Friday, May 01, 2009

Fair price for an apartment in Mumbai/Pune/Bangalore

Now that we have got all the bulls charged up to challenge the bears, it is time to discuss what the right price to pay for an apt in the suburbs of Mumbai, Pune, Bangalore. We can discuss Delhi, Chennai, Hyderbad later.

Lets say I'd like to buy a 3 bed 1500 sq-ft ready possession apt with amenities, not in a noisy place, close to schools and work places and away from the slums and garbage dumps. Lets say my salary is 8L per year, I can get a 11% loan and of at-most 25L sanctioned. How much should I be looking at ? Note I'm not looking at under construction apts as there is no guarantee how long my money will be locked in and I don't want to pay pre-emi interest. My current rent is 20k a month and my other expenses are another 20k. As you can see I'm an average middle class invidual and not born with a golden spoon, and I don't have the capital to gamble on the Indian stock market exchanges. Its another story that my parents were govt employees and didn't take fancy to earning money under the table.

Now Mr Bulls will I be able to buy anything at this price or I just have to rent my whole life ? Give me my choices if you think I should become a bull and buy an apt. I invite any bulls in either of these three cities to come by and plead their case. I'm willing to relocate to any of the cities which affords me the apt I desire.

45 comments:

shailesh said...

Well, the Bulls can definitely find you place in far off suburbs. You should qualify in which type of suburb you are looking into. Also with 8L salary, you are most likely earning more than 98% of Indian population. I would hardly call it average middle class.

Its all about timing. The rent vs EMI are so skewed at the moment, you will get nothing equivalent even in 4x rent. I would rather rent and save the difference.

Home prices will be back to 2004 price level by next year. Good time to look then.

Bharat said...

In the previous thread the bulls were practically frothing and snorting..It was hilarious reading all those comments.

Problem with all these analogies(about Bulls and Bears) is that they are borrowed from a different market. RE is not a good investment instrument. Primarily because its illiquid. One cannot buy a house one day and sell it within the next 3 hours for a profit. So a lot of these "bulls" are locked in with their "investment" and are now looking for the greater fools. But in their anxiety I think they get frustrated and angry too easily. Their desperation is now showing...

I don't think the term bears can be used for the sensible folks in this forum. Primarily because none of them are trading on houses for a living. Almost all of them are looking at a rational price to buy a house to live in or as a very long term investment. None of them want to be heavily leveraged etc. So these guys are not bears they are sensible, sane people who have a very good reason to wait for the market to fall to sensible levels.

subel said...

where are the bulls?.............

shailesh said...

On Bull Note,

Bhai says on this board that do not try to time the market, and in second line he also mentions prices will go up 50% in next few years.

Basically expecting the price to go up 50% itself is timing the market. He is contradicting his own statements.

Anonymous said...

Vik,

In Banashankari bangalore you can rent a 3BHK for 11 K. No need to pay 20 K.. There is huge supply at this price

Will you get 25 lakh loan now from banks with 8 lakh salary...

When bhai says buy now 50 % gain... This is the same thing these arseholes said during bull market...

Vik said...

I'n waiting for the bulls to respond. I agree with Bharat and Shailesh Intrinsically every human being is greedy and I would love to buy at 2002 prices today, however at the same time I'm fearful if 2009 turns out to be 2008, The key point is loan availability. In the US even at 4.85% rates housing prices have fallen due to layoffs and loan eligibility requirements, Same thing is happening in India. But am interested in hearing about the Bull logic of 50% rise in the next two years. I am really getting greedy now.

shailesh said...

DLF Posts Record Decline in Profit on Slump in Property Demand May 1 (Bloomberg) -- DLF Ltd., India’s biggest developer, reported a record 93 percent decline in fourth-quarter profit, as demand for homes, offices and shops fell following an economic slowdown.

Net income fell to 1.59 billion rupees ($32 million) in the three months ended March 31, from 21.8 billion rupees a year earlier, the company said in a release. The profit was lower than the 3.13 billion rupee median estimate of nine analysts surveyed by Bloomberg News.

Home prices may have dropped by as much as 40 percent across India and lease rentals for office space fell an average 20 percent in the three months to March 31, according to Jones Lang LaSalle Inc. estimates.

“Most micro markets are plagued with high vacancy levels and values are expected to remain under downward pressure over the next few quarters,” CB Richard Ellis said in a report on the quarter to March 31 released April 20. Mumbai, New Delhi, Bangalore, Chennai, Hyderabad, Pune and Kolkata “witnessed further drop in both rental and capital values.”

India’s economic growth may ease to 6 percent in the year that started April 1, from 7.1 percent in the previous 12 months, the central bank said on April 21.

Anonymous said...

Dear Vik,

This good question you have asked and this kind of question are more useful and practical..

You will have to settle for 1 Bhk and wait for you salary to increase and later buy 2 BHk or look at New Mumbai and Thane.

Our fathers have never brought house after timing the market and neither majority of people will. Timing the market is dangerous, imagine you are paying rent of 20k and still after three years the area what you are looking at has not corrected to 2004 levels.

