ITWAP and Infosys group - Page 5 - Indian Real Estate Forum

idea1979 · 19-08-09

Quote:

Originally Posted by 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:

www.apalaghar.org.in/itpwfuser/walkthroughts/

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

Cheers,
Sumit

Thanks for info. How do i get more information on availability, contact numbers etc.

19-08-09

ideaxxxx i am sure you have name. I really dont take cognizance of posts with alias but certainly discourage people to use in such forums and that too the manner in which you are.

YOu have written - Aditi- you have conveniently avoided ......

then you also wrote in improper manner about me --- intentions , how many bookings and if I am visiting pune....etc etc.

One thing I am sure about is that we would certainly not want any rotten s in our group housing project.

chinmay686 · 19-08-09

Idea1979: i do agree wid Nitin!! ur comments wr lil bit offensive in manner even if u hadnt meant tht way!!

and btw....i wud hv booked d flat even if i wudnt have met Nitin personally...its d project and group of perople (nt anyone in particular!!)tht matters..ofcourse i was lucky to meet him since he happned to b here...but many others might nt b..infact i knw many such cases...

and if u r genuinely interested..seems u r already part of d group!! chk Nitin's latest post..he has mentioned the address n contact nos...i think if u talk to builder he can surely explain the plan and address ur concerns...u may PM me if u still need to talk to me...

btw dint understand how come we both r on the same side [

]..but no more elaboration ...hope u like d project n book as well [

]

sumit.pune · 19-08-09

Very true! We had to be patient for 2 years to see the first brick being laid.

Few learnings from our experience in Aarohi:
1. Budget for time for land acquisition and verification. Don't try to cut corners in this area.
2. Budget for plan sanction delays. This alone can take upto 2-3 months. might be more.
3. It pays to invest time in detailing out architectural drawings. We went thru more than 30 iterations.
4. Getting the project sanctioned from a Bank is another time consuming thing. It took us 5 months to get Aarohi sanctioned by SBI and HDFC. This process starts after the project is sanctioned. So you need to make budget for payments to builder during this time.

In a nutshell: A builder might be committing delivery of a flat in 18 months after he starts taking booking. But you need to keep in mind that before taking bookings he would have spent 1 year in getting all plans and sanctions in place. So I would say you should be ready for 18 months + 1 year for getting the end product.

idea1979 · 19-08-09

Intention was to have a open forum and discussion. No offense. One should not take it personally.

Above all , all here are wise and mature enough to make their own opinion rather that relying on comments.

Anyways, as mentioned earlier, wish you all the best with your project.

20-08-09

Chinmay - Thanks for trust reposed in the initiative.

Aditi- Your post has helped the group as quite a few persons have approached to know more about the group.

Regards,
Nitin

ash7979 · 20-08-09

Quote:

Originally Posted by ndegaonkar

Chinmay - Thanks for trust reposed in the initiative.

Aditi- Your post has helped the group as quite a few persons have approached to know more about the group.

Regards,
Nitin

Quote:

Originally Posted by chinmay686

Idea1979: i do agree wid Nitin

And I dont feel anything wrong in idea's comments....

I am following this group since along time & contributed here honestly in my capacity...But I also does see Aditi promoting at least this project...Coz what I see at least 4-5 bookings seemed to be happened after aditi started this thread..but she didnt open her cards, that whether she booked in this project or not...And what is more interesting to see Mr ravi karneekar also just peek into this post & then without commenting a single word he went away

Hey, Nitin I dont think any reason to get angry like this, many ppls here use alias, what wrong in that (I uses my so obvious alias, but use my real name in my signature....

Nitin, I just have a doubt , you said this group housing project started by infosys ppls & we know infosys strength in Pune, still you are not able to get 50 ODD ppls...out of 22 booking 2 is urs, so only 20 bookings( and how many out of these 20 are from infy??), thats also since a long time you have formed this group, even I have seen your one of the ad in magic bricks as well couple of months ago....I think its better to convince your own colleague then stranger over here.....

I have to edit my this post because I got a threatening call from Mr. Nitin just now

....See how this guy nitin has responded to Idea1979 & now to me (over the P H O N E )...My suggestion to anybody who is starting this kind of group housing scheme & then going to public with it...be ready for any criticism as well...dont think that everybody will praise you,like others did....

