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aishwaryam greens - wakad

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aishwaryam greens - wakad

Last updated: May 21 2012
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  • aishwaryam greens - wakad

    Bought at 2150 for a flat coming to all inclusivs 22 lakh 65k. Is it a good deal, considering possession is in dec 2010.
    Last edited by bryanlikesyou; May 25 2009, 05:32 PM.
  • #2

    #2

    Re : aishwaryam greens - wakad

    I have not visited this site but I visited website. Location is Kaspate wasti (wakad). Rate in Kaspate vasti for ready possession is around 2200 - 2400. Till dec 2010 you for slabwise payments you may be spending another 3 lakhs of interest.

    Layout looks good. Area has potential to grow. Do not know much abt builder but their Akurdi project is famous one. There are not much internal amenities but external looks good (Hope they r not charging extra for them).

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    • #3

      #3

      Re : aishwaryam greens - wakad

      Thanks again..btw, I found this link..]http://aishwaryam-greens-wakad.blogspot.com/(sorry[/URL] if I am going against forum rules by pasting external links).
      Last edited by bryanlikesyou; May 25 2009, 05:32 PM.

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      • #4

        #4

        Re : aishwaryam greens - wakad

        Don't buy under construction property

        Originally posted by bryanlikesyou View Post
        Hi All,

        I have purchased a flat at Aishwaryam greens(shreemangal.in) at Wakad. It's parallel to whistling palms.

        Bought at 2150 for a flat coming to all inclusivs 22 lakh 65k. Is it a good deal, considering possession is in dec 2010.

        Please let me know ASAP, as my life's saving's are going to be invested here
        Hi
        If you have already bought a flat, there is no point to think if you made a right decision or not. However, if at all there is some way to get your money back. Just think if 2150 is a justified rate in undeveloped area like Wakad ?

        Have a look at this article by business world, its a must read - ]http://www.businessworld.in/index.php/Infrastructure/The-Rise-Fall-Of-Realty.html[/url]

        The rates are supposed to drop more by 30-40% by November or even lesser than logical value according to this article. Depending on the area, this correction is going to vary. I see following points turning out to be against Wakad -

        1. Wakad is far from the city( typically areas away from city are more susceptible to correction).

        2.Demand-Supply Gap - There is huge supply of ready possession/under construction property in Wakad which don't have buyers (very less even if they are). Go to Mont Vert, Pristine, Omega sites, the work seems to have stalled there because of cash crunch.

        3. IT job scenario- The only reason the prices were so much hyped in Wakad was its proximity Hinjewadi. But now, with IT itself in turmoil, the rates must move in downward direction.

        4. Lack of infrastructure: The Wakad area lacks basic infrastructure. No good market, doctors nearby.

        5.Risk with new construction: The builders are compromising with their construction quality to make up for the 'sacrifice' in the profit. Plus, you never know, if the scheme fails and the builder goes bankrupt becuase of cash crunch ? One of the DLF projects in delhi, the possesion has got delayed by 3 years and people are still waiting to get possesion despite of the road show against it. As Mahesh, pointed out you are going to pay at least 3 Lakh Rs interest + The rent(if you rent out this property).

        Finally, don't believe the builder and fall in trap. I had been to this site on 2nd day of the launch itself. There were around 20-22 tables on which sales guys were explaining the plan etc. After around every 15-20 mins, some sales guy used to come to the table and used to update the salesperson loudley like...... 'Flat No- 301, 504, 603..... are gone.' Just think logically, is this required at all ? How does it help the builder ? When one decides to buy, that time the sales guy can check ? It was not like vegetable market in peak time that the people were buying flats like vegetables that the status was changing every 15-20 mins.
        There may be a few dummy customers also to make others think that people are buying. They can used different strategies.

        One of my close friends is a broker and he told me that the builders have started selling properties cheaper from the backdoor. If you go directly to the builder, builder will quote higher rates and a few desperate people are buying even in these rates. But due to cash crunch, builders are selling these new properties as resale throught broker at cheaper rates. Now, you would ask why builders are not selling directly cheaper rates ? The answer is to keep the rates same for new construction.

        Hope this helps, save yourself and save others too.
        Last edited by realpune; June 1 2009, 09:11 PM.

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        • #5

          #5

          Re : aishwaryam greens - wakad

          Ritesh,

          As Axis bank has approved project thsy must have checked land title and other details. I do not have much info about builder as it looks like projetc by group of builder. As Goel Ganga's IT park is coming nearby rates will definately go high till your possession so do not worry. When I purchased my flat in Kalyani nagar at 1700/- psf I was laso worried but with growth of city rates went high and now they are at 5000/- (Yes down from 7000/-). With today's share market bounce your decision could be a right time decesion. No one can time (property or share) market not even experts and all articales are not useful as there are no charges for wrong predictions.