Year on year the rent will not be the same it will only increase (offcourse demand and supply economics) even if the market is flat. The best thing to do is buy a smaller house which suits your budget and later plan for a bigger house.

This way you are not only making an asset you are also hedging the risk of further escalation..

I do agree RE is not as liquid as stocks but still it is an asset and you will always be proud owner of the same.

India in last three has changed a lot and will only go up unless the politician make a big mess. April 09 had max nos of new mobile connection in the history of India. April Sales of cars have ducked the slump.

It is just matter of time what looks expensive today will look cheap tomorrow. Bears have only one ray of hope i.e. the Flu, this can only bring bad news in the market nothing else can stop the market from moving up now.

Minimum 50% increase in three years.

Don’t time, don’t time, don’t time.


Bindas Bhai

Cool Head said...

Illiquid. That sums up the "investment" in RE at any time. I have sold one flat at the height of the boom and boy, was it difficult to get even the purchase price back! And I had bought the property under construction and then sold after a year after possession. So you cannot compare it to bulls, bears and the stock market. For all those "investors" who have gained 50% on their investments, pleaaase do us a favor and sell the property at that price. My own experience is that the 50% etc gains is because people compare the booking rate of the builder at different times. Please try to sell at the same rate and see the fun.

Anonymous said...

Cool Head,

Pls. dont give crap we have all sold properties one time or another. I dont know where you have brought property which you have difficult to sell. I do agree if the property is far away and underdeveloped you will have a tough time but in a fairly descent area during boom and when the market is flat we can manage to sell.

Minimum 50% increase in three years.

Don’t time, don’t time, don’t time.


Bindas Bhai

Kapil said...

There is no point discussing on assumption which are meaningless. I have told many times normal data does not make much impact in India. Real Estate is hiding place for politician, corrupt govt employees and underworld money.
None of them are not going away.

30% of properties are owned by NRIs, they are not going anywhere. Government employee are so corrupt that they make more than NRIs and money end up in real estate.. I can continue to go but hope you got the point.

Do not play around words analyze based on facts. Also, IT salaries in the range of 12-15 lacks very common.

Bharat said...

Dear Kapil,

This is the sort of logic along with affinity bias which gets people into trouble.

30% are NRI's? Corrupt Govt. Officials? Smugglers and Politicians?

Look you need to find some source, however dubious, which can tell us two things - what's the supply? what's the demand.

This source can then segment the demand side and let us know whether NRI's are 30% or 3 %...

But wild assumptions and over compensation along with a prejudice leads to some unhealthy investment commitments.

On the other hand, people who are considered giants in RE like Donald Trump, Robert Kiyosaki, to Giants in Investing like Warren Buffett and Charlie Munger and so many others..have given case studies and statistics proving that RE is illiquid and people need to be careful about RE as an investment especially if they are also leveraged. On the other hand if you want to make money by trading in RE you need to leverage else you will not make much...Which is why in the down cycles of RE, experience RE speculators dump property at whatever price they can get and try to cut loose of all their debt commitments.

For ordinary folks like Shailesh, Vik, Vulture and others that is too much of a risk. Better to wait for the bust...the only thing here is if you have some data or projection which can prove that RE always keeps going up and will keep going up it will never bust and has never bust...

Else, all your arguments are basically attempts to con people without any real substance in it.

Anonymous said...

Dear Bharat,

I don’t think most of us who have brought house have only brought thru builders. A lot of us have brought on resale and that is the fact. How does this make the property then illiquid?

When you buy certain properties especially land and if it is wrong decision then off course you can expect only the next generation to sell and this is an illiquid asset.

A good property we all can manage to sell during boom or when the market is flat.

I don’t have the data but if need be we can have a look and check with any broker how many deals he does with builder and how many resale properties.

This is not the question of bears and bulls but the question of demand and supply. Price will play an important factor in segmentation. Same area at times will cost 40% more because of the project.

Frankly speaking we will have to wait till end June 09 to know where this market will further head.

Interest rates are coming down, currently up to 30L the banks are offering at 9.25% and i am sure we will see sub 7% very soon. Stock market has almost appreciated by 40% in last couple of months.

I still feel the worst is over (except Flu) now the market will look at the positive and will keep moving up.

Minimum 50% increase in three years.

Don’t time, don’t time, don’t time.


Bindas Bhai

Anonymous said...

If politician, gangsters have enough money to hold, they can hold. But why real estate prices are sliding? Why can’t you advertise to NRI & corrupt govt. officials to buy some more? Are they also expecting price cut?

The India RE, hold big realty show in NJ, California –U.S. then Calgary, Vancouver – Canada but all in vain. Unemployed NRIs are looking to sell properties not to speculate more. Same scene is there in Middle East. All oil & gas projects are stopped since last 6 months.
NOTE: Facts are collected through friends & relatives.

As per World Bank, remittance to INDIA will fall by 5-8%.

Bhai is teaching others not to time? Since how long you are doing a RE business?
Traditionally the RE business makes profit by buying low at bad time & sell high at right time.

What is illiquid Asset?
When there is a gap between buyers quote & seller’s price tag, the asset is called illiquid.
Best example, when people asked for refunds to Builders, they refused with answer “search for another buyer”. Isn’t it an illiquid asset?

