Saturday, November 7, 2015

Consumer Court Orders Krishna Properties & Krishna Developers from Viman Nagar, Pune to Refund 5 Lakh Booking Amount & Pay 25,000 as Compensation to the Flat Buyer

Consumer Court Cases Against Pune Builders:


File a complaint against a builder in consumer court

Pune district consumer disputes redressal forum has directed a developer from Viman Nagar to refund Rs 5 lakh, along with Rs 25,000 compensation, to a complainant for deficiency in service.

The forum held that the builder was liable for deficiency in service for not having started the construction of a residential project as per the schedule promised to the complainant, who had booked a flat in the scheme, and not returning the Rs 5 lakh booking amount.

A K Singh, proprietor of Krishna Properties and Krishna Developers, must return Rs 5 lakh and pay Rs 25,000 as compensation to complainant Subhas Das within six weeks from October 29 when the order was issued by the forum.

Das had booked a flat in December 2012 in the `Vridavan' apartment scheme. Between December 6, 2012 and January 4, 2013, Das issued five cheques to the builder, who assured him that construction would begin in January-February 2013. The cheques were of varying amounts, totalling Rs 5 lakh The construction work, however, did not begin as per schedule and Das started pursuing the matter with Singh. The latter kept evading Das, who then asked for the refund.

On October 14, 2013, the builder issued a cheque of Rs 5 lakh but it was returned by the bank due to insufficient balance. Later, Das moved the consumer court by filing a complaint alleging deficient service that resulted in mental and physical agony. He not only demanded Rs 5 lakh refund with interest at 24% pa but also demanded Rs 10 lakh compensation towards physical and mental agony .

The builder failed to respond to the forum's notices following which it decided to proceed ex parte against him. It relied on documents like the affidavit, the Pune Municipal Corporation's sanction to the building plan for the scheme, receipts issued by Singh against cheques given by Das towards the booking amount, bank statements of the complainant and the cheque issued by Singh which was returned by the bank, while passing the order of refund and compensation. Forum refund prod to builder

Related Stories:


Related Stories:


5) Consumer Court Orders Bhujbal Brothers Construction Company to Return Booking Amount to the Flat Buyer

4) Bhujbal Brothers & Vatika at Balewadi Pune - Share Your Experience - First Time Home Buyers Can Learn a Lot from Your Experience!

3) Consumer court forces real estate company to return money to investors

2) Consumer court orders builder to pay residents Rs 1 lakh compensation for completion certificate delay

1) Builder-Buyer Agreement not the final word

Ask Ravi Karandeekar:


If you want to ask me, feel free to call me on 919860044110.  First 3 minutes are free! And for more than 3 minutes - pay as you wish - you decide the value of my advice.

Of course, for a serious discussion, better fix an appointment at a time convenient to both of us. So that we can have uninterrupted & in depth discussion on my mobile (919860044110)
- on Video Hangout on Google+
- or on Skype (ravikarandeekar) .

For more than 3 minutes and up to 30 minutes - pay as you wish. After the conversation - transfer the money to my bank account. As much as you wish. From a few hundred to a few hundred thousand crore of U S Dollars or Indian Rupees. Here are my bank account details:

Ravindra Karandeekar,
Bank of Maharashtra.
Savings A/c no- 20047674794.
Branch- Bajirao Road Pune MICR Code 411014010.
IFSC- MAHB0000001

Friday, November 6, 2015

Consumer Court Orders Bhujbal Brothers Construction Company to Return Booking Amount to the Flat Buyer

Consumer Court Cases Against Pune Builders:


Consumer Court Orders Bhujbal Brothers Construction Company to Return Booking Amount to the Flat Buyer
Click to Visit Original News about Bhujbal Brothers v/s Nobina Banerjee

Pune District Consumer Forum has ordered Bhujbal Brothers Construction Company - www.bhujbalbrothers.com - to return - the agreed amount - Rs. 14,14,790 - the booking amount plus interest - paid against the flat in Vatika at Balewadi - alongwith Rs. 50,000 for compensation & court case expenses to the flat buyer - Nobina Banerjee.

