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 Sat234
    For the benefit of the tenants :D !!

    So, in BR, you have flats being sold for over 1.3 Cr, which fetches a paltry rent of 15000 per month. The owner pays for the maintenance of the township (at least 2000 Rs per month ?). So that the tenants enjoy the golf course view.


    Sat234,
    You have not factored in property tax in this calculation.On average, the property tax for 3 BHK in PCMC comes out to be 2.5k-3k per month and maintenance at 3-4k! Even if one buys a flat he has to shell out around 7k per month which is almost half of the rent amount.

    Renting in BR or in Pune for that matter is much better option than buying.
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  • From various posts it appears large number of flats has been bought by investors. The number of end user is less. Investors are finding it difficult to search new buyers, so they are putting their units on very small rents. In futures with lunch of more & more units the difficulty in searching new buyers will further increase . The price will be controlled by the builder, banks will provide loan more easily for new units sold by builder due to builder- bank link. Finally it will become difficult for the investors to sell their units & this will lead to distress sell.
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  • Originally Posted by poddar
    From various posts it appears large number of flats has been bought by investors. The number of end user is less. Investors are finding it difficult to search new buyers, so they are putting their units on very small rents. In futures with lunch of more & more units the difficulty in searching new buyers will further increase . The price will be controlled by the builder, banks will provide loan more easily for new units sold by builder due to builder- bank link. Finally it will become difficult for the investors to sell their units & this will lead to distress sell.



    Wait till the launch of the new bigger township by Mr P in an even bigger land parcel very near to Blue Ridge. They have great plans for it. It would make Blue Ridge look pale in comparison. Many permissions are in process, and some topnotch international consultants are already going through a tender process.


    Once the last 5 towers are launched in Blue Ridge, the sales would immediately move to the new township. The builder has already sold the SEZ-1 at Blue Ridge, while the negotiations are on for selling the Sez-2 at Blue Ridge. And Mr P will have his work completed with Blue Ridge, no more marketing support, advertising or sales push, as the resales would hurt the fresh sales for the new township. Though it would not affect the end users or the tenants but this would make the bottom fall out of some of the irrational BR investors from their path of greed.

    PS: one person i know has a 3 bhk on sale for over an year now, but only a few inquiries, the only quotes he received from a very few serious buyers were at least 15%-20% less than his expectations some even 30%. So.. it stays on sale for the next x years, while he pays nearly 70k emi per month, but he still feels smart that he has made so much profit from his investment, even though these are just on paper :)
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  • Originally Posted by humble_guy
    Wait till the launch of the new bigger township by Mr P in an even bigger land parcel very near to Blue Ridge. They have great plans for it. It would make Blue Ridge look pale in comparison. Many permissions are in process, and some topnotch international consultants are already going through a tender process.


    Once the last 5 towers are launched in Blue Ridge, the sales would immediately move to the new township. The builder has already sold the SEZ-1 at Blue Ridge, while the negotiations are on for selling the Sez-2 at Blue Ridge. And Mr P will have his work completed with Blue Ridge, no more marketing support, advertising or sales push, as the resales would hurt the fresh sales for the new township. Though it would not affect the end users or the tenants but this would make the bottom fall out of some of the irrational BR investors from their path of greed.

    PS: one person i know has a 3 bhk on sale for over an year now, but only a few inquiries, the only quotes he received from a very few serious buyers were at least 15%-20% less than his expectations some even 30%. So.. it stays on sale for the next x years, while he pays nearly 70k emi per month, but he still feels smart that he has made so much profit from his investment, even though these are just on paper :)


    Correct picture of the situation. Feel good factor only on paper. Good appreciation on paper without real buyer.
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  • Originally Posted by humble_guy
    Wait till the launch of the new bigger township by Mr P in an even bigger land parcel very near to Blue Ridge. They have great plans for it. It would make Blue Ridge look pale in comparison. Many permissions are in process, and some topnotch international consultants are already going through a tender process.


    Once the last 5 towers are launched in Blue Ridge, the sales would immediately move to the new township. The builder has already sold the SEZ-1 at Blue Ridge, while the negotiations are on for selling the Sez-2 at Blue Ridge. And Mr P will have his work completed with Blue Ridge, no more marketing support, advertising or sales push, as the resales would hurt the fresh sales for the new township. Though it would not affect the end users or the tenants but this would make the bottom fall out of some of the irrational BR investors from their path of greed.

