I have been looking for a 2 BHK flat at a decent price in Kothrud for the last 2 years, but nothing in budget. My budget is 35-40 L, but in Dahanukar Colony the current rates are around 55-60 Lakhs for a 2 BHK in Kapil Abhijat, and other new single buildings.

Commuting to office, I notice small empty plots in Mahatma Society, maybe 5000 - 6000 sq ft in size. This is an excellent bunglow society, purely residential. With 1 FSI, a 6000 sq ft plot gets us 4 3BHK flats (big size) or 6 2BHK flats (medium size).

Construction costs are in the range of 1400 per sq foot for small buildings (higher because economies of scale are absent).

But still, if we can create a small group and buy a plot and do construction ourselves, it is feasible.

I have absolutely no idea of land rates here and also the current FSI, but we can ask the local brokers. Buying land in Mahatma Society or Kothrud seems safer than buying land in Baner, Pimple Saudagar or Wakad.

I know that Insignia Pune and ITPWAP are already implementing this type of concept, but currently they are looking at bigger projects in different suburbs.

Is anyone interested?
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  • 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:)
  • Originally Posted by sam_sang
    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, :D etc. etc. as well.

    Would make a nice comparision for all.

  • Guys count me also for this, please update me if we can meet and discuss on this
  • Originally Posted by Navina
    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.
  • Originally Posted by abeerbagul

    Commuting to office, I notice small empty plots in Mahatma Society, maybe 5000 - 6000 sq ft in size. This is an excellent bunglow society, purely residential. With 1 FSI, a 6000 sq ft plot gets us 4 3BHK flats (big size) or 6 2BHK flats (medium size).

    I am starting to get interested in the calculations... Any reason why you have taken 1 FSI?

    How come Builders build 7-10 Floors.. Any ideas what is the calculation in thier case?

  • I have taken 1 FSI because that is safest. Trying to be conservative in estimating.

    In Old City areas like Sadashiv Peth, Shaniwar Peth, residential FSI is upto 1.8, i.e. on a plot of 5000 sq ft, you can build 9000 sq ft. This substantially reduces the cost of construction, as the cost of the plot gets divided by 9000 sq ft.
  • Taking 1 FSI because that is safest. Trying to be conservative in estimating prices.

    In old city areas like Shaniwar Peth, Sadashiv Peth, FSI is granted at 1.8. So there, a plot of 5000 sq ft can be used to construct a building of 9000 sq ft.

    Need to find out the FSI in Kothrud from a lawyer or town planner.

    Builders can go to great heights (pun intended) to find loopholes in FSI rules, such as buying TDR in the market, applying township laws, or just plain illegal construction later regularised by corporator or MLA intervention.

    Am not alleging that any illegal stuff happens, just that it may happen, who knows builders?

    There is one more ruling nowadays that height limits on buildings have been removed in city areas, that's why Kumar Builders launched Nirvana on Paud Phata which is a 100 metre high building.
  • Not a bad idea, I think we can get our valuations further lower if we have a good execution plan in place and all unite and connect well with each other. Count me in.
  • This is a good plan only if there are good attitude people for this plan otherwise things can mess up easily with too many brilliant cooks without good attitude :((

    So whoevever is planning to take this responsibility and want to implement must choose very good people... To make this project hassle free...
  • Are the construction costs that cheap as of today?

    hi, the idea of constructing a flat for around 50+ K is certainly very lucrative. I had a few basic questions on my mind;

    Does the Rs 1400 psf construction cost include;

    1) Remuneration of the Architect, supervisor(s), workers etc.?
    2) Construction raw material - cement, iron etc.
    3) Transportation costs for the raw material.
    4) Construction time ... (delays?)
    5) Legal fees, convenience fees (bribe!), stamp duty & registration.
  • FSI is always going to be 1 for residential plots in municipality areas. special permissions allow it to go upto 2 ( but this permission comes only for very large areas and when some work begins before the land comes into PMC zone). Most builders who own/buy this land - have ensured permissions were acquired before. few years ago - i owned a plot in baner with a permission of 2.

    Rs 1400 psqft towards construction shud cover all the costs mentioned towards architect/design/legals etc. minor ones like MSEB./society formations will remain extra.
  • Originally Posted by sam_sang
    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.

    You are right my Mistake

  • Clarification on Plot area and Flat area

    My understanding of FSI, sanctioned plan area, flat area (carpet and saleable area) goes like this:
  • Putting my understanding of FSI, carpet area, built up area and saleable area here:
  • Extremely sorry for multiple posts!
    How do I post long replies?

    Putting my understanding of plot area, carpet area, built up area and saleable area here:

    1. We have a plot of 5000 sq ft.
    2. In the sanctioned plan which is approved by PMC (which contains the area of the building), we can show a building which occupies 5000 sq ft only, assuming 1 FSI. Now this 5000 sq ft is called the "built up area" in legal language, which is what the builders should be charging for, since they incur construction costs only for 5000 sq ft.
    3. Parking is NOT considered in FSI legally. That is why it is actually illegal for builder to charge for parking :)
    4. Suppose we decide to construct 4 flats of 3BHK each, we create a plinth of 2500 sq ft.
    5. On this plinth, we construct parking of 2500 sq ft on the ground floor. This does not count towards FSI.
    6. On first floor, we have slab area of 2500 sq ft, out of which staricase area is 2.5 m * 4 m (this is big). This takes up an area of 10 sq m = 107.584 sq ft.
    7. Remaining 2400 sq ft we carve into 2 flats of 3 BHK each, so the slab area of each 3 BHK flat is 1200 sq ft. This does not include terraces, because terraces are not part of FSI (need clarification here).
    8. In a slab area of 1200 sq ft, we can get a pretty decent 3 BHK with good design from a reputed architect
    9. On the second floor, we get 2500 sq ft - 107.584 sq ft, i.e. repeat.
    10. If there are only two floors we can avoid space, cost and maintenance of a lift. else take approx 2 m * 2 m for lift well.

    We get free parking of 2500 sq ft, free terrace of 2500 sq ft.

    In the future, when PMC increases FSI for Kothrud (due to political reasons, election etc. ) to suppose 1.5, we get an extra floor FREE (only construction cost, no land cost). This extra FSI is normally taken by builder in the sales agreement and applied to his future projects. In our case, this extra FSI comes to the society.

    If part of the plot goes for road widening, society gets TDR which is normally also taken by builder (read sales agreement)