In May 2012, Nobina Banerjee paid Rs. 10,76,727 as a booking amount to the builder. However, the flat booking was cancelled. The builder agreed to pay Rs. 14,14,790 - the booking amount with interest.

However, Bhujbal Brothers Construction Company's cheques were dishonoured by the bank. So, Nobina Banerjee filed case against Bhujbal Brothers in the consumer court.

However, Bhujbal Brothers Construction Company ignored the court notice. So, in the absence of the builder, Pune District Forum gave the judgement based on the documents presented by the flat buyer.

Congratulations, Nobina Banerjee!

Related Stories:


4) Bhujbal Brothers & Vatika at Balewadi Pune - Share Your Experience - First Time Home Buyers Can Learn a Lot from Your Experience!

3) Consumer court forces real estate company to return money to investors

2) Consumer court orders builder to pay residents Rs 1 lakh compensation for completion certificate delay

1) Builder-Buyer Agreement not the final word

Ask Ravi Karandeekar:


If you want to ask me, feel free to call me on 919860044110.  First 3 minutes are free! And for more than 3 minutes - pay as you wish - you decide the value of my advice.

Of course, for a serious discussion, better fix an appointment at a time convenient to both of us. So that we can have uninterrupted & in depth discussion on my mobile (919860044110)
- on Video Hangout on Google+
- or on Skype (ravikarandeekar) .

For more than 3 minutes and up to 30 minutes - pay as you wish. After the conversation - transfer the money to my bank account. As much as you wish. From a few hundred to a few hundred thousand crore of U S Dollars or Indian Rupees. Here are my bank account details:

Ravindra Karandeekar,
Bank of Maharashtra.
Savings A/c no- 20047674794.
Branch- Bajirao Road Pune MICR Code 411014010.
IFSC- MAHB0000001

Wednesday, November 4, 2015

Home loan tips for first time home buyers

Five hacks to save money on a home loan:


Home loan tips for first time home buyers

If you already have a mortgage or are planning to avail of one soon, you are obviously confident of your finances, but a few tips to save money on your home loan couldn't hurt, right? Read on to find out more!

1) Check your CIBIL score and CIBIL report -
Once you are brandishing a CIBIL score of 750 and above you can go about home loan shopping.

2) The pre-purchase drill -
Make sure that you are aware of all the home loan features and the several fees and charges such as the processing fee, switching and pre-payment costs.

3) Negotiation is a powerful tool -
A high CIBIL score gives you the power to negotiate, so make sure you make optimum use of the same.

4) Make a higher down payment -
A higher down payment will substantially reduce your EMI burden, so it is definitely worth your best shot!

5) Pay the same EMI despite a falling interest rate regime -
If you keep paying the same EMI, you shall end up saving on your interest payment component and will have saved money in the long run.

Click to Read More

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5) Evaluate No Pre-EMI till Possession (20-80) or (10-80-10) Payment Scheme

4) Where to invest in Pune - Wagholi, Marunji or Narhe?

3) Should I Buy a 1 BHK at Pimple Saudagar or a 2 BHK at Pirangut?

2) Should I buy a 1 BHK Flat for my parents in Playtor at Paud?

1) Should I invest on Porwal Road in Lohegaon?

Tuesday, November 3, 2015

How are home loans being given by banks going up?

There is no real time data coming out on Indian real estate which can be used to estimate which way are the real estate prices are headed:


There is no real time data coming out on Indian real estate which can be used to estimate which way are the real estate prices are headed - (Image - chennairealty.biz)

Every month, the Reserve Bank of India (RBI) declares the sectoral deployment of credit data. This provides details of the different kind of lending carried out by banks. One of the data points that the RBI shares is the total amount of home loans given by banks.

The latest data was released on October 30, 2015. As per this data, between September 19, 2014 and September 18, 2015, banks gave out home loans worth Rs 1,04,135 crore. This forms 21.6% of the total lending carried out by banks.

How was the situation a year earlier? Between September 20, 2013 and September 19, 2014, banks had given out home loans worth Rs 75,058 crore. This formed around 16.5% of the overall lending by banks.

