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Samrajya, Pethkar Builders, Kothrud, Pune

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Samrajya, Pethkar Builders, Kothrud, Pune

Last updated: May 1 2015
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  • Re : Samrajya, Pethkar Builders, Kothrud, Pune

    Originally posted by Jitu_Sir View Post
    Dear real acres,
    These investors make the funding mostly at the launch of the project, when the rates are low and open them at possession time with the rate they expect.
    I was certain about this... but last year, my 'jasoos' in Samrajya was very proudly telling me that there are no investors in this scheme (he quoted you Jitu_Sir) saying that the builder has a documentation prepared whereas if someone needs to sell a flat in 3 years after possession, they need an NOC from builder.. and this is the way Pethkars are ensuring that the flats are booked by end users.

    I never believed this but as RajeshP said, my friend is in a happy 'blissful ignorance' phase... :-) so dont want to disturb him.

    Can you disclose (on your website) which flats in your scheme are investor flats? People paying the money should have a right to understand who claimed/reserved these flats earlier.

    Comment


    • Re : Samrajya, Pethkar Builders, Kothrud, Pune

      Originally posted by Jitu_Sir View Post
      Dear real acres,
      These investors make the funding mostly at the launch of the project, when the rates are low and open them at possession time with the rate they expect.

      Once they cash upon they are ready to reinvest in higher floors, future projects. When to release the flat is completely based on their judgement and experience.
      Well, this is what leads up to a bubble, unsold, non-available and non-occupied flats.However, the banks have stopped lending to RE, PEs want their money back by March 31,2011. So, in the second half of the year, we should have a lot of "investor flats" available in the market....

      Ivory Coast/Selenite,etc are also the examples of the same.

      I prefer the wait out the euphoria and let the glim set in - much like the stock markets to make my purchase.

      Comment


      • Re : Samrajya, Pethkar Builders, Kothrud, Pune

        Originally posted by abeerbagul View Post
        In that case these are resale flats, not brand new flats, right? Because if I as a middle class person buy a flat during launch, and sell it when it is ready posession, that is treated as resale flat.

        Builder certainly does not list my flat on his website as a BRAND NEW flat.

        This means when your investors buy such flats, the flat is NOT being transferred to their name by doing registration of agreement? Also they dont pay stamp duty + registration charges?

        This means they must be buying in full cash, no cheque, and there is just an informal verbal agreement between builder and investor to reserve that flat in his name?
        Dear abeerbagul,
        The funding is made in the form of loan while flats are reserved as a security. There is no registration being done for these flats and hence whenever they are available they are for first sale.
        As you know it is difficult for us to get loan and if at all we get it at higher rate of interests. So these financers help us for gap funding and against that they get the benefit of appreciation of rates.
        Jitendra Pethkar | Pethkar Projects

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        • Re : Samrajya, Pethkar Builders, Kothrud, Pune

          Originally posted by punerebuyer View Post
          I was certain about this... but last year, my 'jasoos' in Samrajya was very proudly telling me that there are no investors in this scheme (he quoted you Jitu_Sir) saying that the builder has a documentation prepared whereas if someone needs to sell a flat in 3 years after possession, they need an NOC from builder.. and this is the way Pethkars are ensuring that the flats are booked by end users.

          I never believed this but as RajeshP said, my friend is in a happy 'blissful ignorance' phase... :-) so dont want to disturb him.
          Dear punerebuyer,
          What your friend has mentioned is absolutely right. Till first 3 years the purchaser needs to have our NOC to sell his flat whereby we can put a check on investors in the scheme.
          Financers are different from investors. They do not go into any registrations of the flat. They fund us in the form of loan whereby they get the returns in the form of appreciation of flats they hold.
          Originally posted by punerebuyer View Post
          Can you disclose (on your website) which flats in your scheme are investor flats? People paying the money should have a right to understand who claimed/reserved these flats earlier.
          Regrets, but cant disclose this information since its confidential. Flats listed on the 'Availability Status' should be taken as our offering.
          Last edited by Pethkar Projects; January 21 2011, 02:00 PM.
          Jitendra Pethkar | Pethkar Projects

          Comment


          • Re : Samrajya, Pethkar Builders, Kothrud, Pune

            Originally posted by Jitu_Sir View Post
            Dear punerebuyer,
            What your friend has mentioned is absolutely right. Till first 3 years the purchaser needs to have our NOC to sell his flat whereby we can put a check on investors in the scheme.
            Financers are different from investors. They do not go into any registrations of the flat. They fund us as loan.
            Jitu Sir,
            Just out of curiosity. Is this kind of clause have any legal backing at all ?
            IMHO in court of law you will loose if someone files a case against this. But anyway given the India courts , the time taken for ruling to happen will be 15 years by which the person will give up.