The discontinuity in pricing is called asset price recession.

So guys let it fall then only pick up, minimum 50% price cut is guarantee.

Vulture.

Prashanth said...

I am a bear too and have been following this blog feverishly for the last 8-10 months. I would say my requirement is also the same criteria as yours. making 10-12 lpa a year and i want a decent flat in chennai close to schools and hospitals. I would say my budget would be around 40 lakhs for a 1500 sq.feet apmt.i could stretch to 50 provided the locality is great and construction is high class. else forget it i would pay rent of 15-20k to live in such places.

Vik said...

I think there are enough buyers between 25-40L. Most properties in good locations are double or triple. The gap is too wide to be bridged. Once bitten twice shy. I think the writing is on the wall for the housing boom thumpers. Most locations whether near or far will find bottom in the 25-50L range. I don't see any other way out of this mess. the bulls are the builders who have sold out to the bag holders. now the bears have to wait for the bag-holders to reduce prices to this range.

Anonymous said...

DLF plans to raise Rs 5,500 crore by sale of assets


“The company is selling such assets that may not start contributing in 3-5 years, DLF Vice-chairman Rajiv Singh told an analyst conference call, adding that it was a “strategic” move and only such assets are being disposed off that can be “recaptured later.” The sale of assets worth Rs 3,500 crore is being executed, while the company is working on identifying the balance Rs 2,000 crore worth of assets that are to be disposed off, Mr Singh said”.

http://economictimes.indiatimes.com/News-by-Industry/DLF-to-raise-Rs-5500cr-via-asset-sale/articleshow/4477179.cms

Anonymous said...

The current stock market rally is due to Fed’s money printing operation not due to market fundamentals or macro economic indicators. Agreed, some oversold stocks created new buying opportunities as well.

“But don`t forget the worst things become, more money will be printed by Mr. Bernanke. He will print endlessly. Even if things are very bad economically, companies with no revenues and no earnings, but stocks will go up because of the money printing”.[Marc Faber]

Global Stock Markets Extend Gains on Money Printing

http://www.marketoracle.co.uk/Article9719.html

Sell in May and go away: fact or fallacy

http://www.investmentpostcards.com/2009/
04/29/sell-in-may-and-go-away-fact-or-fallacy/


But despite the stock market rally housing sector is still bleeding. Housing prices will take a long to bottom out. Of course the stock market rally is not supporting employment, unemployment is still rising, though the pace of unemployment is decelerated it will reach to peak in 2010. Current housing market is not even near to bottom. Without improving the job market, housing market will not improve.

The Great U.S. Housing Market Depression, America Stop
Thinking about Homes as Investments
“MAYBE we’ll see home prices recover in 2012. Or maybe it will take a LOT longer. Studies show that of the last three up waves in housing prices, 1942-1956, 1975-1979 and 1985-1989, it took the run-up time plus 30 percent before housing prices started to move up again”
http://www.marketoracle.co.uk/Article10304.html

So guys let it fall then only pick up, minimum 50% price cut is guarantee.

Vulture.

Bharat said...

To understand how desperate the builders have become read the kind of financial shenanigans they are upto now -

So the Ponzi scheme will endhttp://www.dnaindia.com/report.asp?newsid=1252183

Basically, DLF seems to have created an entity called DAL (DLF Assets Ltd) and makes sales/transfers from the listed entity called DLF to DAL. Therefore showing profits and sales increasing YoY. So the slump in sales and demand has existed for quite some time but using fraud schemes like this the builders have been hiding the downturn in RE all this while.

The problem is that receivables keeps on increasing as sales keeps increasing. For folks who do stock market investing this might be a check they can include in their armory. Check the receivables, if the receivable are increasing in direct proportion to sales it means the sales are fictitious...

Dear Bindaas Bhai,

On the one hand you say -
"Frankly speaking we will have to wait till end June 09 to know where this market will further head."

On the other hand you also say-
"Minimum 50% increase in three years."

So you see your statements are contradictory, something which Shailesh has also pointed out earlier in another context.

I also found this statement of yours interesting -
"Interest rates are coming down, currently up to 30L the banks are offering at 9.25% and i am sure we will see sub 7% very soon."

This is something which worries the hell out of me. Lowering interest rates is a form of indirect taxation. What lowering rates means is that the govt. is printing money and printing money means increasing inflation and debasement of the currency. So our wealth goes down...which means that if you had 30 lacs savings and it can buy some sundry things..then debasement of currency means you can buy less and therefore are less wealthy.

OR in other terms the govt has taken say 5 lacs out of your savings all things being equal and now you have say 25 lacs. If the Govt. tried to rob you that way you would not have complained but the Govt. lowers rates, prints money and basically adds to monetary supply thus leading to inflation. So if the price of the houses is still 50-60 lacs after lowering rates then the real price should have been 25-30 lacs but the govt. increased money supply making things more expensive...its not a good thing for anybody..

