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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 Pawarat View Post
    Dear all ,
    I am inclined in buying a property in Pune asap. Many developers including Samrajya are seeking cash payment. In some cases, they do not accept check payment for the entire amount. Atleast 10-15 % is cash payment.
    I do not understand, why such rigid constraints. I am uncomfortable in doing cash transaction. Is it a norm to do cash transactions in buying apartments ?

    Again, this is my first property in Pune. I was hoping to buy something in Samrajya but this one issue is making me hesitant.
    Dear Pawarat,
    Thanks for your genuine interest in Samrajya.
    As regards payment terms you need to discuss it with the sales people in person.
    Originally posted by Pawarat View Post
    2ndly, if I am paying all amount upfront. E.g if the cost for 2bhk in Samrajya is 70L and if I am willing to pay 70L by check right away, why won't I get some concession ?
    Given I am not in Pune and am talking to the sales folks at Samrajya over phone, its difficult for me to explain this. Don't the builders usually give some discount if a buyer is paying all the amount upfront?
    From developers point of view wont he prefer to sell his apartment to a buyer who is not relying on loan and willing to bear the entire cost upfront ? If I was a builder, I would definitely seek such buyers. By selling them apt now at some discount is much better than carry cost that I might incur due to unsold inventory.
    Since now all flats at offer are ready possession or near to possession. Mean to say, if one executes the agreement he will be given a demand letter for 95%-100% as per the work. So it hardly matters if you pay it in upfront or bank disburses it. Moreover we had been came up with an offer whereby we had waived off Stamp Duty & Registration fees for bookings done between 4th Jan till 20th Feb. Also since all flats have OC received there will be no Service Tax & VAT. So in totality the discounts works out to 9.5% (5+1+2.5+1).
    Jitendra Pethkar | Pethkar Projects

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    • Re : Samrajya, Pethkar Builders, Kothrud, Pune

      why would they not accept a cheque payment, and conclude the sales once cheque is cleared?

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      • Re : Samrajya, Pethkar Builders, Kothrud, Pune

        spot on..i understand that HDIL too in some mumbai project takes cash..and this is listed company..despicable


        Originally posted by puser View Post
        why would they not accept a cheque payment, and conclude the sales once cheque is cleared?

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        • Re : Samrajya, Pethkar Builders, Kothrud, Pune

          Dear Jitu_Sir,
          First of all thank you for such a prompt response. On my first post on this forum, such a quick response. I am amazed.

          Originally posted by Jitu_Sir View Post
          Dear Pawarat,
          Thanks for your genuine interest in Samrajya.
          As regards payment terms you need to discuss it with the sales people in person.
          I will definitely do that. Issue is that if I come down to meet sales people in person, it will be for 1 or 2 days max. And I will come to close out the deal. i.e. I want to pay check and get it done with. Would like to negotiate upfront. As said before I am traveling ( at this point out of the country ). I would "highly" appreciate if this could be accommodated by Sales people.

          Originally posted by Jitu_Sir View Post
          Since now all flats at offer are ready possession or near to possession. Mean to say, if one executes the agreement he will be given a demand letter for 95%-100% as per the work. So it hardly matters if you pay it in upfront or bank disburses it. Moreover we had been came up with an offer whereby we had waived off Stamp Duty & Registration fees for bookings done between 4th Jan till 20th Feb. Also since all flats have OC received there will be no Service Tax & VAT. So in totality the discounts works out to 9.5% (5+1+2.5+1).
          If payment by bank or me is one and the same, can entire transaction take place via. certified check ( as Puser noted above why wont a check suffice ? ) I was told about the deal for waiving the service tax and VAT. But still what my friends in Pune tell me is that if you pay everything upfront ( with out loan and other means of payments ), generally the builders are gracious enough to give a discount. In any case, its hard to know that for yourself because I have not spoken to the developer. The Sales guys wont give me their contact.

          Honestly, I understand that Sales people are not in position to talk about discounts etc. as they are being instructed to follow certain directions. What might be best is to directly have a candid chat with the developer.
          Jitu_Sir, do you know of any means by which I can have a quick conversation with the developer and express him my views?

          thanks again for the response.
          Regards,
          Mr. Pawar

          Comment


          • Re : Samrajya, Pethkar Builders, Kothrud, Pune

            Originally posted by Pawarat View Post
            Dear all ,
            I am inclined in buying a property in Pune asap. Many developers including Samrajya are seeking cash payment. In some cases, they do not accept check payment for the entire amount. Atleast 10-15 % is cash payment.
            I do not understand, why such rigid constraints. I am uncomfortable in doing cash transaction. Is it a norm to do cash transactions in buying apartments ?
            As Jitu said that Samrajya falls under section 80IB of IT act whereby the builder is exempt from paying any income tax. Now if this is the case, why is Samrajya asking for cash ?? Seems they need to repay some of the real investors in the project in cash or the builder may not be able to meet the deadline of completion of the project as this benefit is now gone..
            If you are happy, you are successful.

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            • Re : Samrajya, Pethkar Builders, Kothrud, Pune

              Originally posted by realacres View Post
              As Jitu said that Samrajya falls under section 80IB of IT act whereby the builder is exempt from paying any income tax. Now if this is the case, why is Samrajya asking for cash ?? Seems they need to repay some of the real investors in the project in cash or the builder may not be able to meet the deadline of completion of the project as this benefit is now gone..
              Dear realacres,
              Yes it's 80IB which is going to sunset by 31st March 2012 (don't think any more extension in current budget). So your second guess is partly right. We had met all deadlines since we have received OCs (partly or completely) for all buildings and henceforth no more 80IB benefit .

              Wish you all a Happy & Safe Holi !!!
              Jitendra Pethkar | Pethkar Projects

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              • Re : Samrajya, Pethkar Builders, Kothrud, Pune

                Originally posted by Jitu_Sir View Post
                Dear realacres,
                Yes it's 80IB which is going to sunset by 31st March 2012 (don't think any more extension in current budget). So your second guess is partly right. We had met all deadlines since we have received OCs (partly or completely) for all buildings and henceforth no more 80IB benefit .

                Wish you all a Happy & Safe Holi !!!
                Dear Jitu Sir,
                If I buy before 31stMarch is it still required to pay cash?

                thanks,

                Comment


                • Re : Samrajya, Pethkar Builders, Kothrud, Pune

                  Originally posted by Pawarat View Post
                  Dear Jitu Sir,
                  If I buy before 31stMarch is it still required to pay cash?

                  thanks,
                  Maybe yes coz who will not like to have white income which is tax free ? They accepted earlier cheques but now ask for cash which means they want to save tax or repay to the investors in cash.
                  If you are happy, you are successful.

                  Comment


                  • Re : Samrajya, Pethkar Builders, Kothrud, Pune

                    My friend's relative (Mr. A) was planning to buy a flat in my society (resale). The price was agreed upon and Mr. A was about to strike a deal when at the last moment he was told that he would have to give half the amount in cash. The reason he found out was that the seller of the flat had booked a flat in Samrajya and the builder had asked for a quarter of money in cash (whereby he would receive a big discount). So that's that. Contrary to my earlier ideas, an educated builder is not less corrupt.

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                    • Re : Samrajya, Pethkar Builders, Kothrud, Pune

                      Same discounts are back

                      The free stamp duty + registration & no service tax & VAT offer is back at Samrajya. This only shows price is more than actual worth & this is being done to push the sales.

                      Btw, does anyone knows what the situation of the project in totality as of now ?
                      If you are happy, you are successful.

                      Comment

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