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Blue Ridge by Paranjape Schemes in Hinjewadi, Pune

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Blue Ridge by Paranjape Schemes in Hinjewadi, Pune

Last updated: August 7 2017
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  • Re : Blue Ridge by Paranjape Schemes in Hinjewadi, Pune

    Originally posted by tiyana View Post
    What is the rent at BR for 1 bhk ?
    I am not sure if posession for the 1 BHKs is done yet. In any case I have not seen 1BHKs in the market for rent yet.

    Tower 7/8 was given posession recently and Tower 9/10/11 is due soon.

    I think brokers will supress the 1 BHKs until the 2-3 BHKs for Tower 7-11 are largely dealt with. If 1 BHKs come in the market, it may dent the rents (and their comissions) as some renters with smaller families may choose to take 1 BHK on cheaper rent than 2 BHK.

    As it is, there is an over supply of rental flats (in my personal opinion).

    Comment


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

      i inquired at BR and they are quoting more than 8000 per sq.ft. for every flat.
      eg :
      1. 619 sq.ft flat - Agreement value (without Stamp duty, registration, service tax, VAT) is around 50,90,000.
      That means 8223 per sq.ft. ?
      2. whereas 1027 sq.ft flat - Agreement Value is 98,31,000.
      That means 9572 per. sq.ft.

      Rates are different depending on the towers but I did not see any flat for sale which is below 8000 per.sq.ft.

      I do not know if these rates are justifiable.

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

        Originally posted by tiyana View Post
        i inquired at BR and they are quoting more than 8000 per sq.ft. for every flat.
        eg :
        1. 619 sq.ft flat - Agreement value (without Stamp duty, registration, service tax, VAT) is around 50,90,000.
        That means 8223 per sq.ft. ?
        2. whereas 1027 sq.ft flat - Agreement Value is 98,31,000.
        That means 9572 per. sq.ft.

        Rates are different depending on the towers but I did not see any flat for sale which is below 8000 per.sq.ft.

        I do not know if these rates are justifiable.
        In my opinion a rate of Rs 6000 p.s.f on built-up area (mentioned in Agreement) is the limit for Blue Ridge. If you actually plan to stay there, there is no point in buying at the quoted rates. if you only want to buy as investment, then you can give it a try hoping that as the entire township nears completion, the rates will rise. As an investor you do not have to think about value or utility. You need to only go by the "Greater Fool Theory" ... all you need is one buyer at a higher price when you sell.

        disclaimer: I have a bias against current high RE rates in general and that colours my view of Blue Ridge as well.

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

          Originally posted by sudhashbahu View Post
          I am not sure if posession for the 1 BHKs is done yet. In any case I have not seen 1BHKs in the market for rent yet.

          Tower 7/8 was given posession recently and Tower 9/10/11 is due soon.

          I think brokers will supress the 1 BHKs until the 2-3 BHKs for Tower 7-11 are largely dealt with. If 1 BHKs come in the market, it may dent the rents (and their comissions) as some renters with smaller families may choose to take 1 BHK on cheaper rent than 2 BHK.

          As it is, there is an over supply of rental flats (in my personal opinion).
          A friend of mine lives in a 3bhk with one room locked, rented as a 2bhk. Nobody is even renting 3bhk there !! he pays 13000

          Comment


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

            Originally posted by Sat234 View Post
            A friend of mine lives in a 3bhk with one room locked, rented as a 2bhk. Nobody is even renting 3bhk there !! he pays 13000
            True. When I was looking for rental flats at BR i rejected many 3BHKs too. The lowest price quoted was 17K and I did not think it is worth paying 17K for 3BHK there.

            I now pay 14K for 2BHK.

            Comment


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

              Originally posted by sudhashbahu View Post
              True. When I was looking for rental flats at BR i rejected many 3BHKs too. The lowest price quoted was 17K and I did not think it is worth paying 17K for 3BHK there.

              I now pay 14K for 2BHK.
              14K is good enough. If they ask anything more , then Wakad has lot of empty flats

              Comment


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

                Originally posted by Sat234 View Post
                A friend of mine lives in a 3bhk with one room locked, rented as a 2bhk. Nobody is even renting 3bhk there !! he pays 13000
                Hahaha. Lol.
                Nice way to get the deal for tenant.
                Btw, the investors must be banging their heads with such low returns.
                Also, I wonder how it makes sense to buy at BR when better options in developed localities are available at lower rates.
                If you are happy, you are successful.

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

                  At these prices you can own your golf course property in well developed and well connected suburbs of USA.
                  That too as a properly fenced standalone house with all amenities and multiple garages.

                  Comment


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

                    @sudhashbahu: Great feedback. I have forwarded most of it to a friend of mine who is in the society committee. This will help us to improve the living standards further as we have more control. Since you have rented a flat, I would request you to forward your feedback to your owner too.

                    Couple of things in response to your cons (won't quote the message)