Lastly,
"Stock market has almost appreciated by 40% in last couple of months."
Stock markets can be analysed on the basis of technicals, fundamentals or economics. Economically we are in as bad a situation as possible and things will worsen for some time to come. Fundamentally the companies are not doing good, layoffs and revenue drying up are common. Only the prices of shares have gone down or things got oversold so this is a reaction..when this wave is over things will head downwards again. On the basis of Technicals, the Index is in a downtrend in the short, mid and long term. So the conclusion is that this is a bear market rally or an anomaly which will correct soon. The market is already overbought and the correction is imminent.

While its good to be optimistic. One needs to be sure that the optimism is not due to bias alone and is grounded in facts.

shailesh said...

Builders, politicians cheer affordable homes in India MUMBAI, April 28 (Reuters) - A recent state government lottery for about 4,000 low-cost apartments in Mumbai drew more than 430,000 applications, underlining the need for affordable housing in a country where housing is also a top election issue.

Political parties of all hues have seized on affordable homes as a vote getter in India's ongoing general election, plugging in to the frustration of millions priced out of a real estate boom fuelled by a robust economy and a six-year bull market.



The Congress government in Maharashtra state -- home to Mumbai -- has declared 2009 as the year of "Housing for the Common Man", with a plan to build 1 million affordable homes, while the Congress government in Delhi held a lottery for 5,000 flats that got 500,000 applications.

shailesh said...

Non-Resident Indians urged to invest in Mumbai infrastructure The Mumbai Municipal Commissioner has urged the Non-Resident Indian investors in the UAE to make use of attractive investment opportunities in the largest commercial city of India.

The question I have is, if everyone is so rich in Mumbai (living in houses costing crores of Rs, also have ton of black money), why can't they improve their own infrastructure, and have to go begging to NRI's in UAE?

Anonymous said...

Looks like media is also considering the serious analysis posted on this site. Though DNA explained the ponzi scheme of DLF based on balance sheet, we had identified the scam based on operational activities.

Comments from April 21st Post.


Indian Madoff?

RE companies in India has seized the home buyers like Madoff. Now this has raised the regulatory concern about the RE companies activities. If one will take a close look at company’s operation it is nothing but a Hedge Fund OR Ponzi scheme.
The non bank finance companies used to raise funds & invest into RE companies. If it is supposed to be project financing, there was no harm but the activities went to extreme level of leveraging for which the innocent home buyers are paying.

Private Equity/Hedge Fund -> DLF Assets Private Limited(NBFC) - > DLF(Real Estate company)

How the projects work?
For an example, launch a 100 Crore project with mere 5 crore owner’s equity (20 times leverage) + tie up with NBFC for future finance. Once the buyers will sign the irrevocable agreement then divert the money to start up another project & repay the return for NBFC.


DLF Assets Private Limited
http://investing.businessweek.com/research/
stocks/private/snapshot.asp?privcapId=36481682

http://indiarealestatemonitor.com/property-articles/
dlf-assets-files-for-ipo-approval-in-singapore/

Hedge Fund

http://www.hedgefundsindia.com/blog/
_archives/2009/2/4/4081047.html

Non-Banking Financial Companies(NBFCs)

http://indiabudget.nic.in/es98-99/chap35.pdf

So guys let it fall then only pick up, minimum 50% price cut is guarantee.

Vulture.

Anonymous said...

dude,
I am in the same boat, I say if you can afford the house buy it, don't wait. I also think prices are going to fall but if i get home of my choice and if i can afford it i am buying
jay from mumbai

Anonymous said...

Now it is very difficult for the prices to fall across in Mumbai. I am pretty sure that the prices will remain overall firm and hence i am recommending to buy. I am asking you all to wait till June 09 so that there is a double confirmation.

Vulture can get personal and call people broker that is purely out of sheer frustration of last 2 years plus. Poor fellow all this fundas what he has learnt is just not working. Let him call the people with contra views as broker, how does it matter? I am more interested in getting some knowledge and that is the reason I spend time on this Blog.

Remember one thing reading books and explaining words about liquid and illiquid asset does not make any sense for you and me. The bottom line is if you are able to sell your REt in boom time or when the market is flat, that is what counts rest and the other explanation is irrelevant.

Starting from Jan 07 this blog is talking about crash, what happened we all know. Even after the US collapse I had mentioned Mumbai will hardly get affected and I still continue to say. This is a good time to buy for actual users as the indicators point out that the bulls are in. This is a consolidation phase and things will only look up for most of the industry.

Companies back on the hunt, rev up hiring in April
http://economictimes.indiatimes.com/News/News-By-Industry/Jobs/Companies-back-on-the-hunt-rev-up-hiring-in-April/articleshow/4461445.cms

If the prices had to fall to 2004 levels it would have happened by now. Lot of areas have seen good correction but if you are expecting similar correction in Mumbai or still hoping that you will get at 04 levels you are fooling yourself.

Minimum 50% increase in three years for Mumbai.

Don’t time, don’t time, don’t time.


Bindas Bhai

shailesh said...

Mark my words, Properties will sell at prices below 2002. Granted the Malabar hill/Bandra/Juhu condo owner will kick and scream before that happens. We are trying to analyze RE in 24x7 mode which is impossible. Even then RE downturn this time is much more severe than anything world has seen so far.

