Hi folks,

As I earlier mentioned I am going to visit Pethkar - Samrajya today. I am finalizing a 2bhk unit there. The last rate quoted was Rs. 4200. Lets see how much they reduce the price today. If anyone has more info on this project/builder then kindly share. :D
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  • Originally Posted by punerebuyer
    So effectively you manage to charge 100% for the extended slab you are constructing... that's a good idea

    And your design is such that if someone doesn't want to pay for 100% for sit out, he needs to change the floor and if he changes the floor, he has to go for a higher terrace so effectively the amount he spends remain same.

    Dear punerebuyer,
    Every flat has a single sitout irrespective of which floor he opts for. In case of odd floors where the flat has a big terrace in that case as well he pays 50% for open to sky portion and 100% for covered portion. hence there is not extra spending.
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  • Originally Posted by abeerbagul
    Actually the sitout area is a negative feature than a positive one. Most buildings have terraces on alternate floors. So standing in the terrace provides a feeling of spaciousness and some privacy.
    But here, the sitout on the floor above destroys the spaciousness + privacy.

    Dear abeer,
    I agree with the fact that conventional design of buildings have alternate terraces. But in such cases flats having terraces attached with master bedroom have a window for the living room. These flats are generally not prefered by purchasers. Based on our feedback we came out with this concept of sitout which ensures atleast some standing space attached with living room.
    One cant expect privacy in terraces as they are not meant for it.
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  • Originally Posted by Jitu_Sir

    One cant expect privacy in terraces as they are not meant for it.


    Ohh yes.. good point :D

    How many buildings are in Phase-1 of your project.. and how many flats in each building.. when is the expected time for the possession to be ready ? :)
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  • Originally Posted by punerebuyer
    Sit out is getting created because you have a terrace above this... so basically you put an extended slab on one floor and for that slab, charge one flat owner as 50% (open terrace) and other flat owner (staying below) as additional 50% (because it covers his terrace to make it a sit out).

    So effectively you manage to charge 100% for the extended slab you are constructing... that's a good idea to fool buyers... :)

    Agree it Mr. Pethkar that sit out is not a provision/facility but it is an inevitability in your design as otherwise you cannot provide a terrace to the flat above. Some builders provide balconies on alternate floors for alternate rooms (E.g. 1,3,5 floors get a balcony for living room and 2,4,6 floors has balcony for bedroom). this design allows open balcony for everyone.

    And your design is such that if someone doesn't want to pay for 100% for sit out, he needs to change the floor and if he changes the floor, he has to go for a higher terrace so effectively the amount he spends remain same.


    Punerebuyer, these FSI calculations are murky and where developers charge for free FSI, you and I will never know. Undoubtably balconies, terraces and sitouts are a good place to make some money. Mr. Pethkar will have an explanation I am sure. However, only he knows the real truth. they charge 50% for terraces, 25% loading ... someone ( PMC/Developers ) has decided these percentages in an ad-hoc manner. I am sure there is no scientific reasoning behind these numbers.
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  • Originally Posted by m_square
    Ohh yes.. good point :D

    How many buildings are in Phase-1 of your project.. and how many flats in each building.. when is the expected time for the possession to be ready ? :)

    Dear m_square,
    Our Phase-1 comprised of 222 flats & 6 row houses named as 'Shefalika Heights' completed and handed over to the society in year 2003.
    Present Phase-2 comprises of 3 buildings viz., L-5, L-6, L-7 of which L-5 is completed with 224 flats and society being formed. L-6 is nearing to completion with 176 flats while L-7 is under construction with 242 flats the possession of which is scheduled in Oct11.
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  • Jitu,
    in matrket there are some sings of RE slowdown in near future. People are hoping that recent rate rise will come to halt within couple of month.
    As a real estate salesman whats you count on this ? I m not sure whether you are the right person to comment on this negative sings becuase i suppose you must be bullish at this moment on RE. Don't you? :)
    But pls do comment , it will help many to get some frank opinion from horses mouth ..
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  • Originally Posted by bheeshma
    Punerebuyer, these FSI calculations are murky and where developers charge for free FSI, you and I will never know. Undoubtably balconies, terraces and sitouts are a good place to make some money. Mr. Pethkar will have an explanation I am sure.

    Dear bheeshma,
    I agree with you. The FSI/FAR/TDR calculations are difficult to understand for a layman like me too. Architects make effective use of provisions like balconies within the flat while getting the building plan sanctions.
    Originally Posted by bheeshma
    However, only he knows the real truth. they charge 50% for terraces, 25% loading ... someone ( PMC/Developers ) has decided these percentages in an ad-hoc manner. I am sure there is no scientific reasoning behind these numbers.

