Hi All ,

I hear that the Blue Ridge Phase II is not doing well. Anyone having any updates on this scheme? What is the possession date for phase II? Heard a lot of cancellations have been happening there any idea please update.

Thanks in advance.
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  • I visited BR yesterday

    Got written replies on my concerns on their letter head signed by CEO

    They also showed their internal target to handover flats is by 2016 Diwali ( though I wouldn't want them to hurry up on post construction work....that should always be done with due time...no sane person would expect them to deliver a 30+ tower complete in next two years so 2015 was never in question...2016 looks logical

    They have taken construction work back from man infra and doing it themselves which is always a good sign in terms of ownership and timliness

    On why T-3 parking is not there in towers other than 1-4....- answer - since its much more costly to maintain L3 (you need to have constant lights on & special type of plumbing)...also L minus 3 delays construction a lot....

    club (paid one) - unlikely to be complete in next few years as current spot is used for putting construction material for new towers

    They might open golf course by December - doing some mega event

    They even offered me to cancel my club membership and take back money ( or adjust in payment)...which is very fair on their part but I didn't consider that as without membership...BR is not as much worth a package ( my POV)
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  • BR SEZ might have the distinction to be underlying for first ABS in India ( IDFC is coming with that)...

    apparently BR & IDFC have understanding for second phase of SEZ too and hence builder's primary focus on SEZ completion ( thats a very big positive for investors in residential section too)

    EXCLUSIVE - India gears up for first asset-backed property bonds | Reuters

    Property and infrastructure lender IDFC (IDFC.NS) is at the most advanced stage, with plans to sell at least 3 billion rupees in a debt security backed by lease rentals from an IT park in Noida, outside Delhi, and a special economic zone in Pune, said people involved in the discussions.
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  • Originally Posted by herohiralal
    Its a simple rule while buying anything. Dont trust what the salesman says.

    Check the product ...


    Hello Herohiralal
    Yeh check the product part hee sabse difficult kaam hai. Aap ready possession lo to fir options nahi milte. For example, if you like to buy in XYZ lane of , say , Baner. At the point of time, something should be available in resale there.
    Also, there are cases where you talk to the broker or seller and confirm your interest at some price, and next day, some other buyer has quoted more than you. You can always say - okay sell it to that buyer, but you never know if it is a bluff or is there really another buyer quoting more.
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  • Originally Posted by herohiralal
    If the agreement says that the builder is going to provide possession on 1st Dec 2014 and then does not then the agreement should state how much penalty the builder should pay the buyer. Similarly if the buyer does not pay on time then there should be a clause which states how much penalty the buyer should pay.

    The contract should also clearly state how both parties can get out of the agreement. Its should be a proper contract.

    Under construction houses are mostly for investors and not for end-users. End-users should buy completed projects where one can check the construction quality, amenities, infra, recurring costs etc etc.



    The question here is that the builder is putting the possession date which is too far in the future. That is fair according to me. The builder is liable for a penalty if they miss the deadline. The builder is saying that they cant complete the construction before that date. Buyer can buy the flat with this builder or opt for another project. Atleast the builder is not lying in the agreement and then threatening the buyers who ask for their money back. No one is forcing the buyer to buy a flat where the possession date is in 2017.

    Read posts on this thread on how this builder has given back the money to the buyer who wanted to cancel. Such actions should be encouraged but also more transparency around responsibilities and deliverables should be asked for from the builder in the agreement but one cant ask the builder to provide the goods at an earlier date if the builder has clearly given a date in the agreement on which the buyer has signed.

    In all these cases both the buyer and seller should have access to fast legal advice and legal ruling from the courts to solve legal disputes. A proper free markets requires a fair and fast legal mechanism.


    Hello Hero Hiralal,

    With due respect,

    Not just w.r.t. Blue Ridge, but possibly related to other builders too.

    >> The builder is saying that they cant complete the construction before that date.

    This precisely is the problem. The sales guy will tell you, project 2.5 years mein complete hoga. Users are planning your finances around that. But in agreement, these guys quietly put another date. Users financial planning goes for a toss (rent plus emi). A smart user will always plan for contingency, but contingency should be just that - contingency.