            Also what business does builder have if a person is a investor or a end user ? Builder should just stick to build and sell. Its upto the buyer to decide what he wants to do with the end product.

            If tomorrow car dealer put such clauses, ppl will ask them to take walk.

            Comment


            • Re : Samrajya, Pethkar Builders, Kothrud, Pune

              Originally posted by compuwalah View Post
              Jitu Sir,
              Just out of curiosity. Is this kind of clause have any legal backing at all ?
              IMHO in court of law you will loose if someone files a case against this. But anyway given the India courts , the time taken for ruling to happen will be 15 years by which the person will give up.
              Dear compuwalah,
              Yes. It has legal meaning to it. If the builder denies to give NOC he cant sell it to other person who requires the NOC to take loan from the bank. Moreover for this clause no buyer will get ready to buy the property without having the NOC.
              Originally posted by compuwalah View Post
              Also what business does builder have if a person is a investor or a end user ? Builder should just stick to build and sell. Its upto the buyer to decide what he wants to do with the end product.

              If tomorrow car dealer put such clauses, ppl will ask them to take walk.
              This clause is incorporated in order to ensure that buyers are genuine end users and flats dont remain vacant as seen in many schemes. We want people to stay in the project to have better occupancy.
              Jitendra Pethkar | Pethkar Projects

              Comment


              • Re : Samrajya, Pethkar Builders, Kothrud, Pune

                Originally posted by Jitu_Sir View Post
                Dear punerebuyer,
                What your friend has mentioned is absolutely right. Till first 3 years the purchaser needs to have our NOC to sell his flat whereby we can put a check on investors in the scheme.
                Financers are different from investors. They do not go into any registrations of the flat. They fund us in the form of loan whereby they get the returns in the form of appreciation of flats they hold.

                Regrets, but cant disclose this information since its confidential. Flats listed on the 'Availability Status' should be taken as our offering.
                So effectively when you say.. only 3 flats remain to be sold you do not include these Financer flats in your selling inventory.

                No wonder we always have very few flats that remain to be sold.

                VK

                Comment


                • Re : Samrajya, Pethkar Builders, Kothrud, Pune

                  Originally posted by Jitu_Sir View Post
                  Dear abeerbagul,
                  The funding is made in the form of loan while flats are reserved as a security. There is no registration being done for these flats and hence whenever they are available they are for first sale.
                  As you know it is difficult for us to get loan and if at all we get it at higher rate of interests. So these financers help us for gap funding and against that they get the benefit of appreciation of rates.
                  how is this loan different than an end user booking an under construction flat? The end user may be getting a loan from bank to pay up but that should not matter to the builder.

                  Comment


                  • Re : Samrajya, Pethkar Builders, Kothrud, Pune

                    Originally posted by Jitu_Sir View Post
                    Financers are different from investors. They do not go into any registrations of the flat. They fund us in the form of loan whereby they get the returns in the form of appreciation of flats they hold.
                    Some folks on this thread have already proven that an under construction flat rate appreciation doesnt give that much return considering the inflation, taxes and construction period.

                    So basically there are people who have a lot of money (considering that they are making 100% downpayment as loan) and do not expect good returns. We all know what kind of people are these... :-)

                    Regrets, but cant disclose this information since its confidential. Flats listed on the 'Availability Status' should be taken as our offering.
                    It means when your site says very few flats available, this information will not be true at all times... also there is no way for the observer to know if these are really investor flats or the builder is lying and hiding some units himself just to claim the 'very few flats left' theory.

                    Comment


                    • Re : Samrajya, Pethkar Builders, Kothrud, Pune

                      Originally posted by Jitu_Sir View Post
                      Dear compuwalah,
                      Yes. It has legal meaning to it. If the builder denies to give NOC he cant sell it to other person who requires the NOC to take loan from the bank. Moreover for this clause no buyer will get ready to buy the property without having the NOC.

                      This clause is incorporated in order to ensure that buyers are genuine end users and flats dont remain vacant as seen in many schemes. We want people to stay in the project to have better occupancy.

                      This is unfair to the buyers. I hope you make it crystal clear to all your customers when they are buying.

                      No body know what emergencies one may have and one might have to sell their house to finance their needs. Such clauses are no good to buyers in such a case.

                      Good luck to buyers to Samrajya.

                      Comment

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