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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
    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.
    He He He...This is damn false...I dont think builders even think like this. They simply want to keep all the things in their hand only. They do this just to ensure that if rates rise unexpectedly all the profit of appreciation should not be taken by purchaser. Builders will have some say in this case where builder can demand huge amount for giving NOC.

    Jitu Sir...dont take it personally...I am saying this becoz, untill society is formed, all builders demand some amount (that too in cash!!! means BLACK) for giving NOC.

    My friend purchased a flat from his brother and he had to pay 28000 Rs as NOC charge to builder!

    Why builders require money for giving NOC? That too in cash???

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    • Re : Samrajya, Pethkar Builders, Kothrud, Pune

      Originally posted by home123 View Post
      Why builders require money for giving NOC? That too in cash???
      Because these builders live on hands to mouth existence. And like Indian poors, they need cash to buy kerosene, bread-n-butter etc
      My full empathy with Pune builders (poor suckers)
      Last edited by hitmady; January 23 2011, 12:49 AM.

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      • Re : Samrajya, Pethkar Builders, Kothrud, Pune

        Originally posted by hitmady View Post
        Because these builders live on hands to mouth existence. And like Indian poors, they need cash to buy kerosene, bread-n-butter etc
        My full empathy with Pune builders (poor suckers)
        . Agreed that current norms like these are not good for buyers. Buyers need to pay for NOC but investors can sell the flat without any need for NOC?

        Having hidden investor flats is not good for builders too as they loose their (already less/almost nill) trust. Case in point is there was a buyer who had FEW OPTIONS to choose from. He bought one & later builder opened BETTER ONES. The buyer was angry & told builder that he could have informed this in advance atleast post booking that such options are there but at higher price.

        Later, that buyers' good friend was interested in buying a flat in the same builders' project but after knowing about this, he dropped out. This way, not only builder lost one client but also earned bad mouth publicity from this buyer.

        Man, in boom times, you keep getting multiple bakras but in normal course, it is the trust & commitment which matters in any business. However, in all this, I appreciate the fact that Jitu atleast openly acknowledged that such practices are rampant in Pune RE, his project included.
        If you are happy, you are successful.

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        • Re : Samrajya, Pethkar Builders, Kothrud, Pune

          Originally posted by hitmady View Post
          Because these builders live on hands to mouth existence. And like Indian poors, they need cash to buy kerosene, bread-n-butter etc
          My full empathy with Pune builders (poor suckers)
          Its not he builders, but their investors must be living hands to mouth these days. For Samrajya, launch was 5600-5800 for general public, and current rate is some ~5600,

          So I guess investors must have got it at launch for some 5500 to 5600 and now they must have exited happy, thinking they got back their initial investment, so no loss

          Fact is they have taken a loss of 25L/flat in last 3 yrs. But these investors are smart so we common people would not understand their calculation.

          Good luck to them.

          Comment


          • Re : Samrajya, Pethkar Builders, Kothrud, Pune

            Originally posted by RAJESHP View Post
            Its not he builders, but their investors must be living hands to mouth these days. For Samrajya, launch was 5600-5800 for general public, and current rate is some ~5600,

            So I guess investors must have got it at launch for some 5500 to 5600 and now they must have exited happy, thinking they got back their initial investment, so no loss

            Fact is they have taken a loss of 25L/flat in last 3 yrs. But these investors are smart so we common people would not understand their calculation.

            Good luck to them.
            Dear rajeshp,
            There is a understanding between us for rate revision/ recession. Financers make funding in order to make some monetary benefit. They are that much smart enough.
            Jitendra Pethkar | Pethkar Projects

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            • Re : Samrajya, Pethkar Builders, Kothrud, Pune

              bail out packages

              Originally posted by Jitu_Sir View Post
              Dear rajeshp,
              There is a understanding between us for rate revision/ recession. Financers make funding in order to make some monetary benefit. They are that much smart enough.


              What about bail out packages?? inverstors are also getting bail out packages bcoz of recession


              if you consider middle class people no one wants to invest or buy(end use) in this shaky ,shady,non transperant,iregulated ,non ethical
              market.

              we will see who is smart in near future

              Comment


              • Re : Samrajya, Pethkar Builders, Kothrud, Pune

                Originally posted by RAJESHP View Post
                Its not he builders, but their investors must be living hands to mouth these days. For Samrajya, launch was 5600-5800 for general public, and current rate is some ~5600,

                So I guess investors must have got it at launch for some 5500 to 5600 and now they must have exited happy, thinking they got back their initial investment, so no loss

                Fact is they have taken a loss of 25L/flat in last 3 yrs. But these investors are smart so we common people would not understand their calculation.

                Good luck to them.
                Normally, investors get flats at 20-30% less than the price offered to general public, since they normally pay full amount at the beginning to fund the builder. Most probably they would have got the flats (when available at 5600) at around 4000-4200 psft.