20-08-09

Dear Ashish Agarwal,

Thanks for editing your post. Criticism is fine but no allegations are OK- like one you have mentionedin your earlier message. You have mentioned that I have threatened you- well I shall state that I have cautioned you that I will initiate action for making a thoughtless and serious allegation. And you said I should do what ever I feel appropriate. Then I wonder what made you edit your message?

Now about points raised by Ashish -

I have taken one unit and one is by my brother in his wife's name. Any problem with that?

Though we initially started this project in Infosys, when we finalized project, with the real estate took down turn many members many decided not to buy a house. We then decided that we shall make it open to other who are keen to have house in the vicinity of IT park. Even earlier many members wanted their relatives in other companies to be members and it was unaniomously agreed by all members at that point in initial stage.

Our intention is to take this initiative to a conclusive end.

I have not claimed this in Infosys employees' project anymore and anyone can see it in the yahoo group posts in past few months.

We still have many members from a particular company as members who have taken units in project - including one today.

Regards,
Nitin

20-08-09

Dear Ashish Agarwal,

Thanks for editing your post. Criticism is fine but no allegations are OK- like one you have mentionedin your earlier message. You have mentioned that I have threatened you- well I shall state that I have cautioned you that I will initiate action for making a thoughtless and serious allegation. And you said I should do what ever I feel appropriate. Then I wonder what made you edit your message?

Now about points raised by Ashish -

I have taken one unit and one is by my brother in his wife's name. Any problem with that?

Though we initially started this project in Infosys, when we finalized project, with the real estate took down turn many members many decided not to buy a house. We then decided that we shall make it open to other who are keen to have house in the vicinity of IT park. Even earlier many members wanted their relatives in other companies to be members and it was unaniomously agreed by all members at that point in initial stage.

Our intention is to take this initiative to a conclusive end.

I have not claimed this in Infosys employees' project anymore and anyone can see it in the yahoo group posts in past few months.

We still have many members from a particular company as members who have taken units in project - including one today.

Regards,
Nitin

aditi sharma · 21-08-09

[quote=ash7979;32148]And I dont feel anything wrong in idea's comments....

But I also does see Aditi promoting at least this project...Coz what I see at least 4-5 bookings seemed to be happened after aditi started this thread..but she didnt open her cards, that whether she booked in this project or not...And what is more interesting to see Mr ravi karneekar also just peek into this post & then without commenting a single word he went away

/quote]

Do you doubt I am a sales agent or working with Nitin to promote this group ?
Let me clarify,
I had read about Insignia a long back on Ravi Kirandeekar's blog but did not know about it for long time, this was before I joined this forum. I thought it might be a closed group of Infy ppl and did not enquire much. After that I got curious and I posted thread on this forum. For long time none replied on this thread. Then somewhere I read about Insignia finalized the project and I read their pricing details etc..(I think this too on Ravi's blog) so I googled more and joined the group.
For me, I am looking for projects in East pune as I work in Magarpatta.
I am exploring this project and others for knowledge and curiocity, I am not going to book here. Nor at ITPWAP. I have not finalized anything in east part too. I am waiting to fall RE further and hv postponed to buy until 2010. I will continue exploring by then.

I have nothing to do with Insignia or ITPWAP project and I do not know Nitin personally. I have never talked to him on too.
BTW, I have emailed once to Vinod Kamble of ITPWAP to comment on this thread after Nitin commented here.

I too feel, people should be open for criticism and open discussion. Let's not be personal and attack each other but answer any criticism genuinely.

ash7979, I feel bad if you got threatened on the Ph-one . This is unfortunate.

19-08-09	#42
ndegaonkar Unregistered User Posts: n/a	ideaxxxx i am sure you have name. I really dont take cognizance of posts with alias but certainly discourage people to use in such forums and that too the manner in which you are. YOu have written - Aditi- you have conveniently avoided ...... then you also wrote in improper manner about me --- intentions , how many bookings and if I am visiting pune....etc etc. One thing I am sure about is that we would certainly not want any rotten s in our group housing project. Last edited by ndegaonkar; 20-08-09 at 11:29 PM.

