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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  • Reviving this thread for discussing an alternative.

    Last time we were looking around for plots to buy in instalment payments. Such plots are not available. Then we shifted to looking for plots approx 20,000 sq ft (half acre), but current situation is dangerous as regards protection of land.

    Can we have a g-o-l-d-e-n mean?

    Say we look for a plot of approx 5000 sq ft in size, in Baner, Balewadi, Wakad, Pashan, Bavdhan area. Let us take sample rate of 1500 per sq ft for land, and 1500 per sq ft for construction. Create a group of 4 apartments, each apartment 1250 sq ft built up. This can be huuuge 2 BHKs or decent 3 BHKs.
    The total cost per flat would be approx 37,50,000.

    We would need 4 guys to come together, but this time the financial criteria are tougher, cos we need to purchase the land outright.
    Downpayment required would be:
    75L for land, and cost of construction upto plinth, which can be 15% of construction cost i.e. approx 12L.
    So 75L + 12L = 87
    87 / 4 guys = 22L approx per person downpayment required.

    We can get the downpayment back when bank starts disbursing the loan, so the cash comes back into our pockets in approx 1 year.
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  • A plot of 5000 sq ft is more easy to buy, easy to protect.

    Advantages of this:
    Price is not the main advantage. So people looking for the cheapest deal, maybe this is not for you.
    But this will be a 100% value for money deal.

    1. This is GROUP CONSTRUCTION, not GROUP BOOKING.

    2. We, i.e. the coop society, own the land, not the builder. This is MAHA important. Any future FSI, TDR, we get. FSI keeps increasing every 20 years, that time we can easily put up additional 2 - 4 flats and sell them off.

    3. We write the legal agreements. No need to sign where the builder says so. In fact, I am trying to come up with a set of reference legal agreements just like the Eclipse Public License, GNU Public License.

    4. We hire the architect and design the plan. People interested in Vastu, can come forward to get what they exactly want (within limits of FSI and usability of space)
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  • Jitu, realacres, and all land experts,
    What pointers should we keep in mind while searching for land, so that we get a genuine deal?
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  • 2 cents from me, am not expert
    1) Most important clear title and NA, it should not be surrounded by slum, preferably plot should be in society. And society should be allow you to construct apt complex instead of bungalow. Also check exact zoning and is there any reservation on that plot. There are instances cheap plots have been sold with reservation and person cant construct anything those are suppose to be garden or something else.

    2) FSI for that survey number, coz u r considering 5000 sqft plot and that much construction. In that area (Baner) I have seen .75 FSI also.
    I am not sure but always I think 5000sqft does not really mean you can build that much. You will end up with less carpet area.(all those super built up and stuff).
    3) Shape and orientation of plot, it should not be shallow rectangular preferably square and more sides touching roads.

    4) After finalizing plots it’s better to take opinion from architect as I think u are suppose to leave some place, u can’t just build wall adjacent to road.

    6) Also you need to see how you are getting all approval and clearances from municipality.

    5) Need better war chest(money and contacts) for legal matters for anything during land acquisition and construction as there are chances that something or the other will come up (Murphy's law).

    I have observed that always Jitu sir mentions they will venture new projects if they get clear title lands. Imagine a person selling 80lac apartments being cautious about land deals.
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  • Originally Posted by abeerbagul
    Jitu, realacres, and all land experts,
    What pointers should we keep in mind while searching for land, so that we get a genuine deal?

    Dear abeer,
    check the property card i.e. 7/12 uttara for the original owner names. Verify that the land is free from any kind of reservation. Prefer lands having plans sanctioned on it so as to ensure clear title. check for any 'kul kayda', 'inaam' etc. verify the agreements, deeds from a competent legal advisor with public notice after 'kharedikhat' or MOU. AND MOST IMPORTANT THE LAND MUST BE FREE FROM ENCROACHMENT AND IN CLEAR POSSESSION OF THE OWNERS.
    This is just a brief list of recommedation.
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  • Mahatma Society is auctioning 4 plots belonging to the society. They had given an advt in Sakal. The application form is available at the society office for Rs. 5000 only .
    Anyone interested can contact their office and buy the form.

    We are no longer interested in this area for group construction, land prices have gone over our heads.

    Cool idea na? There will be such a rush for the auction, even if the society sells 1000 forms, they will raise 50L rs free and clear.
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  • 2 down, 2 to go.

