Thursday, May 8, 2008

What real estate investors want to know about Kumar Properties' Megapolis Township at Hinjewadi in Pune?

List of questions:

I have compiled this list from the comments on my 'Ravi Karandeekar's Pune Real Estate Market News Blog'. To me comments are very important. I try my best to answer and take a part in the conversation. But after all, this is my opinion. I request you to visit these blogs and express your views. Of course, if you have any other question, please, let me know in the comments and i will add it to the list.

My blogs on Megapolis:

1) Kumar Properties' Megapolis at Hinjewadi - 3rd integrated township after City Group’s Amanora Park and Paranjape Schemes' Blue Ridge

2) Thanks to Megapolis at Hinjewadi! Inspired by it's success, i am announcing my first integrated township based on "swim to work" concept!

3) Megapolis - views and property rates of Kumar Properties' and Avinash Bhosale Group's 150 acre integrated township at Hinjewadi, in Pune

Property buyers want to know:

1) When there is no bookings (Pune real estate slowdown) in the developed area of the city why new project of such a big size (Megapolis is a 150 acre township) is launched in a remote area (3rd phase of Rajiv Gandhi Infotech Park)?

2) Can retired persons (Megapolis is going to have 6 blocks for senior citizens) afford to book the property at the rate of Rs. 3,250 or 3,300 (Actually, this rate is an introductory offer and booking of homes for senior citizens is not opened)? or What is your budget for your retirement home?

3) Why property rate is Rs. 3,250 / 3,300 per sq.ft.? Justify the rate.

4) Is there a demand in Pune for the flats in this budget? What is the size of the market for the flats in this budget (41 to 54 lakhs at introductory rate of rs.3,250 to 3,300) in this type of a township? (Megapolis has 5,800 flats in it's 58 towers of 21 stories.)

5) Compare Kumar Properties' Megapolis with Paranjape Schemes' Blue Ridge and Lavasa on the basis of infrastructure, construction quality and amenities, considering that i am "end user" - i am going to live in the project when i "return 2 India"

6) Should i book in Kumar Properties' Megapolis or wait for 2nd phase of Paranjape Schemes' Blue Ridge?

7) How is the response to Kumar Properties' Megapolis? How many flats are booked?

8) What about essential shopping like grocery and vegetables?

9) What about railway travel? Pune station is quite far.

10) Is investing in big township profitable? Have investments in DSK Vishwa given good returns?

11) What should be the rate of the property in the remote areas of Pune?

12) Should i cancel the booking in the Wakad / Balewadi / Baner belt and book in Kumar Properties' Megapolis?

13) How much will actually be delivered out of the promised at the time of booking a flat in Kumar Properties' Megapolis? Your guess based on the track record of Kumar Properties past performance and in general by builders in Pune.

14) What are the disadvantages of a location in MIDC?

15) What about water supply to Megapolis?

16) Do you think distance from the highway would be a great disadvantage? (Close to highway is always presented as benefit by Pune real estate projects. Housing projects in Chakan and on Nagar road claim "close to airport as a unique selling point.)

17) Are these kinds of projects, (integrated township projects), successfully delivered in other cities of India like Bangalore, Chennai or Gurgaon?

18) How electricity will be provided in Megapolis and Blue Ridge? What would be the source and the rate?

19) Is Megapolis good as a second home considering the distance?

20) How can you enjoy the Malls, Multiplexes, Theater, Cultural events and Restaurants in Pune?

21) What about educational facilities? Does Megapolis have a school?

22) Do you think Telecommuting is going to be the next big trend in IT?

23) How long do you have to hold on to this property to get good returns? 5 Years?

24) What would be the appreciation after 5 years?

25) How much development would happen in this area after 5 years?

26) In which municipal corporation area does Megapolis lie?

What is your take on life in this type of a township?:

Megapolis is a 150 acre township. It is build under Special Township Act. But this is not the first township. In Pune, we already have Magarpatta City at Hadapsar.

You may know or may have lived in this kind of a township. It may be of a smaller size. It may belong to some industry - say sugar or fertilizer, institution - IIT Powai or defense establishment. Besides people working in the same organization, rest of the basic infrastructure remains the same. Referring to your experience about life and living in a gated community, totally cut off from the city, you can express your views in the comments.

At this point, we are talking about Megapolis but your views will help all those who are interested in investing in upcoming integrated townships. For example, Magarpatta's Nanded City on Sinhagad Road!

2 comments:

  1. My 2 cents on list of questuions you presented.



    1.Why new project?
    I think lot of projects in Wakad, Baner even Aundh annex etc are selling for one main reason its proximity to IT park. if you take IT park out of equation there is nothing fascinates me about those areas. So if they sell builders are thinking why something even closer to IT park will not sell?

    2. Retired persons?
    yes and no I think parents of highly paid IT people might live there but not every body. And why all retired people would live there?

    3.property rates are low 3K because if you look beacuse rates are already 3500 at balewadi, wakad, baner etc.


    5. one thing i noticed Paranjape 3BHK are 1730 SF. compared to 1495 SF. at megapolis.

    8. that could be an issue if not many residential projects come near by. But i think life style in India is following more western trend and those days are gone when you run down staires to but salt. I am sure there will be some delivery options to your hiome.

    9.I dont think pune is ment for railway travel. it is radial city compared to Bombay like linear city.typically as these cities grow new rail projects are ring type. like loops to interstate in USA.

    10. look at Pawai hiranandani and then some unsucessfull township projects in new Mumbai

    12.13. I am still searching for this one. Ravi you input

    14. You may end up looking on top of big flat roof top.

    15.when I talked to builder rep. according to him being in MIDC is advantage over Paranjpe. he thinks water use of IT industry is not as heavy as other typical industries and will have always surplus water. Who know what do you think Ravi?

    16. In Bomaby lot of times being closer to train station is big disadvantage.

    19.You got be really reach to afford that pricy second home

    20. by car once over weekend.

    21.well the projects in wakad baner area also sell mercedez benz school so waht is the difference?

    I am still trying to find these answers but thought by writing it down i will try to find it for myself.

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  2. It’s a known fact that India Real Estate sector is booming and it has provided innumerable opportunities for investment throughout the country. All throughout the country, whether it is the metropolitans or the two or three tier cities are exploding with commercial high rises, residential townships, industrial parks and shopping malls.Where should we invest ? Everywhere this question is being asked. Flying high on the wings of booming real estate, property in India has become a dream for every potential investor looking forward to dig profits.
    Investing in Pune for the medium-to-long term makes the most sense in today’s real estate scenario. For the perfect portfolio, one should concentrate on the more developing areas that still feature competitive rates. The safest and most potential laden investment opportunities in Pune today lie in its townships, as they provide highly saleable property with the right mix of basic amenities and add-ons. The hottest investment destinations in Pune for modest-to-medium budgets in Pune are currently Supreme Palms , Mahindra Royale, Kumar Sansar
    Kondhwa , These new real estate properties of Pune flaunt modern lifestyle with amenities like clubhouse, swimming pool, community hall, manicured gardens making these ideal as home.For more view- realtydigest.blogspot.com

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