    PS: one person i know has a 3 bhk on sale for over an year now, but only a few inquiries, the only quotes he received from a very few serious buyers were at least 15%-20% less than his expectations some even 30%. So.. it stays on sale for the next x years, while he pays nearly 70k emi per month, but he still feels smart that he has made so much profit from his investment, even though these are just on paper :)


    All is NOT well
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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


    I thought golf facing falts were more expensive than river facing!!?!!
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  • Query about Mivan tech

    In case of traditional brick wall construction the plumbing pipes are inlaid in the plastering and then either there are tiles on top of it or just plaster and paint. What happens in case of Mivan technology, are the plumbing pipes inlaid or is it embedded within the concrete wall.

    If a seepage is suspected due to breakage in plumbing pipes or some joint leakage the only way to fix is to break the plaster and then replace the plumbing. Has anyone faced any seepage/leakage issue in BR and how they did fix it?
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  • Originally Posted by Sat234
    The owner pays for the maintenance of the township (at least 2000 Rs per month ?). So that the tenants enjoy the golf course view.


    Are you sure that in case of rentals, the owner has to pay maintenance? Please see the link below:

    http://content./industry-news/maintenance-charges-all-you-need-to-know/63408.html?fromSite=toi&utm_source=toi&utm_medium=referral&utm_campaign=toi-mb-whitelabel

    It says -

    In the case you have rented your apartment, the tenant is liable to pay the maintenance charges as per the norms of the society. However, the developer or the society cannot charge different fee from owners and tenants. This is not legal.
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  • Tenants do not pay maintainance charges.It is the owner who pays.
    Off course if you find such a nice tenant who pays rent and maintainance it is good.
    Society byelaws permit managing comittee to charge upto 10% extra from owners whose premises are rented out.
    Whether rules are diferent in special townships,I cannot comment.
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  • Originally Posted by pnq2012
    Are you sure that in case of rentals, the owner has to pay maintenance? Please see the link below:

    http://content./industry-news/maintenance-charges-all-you-need-to-know/63408.html?fromSite=toi&utm_source=toi&utm_medium=referral&utm_campaign=toi-mb-whitelabel

    It says -

    In the case you have rented your apartment, the tenant is liable to pay the maintenance charges as per the norms of the society. However, the developer or the society cannot charge different fee from owners and tenants. This is not legal.


    I have never paid society maintenance or property tax. Normally, the owner pays the property tax and society maintenance. Owner can factor it in the rent. In the end, it depends , as an owner, how much income I want to earn from the property, and the availability of tenants.


    >>> In the case you have rented your apartment, the tenant is liable to pay the maintenance charges as per the norms of the society.

    If this is the case, the tenant wants to decide how much expenditure he wants to make on the property. In the end, income for owner = annual rent - expenses (tax, maintenance)
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  • Originally Posted by Sat234
    I have never paid society maintenance or property tax. Normally, the owner pays the property tax and society maintenance. Owner can factor it in the rent. In the end, it depends , as an owner, how much income I want to earn from the property, and the availability of tenants.


    >>> In the case you have rented your apartment, the tenant is liable to pay the maintenance charges as per the norms of the society.

    If this is the case, the tenant wants to decide how much expenditure he wants to make on the property. In the end, income for owner = annual rent - expenses (tax, maintenance)


    Investment in property for rental returns is not a good expectation. Your investment will pay off only if you sell the flat when the rates rise and that too after 3 years to avoid short term capital gains. So people who have entered at say 3000 psqft and are today seeing 5000-6000 psqft will be happy. rental is just an icing on the cake, not the cake itself.

    A 2BHK unfurnished can fetch around 12k, out of which 2-2.5K will go for maintenance and maybe 1.5K for property tax per month. So actual income is around 8k per month which you have to declare in your tax returns as other income and pay tax on it. So over all it is not an extremely profitable solution but an average one. Also consider expenditure on maintenance of wall paint, fittings etc which owner will have to bear periodically in order to keep it rent worthy. You can rent for more, but you wont probably get a family to rent in that case. Last I heard, even Megapolis is not fetching high rentals due to huge availability and remote location.
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  • Originally Posted by prasen_b
    In case of traditional brick wall construction the plumbing pipes are inlaid in the plastering and then either there are tiles on top of it or just plaster and paint. What happens in case of Mivan technology, are the plumbing pipes inlaid or is it embedded within the concrete wall.

    If a seepage is suspected due to breakage in plumbing pipes or some joint leakage the only way to fix is to break the plaster and then replace the plumbing. Has anyone faced any seepage/leakage issue in BR and how they did fix it?


    Not an expert in plumbing but will try to answer:

    In the bathrooms, the water pipes connecting the fittings (faucets, showers) are all concealed in plaster, hidden behind tiles. The pipes then go up towards the ceiling where they get branched to provide a connection for water heater & to the main water pipe in a duct outside the building. The ceiling pipes are hidden by false ceiling and hence they are not plastered or embedded within the concrete walls.