So what does this tell us? Between September 2014 and September 2015, the banks gave out a greater amount of home loans both in absolute as well as proportionate terms, in comparison to the period between September 2013 and September 2014.

So far so good.

Now compare this to the news that you keep hearing about real estate companies sitting on huge number of unsold homes. If that is the case then how are home loans being given by banks going up?
Read more at - RBI needs to answer some questions on home loans

Related Story:

1) RBI move on loan-to-value ratio to cut down home loan rates: Crisil

Consumer court forces real estate company to return money to investors

Possibly a first-of-its-kind order by a consumer court:


File a Complaint Against a Builder in Consumer Court

In its order, the New Delhi Consumer Disputes Redressal Forum had imposed penalty of imprisonment for three years under the Consumer Protection Act, 1986, on Madhu Singh, director of the company for failing to satisfy the decree order passed by the Forum.

The Forum had recently compiled all claims against the erring company and has ordered part-payment, to begin with, of amounts paid by them from money collected through sale of assets of the company. - Click to read more

Related Stories:


3) FIR lodged against builder for duping customers

2) Consumer court orders builder to pay residents Rs 1 lakh compensation for completion certificate delay

1) Builder-Buyer Agreement not the final word

Monday, November 2, 2015

Should I invest on Porwal Road in Lohegaon?

Could a frog turn into a prince?


Porwal Road Lohegaon

I own a 2 BHK Flat at Baner. I want to invest in second property. I liked one property on Porwal Road at Lohegaon. A 2 BHK for 45. Builder told me that, soon, Lohegaon will be merged in PMC. What are your views on the development prospects of this area - in the next 5 years? How much appreciation can I expect? Sandeep Patil (name changed) asked me on 91 98600 44110.

Let us first confirm whether I have understood your question. If you keep your 45 Lakhs - today - in a bank FD - for 60 months - according to HDFC Bank calculator - on 2nd November 2020 - you will get 65,73,187 - but, you are sure - you will get more than 65,73,187 - if you invest in a property on Porwal Road in Lohegaon - and you are curious to know how much more than 65,73,187. Right? I asked.

No. I was not comparing it with the bank FD. I can't keep in FD which I don't have. I only have 20. Not 45. Said Sandeep.

Only 20! Then - how can you invest 45 in a property? I asked.

Home loan! Sandeep said.

I am confused. What are you exactly upto? Do you want to invest or do you want to create a debt - liability? I asked.

I want to invest. Sandeep said.

Good! And you can invest. Your 20 lakh. But, certainly, not 45. Because you don't have 45. Means - you can't invest in a property on Porwal Road in Lohegaon. I said.

What if I have? Will it give me good appreciation? What are your views? Without trying to hide his irritation - Sandeep asked.

Hypothetical question! If you had 45 - my guess is - you would not have considered Porwal Road in Lohegaon. Am I right? I asked.

Who are you? Mind reader? Sandeep asked in an irritated voice.

No I am not. There was no need to read your mind. You yourself told me. You asked - if I kissed this frog will it turn into a prince? I said.

What about you? Are you a property investor or a frog kisser?

Ask Ravi Karandeekar:


If you want to ask me, feel free to call me on 919860044110.  First 3 minutes are free! And for more than 3 minutes - pay as you wish - you decide the value of my advice.

Of course, for a serious discussion, better fix an appointment at a time convenient to both of us. So that we can have uninterrupted & in depth discussion on my mobile (919860044110)
- on Video Hangout on Google+
- or on Skype (ravikarandeekar) .

For more than 3 minutes and up to 30 minutes - pay as you wish. After the conversation - transfer the money to my bank account. As much as you wish. From a few hundred to a few hundred thousand crore of U S Dollars or Indian Rupees. Here are my bank account details:

Ravindra Karandeekar,
Bank of Maharashtra.
Savings A/c no- 20047674794.
Branch- Bajirao Road Pune MICR Code 411014010.
IFSC- MAHB0000001

Friday, October 30, 2015

What is Transit Oriented Development?

Transit oriented development: Game changer in real estate:


Transit-oriented development (TOD)

Transit-oriented development is a fairly new model of community development.

