RAVI KARANDEEKAR'S BLOG - VENKATESH LAKE VISTA
Generally, a typical builder in Pune takes your money, somehow constructs a flat and lets you live in it. But - as long as - he can, a typical builder avoids giving you true ownership of your home. Yes! A typical builder insists on signing an agreement to sale. Only because, banks give money against this legal document. Otherwise, a typical builder avoids all legal & municipal formalities. Most of the home buyers do not know that, in simple terms, an agreement to sale is just an engagement - an exchange of rings - a promise to marry. Not a marriage! In real estate, "Conveyance" is the "Marriage". After the conveyance, you become a true owner of your flat and of the land on which your flat is constructed.
Result is, today, most of the home buyers are not true owners of their homes in which they are living. They are paying equal monthly installments - EMIs - of a flat - which is not theirs. Their builder is the actual owner. Without conveyance - the transaction is not complete. The 'engagement' - a promise to marry - is not fulfilled. They are living in a home - not as legally married. It's just a 'live-in relationship'.
However, yesterday, I met a builder who doesn't force 'live-in relationship' on his property buyers. He believes in legal relationship. In Marriage. In conveyance. Your complete ownership of your home!
The name of this builder is Mr. Ankush B. Asabe. He is the founder and promoter of Shree Venkatesh Group (www.venkateshbuilders.com). Yesterday, I met him at Venkatesh Lake Vista at Ambegaon in PMC limits.
Venkatesh Lake Vista - Club House After witnessing "real estate gaming" at Lake Shire, I wanted to visit a project where homes are constructed to raise a family and live happily ever after. When I told this to Manoj Adkar of Media Vinspa, my friend and leading real estate branding consultant, he said,"Let us visit Venkatesh Lake Vista at Ambegaon! They have ready for possession 1 BHK, 2 BHK & 3 BHK Flats for sale!!" "Yes! I am very much interested in visiting Lake Vista!! It was looking beautiful from Jambhulwadi Lake!! Constructing around 670 flats in less than 30 months from the launch is awesome. Let us go!," I said.
"Why do you always have ready for possession flats?," I asked, what I always wanted to ask Mr. Ankush Asabe. "Because, that's our business model! We construct as per our construction schedule. For example, at the launch of Lake Vista, we opened booking of only 4 buildings - but we started construction of all 12 buildings!," said Mr. Ankush Asabe. "But what about funds for construction?," I asked.
"We don't divert funds. Use all funds generated from the sale to develop the same project. Not to buy a land for the next project! Plus, we invest our own funds - raise project finance - target is to complete the project efficiently," said Mr. Ankush. "Financially sound builders have realized the benefits of selling ready possession properties! God knows when the property buyers will stop booking and start buying ready for possession flats!," I said. "Looking at the response to Lake Vista & Sharvil - I feel that the buyers - actual end users - have realized the benefits of buying ready possession flats - no VAT - no Service Tax - is big saving. Avoid paying rent + pre-emi is a big relief. Considering the safety and comfort - they find my ready possession property prices reasonable!," said Mr. Asabe.
"What about you? You must be earning windfall appreciation by selling ready for possession flats!," I asked. "We look for reasonable profits - not for 'windfall' - our property prices prove this - 1 BHK for 35 Lakhs, 2 BHK for 45 - 49 Lakh, 3 BHK for 63 - 66 Lakh at Lake Vista - our job is to complete the ongoing project and start the next - you can see it in our 'declaration deed' - we do the 'sale deed' of every flat - give the ownership of the flat - proportionate area of the land - not only that - the balance FSI and the rights of any future FSI - to every flat buyer. We only keep rights on the roads - otherwise - we give away all rights to the flat owner - along with completion certificate," pointing at the respective pages in the sale deed, Mr. Asabe said. "It means that every flat owner at Lake Vista becomes a true owner of his home! This is overwhelming - beyond expectations - so must be an unbearable experience for the buyer," I said. "Memorable experience - look at those people - they are my old customers - are here to give me Gudhi Padwa wishes!," Mr. Ankush Asabe said.