    Under the sinks (including kitchen), the pipes are all embedded within plaster structures & not the concrete walls. These plaster structures look like embankments that protrude from the wall (not sure if I'm able to explain properly but if you want, I can post a picture)

    We had few leakage issues when the water pressure was increased. That caused leak from elbow joints in some of the bathroom pipes. That required resealing.

    We had a seepage issue which was not related to water leak. It was because of a rushed job where the ceiling was painted before the plaster had dried completely. That caused the paint to come off. The reasoning that I got was that it takes more time for concrete walls or ceilings to dry as compared to brick walls. So it is important for painting contractors to give more time for plaster or putty to dry before applying the first coat of paint.
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  • Any investor who has booked at BR after 2011 and want to sell the unit upon completion in next few years...... please raise your rt. hand.

    I see no one.


    Verdict......

    To,
    All BR bashers,

    During normal times, RE investments typically have long gestational periods....and during weakness, even longer.

    Please stop hammering on the fact that booking at current rate at BR will not be a good investment in the short/medium-term .......Yes you are right..... it isn't ( and what's new? huh ) and no one here on this thread has probably done that.

    Let’s move forward.
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  • Originally Posted by pnq2012
    Not an expert in plumbing but will try to answer:

    In the bathrooms, the water pipes connecting the fittings (faucets, showers) are all concealed in plaster, hidden behind tiles. The pipes then go up towards the ceiling where they get branched to provide a connection for water heater & to the main water pipe in a duct outside the building. The ceiling pipes are hidden by false ceiling and hence they are not plastered or embedded within the concrete walls.

    Under the sinks (including kitchen), the pipes are all embedded within plaster structures & not the concrete walls. These plaster structures look like embankments that protrude from the wall (not sure if I'm able to explain properly but if you want, I can post a picture)

    We had few leakage issues when the water pressure was increased. That caused leak from elbow joints in some of the bathroom pipes. That required resealing.

    We had a seepage issue which was not related to water leak. It was because of a rushed job where the ceiling was painted before the plaster had dried completely. That caused the paint to come off. The reasoning that I got was that it takes more time for concrete walls or ceilings to dry as compared to brick walls. So it is important for painting contractors to give more time for plaster or putty to dry before applying the first coat of paint.


    Thank you. You have taken effort to understand the details. You mentioned that there was plastering done in the ceiling, I was told that in case of mavin technology the concrete finish is so good that you can directly put putty and then paint over it. Is this plastering done only for ceilings?
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  • Originally Posted by lazybone007
    Investment in property for rental returns is not a good expectation. Your investment will pay off only if you sell the flat when the rates rise and that too after 3 years to avoid short term capital gains. So people who have entered at say 3000 psqft and are today seeing 5000-6000 psqft will be happy. rental is just an icing on the cake, not the cake itself.



    Agree 100%. It is interesting that you bring it up and spelled it out but don't you agree that most of the buyers are actually buying RE as investment. For some reason, people still think that RE investments are safer & guarantee good returns. Not sure if that is still the case now though when property prices have been stable for some time.

    Originally Posted by Superduper
    Please stop hammering on the fact that booking at current rate at BR will not be a good investment in the short/medium-term .......Yes you are right..... it isn't ( and what's new? huh ) and no one here on this thread has probably done that.

    Let’s move forward.


    It surprises me that so called IREF seniors or moderators are still unable to get past this BR investment fact & haven't evolved with the industry. People still thrash BR on this.

    I would also request folks to apply "WYSIWYG" in RE too, not just with BR but other projects too. I understand that BR is not for everyone but when I start hearing words like "ghost town" and all, it makes me wonder what some folks are actually seeing. They should come down & take a look, especially in the evenings or on weekends to see the activity.

    Anyways, the industry has already moved past the "project on paper" thing & did recognize BR. They recently got the CNBC Awaaz Real Estate 2013 award. Here is the link

    CNBC Awaaz gives away Real Estate Awards 2013 | Best Media Info, News and Analysis on Indian Advertising, Marketing and Media Industry.

    Also, in case if anyone missed the little segment on Times Now, please visit this link

    https://www.youtube.com/watch?v=YHJbtMx7Asw

    Originally Posted by prasen_b
    Thank you. You have taken effort to understand the details. You mentioned that there was plastering done in the ceiling, I was told that in case of mavin technology the concrete finish is so good that you can directly put putty and then paint over it. Is this plastering done only for ceilings?


    Sorry, I may not be 100% sure about whether plaster is applied or not. In my case, it was because I saw the progress almost every week. In any case, I will see if I can confirm this with maintenance here. If I find anything, I will PM you.
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