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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

    On the maha-rera website (https://maharerait.mahaonline.gov.in/) for the "Blue Ridge Project C Land T18 and T19" project they have mentioned that, this project has 'Litigations'. Any idea about these litigations?

    Comment


    • CautiousOne
      CautiousOne commented
      Editing a comment
      you seriously want to know? Just checking before writing down long post.... :P

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

    I am thinking about buying a 2bhk in Blue Ridge. This is not for investment; I am going to stay there.

    To know more about the project or community, I searched for a Blue Ridge facebook group. I was disappointed to see Blue Ridge facebook group has only 40 members and it is not active group. Other townships like Megapolis, Nanded City or Magarpatta City has thousands of active facebook group members in their respective groups.

    I really wonder, why Blue Ridge does not have active large facebook group?

    Comment


    • sanjibon
      sanjibon commented
      Editing a comment
      Blueridge has apartment adda for it's residents which is an active forum for engagement.

    • postga
      postga commented
      Editing a comment
      @sanjibon
      Thanks for your response.

      I tried joining apartment adda but it seems that, only owners or tenants are allowed to join.

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

    Why does anyone even want to buy a underconstruction property? The transaction cost is way too high compared to resale..especially in large projects like this with so many listings for resale.. can anybody please confirm on the stamp duty rate for this project?

    Comment


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

      Hi GlobeSon point taken. However, it doesn't hurt to keep an eye on some of the more unique properties. This one appealed to me because of the layout and golf course view which I personally liked. I probably won't buy any real estate for a long time, but doesn't mean I won't keep a watch.
      Last edited by Chinuboy; July 30 2017, 10:01 AM.

      Comment


      • mankaj
        mankaj commented
        Editing a comment
        I have been hearing about bubble in Indian real estate since 2007. Blueridge was launched in 2007 with a pre-launch rate of Rs. 2800/sqft + floor rise, which was immediately increased to 3200/sqft + floor rise when the project was launched in late 2007. A 1730 sqft 3BHK was quoted for a mere 55-60 lakhs then (or just about $140,000 - 150,000, as $ was ~ Rs 40-45 in 2007). Now come 2017 (its been 10 years) the ongoing rate is Rs. 5800/sqft in secondary market. So the prices have hardly doubled since (in rupee value), as the same 3 BHK is available for 1 Cr (or even less). Rate in US $ at Rs. 64 per USD is about $156,000.aSo in dollar terms there is hardly 10 % gain in last 10 years Thats less than 1% per annum ... its like keeping your greenbacks in a useless savings account int he US Somehow 3 sharpnels haven't been able to burst this bubble - slowdown, demonetization, RERA. So why do people still feel that the prices are gonna collapse another 20-30% - might be possible if there is a drastic change in macroeconomic conditions.

      • CautiousOne
        CautiousOne commented
        Editing a comment
        mankaj, please factor in loading factor as well, which was non existent in 2007, now, its almost 30-40%. (speculative data, varies from project to project). Have seen Projects where 2BHK are 1100 sq ft in 2010 and again 1100 sq ft in 2016. However, you get around 800 sq ft carpet area in 2016 as compared to 1100 sq ft in 2010, with loading factor applied! that too, with price doubled (and area reduced)!

        Considering sharp-nails - RERA is not sharp-nail, its a instrument with long term effects. It will weed out looters over time, slowly and painfully, trap is already laid with registrations. Chances of bubble burst would depend upon how FII (like JLL) in real estate and domestic institutional investment grows, with sector tied with law. If it doesn't, more promoters would be out of business, increasing chances of burst.

        You might want to think greenbacks were safe in US savings account at least they did not depreciate there.

        p.s. - Good thing now is, selling is only allowed on carpet area per RERA.

      • mankaj
        mankaj commented
        Editing a comment
        @cautiousone I partially agree Selling flats as per carpet area doesn't mean whatever was quoted as 5K psqft on super buildup becomes 5K psft on carpet area post-RERA RERA compels builders to draft their sell agreements on the 'Carpet Area' of the flat. As per RERA Carpet Area excludes terraces, balconies, enclosed balconies and area covered by external walls but includes the area within & occupied by internal walls So if you look at a RERA compliant agreement, it will have all the above areas like - carpet, enclosed balcony, balcony, terrace exactly drafted! Pre-RERA builders could use their own definition for Carpet Area So when the builders offer you a flat they can quote the rate with whatsoever gimmick as per their sales strategy (by putting terms like loading or offloading ) But their offer & agreement has to clearly mention the 'Carpet Area' as per RERA guidelines! The intelligent buyer should just divide the final agreement value by the total Carpet Area to know his/her real rate!