    It is like - Some software company sales guy tells the client that the system will be developed in 2 years and delivered at date X, but when the agreement is made, they write X+2 years. Do you think client will trust the software company? In fact, 4 baatein aur suna denge, aur baaki project bhi pange mein aa jayenge.

    If the builder is saying they cannot build in 2 years, then say it upfront. Waise bhi, according to sales people, their project is selling like hot cakes. So say clearly that possession is 5 years. Time waste kyon kar raha hai? Mujhe nahi chahiye to anyway you have other buyers, right?

    >> Buyer can buy the flat with this builder or opt for another project.

    Again, user has to start home search all over again. And also, prices will rise in the mean time. Waste of time and effort !

    It is about professional ethics... I will try to explain.
    We have clients where projects have gone at the last moment, because a competitor quoted lower. That is fine. But if we tell the client something else, and put something else in agreement, then it is a breach of trust. Client's time is wasted. He now has to go to another vendor, like a user has to go to another builder.
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  • Originally Posted by herohiralal
    If the agreement says that the builder is going to provide possession on 1st Dec 2014 and then does not then the agreement should state how much penalty the builder should pay the buyer. Similarly if the buyer does not pay on time then there should be a clause which states how much penalty the buyer should pay.

    Problem is even if builder delays what is written in agreement, he still goes scot free due to clauses like non-availability of raw material, labour, riots, act of god etc. Builders are now not completing work due to issue with finance but giving excuses of no raw material. Puranik builders is latest eg. of this.

    The contract should also clearly state how both parties can get out of the agreement. Its should be a proper contract.

    Yes, but in contract, builder gets most favourable points, which includes deduction in amount to large extent. Also buyer looses on stamp duty, reg & other taxes which has nothing to do with agreement but is impacted due to fake builder promises.

    Under construction houses are mostly for investors and not for end-users. End-users should buy completed projects where one can check the construction quality, amenities, infra, recurring costs etc etc.

    +100000. Agree completely.

    The question here is that the builder is putting the possession date which is too far in the future. That is fair according to me. The builder is liable for a penalty if they miss the deadline. The builder is saying that they cant complete the construction before that date. Buyer can buy the flat with this builder or opt for another project. Atleast the builder is not lying in the agreement and then threatening the buyers who ask for their money back. No one is forcing the buyer to buy a flat where the possession date is in 2017.

    Issue is this should have been informed to buyers who booked last year considering 2015 as date of poss. There is no issue with 2017 or 2057 as poss date, but why keep buyers hanging for atleast 1 year & now say that date is pushed back ? Didn't people loose opportunity to buy elsewhere had BR told that end 2017+2 i.e. end 2019 will be date of poss max earlier ? Issue is not with buyers booking today but those who booked last year.

    Read posts on this thread on how this builder has given back the money to the buyer who wanted to cancel.

    And what about the efforts he will have to take again to find house ? What about 2nd option which buyer would have shortlisted earlier but booked BR but is not available now ?

    Man, if a girl marries a good boy, & asks for divorce (with no fault of boy) in few months but doesn't ask for any compensation, does it mean girl is good since no court case was filed, no money asked ?

    In all these cases both the buyer and seller should have access to fast legal advice and legal ruling from the courts to solve legal disputes. A proper free markets requires a fair and fast legal mechanism.

    Agreed, but BOLD above is non-existent in country like India.

    *PS:- BR was boasting how Mivan tech is good & helps complete building in less time, some 2 weeks/slab !! Now why such delay despite Mivan, their main marketing USP ?

    There can be only 3 reasons :-

    > Proper sanctions not in place,

    > Financial problems,

    > Poor bookings or exit by investors.

    If above 3 are not issue/problem, then there is no reason why deadline can't be met.
    Man, the time which which BR is asking to complete just a concrete block is more than what China needs to build sea bridges !! Man, China build world's longest sea bridge (Jiaozhou Bay bridge) of 42.25 km in 4 yrs flat.



    Mivan for BR ??