Essentially, it involves developing residential and commercial spaces as well as retail, healthcare and entertainment facilities in a manner that puts all of them within easy reach of the inhabitants.

The standard equation that is applied in transit-oriented development is that all developments must be within half a mile of good quality public transportation, or within a walkable distance.

Transit-oriented development brings many benefits with it:




Inhabitants of transit-oriented development areas can reach their places of work easily and with minimal transit, and likewise get back home faster.

This allows for more time spent with the family, which incrementally boosts well-being.

With significantly reduced commuting in transit-oriented developments as opposed to normal urban areas, pollution within the neighbourhood reduces drastically, leading to better health of the inhabitants.

Reduced traveling leads to increased household savings, and therefore better economic well-being.

In fact, people can choose to dispense with maintaining cars and two-wheelers altogether and rely solely on public transportation.

As a combined result of the above, both housing and commercial spaces in transit-oriented developments command a much higher demand than in normal urban areas - and therefore superior investment potential. Click to Read More

Thursday, October 29, 2015

If a builder promises assured returns, ignore the offer

Beware of builders that promise guaranteed returns, especially in commercial property. It’s a false promise:


No such thing as assured returns in realty

Basic things to look at while investing in any avenue are — risk, returns, time horizon, and the exit route.

Though such schemes (guaranteed - assured returns) offer high returns,
but at the same time,
risk is higher,
investment tenor is longer and
exit is also difficult.

Moreover, an exit may mean paying a heavy penalty.

Real estate has always been an integral part of investment portfolios,
but to benefit from it, one needs to be careful.

Given the current market conditions, it is advisable to invest in completed projects, be it commercial or residential.

And if a builder promises assured returns, ignore the offer.

No such thing as assured returns in realty

Related Story:


1) What!? Is Landson Realty's 'Wood County' an Illegal 'Collective Investment Scheme'?

Real Estate Channel 'Magicbricks Now' Launched

Magicbricks Now To Go On Air from November 1, 2015:


Real Estate Channel 'Magicbricks Now' Launched

Media firm Times Network today announced launch of a new real estate and property channel Magicbricks Now, which will go on air from November 1, 2015.

The channel would target viewers in the 25 to 50 years age group, who are interested to buy, sell or rent real estate properties, the company statement said.

The channel would be distributed on DTH and cable platforms which carries Times Network. Read more at:

Marquee channel programmes include The Property Guide, The Home Buyer's Guide, Property Hotline, The Interiors Show, The Vastu Show, Real Estate Tycoons, and The News every hour. Read more at

Related Story:


1) Buying a Flat in Pune, Tips & Precautions in Hindi by Grahak Panchayat:

Wednesday, October 28, 2015

Evaluate No Pre-EMI till Possession (20-80) or (10-80-10) Payment Scheme

Know the home buying schemes well, before opting for one:


Know No Pre EMI EMI after Possession Offer

In this scheme the property is being bought with the home loan, the EMIs are on account of the buyer.

The buyer's credit history is at stake if for some reasons the project is delayed way beyond scheduled date.

In some scenarios the EMIs will kick in at the scheduled date even though the house or apartment is not ready.

Remember it’s a tripartite agreement between the buyer, bank and the builder. And the buyer is bound to start the EMIs even if the apartment is not delivered by the scheduled date as per the builder-buyer agreement.

This compounds the problem of the buyer due to his additional cash outflow, arising owing to EMIs. He continues to pay the rent for the house where he lives.

The purchased asset that is property in such circumstances cannot be sold (for obvious reasons) and buyer's inability to exit the project creates the financial stress.

Any default due to inability of the buyer to pay EMIs hurts his credit score and loan eligibility in future.

In these schemes buyer must also watch out for the interest being offered to him by the bank.

Is it close to the market rates?

Is it changing as per the RBI interest rates if floating interest rate option is chosen?

One must also scrutinize the loan agreement for the interest rates that will be levied on his home loan after the unit is delivered to the buyer.

