leisure Town at Sade Satra Nali. But this Diwali, I had no option but to visit it. Reason was Abhimanyu Singh, one of my readers in USA.
Abhimanyu was interested in booking a 2 BHK Flat and was very excited about 2 things - 1) the location - behind Amanora 2) the property price - only 60 lakhs. Abhimanyu wanted my views about Leisure Town.
I admire the current generation of flat buyers like Abhimanyu. Like the last generation of flat buyers they give importance to the location of the project. But unlike the last generation they go beyond location and consider other aspects like trust worthiness of the builder, quality of construction, timely possession, sanctions & approvals. Some even consider the environmental clearance! When the flat buyers like Abhimanyu ask my opinion, what they really want to know is whether I have any information about these other aspects.
In case of Leisure Town, Abhimanyu was the first flat buyer who had asked my opinion. Otherwise, in the last 3 years whoever called me was interested in discussing about the payment plan at Leisure Town - own a home without a bank loan - instead of taking a home loan & paying huge interest to the bank - pay property price to the builder in installments - pay 30 per cent down payment + 84 monthly installments + 3 bullet payments. Yes! Like Guardian Developers' 100 per cent interest free homes offer!! That's why I didn't visit Leisure Town in the last 3 years.
When a builder tries to get the bookings by offering some tempting discount offer or an easy payment plan, he is trying to force you to take an uninformed decision. Blind decision. Refusing this tempting offer is like missing an opportunity to own a home. This is pure emotional manipulation of the flat buyers. An unfair business practice. This is not a sale. This is a trap. (Of course, in the last couple of years we have seen that majority of flat buyers became aware about the trap and eventually cancel their bookings!) That's why I am completely against these types of offers & events. Including Leisure Towns' installment offer and upcoming Paranjape Schemes' Options Unlimited on 18th - 20th November 2016.
When it was launched, Leisure Town was a joint venture of 3 builders - 1) Well Wisher Group and 2) Sai Proviso Developers from Navi Mumbai and Tupe Developer of Sade Satra Nali. Then Well Wisher Group retired from the partnership and now only Proviso & Tupe Developers are left. Obviously, the separation had affected the flat buyers.
When a property buyer books a flat - for him getting possession of that flat is a question of life & death. I expect same level of commitment from the builder. Completing the project & giving possession to the flat buyers must be a question of life & death for that builder too. That's why I am against booking a flat at the under construction stage in the project which is a joint venture of 2 - 3 builders and in a project by some so called big brand builder who has multiple on going projects. The fight between the joint venture partners hampers the project badly. There are a lot of projects lying incomplete for years because of this reason. Similarly, the big brand builders with multiple projects are always casual about completion & possession.
Since Abhimanyu didn't mention about 'own a home without a bank loan' offer, I assumed that now Leisure Town may be trying to get the bookings on the merits of the project. On planning, progress of the construction, terms of transaction like property rate protection & compensation for delayed possession, basic urban infrastructure services - water supply - purification - recycling, sewage & garbage treatment provided in the project,environmental clearance, sanctions & approvals etc. I was visiting Leisure Town to get these details from the salesperson and express my views based on that information.
Guess! What would have happened at the sales office of Leisure Town? Did I succeed in getting the complete info?
The lady asked me the usual opening question - What is your requirement? I said - 3 BHK. She opened the presentation. Told me about the D P Roads which offer great connectivity, talked about advantages of being near Amanora, showed the layout plan and the particular building which had 3 & 2 bhk flats, showed the floor plan of a 3 bhk & 2 bhk flat and gave possession dates. When I complimented for her presentation skills, the lady told me that though she had joined Leisure Town only 3 months ago - but she is working in real estate for years.
Now, it was my turn to ask the questions. I asked her about the environmental clearance. She left the cabin and returned with some papers. "It's N A Order - not EC!," I said. "Don't worry. After the booking - I will give you a file containing all papers," the lady said. I realized that the lady is truly experienced real estate salesperson.
"What about 84 installments offer?," I asked.
"That is over. Now we have a new offer. Since we launched this offer - in the last 2 months we have received 33 bookings!," pointing at the property price list the lady said.
"We are giving nearly 7 - 10 lakh rupees discount! No government charges - No stamp duty - no registration charges - no service tax - no VAT - instead of 97,76,100 - you have to pay only 88,20,00 for a 3 BHK!," the lady said.
"WoW! And how much for a 2 bhk?," I asked.
"Instead of 67,59,450 - only 60,90,000 and instead of 66,60,000 - only 60 Lakhs!," the lady said and added - "Not only that! We have 10 - 70 - 10 - 10 offer!," the lady said.
"What's that?," I asked.
"You pay 10 % at the time of agreement - then HDFC pays 70% - then you pay 10% and at the time of possession HDFC pays last 10%!," the lady said.
"WoW!," I said.
"What is the rate?," I asked.
"Only 6,000! You know what is the rate at Amanora? 8,000! You won't get a 3 BHK in 88 lakhs in Amanora - though it is just behind our compound wall!," the lady said.
The property price list said that the basic rate was Rs. 5,300 + 700 per sq ft for Infrastructure, Development, Clubhouse Etc.!
"What are these 700 rupees per sq ft for?," I asked.
"Look - it's written here - for - Infrastructure, Development, Clubhouse etc," the lady said.
"In short - you are giving discount of government charges by one hand recovering that amount by the other hand as infrastructure, development, clubhouse charges," I said to myself. It means that the property rates at Leisure Town have not changed much in the last 3 years - according to Indian Real Estate Forum - in December 2014 rate was Rs. 5,500 and after 3 years, in November 2016, it is 5,300 per sq.ft..
Even after the 3 years - the USP is - near or behind Amanora is the attraction & only available information about Leisure Town!
'Bank on the location & compare the price difference' - is the strategy applied by the all projects on the border of PMC. Western Hills - Bella Casa - Ganga Acropolis on the border of Baner & Sus, Ganga Legend on the border of Bavdhan Khurd & Budruk, Pura Silversands & Godrej Infinity on the border of Mundhwa & Keshav Nagar - all 'bank on the location & compare their prices with the prime projects in the PMC limits'. Naive flat buyers forget that you have to compare apples to apples. Not oranges to apples! Unfortunately only after flat possession when lack of basic urban infrastructure services become a pain in the ass - these naive flat buyers realize that the difference between apples & oranges!
But how can I explain all this to Abhimanyu?
How can I say - "Abhimanyu, it's a booby trap!"
How can I tell him - "Abhimanyu - Don't lit this cigarette - there is a firecracker in it - you may burn your face. Don't sit on that chair - you may fell down - someone has loosened the screws!"
Who knows? Abhimanyu may feel that I let him down by not giving informed unbiased view. He may get upset for expressing my hunch - feelings - guess - suspicion - as an expert opinion.
Was it a right decision to visit Leisure Town?
What say you? Please, share your views in the comments.
Leisure Town near Amanora at Sade Satra Nali Gram Panchayat, Pune 411028 - Photowalk:
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