Monday, August 27, 2012

PUNE PROPERTY PUZZLE - Are You Thinking of Buying a Resale House


REAL ESTATE and REALTY
ARE YOU THINKING OF BUYING A RESALE PROPERTY IN PUNE
Musings of a Clueless Novice Self-Styled Property Guru Part 15
By
VIKRAM KARVE

A few days ago I met a friend of a friend (a passing acquaintance whose name I don’t not even know) during my morning walk in Wakad with my pet dog Sherry.

“How come you are here?” I asked him.

“We’ve moved in to our new house in Wakad,” he said.

“Congrats,” I said.

“What congrats?” he said sarcastically, “the house is in terrible shape. Things are broken, tiles are cracked, electrical switches are defective, bathroom fittings don’t work, there is seepage in the walls and the quality is terrible.”

“But it is a brand new house,” I said, “surely you can take it up with the builder.”

“I did. But the builder said that since it is a resale house, there is nothing they can do about it.”

“Resale House? But how is that possible. Your house is brand new. In fact, when I met you last time and you told me you had bought the house, the building was still under construction.”

“You are quite clueless, aren’t you?” he said, and then he explained, “most of the property out here in Wakad is bought by investors at pre-launch or soft launch stage, and as the construction progresses and property prices start rising, they sell it off and book their profits. That’s how I bought the flat from an investor.”

“I didn’t know all this, but the guy seems to be more like a speculator rather than investor,” I said, and then I asked him, “So what is the problem? There must be some sort of warranty on a brand new flat.”

“I told the builder all this, but the builder is saying that since I did not directly purchase the flat from him, I should contact the original owner from whom I bought the flat in case I had any problems. The builder says that as far as he is concerned, they have an agreement with the original owner who bought the flat from them, and they have nothing to do with me.” 

“So why don’t you contact the original owner and ask him to get your house repaired?”

“The original owner is an NRI living abroad in America. Like you said, he was a just a speculator who wanted to make a quick buck and now that he has made his profits, he is least interested – he says, that as far as he is concerned, the deal is done and now it is my problem, and he has asked me to sort it out myself,” the hapless man said.

Suddenly, his office bus came, so he got in and left.

As I told you, I am quite clueless about all this, and maybe, if you are a genuine Real Estate Expert or an authentic  Property Guru, please do enlighten us on this topic.

As far as I am concerned, the Moral of the Story is quite clear:

If you are purchasing a brand new house, it is best to buy it directly from the builder

Do you agree? Please comment and tell us your views and about your real estate experiences too.

VIKRAM KARVE 
Copyright © Vikram Karve 2012
Vikram Karve has asserted his right under the Copyright, Designs and Patents Act 1988 to be identified as the author of this work.
© vikram karve., all rights reserved.


In case you are interested in reading my clueless ramblings on the Real Estate Scene in Pune – the random musings of a novice self-styled Property Guru, here are a few links you can click.
But before you click a link, please do comment on the post you have just read above.
Happy House Hunting.

ARE YOU THINKING OF BUYING A HOUSE IN PUNE

Part 1: WHY ARE PROPERTY RATES SO HIGH IN WAKAD PUNE

Part 2: REAL ESTATE PRICES IN PUNE – HYPE AND REALITY

Part 3: HOUSE HUNTING IN PUNE - 5 TIPS FOR PROPERTY BUYING

Part 4: TRY BEFORE YOU BUY

Part 5: The Real Estate Triad – Quality, Appreciation and Rental Value

Part 6: WHO IS BUYING PROPERTY IN PUNE - End Users, Investors or Speculators

Part 7: Living in WAKAD PUNE - Social Infrastructure

Part 8: SMART HOME - a Gimmick Best Avoided - Smart Homes May Not Work in Pune

Part 9: LIVING IN PUNE - WALKING IN WAKAD - Musings on Urban Town Planning

Part 10: CART BEFORE THE HORSE URBAN TOWN PLANNING MODEL of PUNE

Part 11:  PUNE –  “Destination of the Past” or “City of the Future”?

Part 12: TUM TUM SCENE IN WAKAD Pune - Travelling to Hinjewadi

Part 13: STAY INSIDE STAY COOL

Part 14: Eating out in Pune – WAKAD FOOD GUIDE


Dear Reader:
Thank you for your patience. I hope you liked my musings on the Real Estate Scene in Pune.
Do read my blog. You will find articles on a wide range of topics, ranging from fiction stories to food to philosophy and self help.
I look forward to your comments and feedback.
Have a great day.
Regards
Vikram Karve

© vikram karve., all rights reserved.

 


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