Also one must note that the buyer will lose the pre-construction interest benefit if the construction phase has gone beyond three years;

So in-effect the No-EMI scheme until possession can become a trouble in buyer’s financial life if not assessed for risks it carries. Read More

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3) Aditya Vilas Javdekar Invites You to Rob a Bank

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1) Buying a Flat in Pune, Tips & Precautions in Hindi by Grahak Panchayat:



Tuesday, October 27, 2015

Is Indian Real Estate 'Too Big to Fail'?

Those expecting an overnight crash any time soon will be disappointed:


 Over 7 lakh unsold homes in eight major cities including Delhi NCR, Mumbai, Bengaluru, Pune, Kolkata, Chennai, Hyderabad and Ahmedabad

There are simply too many vested interests in real estate to allow it to slip into panic-led chaos.

Politicians, real-estate developers, banks, NBFCs– all of them have too much at stake.

Then there are hard-working, salaried employees paying EMIs.

This is an industry which reaches a majority of India’s population.
Like Wall Street in the USA, India’s real estate industry is too big to fail.

At worst, it might see a Lehman-like moment.
A few builders will vanish but, as Wall Street figured out, a few casualties – like a Lehman or an AIG – are acceptable collateral damage in the overall scheme of things.

But the Government will cobble together a bail-out of sorts. Builders will be rescued, homes will be saved.
Read more at - Real estate is dead, long live real estate

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Sunday, October 25, 2015

Property Buyers' - Wait & Watch Policy - is Stagnating Pune Real Estate Market - Rohit Gera

About 21% of the delayed real estate projects in India are in Maharashtra:


Rohit Gera, vice-president of the Confederation of Real Estate Developers Association of India (Credai) Pune Metro

“This year, we have hardly seen any major real estate project launches on Dasara. The demand is lukewarm. Consumers are waiting for a cut in lending rates which will improve their loan eligibility and get them a better deal. Till that happens, a lot of launched projects too will suffer," Rohit Gera, vice-president of the Confederation of Real Estate Developers Association of India (Credai) Pune Metro, said.

Gera said that timely delivery of properties is affected by long-drawn approvals process.

Labour issues and cash crunch are add ons - Gera added.

- Assocham paints gloomy picture for realty

Related Stories:


1) Delayed Possession of Flat....Stalled Project....What can Pune property buyers do? The Case of Sanklecha Mango Woods, 2 BHK Homes at NIBM, Kondhwa, Pune

2) Unhappy & Stressful Home Life - Reasons Revealed -Pune Builders Protest March Against Corruption - It's all about our own home - our own money - our own servants

Saturday, October 24, 2015

Identify & Avoid Property Scams

3 Red Flags to Help You Spot Property Scams:


Identify & Avoid Property Scams

An unusually attractive offer should make you extra cautious and prompt you to cross-check details. Here are three red flags you should watch out for before putting in your money.

Red Flag 1 : Sounds Too Good to be True -

An inherent characteristic of a scam is that it will promise unreal returns or “exciting” offers. Instead of getting excited about it, become extra careful.

Red Flat 2 : Builder is in a Tearing Hurry -

Is your builder in a hurry to close the deal? A developer or builder who has intentions to cheat will show an urgency to sell the property and will encourage you to make the down payment right away.

Red Flag 3 : No Clarity on Documentation -

In a genuine transaction, you will have to sign a set of documents, including title deeds, agreement of sale and so on to legitimatize the deal. Fraudsters, however, will urge you to go ahead and send them the money without signing any paperwork.

Click to Read More

Related Story:


1) What!? Is Landson Realty's 'Wood County' an Illegal 'Collective Investment Scheme'?

2) Buying a Flat in Pune, Tips & Precautions in Hindi by Grahak Panchayat:





Friday, October 23, 2015

No Rule to Punish Builders Who Refuse Flats

Housing Discrimination Against Non Vegetarians:


Housing Discrimination

The Brihanmumbai Municipal Corporation (BMC) has thrown its hands up over taking action against builders who are allegedly refusing flats to non-vegetarians.

While the civic body has said it does not have any provision in its rules to do so, the Maharashtra Navnirman Sena (MNS) has demanded that a law be enacted to prevent such acts. Failing to do this, it would take law in its own hands, threatened the party.

