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Interested in constructing 2/3 BHK flats for ourselves in Mahatma Society, Kothrud?

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Interested in constructing 2/3 BHK flats for ourselves in Mahatma Society, Kothrud?

Last updated: July 20 2011
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  • #91

    #91

    Re : Interested in constructing 2/3 BHK flats for ourselves in Mahatma Society, Kothrud?

    Originally posted by abeerbagul View Post
    Hi realacres,
    I personally am still tied to Kothrud, but Pradeep was looking all over for small size plots. So we teamed up and took a look at some plots in Baner. My interest in Baner is limited to helping him in his efforts.
    I have posted many times about Kothrud and Mahatma Society specifically, so the latest posts have Baner info.
    Hi Abeer,
    So, you will be building in Kothrud & Pradeep at Baner using the same builder to save costs, right?
    If you are happy, you are successful.

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    • #92

      #92

      Re : Interested in constructing 2/3 BHK flats for ourselves in Mahatma Society, Kothrud?

      Builder for Baner not decided.

      I have talked to a builder because initially it was only me in Kothrud. In Baner, Pradeep has not yet finalized the land, so builder will be later stage.
      By builder I mean a contractor who has some intelligence and can be given responsibility of the whole project. So it is more like a hi fi contractor rather than a regular builder.

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      • #93

        #93

        Re : Interested in constructing 2/3 BHK flats for ourselves in Mahatma Society, Kothrud?

        Originally posted by abeerbagul View Post
        I have talked to a builder because initially it was only me in Kothrud. In Baner, Pradeep has not yet finalized the land, so builder will be later stage.
        By builder I mean a contractor who has some intelligence and can be given responsibility of the whole project. So it is more like a hi fi contractor rather than a regular builder.
        Good to see that even though on small scale, you are trying to kick PBAP hard with these type of initiatives. Wish you all the best.
        If you are happy, you are successful.

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        • #94

          #94

          Re : Interested in constructing 2/3 BHK flats for ourselves in Mahatma Society, Kothrud?

          Originally posted by abeerbagul View Post
          Sorry for being off this thread, but was on the field gathering data. Here is an update ...

          1. The most important things that happened is that met two great guys due to this thread, Pankaj and Pradeep. Both are in IT (like me) and are RE geeks.
          2. Saw plots in Mahatma Society, Kothrud, and Pradeep showed me a lot of plots in Baner. We are looking for plots in the range of 3500 - 5000 sq ft.
          Findings:
          Asking rate in Baner: 1600 per sq ft.
          Asking rate in Kothrud: 2250 - 2750 per sq ft.
          Full payment for land is demanded (no instalment payments).
          My gut feeling is still that major correction in rates can happen any time (not predicting when).
          3. Talked with an architect whose project was featured in Inside Outside and who is ready to take up such projects. He will also be instrumental in doing the pre-offer surveys for land acquisition, such as legal status, status in Development Plan, available FSI, TDR, etc.
          4. Talked to a small builder who is willing to do development on contract basis. The development will be done in two phases:
          Phase 1: Foundation, RCC, brickwork and plaster (i.e. Civil work) will be done by single local contractor under strict supervision by us.
          Phase 2: Finishing work such as paint, flooring, plumbing, electricals, windows will be given to branded companies on turnkey basis.
          Example:
          Paint: Asian Paint Home Solutions, Jotun Paints Rangallery (on Law College Road), etc
          Windows: Fenesta, many others are in this space.
          Good to see the updates....

          Can you please let me know did you find any plots in Mahatma society.. I am still interested

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          • #95

            #95

            Re : Interested in constructing 2/3 BHK flats for ourselves in Mahatma Society, Kothrud?

            Sandeep

            Hi,
            Please let me know if you are in process of finalizing land.
            I will be interested in being a member.
            Regards,
            Sandeep

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            • #96

              #96

              Re : Interested in constructing 2/3 BHK flats for ourselves in Mahatma Society, Kothrud?

              Guys, I am in too...But needs more details & plan to make decision more concrete.

              Thanks
              Prajju

              Comment

              • #97

                #97

                Re : Interested in constructing 2/3 BHK flats for ourselves in Mahatma Society, Kothrud?

                The major issue remaining now is to secure project finance. Though most of the people I have met have enough cash in hand (around 30&#37, landowners are asking for 100% downpayment.
                In addition to this, banks start disbursements only after plinth in case of self construction home loan.

                Talked about this in detail with Pradeep and Pankaj, and I am reaching the conclusion that we need to go in for project finance. Even for a project of 5 flats, we need plot of around 6000 sq ft, with slab area of 6000 sq ft.
                In this case, we should have atleast 60% downpayment including contingency fund.

                If we want to raise project finance, better to increase the size of the project to 10 - 15 flats and go for institutional finance. Saw the website of one company DHFL which offers these services:
                http://www.dhfl.com/DHFL_property_services.html

                However, getting finance (presentations, interaction, etc) is not my area of expertise, so waiting for Pankaj to come back from Infy China in February. Till that time, unfortunately, everything has to wait.

                If anyone who has expertise in raising institutional project finance and can help in this initiative, please reply.

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                • #98

                  #98

                  Re : Interested in constructing 2/3 BHK flats for ourselves in Mahatma Society, Kothrud?

                  Originally posted by prajju View Post
                  Guys, I am in too...But needs more details & plan to make decision more concrete.

                  Thanks
                  Prajju
                  I also will be interested for investment purpose if the the price in this cooperative society works out cheaper than what builders are offering. I can also pull in 2-3 more friends of mine who would be interested for investment purpose, if price works out cheaper. Thanks.

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                  • #99

                    #99

                    Re : Interested in constructing 2/3 BHK flats for ourselves in Mahatma Society, Kothrud?

                    hi abeerbagul,

                    any updates on this front ( mahatma / baner ) ....

                    this idea looks good ...

                    Comment


                    • Re : Interested in constructing 2/3 BHK flats for ourselves in Mahatma Society, Kothrud?

                      Many of us have tried this idea before, but in Pune, there is a strong builder-politician-PMC nexus. So,even if you buy the land, nobody will let you construct the houses unless it is backed by a builder/politician/or a large firm. I had even tried with consultants like Cushman but to no avail. It is like, if you want a house in Pune, you cannot construct it youself, either buy it from builders or a resale.
                      What say, this is really true for all services by PMC-roads,transport,water,anything

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