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

      Originally posted by Chinuboy View Post
      Why does anyone even want to buy a underconstruction property?
      This is what you get for under construction property ...
      Attached Files

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

        Originally posted by sudhashbahu View Post
        This is what you get for under construction property ...
        Lol.. seriously.. and u can negotiate really hard with individual sellers in a slow market.. do u know the stamp duty rates for this area? Is it 2.5% or the regular 5 or 6%?

        Comment


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

          The stamp duty of 2.5% is applicable only for the first sale by the builder. For resale the usual market stamp duty is applicable.

          Comment


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

            Originally posted by postga View Post
            I am thinking about buying a 2bhk in Blue Ridge. This is not for investment; I am going to stay there.

            To know more about the project or community, I searched for a Blue Ridge facebook group. I was disappointed to see Blue Ridge facebook group has only 40 members and it is not active group. Other townships like Megapolis, Nanded City or Magarpatta City has thousands of active facebook group members in their respective groups.

            I really wonder, why Blue Ridge does not have active large facebook group?
            That is because people do not like to cry publicly about their failed investments. Moreover, once you buy into a scheme/project, you become a owner and your interest is in safeguarding the reputation/image of the project so that the value of your property does not go down.

            Comment


            • GlobeSon
              GlobeSon commented
              Editing a comment
              Great comment. As a corollary, since there are no disgruntled buyers posting their woes, you can assume that BR is a great project to buy in. cheers.

            • mankaj
              mankaj commented
              Editing a comment
              Nopes Every project has its pros and cons. Nothing is perfect in this world. Google for the online petition by some (200+) of the BR owners complaining about their maintenance charges & other things!

            • GlobeSon
              GlobeSon commented
              Editing a comment
              I like property buyers' ingenuity of putting themselves at the mercy of builders by buying into townships, and then doing online petitions and candle light morchas ! Great way to keep oneself occupied.

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

            Had been to visit friends at BR this weekend.

            1. Some people fear that during monsoons, the river may rise and flood some buildings of BR that are situated along the river. This fear is totally unfounded. In all these years the river has not come any closer to any BR building. The water is more likely to flow over to the opposite bank.

            2. Some people fear mosquitoes. This fear is grounded in reality. Seems mosquitoes have exploded. The culprit seems to be the foundation excavation for future towers near the school

            3. There was a "security incident" related to a child playing near T12/13. When people tried to use the feed from the cameras to determine the culprit, they found that none of the cameras actually record. Security is a big issue: The fingerprint scanners are non functional, camera function but don't record (= almost non functional).

            4. Fire detectors and alarms are non-functional

            5. One swimming pool is shut down.

            6. New management of Unit B is still trying to collect deposit of Rs 10000 from tenants

            7. Age has started to show on the older Buildings now T1-6/T12-14

            8. Builder seems to be treating Unit B (T9-14) like a step child as compared to Unit A (T1-8). The walkway along the golf-course is green and well maintained along T1-8 and totally wild and unkempt along T9-14.

            9. New HDFC branch has opened.

            10. Fountains and lights along fountains are shut down.

            Anyone planning to buy resale in Unit A or Unit B must evaluate the financial condition of the societies. As buildings grow old and maintenance costs increase, will they be able to sustain?

            Comment


            • GlobeSon
              GlobeSon commented
              Editing a comment
              and all these complaints despite of collecting huge maintenance fees?!
              Last edited by GlobeSon; August 1 2017, 08:27 PM.

            • postga
              postga commented
              Editing a comment
              @sudhashba,
              Thanks for updates.

            • GlobeSon
              GlobeSon commented
              Editing a comment
              talking about financial condition of societies, is there even a society?

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

            Thanks sudhashbahu - great info and insights. That's the issue with large projects. Unless it's maintained impeccably, the charm is completely lost. What's the feedback from your friends who stay there?
            Last edited by Malvish; August 7 2017, 12:01 PM. Reason: user tag

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