The salaries of 12-14PLA is history. I work in Sales in IT in US. I see up close and personal to what is coming down the line. The offshore billing rates are getting cut in half. No IT companies can afford billing rates to cut by 50% and still pay peak salaries they negotiated in 2005. In fact in US already, many tech companies have reduced base salaries across the board. It wont take longer for that to happen in India.

See this article. If Dubai can drop 70%, can Mumbai hold on?

Dubai Property Prices Could Plunge 70 Percent From Their 2008 Peak

shailesh said...

Bhai - You are a moron.

You want to take advice from the guy who does not understand difference between Liquid and Illiquid??? And make one of the biggest purchase of your life???

Anyway most established areas in city of Mumbai are dumps. They have Slums all around them. Also if you work in IT, there is no reason to live in older neighborhood. Most IT folks would be ok living in Thane and Navi Mumbai. I know for many old timer, that is kind of considered as taboo, but believe me they have better chance of coming up then Old Mumbai after all this is over.

If you are making an offer today, make it 50% of the peak prices. Nothing more. The sellers have no choice. They are trapped with Illiquid assets, large bank loans and with large losses in Stock portfolio. In last RE bubble/bust, you did not have many with Bank loans. But this bubble has Subprime ARM loans written all over it.

Anonymous said...

Shailesh,

Frustaration is clearly showing up, relax, will you sell your house 40% less and later buy at 50%less. In that I am a moron otherwise we know who the moron is.

God willing by June 09 we will get a clear prespective. As mentioned earlier IT will take a couple of more qtrs. No sooner other Industries start reviving the effect will be felt surely but slowly in IT and advt.

Dont get frustrated and write like vulture (jaundice eye). We never do business being rigid, be flexible you will stand to gain. I am not asking you to buy property. I am only expressing my views the way you express.

Kindly be descent while putting your point forward. Vik, I cant see your warning now. I remember last time when HB (housing bull) posted his view contra to your expectation you had warned.

Just pray that Flu will bring some cheer onto you face otherwise the days for bears, god willing is over.

Minimum 50% increase in three years for Mumbai.

Don’t time, don’t time, don’t time.


Bindas Bhai

Abeer Bagul said...

Someone has posted a comment here:
https://www.blogger.com/comment.g?blogID=5269558537262232516&postID=8991305251189982585

This comment contains an email from Kumar Builders, Pune, giving the details and prices for flats in their various projects outside Pune.

If the link does not work, I will repost the entire comment as I have saved it.

Vik said...

Abeer, the link doesn't open. Please post the full email but don't mention any personal information.

Bhai,
I'm warning you since you were overstepping the line of decency and decorum. Telling people that you are going to take their pants off is offensive and rude and not to mention gay. We will see who is swimming naked when the tide which has already turned, receeds offshore

Anonymous said...

Hi,
there is definitely going to be a drop in real estate prices,at least 50%.I own an apartment in a tower with 120 flats ,there are no buyers.Hold on to your money and you can buy two flats for the price of one.
joe

Anonymous said...

Bindaas bhai @ 4:51 am mentions "God willing" TWICE. :) I now understand his fact/data based analysis more clearly now.

Abeer Bagul said...

Email from Kumar Builders, Pune giving details of their current projects:

Giving due credit where it lies, Anonymous has posted this comment on http://ravikarandeekarsblog.blogspot.com/.
I am reposting the comment here since the link does not work.

------------------------
Below is the email I recieved from Kumar builders with briefs on their projects. This proves that PBAP are in denial of the reality. Hope this helps you in your blog.

Dear Sir / Madam,

We at Kumar Builders stand firm by our motto, “We Build trust.” Kumar Builders is an accredited ISO 9001: 2000 organization and is among the first Construction Companies to obtain an ISO 14001: 2004 Environmental Certification, proving our commitment to a greener healthier environment. In addition Kumar Builders has also been awarded the OHSAS 18001: 2007 Health and safety certification. With over 27 ongoing projects, our goal is to continue to implement our Quality Management System to create a customer focused organization that delivers top of the line construction on a timely basis and maintain our status as a market leader in the construction industry.

As required by you, we are pleased to furnish herewith the details of our ongoing projects in Pune, which surely would suit your requirements and preferences.


KUMAR AATMAN

http://www.kumarbuilders.com/aatman/index.html

Location : Baner Road Pune

Land Mark : Behind Hotel Mahabaleshwar

Configuration

(Carpet area) : 2 BHK: 895 sq ft and 3BHK: 1169 sq ft to 1173sq ft

Rate per sq. ft. : Rs. 3750/- sq ft

No. of Stories : 6

Possession : Sep 2009

3 flat per floor. Booking open for Buildings A & C.

Construction Stage : Wing A: 85% and Wing C: 80%

Budget : 2BHK - 51 Lacs 3BHK – 63 Lacs to 67 Lacs

Major Amenities : Swimming pool, Gymnasium, Children play area, community Hall.


Contact person: Mr. Sudit: 9960655566 / Mr. Hiren Sanghani: 9960594211



KUMAR SHANTINIKETAN

http://www.kumarbuilders.com/shantiniketan/index.html

Location : Baner Pashan Link Road Pune

Land Mark : Opp. Lane to Dutta Mandir

Configuration

(Carpet area) : 2.5BHK:931sq ft to 843 sq ft & 3BHK:964 sq ft to 1156sq ft.

