Pune_residence

Thanks Ravi. We will wait for your feedback. I remember you have mentioned about these projects in your blog.

Sansei

Hi Real a real initiative i think!!!

Abt putting, its fool hardy to put money any where in RE,

With uncertainities involved and prices on the decline.

abhi.basis

I do agree Sansei .. unless your wife gives you a punch every morning & evening for buying her dream home, one shouldn't. Its the most stupidiest form of investment if you are buying a home on the loan. Every good management book reinforces this opinion that you should only buy & quickly sell the houses/reality on a short profit but never hold them for years & years, in view of increase in population & shortage of land kind of scenario's.

idea1979

Aditi, are you member of this group? What is basic purpose (your interest) of starting a new thread on a group other than info? (Even though info is sparing and vague)

I have also noticed your posts in various threads ,to some extent promoting sales in the scheme, though it is not matching with Theme of thread.

Please do disclose.

idea1979

Congratulations chinmay. Good Analysis

However, plans are not even sanctioned, there is nothing on the site as of now. Also , recently i got a offer from Manav Builders for near Ready possession in Silver sky scape 2350/- (Most of people are aware of their offer). Site of manav promoters is on similar grounds.

Do you think Locking your money in such secluded project that too rate of 2250/- s justified? if yes how?

chinmay686

Idea1979 : here is my take!! U r bang on target with respect to the question u hv asked!!

this is d answer i hv tried to satisfy myself with although even i m nt too convinced abut it....

The plan sanction can only happen when the builder also gets d confirmation of 50 bookings...and even if he doesnt get it...i dont stand to lose my money!!

regd secluded aspect...

u sud hv been to Sus Road/Wakad/Baner-Balewadi 2-3 yrs back..u wud hv got the answers urself!! i still remmeber those days when we hv to walk to Veer da Dhaba...cos it was a nice trekking experience on Sus-Road...lemme nt mention Wakad..i still consider as a Slum..i ll nvr buy a flat in thr even 1500 ..its a personal choice..i dont want to see slums on my way to office!!

with Rohan's project coming up and being on ther other side of the highway, it has potential for structured development!!and how many times we buy stuff from the kirana store (medicines and urgencies set aside of course)..one weekly trip to Reliance / FB is gud enuf!!

regd the investment being locked in...thts y they r called investments!!i m in no hurry to take up a ready possession flat!! i wud rather wait for months and take the least amount of loan possible!! pple might argur on this front saying the monthly rental n stuff!! true...but i think the mathematics ll favour nt going for a hugr loan thn paying rent...

i m nt even sure if the project is ever gonna kick off!! neother 4 of my fredns whi hv just booked after i did...but smhow we knw if at all it does...i nvr hv to bother abut all issues like

- promised n nt delivered
- poosr construction
- possession issues
- negihbourhood (i m more comfrtable wid a cosmopoiltan one!! )

just to summarise...the project has more cons thn pros...as of now!!! but still i feel like going for it...may b i ll b wrong..may b i ll nt b!! time ll tell!!

ndegaonkar

I had initiated the Insignia Group with an intent to counter cartel of builders thru PBAP. However due to the economic downturn coupled with pessimism of the many members it has taken longer time than scheduled.

We have a members' interest at the core of the initiative and target was optimised flat of 1000 SFT with miximsed space utilization with price limit of Rs. 25 lacs inclusive of all costs.

We did not want to go to a remote place, wanted a developer of sound reputation and one who appreciated the initiative. We found that in the location on Baner sus border road and M/s RANE Group as developers.

It is not that we are not aware of certain cons however we have worked out on the most optimal option. We had options from top builders with locations in city as well however the prices are high.

We are working on theme of having unique community living experience for all fellow members. For example we have provided for a store of 400 SFT in club house complex for all home needs including vegetables and a laundry.

I came to know about this forum thru one of the fellow members and found the debate interesting. In no way it should be misconstrued by readers as an attempt to promote. However if it helps any which way it is worth it.

akssenti

Thanks.. nice to get information from the horses mouth..

aditi sharma

Thanks Nitin for your post here.
I was hoping to listen from you and Vinod of ITPWAP for long time.

Most of us now know about the insignia group and hence no doubt on ur intentions.

It would be quite helpful to folks on this forum to learn from your experiences and knowledge both in RE and forming a special interest group.

Thank you.

sumit.pune

Hi,

This one is long :-)

I have booked a flat in Aarohi (ITPWAP) and some posts had raised doubts about the feasibility of such projects in this downturn. I too had been a part of 3 such failed initiatives before we got a successful one.

Well in case of Aarohi the effort was started in Jan 2007. It took us about 6 months to gather members and shortlist the builder. After that we spent 3 months in getting the architectural drawings into decent shape and taking bookings for 166 specific units from members. At this point we collected cheques of 15% payment to show commitment from members but did not hand them over to the builder.

After that the process of land accusation was initiated by the builder and getting the plans sanctioned. This was achieved in Dec 2008. We began the construction in Jan 2009. During this time we lost about 25 bookings. The progress has been steady and currently the third slab is being poured. We have received replacements for many but are still looking for about 15 more.

This model also has a advantage of quality control by the buyers. To give you a idea till date we have conducted more than 8 core tests, 10 ultrasonic tests. A normal commercial building also does not have such a tight quality control. You can say that members are spending about 1Cr (2% of project cost) just to ensure quality.

The assurance about completion stems from the fact that the builder own 185 Acres of land in Sus gaon and plans to develop a township there. Being a first time builder he need this project to showcase and sell his township. Also the financial soundness of the builder is assured by the fact that he is not leveraged and has not picked up any loans till date.

The location is as follows:
]http://wikimapia.org/#lat=18.5487994&lon=73.7510998&z=16&l=0&m=b&search =itpwap[/url]

The location again as pros and cons:
Cons:
1. Remoteness
2. Outside PMC

Pros:
1. Is surrounded by hills from 3 sides so will be a bit removed from disturbance of a highway.
2. Near Lavale gaon where the Symboisis knowledge park is coming up
3. Half a km from Vidya Valley school

We have proposed to the builder to develop a hospital in the 20% public amenity space he has to handover govt. Lets see how it works out.

We have handed over the remaining units to the builder and I heard that he is now charging a price of 2200 for flats and 2500 for RH/Twin Bungalows. I would still call it a good price considering the specs that we are getting:
1. 2 Tennis courts
2. basketball court
3. Indoor badminton court
4. Squash court
5. TT, Billiards room
6. 30 seater private theater
7. multipurpose hall
8. swimming pool
9. piped gas
10. Lots of extra parking (planning for nano )
11. Solar water heaters
12. Inverter in each house
13. and yes the gym
14. The room height is 10 ft for flats and 10.5 ft for RH/TB
The list is longer and runs into 139 rows :-)

One thing missing is Digital security what we will have to install at our cost (missed this component in initial negotiations with the builder). We are hiring an independent agency to install that and propose multiple packages to the members. We expect this to cost from Rs 5000 to 50,000 per unit depending on the package selected by the member.

Another thing missing is the Synthetic surface for our courts. This is expected to cost about Rs 10Lakhs. We still need to decide if we want to do this.

The problems we are facing is the constant monitoring of the progress, participation by the members, handling occasional payment delays by the members. Delay in contribution towards quality expenses by the members, etc.

The walkthru of the project is available in the following link:
]http://www.apalaghar.org.in/itpwfuser/walkthroughts/[/url]

But yes its been a good break from the regular monotonous office work.

Cheers,
Sumit