sam_sang

Hello
I was exploring an investment in Pune on residential plots. which is a good area? I saw Eiffel Olympia near hinjewadi (closer to pirangut) and another vishnu vihar on mulshi road. Is this area worthy of investment 3-5 yr term ahead?

manojkarigar

I have traveled many times on the route from hinjewadi - pirangut - towards GOA Highway. But I am dubtful of much development on that side as it is a hilly area & no prominant city connected on that route. I have visited many sites mainly farm house plots on the route from hinjewadi to pirangut. I am not convinced that it is a good investment in that area. Can any one share some opinion about it?

realacres

Hi Manoj,
Agree with you 100%. Not worth investing here if you are not a farmer.

informsantosh

Buying plot is really fancy idea in my opinion! I have realized this after spending/wasting half of my vacation (which I took after 2 years). I guess some of the people like me try to invest in plots as they wants to stay ahead of curve. But major hurdle is you need at least 2 months to finalize and close deal. Even though you have good connections you need to verify all the little facts about plots. As lots of people have stated in various forum somehow plots market is not organized like other city Bangalore/Chennai. First step start with lie about in which zone that plot comes in. In first 10 days I have finalized 2 plots to find later that one comes under hill top and another in forest zone. Next lie is about NA status, if you don’t ask they will not update after u probe they will say pay extra Rs 25 and they will get NA for you. I was not aware it was so easy

After much search and increasing budget I zeroed on yet another plot in gated community and society. I took papers of the same to lawyer as I wanted to be on safer side with the deal.
Lawyer informed me that he is aware of those plots. There was some pending litigation on that by all buyers. Apparently farmer sold land to developer. Same land was collateral to landlord for money. Developer may have known that but he did not inform plot buyers. So when plot owners planed to construct houses that thing went into litigation.

These are some of the bad experiences but one thing learned I learned is we need to be patient and need time. Previously I was thinking following law as thats the simple thing to do, and no headaches for that. But in our country if you do that u cannot breathe also. Just example how laws are broken every step, Look at the Jambhulwadi its hilltop zone, but that’s where currently maximum construction is going on. One larger than life politician have big bungalow there.

If you start towards sus-gaon after exiting NH4 immediately after octroci naka hilltop zone starts so even though you are getting cheap plots in that legally you cannot construct. Legal FSI is .04. and by the way it’s not in PMC. Most of the plots are currently owned by all upper middle class people (docs/army officials) brought at Rs 30-50 per sq ft 20 years back, now they are selling those plots at Rs 600 onwards.

Now simple solution I have found is to buy plot from reputed builder or developer. But then came to know that even those guys rig documents.There are numerous instances they cheat buyers/corporation with false document or half truths. I don’t want to name those just ask any lawyer who deals in land related case and they will give incidents and ongoing cases.
Also don’t underestimate knowledge on street they know 1000 times more than educated people, nothing wrong in it that’s their expertise, Do listen to them.

My search ended up in fiasco as I was trying to do too many things, following too many rules/laws . But I have come to conclusion that its okay to take chances sometimes soon will be finalzing on buying plot from developer even though need to pay premium to reduce headache in future.

realacres

Good post Santosh.

Here is the simpler way ( if you know people in town planning dept):-

Tell them your area of interest & get the zone info from them. Later, search for plots only in those area which are permitted as R-zone.
Once this is done, ask for the papers & get it confirmed from TPD as well as a lawyer.

This is simple by doing everything in reverse. However, it is better you know someone who deals in land deals. Not only they will inform whether there exists any land shark for that land but will also charge you much, much, much less than what a builder will do.

Ofcourse, if you have good connections, conversion of land to NA & permissible for construction of house is then a piece of cake.

informsantosh

Real it’s not universal but have seen sometimes even connections are sham.
Saw in one incident one of the strong connection was overridden by big shot. Deal was forcefully shot down to protect interest of some group. I guess this is happening because of lack of proper laws in place and utter non sense in the town planning. And haphazard way of zoning. We need something like BDA(bangalore) who monitors all these things.This will help to reduce influence of politicians and big players.

Recently experienced a case where even lawyer was acting in the interest of opposite party instead of his client. He suggested against most of the plots that I have searched. After few days he started acting like real estate agent. And slowly he convinced me that he can get better clean deal from one of his clients. With this I was taken back did cross check and then found actuality. anyways now coming to the terms it was not that bad.