Rate per sq.ft. : Rs. 3500/- Sq ft upto 4th floor and Rs.25 floor rise thereafter

Possession : Aug 2009

Total bldg. : 8

Total Flats : 375

No. of Stories : 11

Construction Stage : A1: 95%, A2: 90%, B1: 90%, B2: 95%, B3: 90%

C1: 90%, C2: 85%, and D: 90%

Budget : 2.5BHK – 51 to 53 Lacs, 3BHK – 55 to 65 Lacs

Major Amenities : Wi –Fi connectivity, Video door phone, 2 lac sq.ft. Podium Garden, vehicle free / pollution free zone, Children’s play Area, Kids fun pool, Lazy pool, Jogging track, reflexology path, and skating rink. Membership of Symphony Club.


Contact person: Mr. Hiren Sanghani: 9960594211/Mr. Sudit: 9960655566




BUENA VISTA

http://www.kumarbuilders.com/resi_buena_vista/index.html

Location : Baner Pashan Link Road Pune

Land Mark : Opp Lane to Dutta Mandir

Type : 4 BHK Duplex Luxurious Apartments

Area

(Carpet area) : 2037 sq ft to 2465 sq ft

Rate : Rs. 4500/- Sq ft upto 4th floor, 4650/- on 5th flr.

Rs 40 floor rise thereafter

Possession : May.2009

Total bldg. : 3

Total Duplex : 36

No. of Stories : 12

Construction Stage : Building A & B: complete, Building C: 95%

Budget : 1.44 cr. to 1.73cr.

Major Amenities : Exclusive amenities for just 36 Duplex apartments. Plush Landscaping, Video Intercom Security System

Club house, swimming pool, gym, Childrens play area. Symphony Club Membership (optional)

Contact person: Mr. Hiren Sanghani: 9960594211 / Mr. Sudit: 9960655566



KUBERA BAHAAR

Location : Baner Pashan Link Road Pune

Land Mark : Opposite Lane to Balaji Temple

Type : Row House

Area

(Carpet area) : 1822 sq ft.

Rate : Rs.4500/- sq ft

Possession : May. 2009

Construction Stage : 80%

Budget : 1.32cr, 1.42cr

Availability : 3

Major Amenities : Membership to the adjacent Symphony club. Facilities include Swimming pool, Gymnasium, Badminton court, Steam Sauna, Jacuzzi, Residential guest room, Billioards, snooker, and pool, conferanence hall, cafeteria, Aerobic centre, Yoga room, Music room, Library.


Contact person: Mr. Hiren Sanghani: 9960594211 / Mr. Sudit: 9960655566



KUMAR SUBLIME

http://www.kumarbuilders.com/Sublime/index.html

Location : Off NIBM Kondhwa

Land Mark : Next to Kumar Suraksha, Kondhwa

Configuration

(Carpet area) : 2BHK : 926 sq ft

2.5BHK: 939 sq ft & 982 sq ft

3BHK : 1102 sq ft

Rate : Rs.3225 /- sq ft upto4th floor
Rs 25 floor rise from 5th floor onwards

Possession : June 2010

Total bldg. : 2 (A, B)

Total Apartments : 72

No. of Stories : 9

Construction Stage : Wing A: 45%, Wing B: 60%

Budget : 2BHK: 47 Lacs, 2.5BHK:49 Lacs, 3BHK:57 Lacs

Major Amenities : India’s first Demonstrated Eco- housing Project.

270° open, no common wall between flats, Swimming pool, Gym, Club house, Yoga / Meditation Room, Solar water heating, 50% solar lightings for common areas, card room.

Contact Person: Rauff Sheikh Mo: 99605 94242



KUMAR KRUTI

http://www.kumarbuilders.com/kumar_kruti/index.html

Location : Kalyani Nagar Pune

Land Mark : Behind Gold Adlabs Multiplex.

Configuration

(Carpet area) : 2BHK:774 sq ft to 841 sq ft and 2.5BHK:942 sq ft to 995 sq ft

3 BHK 1212 to 1244sq.ft.

Rate : Rs.4800/- to Rs.5300/-

Possession : Aug 2009 (up to 10th flr.)

1 yr. (for 11th flr. & 12th flr.)

Total bldg. : 5

Total Apartment : 403

No. of Stories : 12

Construction Stage : A1: 80%, A2: 90%, A3: 80%, A8: 85%, A9: 75%

Budget : 2BHK: 56 Lacs to 58 Lacs

2.5BHK: 67 Lacs to 68 Lacs

3BHK: 77.5 to 88 Lacs

Major Amenities : 9 different Gardens to suit each mood, Community Hall, Barbeque Corner, Amphitheatre, Wi-Fi connectivity, Video - door phone, Visitors Tracking System, Gas Leak detector to every flat, Portable Panic button in every flat, Swimming pool, bubble pool, kids pool, reflexology path, tennis court, stroke basketball court, skating rink.