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          • #6

            #6

            Re : aishwaryam greens - wakad

            Originally posted by mahesh pune View Post
            Ritesh,

            As Axis bank has approved project thsy must have checked land title and other details. I do not have much info about builder as it looks like projetc by group of builder. As Goel Ganga's IT park is coming nearby rates will definately go high till your possession so do not worry. When I purchased my flat in Kalyani nagar at 1700/- psf I was laso worried but with growth of city rates went high and now they are at 5000/- (Yes down from 7000/-). With today's share market bounce your decision could be a right time decesion. No one can time (property or share) market not even experts and all articales are not useful as there are no charges for wrong predictions.
            Mahesh,
            Thanks for sharing your comments. Regarding Goel Ganga' IT park - are you sure it will be completed ? Most of the builders are either scrapping or delaying their commercial projects, specially IT related. Lots of these commercial floors are ready, but there are no buyers. Much hyped IT park in Kharadi is the best example. In this kind of scenario, i am really doubtfull about such IT parks. Gone are the days when prices used to increase every month by Rs. 150+. Right now, all the projects in Pune are delayed. Reason - No buyers. When giants like DLF are unable to complete their projects, how can you be safe with local builders ? You can't gamble with your savings of life time.

            Stock market and Real estate market don;t go hand in hand Otherwise when Sen hit 8000(2005 level), why did not real estate prices hit year 2005 prices ? Stock market has gone up because of fund inflows by the FIIs. But FIIs are not willing put funds into real estate(there was an article posted on economic times too). Will post if you want.

            Regarding rates.The rates were 1700 and are 5000 now in about 3 years. So, does that mean the rates will be more than 10000 after another 3 years. The rates increased in 2005 because of demand supply gap(huge demand and less supply). Plus in March, 2005 FIIs investment doors were opened by UPA. So, there were heavy fund inflows. The FIIs have taken their funds away now and not willing to return. Right now, there is no demand and huge supply(read the statistics of unsold inventory of the builders in the the article- link posted earlier). Plus there is cash crunch, as there are no FIIs. The builders have invested lots of their earlier profits in buying the land banks. So, there is no liquidity.

            Lastly, It takes a lot to right an article in a magazine llike Business world. At least they have got more credibility than you and me sitting at home and writing some stuff. Their estimates are based on some statistics.

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            • #7

              #7

              Re : aishwaryam greens - wakad

              Yeah i agree with Mahesh in a way. We are seeing pockets of development coming around the city. Kharadi- Magarpatta-Viman Nagar pocket, Nigdhi-Pradikaran pocket, Pimple Saudagar-Wakad pocket, Baner-Balewadi pocket. In maybe five years all these places will be in a similar shape. Its like Aundh, Kalyani Nagar, and Viman Nagar. All are good enough and your preferance decides where you want to buy. I dont believe in any dooms day prediction saying that property market is going to crash 40-50% simply because it has already come down around 20% and we might see a 5-10% correction maybe if things dont improve in the next few months.

              Once you have bought a house, then awesome... dont worry Wakad will come up well with Gera IT Park and Hinjewadi coming up nearby. Also roads are much improved now than 2 years ago.

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              • #8

                #8

                Re : aishwaryam greens - wakad

                can you please give me some info on projects in kaspate vasti offering 2200-2400 rate for ready possession flats? I am looking to buy at 2200 psqft rate in wakad.

                Originally posted by mahesh pune View Post
                I have not visited this site but I visited website. Location is Kaspate wasti (wakad). Rate in Kaspate vasti for ready possession is around 2200 - 2400. Till dec 2010 you for slabwise payments you may be spending another 3 lakhs of interest.

                Layout looks good. Area has potential to grow. Do not know much abt builder but their Akurdi project is famous one. There are not much internal amenities but external looks good (Hope they r not charging extra for them).

                Comment

                • #9

                  #9

                  Re : aishwaryam greens - wakad

                  query

                  Can someone give more information on builder credibility? ... how are other completed projects done by this builder? .. any feedback?

                  Comment

                  • #10

                    #10

                    Re : aishwaryam greens - wakad

                    Wakad projects

                    Hi mahesh

                    can you please give some more details about projects in wakad where we can get ready possesio apt in the range of 2200-2400? I am planning to buy in aishwaryam this weekend .. so will appreciate quick response.
                    thanks in advance

                    Originally posted by mahesh pune View Post
                    I have not visited this site but I visited website. Location is Kaspate wasti (wakad). Rate in Kaspate vasti for ready possession is around 2200 - 2400. Till dec 2010 you for slabwise payments you may be spending another 3 lakhs of interest.

                    Layout looks good. Area has potential to grow. Do not know much abt builder but their Akurdi project is famous one. There are not much internal amenities but external looks good (Hope they r not charging extra for them).

                    Comment

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