Tuesday, July 7, 2009

Kumar Builders earmarks Rs 450 crore to develop 45 Nirvana Hills at Paud Phata in Pune

Was funds for construction of 45 Nirvana Hills an issue?

Pune-based Kumar Builders has earmarked Rs 450 crore to launch a 30-storey project, 45 Nirvana Hills, spread over 79 acres, in Pune.

According to Lalit Kumar Jain, chairman and managing director, Kumar Builders, construction for the first building of the project has already begun. There would be five to six residential projects that will also be 30 storeyed.

The entire project is estimated to cost Rs 450 crore. It is a self-funded project, finances for which are being raised through internal accruals.

For decades, Pune’s buildings were limited to a maximum of 36 metres. It was only last year that construction of residential projects up to 100 metres high was permitted.
express estates

Do you have any doubts about the completion of Kumar Builder's 45 Nirvana Hills?

One journalist asked Mr. Lalit Kumar Jain about funding in the press conference for launch of 45 Nirvana Hills and reasons behind the rumors circulating in the market about Kumar Builders. Mr. Jain's answer was, "There are lot of people who like to talk about me. I have released a press note answering all questions!"

What about you? Do you think? Is funding an issue? Are you concerned about the completion of 45 Nirvana Hills? Please, share your views.

Related Stories:

1) Kumar Builders open booking of the first 30 stories skyscraper in Pune, 45 Nirvana Hills, first phase of 79 acre township at Paud phata on Karve road

2) Kumar Builders' 45 Nirvana Hills at Paud phata on Karve road in Kothrud Pune

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8 comments:

  1. Hello Ravi,

    This is a valid question and is applicable to many big projects in Pune city like Nanded City, Amanora Park, Blue Ridge, Megapolis, Mithila etc.

    We heard a lot about Kumar builders recently and there was SMS circulating in the market regarding sale of their business etc but of course it has been "officially" denied by the company.

    It's very difficult to judge the financial health of the promoters of big projects and of course, Kumar builders is involved in lot of other big projects in Pune city other than this one.

    So as a matter of fact, although the reputation of all the promoters mentioned above is good, individuals may have to deal cautiously in these big projects.

    Although Maytas was an exceptional case, please read the link below to see, what happens to big projects and how people suffer, if the developer faces problems

    http://www.deccanchronicle.com/hyderabad/maytas-%E2%80%98hill-county%E2%80%99-plan-falls-flat-696

    Ravi your thoughts please.

    ReplyDelete
  2. What about Kumar builders project in Panchgani - Windsor Park. is it on track ? any buyers there?

    ReplyDelete
  3. some of my friends have bought flats in Kumar Shantiniketan. The possession was promised 1.5 years back. Nobody has got the possession yet in this scheme.
    Funds may be the issue ! I am not sure why a reputed builder like kumar builders will do something like this otherwise.

    ReplyDelete
  4. recently read that avinash bhosle is developing the tallest building in pune and got permission?

    kumar builders have permission for construction of 30 storey building? maybe they are just trying to advertise for sake of selling other projects ..

    ReplyDelete
  5. To,
    Office of Investor Assistance and Education /
    Investor Grievances and Redressal Division
    SEBI, Mumbai.

    Attn: Mr. B. Rajendran, GM

    Sub: Complaint and Objection regarding the IPO of M/s. Kumar Urban Development Ltd. , Pune

    Ref: Misleading advertisement-violation of Chapter IX – SEBI’S -DIP Guidelines on advertisement

    Dear Sir,
    This is in continuation of my previous letters of Objection for IPO of M/s. Kumar Urban Development Ltd. , Pune .

    Please be informed that M/s. Kumar Urban Development Ltd. , Pune have started misleading the General Public by installing hoardings all over the City as Pre-IPO Issue Advertisements and THUS have violated all the SEBI (DIP) Guidelines updated upto August 20, 2009 , the brief of violations is as under :
     The advertisement says that “A Vision with 76.86 million sq.ft. of Quality Consciousness” * and the * says as declared in DRHP. Pls note that in the DRHP 76.86 million sq.ft. Figure shown as 100 % to be Developable area which is their entire Land Holding on dt. 25th Sept. 2009. The Future salable area is 67.23 million sq.ft. only.