                Comment


                • Re : Samrajya, Pethkar Builders, Kothrud, Pune

                  Originally posted by dahanukar View Post
                  Normally, investors get flats at 20-30% less than the price offered to general public, since they normally pay full amount at the beginning to fund the builder. Most probably they would have got the flats (when available at 5600) at around 4000-4200 psft.

                  ohhh.. 20-30% less. Anyways... lets calculate with this discount.

                  lets say 25% discount on price of 5800 -> 4350 /sq feet. 3BHK area 1500 sq feet, Cost 65.25L No registration, stamp duty.

                  65.25L keep in FD 9% interest rate(some one mentioned he got 10.5% interest rate in 2008) you get 84.5L after 3 yrs. 10.5% interest rate you get 88L after 3 yrs.

                  Today's rate quote by builder 5600/sq feet. flat cost 1500 * 5600 = 84L

                  Is this profit or loss?

                  Anyways, these are numbers. Now interesting thing is builder will try to sell this flat to end user for total cost 93.7L

                  ONLY a blessed soul would buy this, when you can rent same for 15-17K/month.
                  Last edited by RAJESHP; January 25 2011, 06:18 AM.

                  Comment


                  • Re : Samrajya, Pethkar Builders, Kothrud, Pune

                    Originally posted by RAJESHP View Post
                    ohhh.. 20-30% less. Anyways... lets calculate with this discount.

                    lets say 25% discount on price of 5800 -> 4350 /sq feet. 3BHK area 1500 sq feet, Cost 65.25L No registration, stamp duty.

                    65.25L keep in FD 9% interest rate(some one mentioned he got 10.5% interest rate in 2008) you get 84.5L after 3 yrs. 10.5% interest rate you get 88L after 3 yrs.

                    Today's rate quote by builder 5600/sq feet. flat cost 1500 * 5600 = 84L

                    Is this profit or loss?

                    Anyways, these are numbers. Now interesting thing is builder will try to sell this flat to end user for total cost 93.7L

                    ONLY a blessed soul would buy this, when you can rent same for 15-17K/month.
                    Rajesh

                    You are forgetting the TDS on the FD interest... but having said that, I already mentioned the class of people we see as investors...

                    This group has a lots of money (around 80-90 Lacs) available in cash downpayment. They are smart but miss the simple return calculation, means basically they do not care about the returns.

                    Their only intention is to stash the money somewhere. This is like a mini swiss bank deposit... when the scheme is completed, these people can simply ask cash money from builder.

                    The only reason their names are not disclosed is because these investors dont want general public to know that they have this much money to spare. And the obvious reason for this is that the money is coming via illegitimate means. They dont want to attract IT or Press.

                    For a builder to be transparent, they should disclose the loans they have taken from all the (verifiable) entities so buyers would know if there are any vested interests. From all we know, there may be "Scorpio chaps" in Samrajya too...

                    One of my friend visited Samrajya 1.5 years back and was offered some "available" flats. He didnt like any but did a lot of follow up for anything else if available but the answer was always "no". Yesterday when I told him this investor story, he told me that he would have certainly preferred one of the current available flat but now it is way overpriced and he cannot raise that kind of loan. So basically Samrajya lost a genuine buyer... there may be more such cases...

                    Jitu_Sir... if you would have reserved the top floor flats for your investors, you might have received the permission quickly...

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                    • Re : Samrajya, Pethkar Builders, Kothrud, Pune

                      Originally posted by punerebuyer View Post
                      Rajesh

                      You are forgetting the TDS on the FD interest... but having said that, I already mentioned the class of people we see as investors...

                      This group has a lots of money (around 80-90 Lacs) available in cash downpayment. They are smart but miss the simple return calculation, means basically they do not care about the returns.

                      Their only intention is to stash the money somewhere. This is like a mini swiss bank deposit... when the scheme is completed, these people can simply ask cash money from builder.

                      The only reason their names are not disclosed is because these investors dont want general public to know that they have this much money to spare. And the obvious reason for this is that the money is coming via illegitimate means. They dont want to attract IT or Press.

                      For a builder to be transparent, they should disclose the loans they have taken from all the (verifiable) entities so buyers would know if there are any vested interests. From all we know, there may be "Scorpio chaps" in Samrajya too...

                      One of my friend visited Samrajya 1.5 years back and was offered some "available" flats. He didnt like any but did a lot of follow up for anything else if available but the answer was always "no". Yesterday when I told him this investor story, he told me that he would have certainly preferred one of the current available flat but now it is way overpriced and he cannot raise that kind of loan. So basically Samrajya lost a genuine buyer... there may be more such cases...

                      Jitu_Sir... if you would have reserved the top floor flats for your investors, you might have received the permission quickly...
                      Spot on

                      Black chaps want to some safe money vaults and builder provider these. They are probably not much interested on RoI etc or probably are not smart enough to realize real returns.

                      I think Jitu inadvertently has slipped the cat out of bag. Now no one who is frequenter here..will eve believe from now on builder's sold out theory!!!

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