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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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  • #11

    #11

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

    Originally posted by veeemkay View Post
    Pls correct me if i am wrong... wont this 3000/sqft also get distributed amongst 3/5 owners i.e. Approx 600 psf OR 1000 Psf... so overall cost will be 2000-2100 OR 2400-2500 Psf.!!!!!



    We just considered 3 /5 flats.... in case of Kumar parisar i am sure it has a lot more flats.. So cost should be even less !!!!.. WOW Look at the Margin. I want to become a Builder.

    VK
    VK - 3000 psqft will not become 600 psqft per head for 5 people.... it doesnt work that way. the costs i gave above were for each person.
    roughcut estimate
    Plot cost = 6000x3000 = 1.8CR
    constr = 6000x 1500 ( factoring society etc) = 0.9CR.
    Total outlay approx 2.7CR. Usable area will be about 5000 due to parking/staircase/liftspace... i.e 5 flats of 1000 each. Hence 5 people will bear the 2.7CR ( i.e Rs 50LAC +)
    it only makes economies of scale for larger areas/flats - which is what builders do for a living.

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    • #12

      #12

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

      You are quite right in that aspect. comparitive to parisar. I do have my doubts on whether plot will come for 2500. if u do see some - i would be keen. I had enquired some months ago - it was 3200 quoted - but open to negotiate to 3000. of course depends on which end of mahatma soc. etc.

      Originally posted by abeerbagul View Post
      Thanks to sam_sang for inputs!
      From these data points, i assume that the rate was Rs. 3000 psf (per sqaure foot) in boom times. Today, Pune property market is frozen, poised for a correction. So I am assuming land rate of Rs. 2500 today.

      Assuming Rs. 2500 psf, in a plot which is 5000 sq ft, we can get 4 flats of 3BHK each. (1200 sq ft slab area for each flat translating to 1500 saleable area). In a slab area of 1200 sq ft, we can easily design a big sized 3 BHK flat.

      Since we are building for ourselves, we need to pay only for slab area, not saleable area, saving directly the extra cost of 300 sq ft.

      Rather than calculating per sq ft, which is done by builders to confuse the buyer, we can calculate actual costs.

      Land cost:
      Rs. 2500 * 5000 sq ft = Rs. 1,25,00,000
      Construction cost:
      Rs. 1400 * 5000 sq ft = Rs. 0,70,00,000
      Basic cost = Rs. 1,95,00,000
      Add approx 20L for PMC development charges, architect fees, stamp duty and registration costs, co operative housing society formation costs, legal fees etc.

      Total Rs. 2,15,00,000, divide by 4 * 3BHK flats = Rs 53,75,000 per flat.

      If we design for 2 BHK flats of slab area 850 sq ft each, per flat cost goes to 35,83,333.
      Comparatively a 2 BHK flat in Kumar Parisar of saleable area 1062 sq ft (850 slab area + 25% built up) costs 1062 * 5500 = 58,41,000.
      So in each 2 BHK flat we save approx 22 Lakhs.

      These are pure back of the envelope calculations, I agree that reality can only be verified by actually meeting together and doing a survey of that area.

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      • #13

        #13

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

        Count me in too. Please let me know how things shape up.

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        • #14

          #14

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

          Abeer, sam mentioned one more valid point of bank loans. Which can be a bottleneck I guess.

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          • #15

            #15

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

            this is a nice initiative, but one imp thing to understand is vacant plots seen in such prime locations are either in litigation or hold by some builder. one needs to see search & title for such vacant plot so as to avoid future issues.
            its recommended to talk directly with the land owner instead of agents & brokers as well as get the paper checked from a competent laywer. it is also necessary to check the development plan from PMC for the plot to know future development along with infrastructure.
            funding from banks could be a hitch in such developement.

            sam...

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            • #16

              #16

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

              Bank loans are easy

              All banks (SBI, HDFC, ICICI, LIC Housing Finance) give homeowner construction loans at the same rates and the same manner as normal home loans.

              Case in point: For our family bungalow in Nigdi, for a plot area of 1900 sq ft, i took a construction home loan from LIC Housing Finance at 10% floating, 20% downpayment.

              Disbursements are done according to stage of construction, same as for builder.

              Actually this idea came to me while building the bunglow for my parents . We owned that plot for the last few years, but the paperwork for bank loan is the same for a bunglow of 1900 sq ft or a small building of 5000 sq ft, since these is classifed as loans to home owner, under priority sector lending, and not as commercial real estate loans.

              I am willing to share the details of the home loan i took for my parents.

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              • #17

                #17

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

                home loan taken by 1 person or all eventual occupants? the dynamics could be different here.
                just fyi - i did a quick ping onto an agent in pune for mahatma - the plots are quoted at 4000 rs.! guess that makes kumar parisar a pauper now

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                • #18

                  #18

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

                  Originally posted by sam_sang View Post
                  the plots are quoted at 4000 rs.! guess that makes kumar parisar a pauper now
                  This makes for an interesting analysis... Can someone Call up kumar parisar also and ask for the all inclusive complete package including Maintenance Charges, Parents Charges, Clothes Charges, Air Chareges, etc. etc. as well.

                  Would make a nice comparision for all.

                  VK

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                  • #19

                    #19

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

                    Guys count me also for this, please update me if we can meet and discuss on this

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                    • #20

                      #20

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

                      Originally posted by Navina View Post
                      Parisar is 5000 psf. 1050 sqft and 58 ls total for 2 bhk. Possession is Oct next year. No covered car parking!
                      This was a couple of weeks ago. Interesting to hear they have hiked the psf rate by 500.

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