    These percentages are decided on the basis of area consumed & cost incurred.
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  • Originally Posted by amolk09
    Jitu,
    in matrket there are some sings of RE slowdown in near future. People are hoping that recent rate rise will come to halt within couple of month.
    As a real estate salesman whats you count on this ? I m not sure whether you are the right person to comment on this negative sings becuase i suppose you must be bullish at this moment on RE. Don't you? :)
    But pls do comment , it will help many to get some frank opinion from horses mouth ..

    Dear amolk09,
    I had seen some reduction in walk-in enquiries for past few weeks except for 2/3 days on our advertisement in daily paper sakal.


    There can be number of reasons for this:

      Amendement of 1%VAT and chances of Service tax of 3.33%.
      School exams
      Increase in overall temperatures.
      teaser loans to close soon.
      Uneven rise in rates etc.
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  • Originally Posted by Jitu_Sir
    Dear m_square,
    Our Phase-1 comprised of 222 flats & 6 row houses named as 'Shefalika Heights' completed and handed over to the society in year 2003.
    Present Phase-2 comprises of 3 buildings viz., L-5, L-6, L-7 of which L-5 is completed with 224 flats and society being formed. L-6 is nearing to completion with 176 flats while L-7 is under construction with 242 flats the possession of which is scheduled in Oct11.



    Ohh nice.. but i am confused Mr. Jitendra..

    Which phase is named as Samrajya ?
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  • Jitu_Sir,

    Just had a query from the RE business point of view, why the builders today hold on to the inventories, we are seeing the inventory stock in the market steadily going up since last year(Source:Res),and lot of even ready possesion inventory is still available in Pune/India.

    I remember in 2005-2006,you wanted to sell off everything in 2-4 weeks and then move on to next project.

    Maybe, you do not see much value starting a new project in these times, as you feel there not be enough buyers, or there is scarcity of land in Pune (however I feel this is untrue as the agents have jacked up prices), and I see a lot of land undeveloped in Baner,Balewadi,Hadapsar,etc.

    If the builders/developers today liquidate the inventories at rates which are decent with decent margins, we MIGHT be able to see another boom that happened in 2005-2006.

    So, isnt selling 500-1000 new flats over 4-5 projects more profitable than waiting for the inventory to clear up at a higher price with very few takers?

    What are your views on this?
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  • Originally Posted by m_square
    Ohh nice.. but i am confused Mr. Jitendra..

    Which phase is named as Samrajya ?

    Dear m_square,
    Samrajya is Phase-2 with buildings L-5, L-6, L-7.
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  • Originally Posted by pcpune
    Jitu_Sir,

    Just had a query from the RE business point of view, why the builders today hold on to the inventories, we are seeing the inventory stock in the market steadily going up since last year(Source:Res),and lot of even ready possesion inventory is still available in Pune/India.
    So, isnt selling 500-1000 new flats over 4-5 projects more profitable than waiting for the inventory to clear up at a higher price with very few takers?

    What are your views on this?

    Dear pcpune,
    To launch even a single project we need a decent piece of land (leave aside 4-5 projects). Today the land prices are high and demands of landowners are unreachable for us. Moreover vacants plots are either purchased by someone or are under litigations.
    We do not hold on inventory. If you see we have hardly any flats remaining at ready possession. We offer whatever we have.
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  • Originally Posted by Jitu_Sir
    Today the land prices are high and demands of landowners are unreachable for us.


    But no reputed and veteran builder will ever face a large deficit in land rates.. someone was telling me that Ackruti builders got 15 acre land on Katraj-kondhwa road for just Rs 300 per sq ft from Jay group.. hard to believe but cud be true..:(
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  • Jitu_Sir,

    This is again, a chicken and egg situation. Unless you reduce your rates, the land prices wont come down,and unless the land prices come down, you dont want to reduce the rates and start new projects.

    But,I think the builders/developers are on a wrong foot here, since a piece of land has no value unless it is developed.

    It is a LOSE-LOSE situation for both the builders & buyers as they both cannot gain anything out of this tussle. Builders stop making profits,land owners have only land bank which can turn negative in no time, and buyers have to live on rent for long years.

    Do the builders discuss these issues in the meetings, if they have any meetings for future RE in Pune?
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  • Originally Posted by m_square
    But no reputed and veteran builder will ever face a large deficit in land rates.. someone was telling me that Ackruti builders got 15 acre land on Katraj-kondhwa road for just Rs 300 per sq ft from Jay group.. hard to believe but cud be true..:(

    Dear m_square,
    Then may be either we dont have enough reputation or we are not eligible to have such offers. :)
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