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Blue Ridge by Paranjape Schemes in Hinjewadi, Pune

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Blue Ridge by Paranjape Schemes in Hinjewadi, Pune

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  • Re : Blue Ridge by Paranjape Schemes in Hinjewadi, Pune

    Most banks will have 18 months of EMI holiday where we can pay simple interest on disbursed amount. SBI Yuva loan has this period extended till 36 months. However at the end of this period, irrespective of how much loan is disbursed, full EMI is charged. Out of this EMI, interest on the borrowed amount is subtracted and rest is paid towards premium. So humble_guy is right in saying that in case when a large portion of loan is not disbursed, less interest is charged and thus loan is paid out faster.

    However, if they are taking 80% in first 1.5 years, even the simple interest comes up to be monthly 60,000, and one might as well pay the full EMI.

    Bank doesn't wait for full disbursement of loan for starting full EMI. People sometimes don't avail full loan because they manage to cough up money from other sources. So banks start charging full EMI as per schedule, and the interest and principal parts are automatically calculated on disbursed loan amount.

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    • Re : Blue Ridge by Paranjape Schemes in Hinjewadi, Pune

      Originally posted by Sat234 View Post
      @TheTruth

      >> 80% in first 1.5 years! This will mean the buyer will pay almost full EMI from day 1, whether or not he avails the EMI holiday period.

      It is generally more than 80% and generally in less than 1.5 years !! RP_Pune has given the lower estimate, it can be higher.

      Plaster brickwork tiling etc are the last 10-15% and they drag it on for 2 years. The slabs are put up within a year, and you have already paid the slab wise payment upto 85-90% in one year. Ek saal kaise jaata hai, pata bhi nahi chalta hai.

      I am unaware of how EMI holiday thing works. I was under the impression that you pay EMI for whatever amount that has been disbursed. Full EMI starts when bank has disbursed the loan amount completely.

      @bigbloodyt

      >> Justification isn't really key here.

      True.
      True. I have myself paid 80% in less than a year and a lot of time still to go. LOL. I knew I was giving a conservative figure as I thought based on gungaan from others that Paranjape would be a bit better than the lowest forms of life we see everywhere else in Pune.

      So after a year, you in the same boat as ready possession guy as you pay interest on 80% and your rent would be the same amount as on the leftover 20% - in a typically priced 2BHK. You will save some money in the first year though as rent < interest on staggered 80% payment.

      Both options have advantages/disadvantages. If one need for self use straightaway, I am more inclined for ready possession as you buy what you see, can negotiate really hard due to current slowdown and as the guy selling would have bought at severely low rates. You also avoid any possible risk to quality in underconstruction.

      This is how EMI works:

      1. Yes, you pay EMI for whatever amount that has been disbursed. The EMI includes interest + principle repayment. This is the default option.
      2. On special request, you can put your loan on pre-emi, where you pay interest only. Your pre-emi increases when you do subsequent disbursements - as the interest increases. Some banks allow this until possession, some other do this for limited time e.g. 12/18 months.
      3. You can opt to pay full EMI from day 1. e.g. sanctioned amount - 20 lacs. Full EMI - 22k/nth. Disbursed - 10 lacs, but you pay 22k from the day 1 itself. This way you pay principle faster. Private banks discourage this as they earn less interest, but SBI encourage to go for this option.

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      • Re : Blue Ridge by Paranjape Schemes in Hinjewadi, Pune

        Originally posted by humble_guy View Post
        The funny thing is You are again contradicting your own point.
        You said that rent is 1/600 of the cost of property in Blue Ridge, still you insist that buying in resale and paying full interest on day 1 of 100% of the loan amount is better than paying for a staggered loan disbursed over 6 years along with rental outgo

        Calculations as per your data:
        rent is 1.5% (with hra savings) of 100% of capital value compared to 10.5% interest on 80% value of property. that means every year a loss of (10.5 *0.8 - 2)% on 80L - 50k tax savings on interest repayments
        = 6.4% of full value of 80L - 50k tax savings on interest repayments
        = 5.12 Lakhs - 50k tax savings on interest
        = 4.62L Loss per year


        And above all you are still taking it personally... I have no intention of getting drawn into a one-on-one confrontation with anyone.

        If you believe that the salaries would remain exactly the same for 6 years, but rents would increase at 10% each year on an increasing base Y-O-Y in Blue Ridge. well I would suggest let us each keep our own views which we are so convinced of. I have nothing to prove to you.

        of course, All the real estate investors are stupid with no financial sense, that they prefer to put money in underconstruction or prelaunch, rather than buying in over tens of thousands of ready to move flat inventory in Pune.