On the backdrop of reports of flats being refused to non-vegetarian people by some builders, MNS group leader Sandeep Deshpande had demanded that the BMC should not issue intimation of disapproval (IOD), commencement certificate (CC) and water connection to such developers. An IOD is approval of civil plans, while the CC authorises a developer to undertake the construction. Read more

Related Story:


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Thursday, October 22, 2015

6 Things Your Builder Can`t Do

Tips for First Time Home Buyers:



Did you know about these 6 things your builder can't do but still does?
1) Charging for the Parking / Open Space
2) Delay in Handing Over the Possession
3) Delay in Completion of the Project
4) The Wide Chasm between the Promised and the Delivered
5) Bounced Refund Cheques
6) Denial of Basic Amenities
Click here to read more

Related Stories:


1) Buying a Flat in Pune, Tips & Precautions in Hindi by Grahak Panchayat:



2) Visit Pune Property Exhibition on 23rd - 25th October 2015



Wednesday, October 21, 2015

Consumer court orders builder to pay residents Rs 1 lakh compensation for completion certificate delay

Consumer Court Cases Against Pune Builders:



The additional district Consumer Disputes Redressal Forum has ordered city-based developer Balaji Constructions to pay a compensation of Rs 1 lakh to a housing society at Rahatani, along with litigation costs, for its delay in providing a completion certificate to flat owners.

Not just that, the forum took it a step further by asking the promoter to raze an illegal construction built by one of the members inside the society, for its 'deliberate' negligence.

In the order passed last week, the forum also directed Balaji Constructions to provide a completion certificate and conveyance deed within six weeks from the date of the order.

In case of failure, the developer must pay Rs 3,000 additionally to the society per month.

Nirmaladevi Heights Co-operative Housing Society's representative, Dinesh Raghunath Rokde, filed a petition in June 2013 against Balaji Constructions from Kalewadi Road in Rahatani. Click Here to Read More

Related Story:


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Tuesday, October 20, 2015

Builder - Buyer Agreement Not the Final Word

Path Breaking Judgement of National Consumer Disputes Redressal Commission:


National Consumer Disputes Redressal Commission passed order for higher compensation for property buyers in a delayed project - ruling that builder buyer contract is not sacrosanct any more.



Related Story:


Delayed Possession of Flat....Stalled Project....What can Pune property buyers do?
The Case of Sanklecha Mango Woods, 2 BHK Homes at NIBM, Kondhwa, Pune:


Wednesday, July 8, 2015

Where to invest in Pune - Wagholi, Marunji or Narhe?

Best locations in Pune for property investment:


From Panchshil to Playtor - Pune builders are struggling

When from Panchshil Towers behind EON IT Park at Kharadi to Playtor at Paud and Godrej Prana at Undri to Xrbia Eiffel City at Chakan are finding it difficult to sell their flats at the current property prices - nobody is thinking of investing for earning property appreciation in Pune real estate market in 2015. I was sure.

But I was wrong. Mr. Sujay asked me - Which is better area to invest - Wagholi, Marunji or Narhe?

If you ask someone working in Hinjewadi IT Park - he will tell you - Marunji is the best location to invest.
If you ask someone working in Kharadi - he will say - Wagholi has more potential for appreciation.
If you ask a Maharashtrian Punekar - he will tell you to invest in Narhe.
I told Mr. Sujay.

What does Ravi Karandeekar - Pune real estate investment adviser say? Asked Mr. Sujay.

Better ask the builders who have under construction projects in Wagholi, Marunji & Narhe! I said.

I asked. Those builders who have projects in Wagholi - claimed that Wagholi will give better appreciation. The builders in Marunji told me that Marunji is the hot investment destination in Pune. Properties in Narhe give better rental income & price appreciation - claimed builders in Narhe. Every builder claims that his location is the best. I am confused. Said Mr. Sujay.

Why don't you search 'Where to invest in Pune' on Google? I asked.

I did. Most of the articles suggest that all fringe villages of Pune are good for investment. But I want to know- in 2015 - which is the best location in Pune for investing. What is your opinion? Said Mr. Sujay.