Contact Person: Riyaz Kazi Mo: 99605 94244



KUMAR CITY

http://www.kumarbuilders.com/kumar_city/index.html

Location : Kalyani Nagar Pune

Land Mark : Behind Gold Adlabs Multiplex.

Type : 4 BHK Row House.

Area

(Carpet area) : 2008 sq. ft

Rate : Rs.6800/sq. ft

Possession : Ready Possession

Budget : 2.26 cr.

Availability : 1


Contact Person: Riyaz Kazi Mo: 99605 94244



Laxmi Vilas

http://www.kumarbuilders.com/luxmivilas/index.html

Location : Mukund Nagar

Land Mark : Next to Maharashtra Mandal School/opp. To Ekbote furniture.

Type : 2BHK & 3BHK, Shops and Plinth

Area

(Carpet area) : 793 sq ft to 1020 sq ft

Rate : Rs.6000/- sq ft (Flats), 7000/- (Plinths), 8000/- (Shops)

Possession : Oct 2008 / Ready

Total bldg. : 4

No. of Stories : 11

Construction Stage : 95% / Ready possession.

Budget : 2BHK: 71 Lacs and 3BHK: 91 Lacs

Shops: 42 lacs and Plinth: 3cr.

Major Amenities : Designed as per "Vastushastra Nakshatrawatika".

CCTV facility from main gate, Beautiful Singaporean landscape. Swimming pool, Gymnasium, Club house,

Childrens play area, Party Lawn.

Contact Person: Shrikant K: 99605 94167



Kumar Riddhi / Kumar Siddhi / K. Samruddhi

Location : Hadapsar

Land Mark : Nr. PMT Depot. Pune.

Type : 1BHK, 2BHK, 2.5BHK

Area

(Carpet area) : 1 BHK – 389sq ft,

: 2BHK – 538 sq ft

: 2.5BHK - 724 sq.ft.

Rate : Rs. 2750/-

Possession : 3 yrs.

Total bldg. : 3

No. of Stories : 7

Construction Stage : 3 months to commence.

Budget : 1BHK-16.5 lacs,

2BHK – 21.95 to 22.41 Lacs

2.5 BHK – 29.60 Lacs

Contact Person: Radheya Saraf: 9975496251







WINDSOR PARK

http://www.kumarbuilders.com/mahabaleshwar/index.html

Location : Panchgani-Mahabaleshwar Road.

Land Mark : Bhose Khind Panchgani Mahabaleshwar Road

Pune - 110 km

Type : 4 BHK (G+1 & G Type plan)

Total Bunglow : 103

Area : 5500 sq. ft. onwards to 9000 sq.ft

Rate : 3400/-& 3800/- per sq ft. (depending on the plot) and Remaining

Open Plot: 400/- per sq. ft.

Possession : Nearest Dec. 2008 (MODEL BUNGALOW IS READY)

Construction Stage : 25% to 75% varies plot to plot.

Budget : 85 Lacs & above

Major Amenities : Club House, Gym, open air amphitheatre, Table tennis, Toddler’s Play area, Children’s play area, Yoga area and meditation zone, walking and jogging track, wi-fi deck, Multi purpose court (tennis, basketball and volleyball), Shalimar Garden.



Contact person: Mr. Nisar: 9960594212



New launch

Sophronia Extension

http://www.kumarbuilders.com/sophoronia/index.html

Location : Kalyani Nagar Pune

Land Mark : Behind Gold Adlabs Multiplex.

Configuration

(Carpet area) : 2BHK:950 sq ft and 3BHK:1158 sq.ft.

Rate : Rs.4900/- to Rs.5000/-

Possession : 1 yrs.

Total bldg. : 6

Total Apartment : 172

No. of Stories : 11

Construction Stage : Bldg. is ready till 9th flr. Now we are starting booking for 10th & 11th flr.

Major Amenities : Beautiful Singaporean Landscaped garden, Party Area, Childrens play area, Indoor Games, Jogging track, Pool side deck and lazy pool, Barbeque, Open Amphitheatre, Solar Heating Systems.

Contact Person: Riyaz Kazi Mo: 99605 94244





New launch

Shantiniketan Phase- 2

Location : Baner Pashan Link Road Pune

Land Mark : Opp. Lane to Dutta Mandir

Configuration

(Carpet area) : 2BHK - 715 sq ft

Rate : Rs. 3000/- Sq ft upto 4th floor and Rs.25 floor rise from 5th floor

Possession : 3 yrs.

Total bldg. : 8

Total Flats : 375

No. of Stories : 11

Construction Stage : 1 month to commence

Budget : 2BHK – 34 Lacs

EMD for Blocking a flat: 100000/-

Major Amenities : WI – Fi connectivity, Video door phone, 2 lac sq.ft. Podium Garden, vehicle free / pollution free zone, Children’s play Area, Jogging track, reflexology path, and . Membership of Symphony Club.

Contact person: Mr. Hiren Sanghani: 9960594211 / Mr. Sudit: 9960655566





· Township – Baner Balewadi – Hinjewadi Road

Location: on the main artery road, connecting to Pune and Mumbai, Between Hinewadi Phase I & Balewadi Stadium and in the close Proximity to leading it companies such as Cognizant, Infosys and Wipro.