Important thing is taking decision rather than deliberating about it!

kulkarnipb

I am an NRI and was in Pune at the time of Diwali. I searched a lot for plots, good row house/independent bungalow and good 3 or 4 bhks.
Here are the findings and experiences -

1. PLOT/S
All plots are available via agents/builders - which is my impression now on PUNE plots.
Found agent who showed me plots near new DP road (Agent called it as DP road but it was not even a tar road. Anyways I was new to that baner/pimple nilakh area and did not argue.) Plot was in "demarcation DONE" status but was not an NA plot. Agent tried to convinced me but I refused to purchase since its non NA status.
Then other agent/developer came known as Kaweri developer. Its representative took me in his scorpio. I thought it will be quick but he took me to hinjewadi and near by Agri lands and showed me Agri plots which were not in PMC limits and were so higly priced that I did not think to bet on them. That representative showed me lot of plots and took my 3/4 day. Its very difficult to get out from their trap once they are aware you are NRI and you have limited time in your hand to select property. I was forced to hear his all crap and finally I slept in scorpio and when I woke up it was the place from where he picked me up !....h$$$$.
Then I got one more agent he took me to bavdhan and showed me windmill village plots. if it was windmill why do I need agent . Windmill has few plots and is very highly priced.

After all the bad experience in 2-3 days , I scrap my idea to buy plot in pune and went back to my village to celebrate diwali.
During diwali days using BSNL internet I did my homework (which I would have done from USA itself but realized this later. anyways...!) and found some good resale/new row house projects, some good 3 bhk projects.

After diwali I went to Pune again -
2. Resale Row house-
Resale row houses over internet are with very high price. Sellers could not get customer via agents/contacts and then to get high price turn to internet - property sites. That is my experience for resale row houses and overall property market in pune.
I saw 2-3 resale houses and dropped idea of resale houses due to fact - owners were quoting very high price , higher than new row houses.

3. New row house-
I was looking for a row house which will have minimum amenities - NO swimming pool, NO club house all the crab to get money from your pocket for maintenance. After 3-4 days of searching I found a row bungalow with all my requirements fulfilled. I introduced my attorney to get all things checked such as property papers and etc. Everything was clear and I purchased it.

I spent most of my holidays on property search; I got the idea for next property search !
So if you are an NRI and on mission to search property in limited time -
1. plan in advance spcially finalize 2-3 areas before to begin search in pune
2. Be prepared with your homework and finalize your budget, requirements etc
3. Checked the market rates using the site like indianrealestateforum. If you are the only decision maker in buying property then its good , otherwise keep other decision makers (your spouse or other family members) in touch with you or if possible with you.
5. Use bike and not 4 wheeler because lot of sites/plots do not have proper roads.
6. Start from early morning. Avoid Saturday/Sunday and holidays . Since other Punekar's also compete in property search and you have to wait at construction sites to get details from builder.
7. Using bike, search all the roads including raw roads where construction is going on. Normally only 80% builders advertise on internet but there are new/small builders who has only boards hanging in front of the site. These constructions are normally in low prices.
8. Target 6-7 or more properties everyday.

I would suggest - get details of at least 20 properties before finalizing one.

informsantosh

I would differ with Manoj about propect of Pirangut. If Lavasa takes off then it will be good area. Currently Lavasa is not doing good(i am not sure but jsu heard lots of bad publicity) but our all great politician will make sure this project works as their stakes are very high. Look at the way Lavasa are robbing common man by putting toll naka near chandani chowk for road which was already their in the name of redevelopment.

Have recently seen pirangut area and manufacturing industry prospect looks very good. saw some German manufacturers base around that area.

Also keep in mind that this is green area not like Undri/nagar road area. Pirangut area have 2-3 adjacent dams and this area usually have more than average rainfall. Am I sounding like real estate agent from Pirangut area .

naah i just got brain washed by them about this area.

I will have concern about the growth rate. People are thinking pune will still develop like what happened in last 4-5 years So pirangut have chances of coming on radar, may be more than 10 years later. I differ on growth rate will not be exorbitant now it will be flat. It needs to be otherwise we/RE will fail like anything coz in my opinion we did not had correction like US or Dubai in India. I am not economist but defiantly a pessimist.

Overall I am bullish on Pirangut around ~Rs 600 per sq feet for plot in well developed roads and Rs 250-300(For plots where there DP roads on just map/paper) you know what i mean

pksden

do not buy plots from developers in hinjewadi.. there are many legal issues not only in plots but also in builder flats in this area..

many developers claim (and even show invalid docs) that plots are NA... nut they are not legally. A person with multiple experiences with buying/selling plots will never buy plots in these schemes except for speculation..

many developers are changing their names and launching new schemes to get rid of problems with their earlier developments..