        I am sure the general viewers of this thread will find some value in the analysis presented in earlier pages. At least it would give people an idea on how an investor makes money in real estate and how an end-user can use financial engineering in the same manner to reap serious gains like an investor, while able to own and stay in blue ridge at the same time.

        I had presented the analysis on this thread here, because it is targeted at Blue Ridge, as it is a unique township project in the middle of its lifecycle, with no project risk and a defined trend of capital values and rentals and overall inventory overhang data. That means this analysis may not hold true for many other projects in Pune.


        Rest everything depends on one's financial assumptions.
        How anyone can be sure that there is no project risk in any under construction property. It may be only personal assumption(favorable to builder).
        Last edited by poddar; December 31 2013, 07:07 PM.

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        • Re : Blue Ridge by Paranjape Schemes in Hinjewadi, Pune

          Originally posted by TheTruth View Post
          Bank doesn't wait for full disbursement of loan for starting full EMI. People sometimes don't avail full loan because they manage to cough up money from other sources. So banks start charging full EMI as per schedule, and the interest and principal parts are automatically calculated on disbursed loan amount.
          This is not a general rule. The general rule is EMI based on disbursed amount. e.g. 32k (28k int + 4k principle) on say 28 lacs disbursement. Fe months later, part disbursement of 8 lacs, so your EMI will change to 41k (35k int + 6k principle) on the 36 lacs disbursed amount.

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          • Re : Blue Ridge by Paranjape Schemes in Hinjewadi, Pune

            some people are saying that in under construction -
            you pay ~80 % in first year itself
            and remaining ~20% is dragged for 2 more years

            i think this is bit exaggeration. thoda hisab se lagao yaar.

            i'd say -
            ~50% in first year
            ~40% in 2nd year
            ~10% in 3rd year

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            • Re : Blue Ridge by Paranjape Schemes in Hinjewadi, Pune

              Originally posted by garibaadmi View Post
              some people are saying that in under construction -
              you pay ~80 % in first year itself
              and remaining ~20% is dragged for 2 more years

              i think this is bit exaggeration. thoda hisab se lagao yaar.

              i'd say -
              ~50% in first year
              ~40% in 2nd year
              ~10% in 3rd year
              In case of BR....I paid 10% in 2012....15% in 2013....

              expected payments

              35% in 2014, 25% in 2015, 5% in 2016 and 10% in 2017

              Such long waiting period is naturally not advisable for those who are buying their first home

              while delay on one hand is frustrating but it improves ROE dramatically....and thats helpful in a dull market like this

              but then I paid 5200 ( in Jul 2013) as login price and waited for new towers to be launched even though I had made my mind for BR when old RTM towers were available 4500 ( in Mar 2012)...there was flat choice angle too...I wanted lower + GC facing floors...I believe mine was first check in 21-24 cluster so I got all flats as choice...

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              • Re : Blue Ridge by Paranjape Schemes in Hinjewadi, Pune

                Originally posted by garibaadmi View Post
                some people are saying that in under construction -
                you pay ~80 % in first year itself
                and remaining ~20% is dragged for 2 more years

                i think this is bit exaggeration. thoda hisab se lagao yaar.

                i'd say -
                ~50% in first year
                ~40% in 2nd year
                ~10% in 3rd year
                In megapolis Splendour all(15) slab and 90% brick work done in about 1 year and builder has taken 90% under CLP. Work on club is also going side by side. so --pratakshyam kim pramanam (What is in your front does not require evidence)

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                • Re : Blue Ridge by Paranjape Schemes in Hinjewadi, Pune

                  Originally posted by poddar View Post
                  How anyone can be sure that there is no project risk in any under construction property. It may be only personal assumption(favorable to builder).
                  that ways US treasury papers are considered to be safest... but 10 year bonds yield south of 3%....biggest risk people take is not to take risk

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                  • Re : Blue Ridge by Paranjape Schemes in Hinjewadi, Pune

                    Originally posted by poddar View Post
                    In megapolis Splendour all(15) slab and 90% brick work done in about 1 year and builder has taken 90% under CLP. Work on club is also going side by side. so --pratakshyam kim pramanam (What is in your front does not require evidence)
                    hopefully rest 10% will be done in next 1 year max.

                    i think MP is giving possession before expected date.

                    do you think people will have to wait for 2 more years for possession for remaining 10% work?

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                    • Re : Blue Ridge by Paranjape Schemes in Hinjewadi, Pune

                      In other project's case builder waits for corporations occupation certificate to give formal possession. Now getting OC is corporations part which may take one or more than one years time. In case of BR I am not sure if OC is coming into the picture. So it is all in the hands of township management when to allow people possession even after completion of the building.

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