                    - Location: There have been talks with BR management on starting the shuttle service again. They had one but did not get a good response because of low occupancy. Now, with 500+ families, it may make more sense to have one at regular intervals.
                    Also because of security issues, it is not advisable to allow public transportation inside the complex for longer duration. However, dropping and picking up from outside each cluster's gate should not be a problem.
                    Understand that, being a new township, there are certain restrictions in place to make the premises secure. Unfortunately, we have also come across residents, who do not follow specific rules & thus compromise security.
                    Yes, people complain about three checkpoints to get inside the building, but trust me - that is for good. As for your relatives are concerned, they should be able to find transportation from the highway. May not be as efficient as Mumbai.
                    - Evening walks: Even though there have been no incidents inside the township, late night walks will have to be limited at the podium level because of late night work & inaccessible sidewalks.
                    - Social Interaction: I have to disagree on that one. Majority of the owners are families with kids. Due to exam season, followed by vacation, many families are away. Because of that, even some kid activities had to be cancelled. Otherwise, in the evenings, the podiums are busy with activity. Because of that, there is vehicle restriction at the podium level between 5:00 PM & 8:00 PM. Just spend few evenings at the podium level & you will make friends.
                    - Privacy: I agree but there is not much choice when it comes to such projects. I have seen worst in the city.
                    - Construction dust: That is short term as compared to the city's dust & air pollution. This has been raised with the Management too. Majority of the external work on SEZ building is complete, so hopefully that will reduce the dust. Plus once the landscaping has been completed, you will not see much dust due to high winds.
                    - Shops: I'm not sure whom to blame here. The shops were set up but there is not much demand from the residents. Most of the residents do grocery shopping on their way back from work or have milk/newspaper delivered. So not sure whom to blame. In any case, I think that things will change once the new shops in towers 7,8 are ready.
                    - Construction problems: Talk to your owner and get things fixed within the warranty. As in any new place, there will be issues. True, that workmanship is not up to the mark, but that is something that I have been fighting with other vendors too. The good thing is that if you lodge a complaint, then things get fixed.

                    Please understand that the society was formed in Feb 2014. The transition from BR to the society will take a while. But both Unit A and Unit B societies are working hard to make life better for the residents. It is more of a proactive approach as residents expect a certain lifestyle at BR. The good thing is that people listen and work on it.

                    Thanks again for your feedback.

                    Comment


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

                      Originally posted by pnq2012 View Post
                      ...

                      Couple of things in response to your cons (won't quote the message)

                      - Location: There have been talks with BR management on starting the shuttle service again. They had one but did not get a good response because of low occupancy. Now, with 500+ families, it may make more sense to have one at regular intervals.
                      Also because of security issues, it is not advisable to allow public transportation inside the complex for longer duration. However, dropping and picking up from outside each cluster's gate should not be a problem.
                      Understand that, being a new township, there are certain restrictions in place to make the premises secure. Unfortunately, we have also come across residents, who do not follow specific rules & thus compromise security.
                      Yes, people complain about three checkpoints to get inside the building, but trust me - that is for good. As for your relatives are concerned, they should be able to find transportation from the highway. May not be as efficient as Mumbai.
                      The public transport problem is linked to BR's location. BR is an exclusive township that is served by a single road and gate. And unfortunately the Blue Ridge SEZ and housing complex are the only entities on the road. There is no incentive for Auto or bus stops to open closer to BR. Most other entities close by are offices and colleges. The offices arrange for their own transport and the students mostly use bikes.
                      BR will have to come up with its own transport solution. and that will be a challenge as it needs to be fully and solely dependent on BR residents.

                      Originally posted by pnq2012 View Post
                      - Evening walks: Even though there have been no incidents inside the township, late night walks will have to be limited at the podium level because of late night work & inaccessible sidewalks.
                      Yes, for all practical purposes the BR world is restricted to the within the society gates.

                      Originally posted by pnq2012 View Post
                      - Social Interaction: I have to disagree on that one. Majority of the owners are families with kids. Due to exam season, followed by vacation, many families are away. Because of that, even some kid activities had to be cancelled. Otherwise, in the evenings, the podiums are busy with activity. Because of that, there is vehicle restriction at the podium level between 5:00 PM & 8:00 PM. Just spend few evenings at the podium level & you will make friends.
                      You misunderstood. I did not say there is no social interaction. I said there will be no long-term social interaction. There are families with kids, but most are tenants who will change every 11/22 months. Owners are mostly from outside Pune and most don't stay there. Whoever I have met will date are tenants ... unless by some strange twist of fate, all owners went on holidays since I moved there and all tenants chose to stay behind, given impression that people staying are mostly tenants.


                      Originally posted by pnq2012 View Post
                      - Shops: I'm not sure whom to blame here. The shops were set up but there is not much demand from the residents. Most of the residents do grocery shopping on their way back from work or have milk/newspaper delivered. So not sure whom to blame. In any case, I think that things will change once the new shops in towers 7,8 are ready.
                      The problem is again with location. The shops have to be fully and solely dependent on BR residents for business. I don't picture people traveling from around Pune to BR to these shops.


                      There is a saying that in RE, what matters is LOCATION, LOCATION, LOCATION.

                      I believe it to be largely true. An ordinary society in a good location is better than a posh/exclusive society at an isolated location. And in my personal opinion BR's location is not currently conducive to a good quality of life. Agreed that BR has good amenities within the society gates but beyond the gates is a large void. It is like a bird in a golden cage.
                      The Biggest Factor in favour of BR is the school. Without that at least 50% of the tenants wouldn't come near BR. The school is the ONLY reason I came to BR.

                      I moved from Mumbai to an old complex in Pimpri four years ago. Even though I had no friends and relatives, the location of the complex was good enough that I did not feel an impact on my general quality of life. Then I shifted from there to a complex in Pimple Gurav and even there I did not feel an impact on my general quality of life. Kids wanted to go for movie, no problem. My wife managed. Kids wanted to go to a mall, no problem. My wife managed.

                      I shifted to BR recently and see a tremendous negative impact on the quality of life. My Wife does not drive but the locations of my previous rentals were good such that my wife was independent and could do whatever she liked on her own. At BR she is fully dependent on me as she does not drive.

                      Even I feel the impact. As I said in my previous post, I had to drive to Hinjewadi Chowk to get milk.

                      My PERSONAL opinion is that fair value for BR is Rs 5000 p.s.f and max is Rs 6000 p.s.f. This is what justifies what is within the society gates. Why should you pay Rs 9000 p.s.f. if life outside of the society gates is a headache?

                      Comment

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