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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  • Originally Posted by ThodiSiZamin
    I think Mr Paranjpe would care less about the fate of Blue Ridge. I think he has sold off the stake to IDFC.

    He would be off to his next project of selling inflated properties to gullible home buyers and investors in the middle of nowhere.


    The SEZ has been sold to IDFC. The township is still under BR management.

    Sent from my GT-I9100 using Tapatalk 2
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  • Originally Posted by humble_guy

    As per my understanding of the businesses in hinjewadi and salary structures in IT/ITES companies, it is unlikely that even 1000 people with salaries upwards of 15L-20L are presently employed in the few companies operating in that region in Hinjewadi.


    Most people work in the 3L to 8L range,



    Originally Posted by Krpune

    As rightly pointed out 80% of this population would be earning 1.6 to 6 L per annum. So that is out of picture.


    A decade ago, when my experience was 7 years, I drew more than 8 lakhs with run-of-a-mill skills and worked for one of the large IT companies.

    I quit a couple of years ago and started selling LIC policies and providing financial advice as I like talking to people (and of course, I wasn't talented and technically savvy enough to continue in IT).

    However, I think I am fairly knowldgeble about salaries of ITG. I beleive that percentage of IT people who draw more than 10 lakhs salary at the age of 30 is closer to 30% (and incidently, most of them attribute their high salaries to being at the right place at the right time and most of them have vanilla skills). Yes, a large number of people haven't been able to break the 10 lakhs barrier even when they have 10 years of experience, but thats because they got stuck in a bad project and circumstances force them to not quit.

    Most of my customers are from IT companies and almost all of them are in the age bracket of 28 to 40. And I see salaries as high as 25 lakhs very routienly. Although I don't have salary data and my customerbase is extremely tiny fraction of total working population of Hinjewadi, I still think that salaries are probably somewhat higher than quoted above.
    ----------------

    Of course, current RE market is not affordable to even somebody earning 25 lakhs per year. When average 2 BHK costs 4 times the average income of mid to upper level IT manager, we know that RE has reached the disaster levels.

    I frequently advise people to refrain from buying RE and continue to rent for a couple of years...and I am vehemantly against RE as an investment...however, not only my customers but I myself don't listen to my advice!!! Tragic!
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  • what is the current rate (all inclusive) of 2BHK
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  • Originally Posted by poddar
    what is the current rate (all inclusive) of 2BHK



    2BHK Tower 22 & 23 - Golf facing Apartments = Rs 92.97 Lac onwards
    Tower 20 & 21 - River facing Apartments = Rs 93.90 Lac onwards
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  • Originally Posted by pnq2012
    Blue Ridge Golf Club architecture design video by it's Spanish architect - E.Javier Gómez Pioz

    Blue Ridge Golf Club House Project launching video - YouTube


    CERVERA and PIOZ: ON-GOING PROJECTS
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  • Originally Posted by pnq2012
    Blue Ridge Golf Club architecture design video by it's Spanish architect - E.Javier Gómez Pioz

    Blue Ridge Golf Club House Project launching video - YouTube


    looks amazing...if executed well as per plan this will an architectural wonder in Pune

    They have also started work on remainder of river side

    and that plan includes a temple on other end
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  • Originally Posted by ThodiSiZamin
    I think Mr Paranjpe would care less about the fate of Blue Ridge. I think he has sold off the stake to IDFC.

    He would be off to his next project of selling inflated properties to gullible home buyers and investors in the middle of nowhere.

    Yes, he also has another junk project where phase1 buyers were fooled by builder :- Forest Trails at Bhugaon.

    Originally Posted by bigbloodyt
    The SEZ has been sold to IDFC. The township is still under BR management.

    What is reason for this, any idea ?
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  • Looks like they presented the design at a conference in Spain.

