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Park Xpress by Pride Group in Balewadi, Pune

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Park Xpress by Pride Group in Balewadi, Pune

Last updated: August 13 2017
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  • Re : Park Xpress by Pride Group in Balewadi, Pune

    Now this accident has nothing do with due diligence. Due diligence more or less means verifying permissions and other clearance of the project. This accident occurred due to some fault or error. So there was no way of knowing this and it can happen in any of the project. We cannot assume rest of builders are clean. It's just that it had to happen on this project. Just keep your finger crossed and hope for the best. Those who have been deeply invested here should have faith. And these kind of things and challenges keep coming in life. Consider this as a part of life.
    Those who have just made booking might have an option to exit. But the ones who have gone far I suggest have faith and be positive.

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    • Re : Park Xpress by Pride Group in Balewadi, Pune

      It is hard luck that a collapse took place resulting in loss of lives.Sad for the families of those who died.
      Buyers need to see-can we exit-how much loss-recent buyers who have not yet paid big sums can think it over.
      Situation is difficult with main promoters also being legally proceeded against.
      Keep informing each other about happenings on the front-legal,construction etc.
      Try and meet company bosses and find out.
      What is the scene on project site?
      What ever be the matter,one has to be bold and take informed decisions.

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      • Re : Park Xpress by Pride Group in Balewadi, Pune

        Originally posted by Deepti2016 View Post
        Since I keep questioning myself anyway: what did I go wrong - what did I not do that I ought to have done, or what I could have done different, was there another choice that I overlooked, etc. (I.E. I am NOT picking a quarrel here) - I have to ask this: How is this accident related to not doing due diligence??
        Don't be hard on yourself. You have limited control over the world. It was just an unfortunate incident and you were on receiving end . Things will move in future for better. Period. Put stop negative thoughts.
        Last edited by Malvish; August 26 2016, 12:49 PM.

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        • Re : Park Xpress by Pride Group in Balewadi, Pune

          How mush ever due diligence a buyer might do, he will never detect the quality issues with construction. If someone has booked on the 13th and 14th floor without checking approval documents, that's his lack of due diligence, but if the structural quality is being compromised with, how can you know that. Now that it is clear that quality was indeed compromised, how can buyers be sure that the same compromise has not happened on other floors of the building. What if after few years some other incident happens? By then the society would have been handed over and builder would have washed his hands off the project. It would be too late to think about it. So the important thing is to take a call right now on what your future is with this project. You need assurance from a reputed 3rd party structural consultant on the quality and safety of construction. Until you get that, it's a known risk everyone is taking.

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          • Re : Park Xpress by Pride Group in Balewadi, Pune

            You guys are the absolute best!

            Thank you for you positive and reassuring words and your sage advice always. Though all of us may not write it all the time, we are deeply grateful for your advice and your time.

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            • Re : Park Xpress by Pride Group in Balewadi, Pune

              Builders still missing, buyers left clueless - Times of India
              In the aftermath of the tragedy, Pune Municipal Corporation has cancelled the licence of the builders. "Their blacklisting means the builders cannot undertake any new projects and will have to stop work at all the existing projects until further orders," city engineer Prashant Waghmare said. The Pride Group has 11 ongoing projects in Pune, according to the group's website.
              The owners and other partners (a total of six people) of the till-now-renowned-for-quality Pride Group are still at large even as they await the outcome of their anticipatory bail plea in Bombay high court on Friday
              Caught between the scale of the tragedy and the abandoned work lie a group of families who have purchased flats at the site, each in the excess of Rs 80 lakh. This group has begun to feel jittery as they stare at an uncertain date of completion of their dream homes even as a bulk of them continue to service the interest on loans taken from banks.
              A few agreement documents that TOI reviewed of flat owners said the builder will give possession of the flats "after 30 months from the date of execution" of the agreement. This means the Pride Group did not commit to a single date of possession as agreements with different owners were signed on different dates. Owners said that "verbally" they were promised a June 2016 completion, which was later pushed to December 2016 in view of the acute water problem.
              My view;
              Problems of flat owners will get resolved but delays are certain.
              Agreements are defective to the extent that date of possession was not specified.
              That is where due diligence comes in,since promoter is expected to give date of handing over.
              That is a legal requirement.
              Verbal statements have zero value.
              Buyers in other projects need to take note.
              Builder will mostly get bail from Honble HC and hopefully work will restart after delays.
              That is where the merit of RTM always comes up.No such problems.
              Last edited by vaibav123; August 26 2016, 08:46 AM.

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              • Re : Park Xpress by Pride Group in Balewadi, Pune

                Originally posted by Deepti2016 View Post
                Since I keep questioning myself anyway: what did I go wrong - what did I not do that I ought to have done, or what I could have done different, was there another choice that I overlooked, etc. (I.E. I am NOT picking a quarrel here) - I have to ask this: How is this accident related to not doing due diligence??
                You haven't made any mistake that other naive buyers do not make, so don't blame yourself.
                What we see is a consequence of laxity in regulations. Construction of illegal floors is quite 'normal' and regular business for reputed builders. But only one in few dozen such buildings actually collapse. Hence, people here call it 'unfortunate'.

                Secondly, there is no premium (or penalty) for structural safety aspects - neither from buyers, nor from regulatory bodies. Builder is completely focussed on business cycle (cash flow) with little regard to structural/quality aspects.

                That is why I insist on buying ready possession properties only, following the WYSIWYG principle (pronounced as 'wiswig') - What You See Is What You Get!

                Buying a flat is not like equity investment where you get rewarded for the risk you take. Here, builder makes windfall gains while buyers share the risk.

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                • Re : Park Xpress by Pride Group in Balewadi, Pune

                  Originally posted by Deepti2016 View Post
                  I still get a good vibe from the place and I still think it is a very good project. I would even ultimately overlook the stress and the extra time and thereby loss of money as interest on my loan. I don't think the buildings are unsafe.
                  Absolutely. It wouldn't matter if you can get a good night's sleep at the end of day, every night, after possession.

                  Originally posted by Deepti2016 View Post
                  .. we're automatically assuming the builder is a crook. What if he is not and is a normal guy (a bunch of people in this case)
                  guess, going absconding on receiving legal notice is the new 'normal'. ;-)
                  I like your optimism though.

                  Originally posted by Deepti2016 View Post
                  As time goes by, I cannot help feel miserable and sad for everyone... the families of the labourers, families with flats here, as well as the builders ....
                  these guys, if they could have it their way, would blame the collapse on poor workmanship by labourers which led to their death. After all, the dead don't speak, do they?!

                  The case hasn't hit the bench yet. The legal stuff will be useful to follow.

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                  • Re : Park Xpress by Pride Group in Balewadi, Pune

                    For lawyers and many, it is just a legal battle. Buyers will be facing the problem as it is their life savings involved. Recently, an Honourable Judge of Bombay HC had adverse remarks about parties trying to influence in this case while it is still at bail hearing. It is going to be an uphill battle and anxious period if work does not commence in the project. At least for buyers sake, hope things get resolved and also lessons that workers safety also equally matter is learnt.
                    Last edited by Malvish; September 17 2016, 01:16 AM.

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                    • Re : Park Xpress by Pride Group in Balewadi, Pune

                      Good to have optimism about future and things may settle once it dump in cold but to have mental peace, to get a good vibe from the place you have to very stout where 9 innocent poor human souls thrown to death! Welcome to utterly materialistic world!
                      Last edited by Malvish; September 17 2016, 01:16 AM.

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