Bought at 2150 for a flat coming to all inclusivs 22 lakh 65k. Is it a good deal, considering possession is in dec 2010.
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  • 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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  • Thanks again..btw, I found this link..]http://aishwaryam-greens-wakad.blogspot.com/(sorry if I am going against forum rules by pasting external links). if I am going against forum rules by pasting external links).
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  • Don't buy under construction property

    Originally Posted by bryanlikesyou
    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

    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.

    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.
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  • 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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  • Originally Posted by mahesh pune
    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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  • 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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  • 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
    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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  • query

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

    Can you give some more information on projects where ready possession is available in 2200-2300 psft range?
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  • Hi Real Pune

    Business world also wrote that the stock market will touch 25k. No business magazine ever acknowledged that the stock market will crash. One thing thats happened is the increase of base land and raw material prices. So I dont think we will ever see 2005 prices again. Its good to be optimistic but better to be practical. I wish you the best and really hope that we can see 2005 prices in the market again but things are way more different now. Please check out the rates that some real estate experts and magazines quote on pune. Aundh 2500-3500, Baner-2000-3000, Kalyani Nagar 3500.. are rates not matching the real market scenario.. so I would never read too much into any magazine report.. they are people like you and me who job is to write .. and their collection of facts in not much better than what we can see. Just holding on to one article you have read and letting that decide things for you might be dangerous.
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  • Recession is there and it is showing it's effct. It is difficult to predict what will happen in next 5 years. Home is everyone's basic need. I do not want to read too much into magazines as different magazines and experts have different opinions and they keep on changing it everyday. In case of 'Aishwaryam greens' rates are 2150. It can go down to 2000 or to 1800 in extreme case and there will loss of 3 to 3 lakhs. But if market improves it can go up to 2800 and may be 3500 (optimistic) and then purchasing a house will be out of budget (opportunistic loss off 5 to 6 Lakhs). Rates will not come to 2005's rates as Pune has improved a lot. land rates are high and IT sector has see a growth almost 10 times.
    And for wakad ,PS , Balewadi growth will be there even single job will not be created in IT because TCS (10000) shifting to Hinjewadi from city, IBM(6000) shifying from SP infocity to Hinjewadi. And there are few more.
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  • query

    Friends ... are there really projects available 2200-2300 psqft rate for ready possession flats in wakad or pimple saudagar or some of the members are just posting for discouraging ppl from booking flats? in case the are available plz let me know
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  • There may be decent flats availabe in 2300 in Pimple Saudagar.. laxmi aangan is one I saw who was giving instant possesion. Just next to GK Sai Heritage who is also giving 2 BHKs as ready possesion. I dont know about laxmi aangan rates but GK was quoting 2550 for Sai Heritage 2 BHK. If you negotiate hard might get a good deal. 2BHK was coming to 30.5 all inclusive. That included POP work in hall and modular kitchen with granite slabs.
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  • I am planning to book in Aishwaryam Greens this weekend .. so I will request you all to give specific projects information where rates are low and possession date is earlier than Aishwaryam ... thanks in advance
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