    And yes, if MAN Infra is removed & BR going to do it on their own, something is wrong. Megapolis too removed MAN Infra, did on its own & messed up in Sangria. This must be more for cutting cost than anything else. Same is the case with XRBIA, now doing on its own & you see where it is headed. :D
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  • Will have to look up real estate projects in china next ,, for timely possession .. maybe somewhere close to that bridge.
    Buildings will probably be ready even before the agreement date,
    and we Indians love chinese food anyways.. looks like a win win situation... :P
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  • Meanwhile, BR has replied to all the queries,
    While there are still few areas of concern.. their overall project seems suited for my needs.
    So will proceed with the second payment and registration now.
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  • Originally Posted by brres13
    Meanwhile, BR has replied to all the queries,
    While there are still few areas of concern.. their overall project seems suited for my needs.
    So will proceed with the second payment and registration now.

    Have we decided to go ahead with registration?
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  • Originally Posted by brshanghai
    Have we decided to go ahead with registration?


    I have. In fact I am at the registrars office as I type this. Was hard pressed for time as I am travelling out of the country next week and need to get the loan processed before I leave.

    Sent from my GT-I9100 using Tapatalk 2
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  • The possession date is something each one will have to see, if it suits their situation. Apart from that, things do seem good.
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  • Im comfortable with their responses and remdies of few of my conerns....going ahead with payment & registration
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  • Originally Posted by Sat234
    Hello Hero Hiralal,

    With due respect,

    Not just w.r.t. Blue Ridge, but possibly related to other builders too.

    >> The builder is saying that they cant complete the construction before that date.

    This precisely is the problem. The sales guy will tell you, project 2.5 years mein complete hoga. Users are planning your finances around that. But in agreement, these guys quietly put another date. Users financial planning goes for a toss (rent plus emi). A smart user will always plan for contingency, but contingency should be just that - contingency.

    Never trust sales people. You are the one paying lakhs so its your responsibility to check that your are getting proper value for ur money. Property is not a use and throw product like a phone or laptop.

    Only investors should buy under-construction houses.



    It is like - Some software company sales guy tells the client that the system will be developed in 2 years and delivered at date X, but when the agreement is made, they write X+2 years. Do you think client will trust the software company? In fact, 4 baatein aur suna denge, aur baaki project bhi pange mein aa jayenge.

    If the builder is saying they cannot build in 2 years, then say it upfront. Waise bhi, according to sales people, their project is selling like hot cakes. So say clearly that possession is 5 years. Time waste kyon kar raha hai? Mujhe nahi chahiye to anyway you have other buyers, right?


    Dont trust sales people. Dont sign on the agreement if its not as per your requirement.


    >> Buyer can buy the flat with this builder or opt for another project.

    Again, user has to start home search all over again. And also, prices will rise in the mean time. Waste of time and effort !


    Well you need to follow some strategy then. Select 2-3 houses and then go with the builder who follows thru on his/her word and puts it in writing in the contract. Be smart when investing lakhs of your hard earned money.

    Never buy a house in a hurry and thats the reason I suggest that end-users should buy developed properties where they can see the actual end product and check around about its quality.
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  • Originally Posted by Sat234
    Hello Herohiralal
    Yeh check the product part hee sabse difficult kaam hai. Aap ready possession lo to fir options nahi milte. For example, if you like to buy in XYZ lane of , say , Baner. At the point of time, something should be available in resale there.
    Also, there are cases where you talk to the broker or seller and confirm your interest at some price, and next day, some other buyer has quoted more than you. You can always say - okay sell it to that buyer, but you never know if it is a bluff or is there really another buyer quoting more.


    But reading some of the other posts on the forum it seems to me that the RE market in Pune has lot of inventory :)

    RE is a difficult market and what one wants to buy is usually either too expensive or not available but that should not mean that one has to rush into buying something where the terms in the agreement leave you with with little protection if there is a delay or if the quality is not delivered.
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  • ""Never trust sales people
    Only investors should buy under-construction houses.
    you need to follow some strategy
    ""
    Absolutely sane advice.
    Select a few flats and then see which is most suitable for your use.
    Salesmen look for their commission and that is about all.Smooth and practised talk is their style.But buyer needs to be careful and do his due verifications.
    Whether Pune RE has lot of inventory or not.You are buying one unit and you need to remember that it is your money and for most people flat is the biggest investment in monetary terms and most important purchase.
    People should read the threads on PRA Wagholi as an example of how things happen in RE.
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  • Herohiralal, Vaibhav123,

    Agree with you.
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