    One more guy from the forum has joined in to explore land for the group construction. So we are two now, searching for two more.

    Will be moving the updates to a more generic Group Construction thread, since we are no longer looking at Mahatma Society only. The rates here are approx 3k per sq ft, above our budget.
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  • Originally Posted by abeerbagul
    Jitu, realacres, and all land experts,
    What pointers should we keep in mind while searching for land, so that we get a genuine deal?



    In addition to what Santosh & Jitu said, here are some more points:-

      Check the data of 2 earlier owners of the land, be the land inherited or purchased. Many a times, there occurs 2 things:-

        Many claim their right on property, if inherited & property is woithout any will,
        Some owners may have mortgaged this to banks, private money lenders etc as well. Check this out as well, else it will be you at receiving end. Seen some cases where the property was mortaged by 1st owner (in list of 3) & the 3rd person came to know about it when he went into details;


          Check whether the land belongs to some charitable trust. Many a times, the trustees, hand in gloves with the brokers, sell the property & later when the trust comes to know about it, they obtain stay from court due to which you may not be able to construct anything. So, either wait for court to give it's decision (read wait for 50-60 years), make out of court settlement (read bribe other trustees as well), give back the plot to the trust, if they agree to refund the money, or use muscle & money power & grab the land like Mukesh did to build his house on land owned by Wakf board. There is one more land issue in recent case here:-
          http://content.magicbricks.com/mukesh-ambani-in-land-row-hc-seeks-explanation

          http://ibnlive.in.com/news/sc-refuses-to-intervene-in-mukesh-ambanis-land-battle/64404-7.html

          Best part remains to secure the deal through a person whom you know well.

          *PS:- Having good contacts in Govt. also helps as we can know the future potential well in advance & may even change the DP plans for our benefit as well:).

          Buy land which is Vastu compliant.
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  • Thanks real for your inputs.
    Our family friend is a builder in Pimpri, he has been buying and selling land in Wakad, Hinjewadi for the past 15 years (for himself). We will be buying land through him.

    This will help us in identifying gotchas as otherwise we are totally ignorant of any issues.

    Construction will also be done through him because I have experienced that the RCC quality a builder provides is very different from the RCC quality of a contractor.

    For finishing items such as flooring, taps, painting, sanitaryware, we will be hiring the service contractors of the product companies themselves. Example: Jotun paints, Hindware, Jaquar all provide product + installation nowadays.
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  • The builder will be charging 15% profit on the construction cost (labour + material).
    All material will be bought through him, and all service contracts given through him. He is familiar with my expectations since has constructed our bungalow in Nigdi last year.
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  • I stay in Mahatma Society. Mahatma Society is a Bunglaow Society and does not allow more than one co member in buying the plot and one can not construct an apartment. At the max two members can jointly construct twin bunglow. These days land rates are as high as Rs. 4000/Sqft + Rs. 300/Sqft as society transfer fees.

    There is a society called Nav Vinayak CHS adj. to Mahatma society where one can get plots of 2800-2900 Sqft Rs. 3000 - 3200 Sq Ft and minimal society transfer fees, beside 3 members can jointly buy and construct.
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  • Originally Posted by abhi.vaidya
    I stay in Mahatma Society. Mahatma Society is a Bunglaow Society and does not allow more than one co member in buying the plot and one can not construct an apartment. At the max two members can jointly construct twin bunglow. These days land rates are as high as Rs. 4000/Sqft + Rs. 300/Sqft as society transfer fees.

    There is a society called Nav Vinayak CHS adj. to Mahatma society where one can get plots of 2800-2900 Sqft Rs. 3000 - 3200 Sq Ft and minimal society transfer fees, beside 3 members can jointly buy and construct.

    Thanks for the info man. However, 4k/sq ft at Kothrud is a rip off. Parsvanath builders recently bought 38 acre plot from railways in Delhi central area, just about 3km from Connaught Place for 4k/sq ft. Add to it the FSI is also more than Kothrud, + better infra of Delhi compared to Pune, it is more VFM. Don't know how people price their properties in such a way?
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  • Loan on leased property(Mahatma society pune)

    Can we get loan for plot purchase in Mahatma society? I heard there are issues with loan on leasehold property. Any official document/pointer saying either way would help.
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