The property buyers have their preferences & beliefs. The builders want your your money to build their projects. All of them - the property buyers, builders & media - earn - benefit - from promoting these locations. What am I going to earn - to benefit - by recommending any location? I asked.

That's why I am asking you! I am sure you will give me unbiased opinion. Said Mr. Sujay.

Thanks for the compliments! But, you know what? I only answer intelligent questions. At this point of time, when every builder is finding it difficult to sell his flats at the current property prices - any question about investing for appreciation in Pune real estate market is not an intelligent question. I said.

What say you? Is this the right time to invest in Pune? Please, share your views in the comments.

Ask Ravi Karandeekar:


If you want to ask me, feel free to call me on 919860044110.  First 3 minutes are free! And for more than 3 minutes - pay as you wish - you decide the value of my advice.

Of course, for a serious discussion, better fix an appointment at a time convenient to both of us. So that we can have uninterrupted & in depth discussion on my mobile (919860044110)
- on Video Hangout on Google+
- or on Skype (ravikarandeekar) .

For more than 3 minutes and up to 30 minutes - pay as you wish. After the conversation - transfer the money to my bank account. As much as you wish. From a few hundred to a few hundred thousand crore of U S Dollars or Indian Rupees. Here are my bank account details:

Ravindra Karandeekar,
Bank of Maharashtra.
Savings A/c no- 20047674794.
Branch- Bajirao Road Pune MICR Code 411014010.
IFSC- MAHB0000001

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7) Eagle's Nest Tour

6) Dwarka Darshan

5) Pune Property Buyers, Hurry! Turn Your Home into Private Prison Cell

5) Are Pune property buyers so dumb?

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3) Pune real estate market has crashed - true or false?

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1) A Flat against PDC - PDC De Do, Flat Le Lo!

Thursday, January 15, 2015

Should I buy a 1 BHK Flat for my parents in Playtor at Paud?

Beware of Your Parents:


Stall of Playtor at Paud in Credai Pune Metro Property Exhibition 2015

"At the CREDAI Pune Metro Property Exhibition 2015, I visited the stall of Playtor Childspaces (www.playtor.in) by Brick Eagle & Sangam Group. At their project Playtor at Paud, I can get a 1 BHK Flat of 275 sq.ft. carpet area for Rs. 9,99,999 + Stamp Duty, Registration, VAT & Service Tax. Ravi Karandeekar, should I buy this flat for my parents?," Shravan asked me.

"Playtor at Paud - for your parents! How old are your parents, Shravan? Playtor is a child centric township. Not senior citizens homes," I asked.

"My father is 60 & mother is 50 year old. I am from a small village in Vidarbha. Last couple of years, because of severe drought in our area, my parents are staying with me at Pimple Saudagar - in a rented flat. I am working in Hinjewadi, but, soon, I am going to USA for post graduation. Before going abroad - I want to buy a flat for my parents. Since, my budget is small - I am considering Playtor at Paud," said Shravan.

"Shravan, you are calling me because you want to know two things - 1) Is it worth booking a flat in Playtor at Paud? 2) Is this project suitable for your parents? Right?," I asked.

"Yes! I want to know whether it is safe to book a flat in Playtor and is it a right project for my parents," said Shravan.

"First let us consider the suitability. Shravan, you are working in IT. You must be earning well. If you were not going to USA, would have you considered this project for yourself?," I asked.

"Certainly, not!," said Shravan.

"Right! Because in that scenario -  you would have thought that Playtor is a downmarket project!," I asked.

"Yes, of course - I deserve a better home than this!," said Shravan.

"Then - a home which is not suitable for you - how can it be suitable for your parents? Don't you think that they deserve better?," I asked.

"Yes, they do - but I don't have a big budget!," said Shravan.

"If you believe that your parents deserve a better life - a better home - budget is not a problem! They can continue to stay in your rented flat even after you go to USA. Don't you think that your parents would be more comfortable - more safe & more happy at Pimple Saudagar than Paud?," I said.