    Originally Posted by Baruch
    looks amazing...if executed well as per plan this will an architectural wonder in Pune

    They have also started work on remainder of river side

    and that plan includes a temple on other end


    I'm also interested in finding out what the school auditorium will look like. I heard that it will house 3 badminton courts, one basketball & one squash court, along with a hall cum theater that has capacity of 1000.

    I also heard that they have finished the excavation work at the BR mall site. So work may start soon.

    BTW, it is official, the Xion mall will have E-square Multiplex with 6 screens.
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  • Originally Posted by Superduper
    2BHK Tower 22 & 23 - Golf facing Apartments = Rs 92.97 Lac onwards
    Tower 20 & 21 - River facing Apartments = Rs 93.90 Lac onwards


    What will be likely EMI on a loan of 74 L for 20 years?
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  • Originally Posted by pnq2012
    Looks like they presented the design at a conference in Spain.



    I'm also interested in finding out what the school auditorium will look like. I heard that it will house 3 badminton courts, one basketball & one squash court, along with a hall cum theater that has capacity of 1000.

    I also heard that they have finished the excavation work at the BR mall site. So work may start soon.

    BTW, it is official, the Xion mall will have E-square Multiplex with 6 screens.



    What is the time frame?
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  • Originally Posted by poddar
    what will be likely emi on a loan of 74 l for 20 years?


    74000
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  • Originally Posted by garibaadmi
    74000


    Thanks. Only few person can consider buying.
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  • Originally Posted by pnq2012
    Looks like they presented the design at a conference in Spain.



    I'm also interested in finding out what the school auditorium will look like. I heard that it will house 3 badminton courts, one basketball & one squash court, along with a hall cum theater that has capacity of 1000.

    I also heard that they have finished the excavation work at the BR mall site. So work may start soon.

    BTW, it is official, the Xion mall will have E-square Multiplex with 6 screens.


    i hope they don't drop multiplex at BR since xion and BR are quite close to each other..
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  • Originally Posted by poddar
    what will be likely emi on a loan of 74 l for 20 years?


    Originally Posted by poddar
    Thanks. Only few person can consider buying.


    Percentagewise. Yes. Numberwise? Many can buy.

    I do not have statistical data about financial positions of Pune buyers. And yes my guess is that number of 80 lakhs+ houses on sale far outnumber number of 20+ lakhs yearly salaries.
    However, in a growing (or inflating) markets it all takes for people to climb up one notch.
    e.g.
    Mr X bought a house in Pimple Saudagar/Wakad for 45 lakhs in 2011. His contribution was 10 lakhs. And he pays Rs 35000 per month EMI on his 35 lakhs loan.
    In 2013, he has some more equity (of say 3 lakhs) and house cost is now 60 lakhs (assuming 15% price increase per year)...so he has now 28 lakhs! And probably has had a couple of promotions and can afford 15000 more in EMI and a couple of lakhs saved off.
    So now, he takes loan of 50 lakhs, pays 30 lakhs as own contribution and voila we have a buyer for a 80 lakhs property.

    Due to sheer number of people in India, the possibilities are endless. I always keep wondering who buys these expensive houses and how they afford it. But I suspect that most, if not all, of buyers of these expensive houses are NOT the property virgins. They either have history of lusting after RE or have had a rather long stint abroad.
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  • Originally Posted by NG2012

    Due to sheer number of people in India, the possibilities are endless. I always keep wondering who buys these expensive houses and how they afford it. But I suspect that most, if not all, of buyers of these expensive houses are NOT the property virgins. They either have history of lusting after RE or have had a rather long stint abroad.


    +1.

    I suspect,
    Most of the people who booked at BR are already living in homes owned by them.
    Most must have booked for immediate full-time end-use / intermittant use upon completion.... and others hopeing to use it (full-time or occasional) starting few years later depending on their life situations.

    I don't expect average holding periods to be very different between these groups...... ( at least 7 years to a decade if not longer ).

    I also suspect, due to obvious economic realities of the "late stage project" (put here earlier by humble_guy) hopefully very few would have lately booked at BR just for a quick sell / rent.
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