     This stated area in their Hoarding is misleading General as well as informed Investor as the Quality Consciousness doesn’t apply to their Land Holding Because in the same DRHP they have stated that there are various pending litigations for more than Half of their Entire Land Holding, thus they have violated the article 9.1.2 a as well as 9.1.3 a & b of SEBI’s DIP guidelines.
     Secondly they have also violated the Article 9.1.4. Of SEBI’s DIP guidelines by promising and Guaranteeing Rapid Increase in their profits by mentioning the area which neither has received any permission nor they have clear and Marketable Title of the Land at this moment in their Hand . Only God Knows what they have .
     The same Advertisement also states that “We Build Trust” which itself is misleading as they are Certifying themselves thus they have violated Article 9.1.9 & 9.1.10 of SEBI’s DIP guidelines .
     Further we have complained to you about the recently constructed two Commercial Projects and you will find that each and every customer of their have lost the Trust with the Builder. We have complained to you in detail as well as the Builder has also disclosed it in their disclosure.
     The Builder who have collected appr. 50 million Rupees as a one time Maintenance have also not disclosed any where is also a Breach of Trust. This we have complained to you earlier.

    It is crystal clear that they have violated all the Guidelines given by SEBI during the Pre-IPO Issue Advertisements .

    We therefore strongly request you to refrain M/s. Kumar Urban Development Ltd from misleading the General Public and Immediately remove all the Hoardings and don’t allow them to Raise Capital from the Primary Market and save Millions of uninformed small Investors all over the Country as well as request you to direct all the Credit Rating Agencies to evaluate the Company by visiting the Project Sites and then Give whatever Rating they seem fit.






    We have enclosed the Picture of the said Hoarding installed by M/s. Kumar Urban Development Ltd. , Pune as a proof for your ready reference.






    We will appreciate if you also provide us what stern action taken by your office in this regard.

    Thanks and Best Regards




    Habib Patel
    Shop No. 14, 15, 16 and 17
    Fun -N-Shop , Wanawari, Pune
    On Behalf of Following Shop Owners:
    Mr. Deepa Puruswani, Mrs. Namrata Purswani, Mr. Zulekha Furniturewala, Mr. Salam Shaikh,Volar Fashion , Ashok Kamble, Lakde Brothers, Mr. Rafiq Ismail Shaikh , Mrs Farida Patel and many Others

    ReplyDelete
  6. We have earned the trust of our customers with our constant efforts to deliver the best services. KUL is known for its integrity and fair deals. We at KUL are very transparent in our dealings & we ensure that the clients are well informed by a customer guideline created exclusively by us for every client individually so that they are well aware of the commitments made by us & to educate our clients on every aspect of the product. Clients can always reach us through our customer care helpline.

    We request you to not to pay heed to false accusations. Please feel free to contact us here Tel. : +91 (020) 40006000 /1/2/3, 26350065.
    Fax : +91 (020) 26330584.
    E-mail : sales@kul.co.in

    in case you want to clarify any issues. Or do provide your phone number and we will get in touch with you personally to solve any grievances as soon as possible. The road to 100% customer satisfaction has been with a huge learning curve for us, but I am glad that we have come out shining!

    ReplyDelete
  7. was just going thru ur blog and couldn stop noticing the comments. I somehow dont agree wid these guys, the thing i booked a flat with kumar shantiniketan in 2009 and I am currently residing in shantiniketan. My flat is pretty good and no major issues really with the construction aspect too. infact my family is quite happy wid the amenities and so r my neighbours...

    ReplyDelete
  8. I found your post is very informative. The article is professionally written and I feel like the author knows the subject very well.Keep it that way.
    http://www.realestateforsalemississauga.ca/

    ReplyDelete