"I told them the same - you continue to stay here - I will buy a flat after I come back from USA. But, they are worried - what if I don't come back - or stay for long in USA - so, my parents say - Better buy a flat for us and then go - come back whenever you want - we won't mind - they feel uncomfortable to stay in a rented flat - you know? I forced them to leave our ancestral home in the village and come to stay with me at Pune - they were not at all ready to come," said Shravan.

"If they find it so uncomfortable to stay in a rented flat - after you leave for USA - they can go back to your village! They would be quite well off - in your ancestral home  - among your relatives - at your village! Isn't it?," I said.

"But, now, they don't want to go back to the village. They want to settle down in Pune," said Shravan.

"What about you? What do you want?,' I asked.

"What choice do I have? Who am I to say - No. Go back to the village - How can I say so - you know? 10 lakhs is their money - they sold a piece of land for 30 lakhs - gave that money to me to buy a home - in fact - I wanted that money to pay for my post graduation in USA - now, I have decided to take an education loan of 26 lakhs - because of that - like my colleagues - I have to work in USA for 3 - 4 years and come back to Pune - only after I repay the education loan!," said Shravan.

"Are you complaining? Do you think - not giving money for your post graduation is - unfair - injustice?," I asked.

"Yes - initially - I thought so - but, not now - my parents have done so much for me - I don't have a right to keep on demanding from them forever - now, I can take my responsibility - now, I am an adult - not a child - anymore," said Shravan.

"Yes. Now, roles are reversed. You are an adult. But your parent are behaving like a child. They are trying to  fulfil their life long fantasy of living in Pune. Better be a strict adult and tell them to go back to your village. Tell them - Pune is no longer a city of pensioners!," I said.

"I told them! But - you know what they said? Don't worry - we can sell last few acres and get 30 lakhs more!," said Shravan.

"Are you really going to USA for post graduation or are you running away from them?," I asked.

"They ask the same question!," said Shravan.

For a few moments - both of us didn't say anything.

"Whatever! By the way, what is your opinion about the project?," breaking the silence Shravan asked.

1 BHK Flat in Playtor Potty Homes at Paud, Pune

"I call this project Playtor Potty Homes at Paud. Yes, it's one of the revolutionary architectural concepts by Hafeez Contractor. Geras also have come up with child centric homes in Kharadi. But Playdor Potty Homes at Paud are the true child centric homes. Because, after giving birth - potty training is the most important responsibility of every parent. This 1 BHK Flat is designed around potty training. That's why toilet is attached to living. So, when the parents are at home - at Playtor Potty Homes at Paud - they can spend most of their time not in front of TV but giving potty training to their child. Though the children are at the center - Hafeez hasn't ignored the adults. In this flat, when the parents will invite their relatives, friends, colleagues no one will ask - "Susu Karne Ki Jagha Dikha Do!," I said.

"Yes! The placement of the toilet is quite odd!! You know? As per Vastu Shastra - placement of a toilet in a home is important for your health & wealth!," said Shravan.

"But, Playtor Potty Homes at Paud are for the children of a lesser God - these are affordable homes - homes for lesser human beings - who bothers about heath or wealth of the people how have less money?," I said.

"What about the builder?," Shravan asked.

"What about the builder - at present the builder has developed only one property - web property - the website - and the builder has proved his marketing & advertising expertise - that's all! People with less property purchasing power are the soft targets of the politicians, builders & scamsters!,' I said.

"Do you mean that it's a risky offer?," asked Shravan.

"Risky? Have you checked whether it has all sanctions & approvals - including environmental clearance?," I asked.

"No!,' said Shravan.

"No? Better go to your parents & ask them - why didn't they send you to school?," I said.

What say you?
What should Shravan do?
1) Should let his parents stay in his rented flat
2) Buy a flat for them at Playtor Potty Homes at Paud
3) Convince them to go back to their village and come to stay with him when he returns from USA
4) Take 30 lakhs from the parents and never come back

And, what about you?

Are your parents behaving like a child?
Are your parents not ready to live rest of their lives in your hometown?
Are your parents insisting on shifting with you in Pune? Are - both of you  - okay with it?
Are your parents ready to go to any extent to fulfil their lifelong fantasy of living in Pune?

Please, share your views in the comments!

Ask Ravi Karandeekar:


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