19-08-09	#43
chinmay686 Member Join Date: Jan 2009 Posts: 223 My Mood: Thanks: 0 Thanked 0 Times in 0 Posts	Idea1979: i do agree wid Nitin!! ur comments wr lil bit offensive in manner even if u hadnt meant tht way!! and btw....i wud hv booked d flat even if i wudnt have met Nitin personally...its d project and group of perople (nt anyone in particular!!)tht matters..ofcourse i was lucky to meet him since he happned to b here...but many others might nt b..infact i knw many such cases... and if u r genuinely interested..seems u r already part of d group!! chk Nitin's latest post..he has mentioned the address n contact nos...i think if u talk to builder he can surely explain the plan and address ur concerns...u may PM me if u still need to talk to me... btw dint understand how come we both r on the same side []..but no more elaboration ...hope u like d project n book as well [] Last edited by chinmay686; 19-08-09 at 11:24 PM. Reason: add

19-08-09	#44
sumit.pune New Member Join Date: Aug 2009 Posts: 6 Thanks: 0 Thanked 0 Times in 0 Posts	Paitence is of essence Very true! We had to be patient for 2 years to see the first brick being laid. Few learnings from our experience in Aarohi: 1. Budget for time for land acquisition and verification. Don't try to cut corners in this area. 2. Budget for plan sanction delays. This alone can take upto 2-3 months. might be more. 3. It pays to invest time in detailing out architectural drawings. We went thru more than 30 iterations. 4. Getting the project sanctioned from a Bank is another time consuming thing. It took us 5 months to get Aarohi sanctioned by SBI and HDFC. This process starts after the project is sanctioned. So you need to make budget for payments to builder during this time. In a nutshell: A builder might be committing delivery of a flat in 18 months after he starts taking booking. But you need to keep in mind that before taking bookings he would have spent 1 year in getting all plans and sanctions in place. So I would say you should be ready for 18 months + 1 year for getting the end product. Last edited by sumit.pune; 19-08-09 at 11:32 PM. Reason: Hit submit by mistake

21-08-09	#50
aditi sharma Senior Member Join Date: Jun 2009 Posts: 760 My Mood: Thanks: 0 Thanked 1 Time in 1 Post	[quote=ash7979;32148]And I dont feel anything wrong in idea's comments.... But I also does see Aditi promoting at least this project...Coz what I see at least 4-5 bookings seemed to be happened after aditi started this thread..but she didnt open her cards, that whether she booked in this project or not...And what is more interesting to see Mr ravi karneekar also just peek into this post & then without commenting a single word he went away /quote] Do you doubt I am a sales agent or working with Nitin to promote this group ? Let me clarify, I had read about Insignia a long back on Ravi Kirandeekar's blog but did not know about it for long time, this was before I joined this forum. I thought it might be a closed group of Infy ppl and did not enquire much. After that I got curious and I posted thread on this forum. For long time none replied on this thread. Then somewhere I read about Insignia finalized the project and I read their pricing details etc..(I think this too on Ravi's blog) so I googled more and joined the group. For me, I am looking for projects in East pune as I work in Magarpatta. I am exploring this project and others for knowledge and curiocity, I am not going to book here. Nor at ITPWAP. I have not finalized anything in east part too. I am waiting to fall RE further and hv postponed to buy until 2010. I will continue exploring by then. I have nothing to do with Insignia or ITPWAP project and I do not know Nitin personally. I have never talked to him on too. BTW, I have emailed once to Vinod Kamble of ITPWAP to comment on this thread after Nitin commented here. I too feel, people should be open for criticism and open discussion. Let's not be personal and attack each other but answer any criticism genuinely. ash7979, I feel bad if you got threatened on the Ph-one . This is unfortunate. Last edited by aditi sharma; 21-08-09 at 10:29 AM.

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19-08-09	#45
idea1979 New Member Join Date: Aug 2009 Posts: 40 Thanks: 0 Thanked 0 Times in 0 Posts	Intention was to have a open forum and discussion. No offense. One should not take it personally. Above all , all here are wise and mature enough to make their own opinion rather that relying on comments. Anyways, as mentioned earlier, wish you all the best with your project.

20-08-09	#46
ndegaonkar Unregistered User Posts: n/a	Chinmay - Thanks for trust reposed in the initiative. Aditi- Your post has helped the group as quite a few persons have approached to know more about the group. Regards, Nitin

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