Thursday, June 25, 2009

Why do builders in Pune not bother to give useful information to the property buyers?

For example, have a look at the mailer of Sunshine Hills at Undri, NIBM annexe ( Click the image to enlarge.

1) Telephone Numbers:

4 days ago, when i received the mailer i couldn't find any specific purpose.

When i called the given number, the person who took my call was very casual and told me that it was just a reminder about the project and gave me the telephone numbers of the site office of Sunshine Hills 020 3232 6999 and 020 6500 7692.

2) Names of the salespersons:

When i called the site office of Sunshine Hills, first i asked the names of salespersons and wrote them down so that i can start talking to them on first name basis whenever i call them in future.

Sunshine Hills has 4 salespersons. 1) Praful 2) Shekhar 3) Vijay 4) Nilesh

3) Property rates at Sunshine Hills:

The mailer talked about the budget but didn't mention that the current property rate is Rs. 2,300 per sq.ft. Which means that Sunshine Hills has increased the property rates by Rs. 100 since the launch.

4) Carpet Area of the flat:

In the mailer and on the website of Sunshine Hills there is no area statement and no carpet area, which is illegal. For example, see this plan of 1 bhk flat at Sunshine Hills:

5) Sanctions and approvals:

When project was launched it did not have the necessary sanctions but now, i was told that, project is sanctioned and they have received the necessary approvals which you must see before you book.

In the mailer builder only talks about approvals from the financial institutions because for him it mean he can get funds, disbursements of your loan, from the bank.

6) Progress of construction:

When the project was launched there was nothing on the site. The mailer also talks about, so called, concept of "Lifestyle Home" but doesn't tell you about the status of the construction at Sunshine Hills.

Out of 10 buildings at Sunshine Hills, i was told, the construction of 3 buildings has started. By the end of next month, July 2009, it will come up to the plinth level.

7) Payments and Agreement:

It means, if you book a flat in these buildings, the first disbursement of your home loan, 8 % of the agreement cost, would be due in the next month and you would start paying your Pre-EMI.

Booking amount at Sunshine Hills is Rs. 50,000 and for the agreement you have to pay 15% of the agreement cost and register it immediately. I was told that 4 -5 agreements of Sunshine Hills are already registered.

8) Sample Flat:

Now, you can see the sample flat when you visit the site.

9) Possession:

Possession of these 3 buildings is during Diwali of 2010. But what about the completion of the remaining project? God knows!

You finance the builder:

Builder is just the service provider. You pay him in advance and get the work done from him. Are you treated as a financier? I think, the property buyer is not even treated as a buyer. As a consumer, in Pune real estate market, you don't have any status and your rights have no value. When you accept this, why builders will bother to provide you useful and accurate information!

What say you? Doesn't this mailer give you clear signal of the treatment and quality of construction you are going to get at Sunshine Hills? Rate this mailer in the comments.

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