Total Plot Area: 110 Acres



TYPE Area Rate Booking Amt

1 BHK 500 sq.ft. 2700/- 50000/-

1.5 BHK 650 sq.ft. 2700/- 100000/-

2 BHK 850 sq.ft. 2700/- 100000/-

2.5 BHK 1100 sq.ft. 2700/- 200000/-

3 BHK 1300 sq.ft. 2700/- 200000/-



Please Note:

· Service tax & Vat applicable as per actuals.

· Rates excluding other expenses.

Please feel free to contact for more information or queries if any. Visit our web site (www.kumarbuilders.com) for floor plans, pictures and other details.




Regards

Sudit Bhachawat / Hiren Sanghani

Team Sales- Kumar Builders

9960655566 / 9960594211

Saturday, May 2, 2009 9:07:00 AM IST
------------------------

Freenivas Reddy said...

To Kapil

gangsters, corrupt politicians, corrupt babus have been india's curse since the days of haji mastan and indira gandhi. were they not interested in RE pre '04? why were the prices in '04 1/3rd or 1/4th of what they are now? and why do you think these people buy these RE assests? not just to hold onto them forever fo sho? they want to sell it to common man and common man cannot buy these properties if he cannot afford them. and IT/ITES folks were the major buyers of properties in the last 3-4 years. if these guys fear that their salaries are going to be stagnant for some time to come, they cannot commit to pay 40K in EMI and be a bank's slave for the next 20 years.

Vinod Gupte said...

Mont vert(MV) - a builder in pune which has quite a few projects in Pashan and Wakad area had started an offer two months ago. the offer was "rent today buy tomorrow". looks like there were no takers for that offer. seems like MV is desperate now. he has now come up with another offer. the offer is that he will give you a high security door, a wallpaper on the living room hall, and a ganesha idol to all those who are interested in his 11 flats (which are the only ones covered by this scheme). he thinks that they buyers can easily be fooled by offering them an idol. how can they say no to a ganesha idol AND a flat??!!? all these offers while not bringing down the rates of his flats (which are silly 3200+ for pashan). people, these builders are desperate and will come down to their knees very soon. don't let them insult your intelligence. don't let them underestimate your smartness. do not pay 40+ lakhs of rupees for 1100 sq ft flat and be a bank's b*tch for 20 years. bargain bargain bargain (ganesha idol or no idol). smack the heck out of these builders and don't let them underestimate your smarts.

anonynew said...

Please never think about buying property with Kumar Buiders, though as they say their motto is “We Build trust” , They do exactly reverse to that.
Delayed possession, mis-comminications, false promises Worst post sales service, is all that we have been experiencing with Kumar Shanitiniketan since past 4 yrs now. The project launched on 15th Aug 05 ( yes 05 !!) with Promised possession date of Dec 07 and till now ( June 09) not a sigle bulding (out of 8) is handed over.
The pain of spending our hard earned money in EMIs as well as Rents can only be emagined when we go through that.
So please please think twice before going to them and believing to their promises.

Namrata said...

Just wanted to add something here. Magarpatta is one of the reputed society in pune that got the concept of walking distance to office (IT), hospital , school and play ground area. it's a place that everybody would like to live (atleast I like it most in pune). As compare to pune prices, this place is comparatively cheap. You can get a flat in range of 3200 per sq feet from builder ( 8 months before it was 3750 ) with 50% off on MSEB and parking space.
second hand brand new flats ( possession received in June09 or will be given in Dec 09) are available with rate of 2800 per sq ft. standard 2 BHK apt size is approx 1100 sqft + and 3 BHK size is 1500 sqft+.
Expected rent is this area for 2 BHK unfurnished flat is 12K.
I think this is a good time to by at least in magarpatta as the builder is planning to increase the price again to 3750.
You can check more abt this society @ http://www.magarpattacity.com/.

I recently bought a flat for myself in 40lacks.

wish you all a good luck

Anonymous said...

Extra Stores or Extended Provisions
MUMBAI YACHT CLUB’s every Luxury Vessel is equipped with 4-man RIB (Rigid Inflatable Boat) & a small Outboard Motor that can Ferry You-n-Your Family/Friends to some Virgin Patch you suddenly Spot while Cruising on the wild waters!..
To entire your excitement, Fishing Rods, Beach-umbrellas, etc are also Stocked on the yacht !!...
http://www.mumbaiyachtclub.com/

aaccording said...

Extra Stores or Extended Provisions
MUMBAI YACHT CLUB’s every Luxury Vessel is equipped with 4-man RIB (Rigid Inflatable Boat) & a small Outboard Motor that can Ferry You-n-Your Family/Friends to some Virgin Patch you suddenly Spot while Cruising on the wild waters!..
To entire your excitement, Fishing Rods, Beach-umbrellas, etc are also Stocked on the yacht !!...
http://www.mumbaiyachtclub.com/

Sam said...

I would say my requirement is also the same criteria as yours. making 15-17 lpa a year and i want a decent flat in mumbai close to schools and hospitals. I would say my budget would be around 50 lakhs for a 1700 sq.feet apmt.i could stretch to 50 provided the locality is great and construction is high class. Thanks so much for sharing.

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