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Old 3rd June 2011, 21:33   #481
mkh
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Default Re: The Property / Real Estate Thread

Has anyone got inputs on a project in CV Raman Nagar called August Park
The whole project is pitted as super luxury however there are few things i could not figure out
1. The approach road is v bad, builder says they will do it up, how do we believe that?
2. It has been delayed by over 1.5 years now
3. It sold at 3300-3400 and still quotes at 3900 approx, it should sound good, but then wondering if there is a catch
4. This builder has never executed something of this size
Rest all are good, just need some help if anyone has bought or knows who has bought?
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Old 3rd June 2011, 22:30   #482
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Originally Posted by mkh View Post
Has anyone got inputs on a project in CV Raman Nagar called August Park
The whole project is pitted as super luxury however there are few things i could not figure out
1. The approach road is v bad, builder says they will do it up, how do we believe that?
2. It has been delayed by over 1.5 years now
3. It sold at 3300-3400 and still quotes at 3900 approx, it should sound good, but then wondering if there is a catch
4. This builder has never executed something of this size
Rest all are good, just need some help if anyone has bought or knows who has bought?
Builder's father is an ex congress minister. Being on the opposition, quite possible that he may not get things sorted very quickly. You are right in that the builder has only done a small 20 apt complex in Richmond Town. The office you might have visited in Ashoknagar is their old house. There might be a cash crunch as they are destroying a beautiful farm and making it into plots for sale off Mysore Road.
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Old 4th June 2011, 00:11   #483
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Quote:
Originally Posted by mkh View Post
Has anyone got inputs on a project in CV Raman Nagar called August Park
The whole project is pitted as super luxury however there are few things i could not figure out
1. The approach road is v bad, builder says they will do it up, how do we believe that?
2. It has been delayed by over 1.5 years now
3. It sold at 3300-3400 and still quotes at 3900 approx, it should sound good, but then wondering if there is a catch
4. This builder has never executed something of this size
Rest all are good, just need some help if anyone has bought or knows who has bought?
The catch could be
1) The car park costs 4 lakh extra
2) 12-15 lakh extra as lifetime maintance cost
Which together push the price up by 20 lakh

When I looked at the property around 3 years ago, a 3bhk came to about 90 lakhs (don't remember the per sq ft rates). Never bothered to investigate more cause even the likes of Sobha, Brigade etc cost much less.

Another major concern I see is the railway track right behind the property. Be ready to be woken up at the middle of the night
Also, not sure if the approach road is owned by the builder or the defense organization next door. In that case, fixing it up wouldn't be in the builder's hand.
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Old 4th June 2011, 00:21   #484
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Default Re: The Property / Real Estate Thread

which is the best area around mumbai to invest 20 lacs?dont want to live there.just an investment.
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Old 4th June 2011, 11:09   #485
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Default Re: The Property / Real Estate Thread

Are you a resident of Mumbai/Maharashtra for 10 years or more? If you are than you can apply for MHADA flats for 12 lakh to 22 lakh. These appreciate instantly after allotment.

Otherwise, its not possble to get anything for 20 lakh in city. You need to go North of Mira Road or beyond Thane/Panvel.
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Old 4th June 2011, 13:04   #486
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Originally Posted by ajmat View Post
Builder's father is an ex congress minister. Being on the opposition, quite possible that he may not get things sorted very quickly. You are right in that the builder has only done a small 20 apt complex in Richmond Town. The office you might have visited in Ashoknagar is their old house. There might be a cash crunch as they are destroying a beautiful farm and making it into plots for sale off Mysore Road.
Yeah i know about that political connection. Booking were less too and they clearly have no huge backing to complete on own
Quote:
Originally Posted by Jaguar View Post
The catch could be
1) The car park costs 4 lakh extra
2) 12-15 lakh extra as lifetime maintance cost
Which together push the price up by 20 lakh

When I looked at the property around 3 years ago, a 3bhk came to about 90 lakhs (don't remember the per sq ft rates). Never bothered to investigate more cause even the likes of Sobha, Brigade etc cost much less.

Another major concern I see is the railway track right behind the property. Be ready to be woken up at the middle of the night
Also, not sure if the approach road is owned by the builder or the defense organization next door. In that case, fixing it up wouldn't be in the builder's hand.
No such things tho about car park and maintenance etc. 3BHK is still 90 lacs Today nothing really nice is lesser( or is there?)
Seen the track, even Purva Fountain Square has it, so taking a cue looking at those in front and away from the track
Last point maybe true
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Old 4th June 2011, 13:56   #487
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Default Re: The Property / Real Estate Thread

In Mumbai, there is a huge stock of flats lying vacant and unsold. And even bigger stock on commercial malls completely vacant.

Signs of some rationalization in future?

Mumbai: A city of spooky malls - Mumbai - DNA
Hoarding flats: What to do?, Columnists - Ajit Ranade - Mumbai Mirror
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Old 4th June 2011, 14:15   #488
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Default Re: The Property / Real Estate Thread

This is for Bangalore.

With respect to small time builders. This trend has just about started here. All's good till you buy a flat. The issues start after that.

The builder starts getting involved in day-to-day activities of the society. The chairman is chosen their wimps, selling the property needs to go only through them, etc.

Lot of other adherence's are required. One is virtually held ransom because they have invested their life's saving in the house. Even security guards are chosen, so if there is any lapse on security one cannot argue.

Non-compliance would get you threats in the dead of the night, damage to vehicle and intimidation.

A recent story that went on the papers is but the tip of an iceberg.

Just be a bit careful. Not all small builders are like these. But there are quite a few rotten apples.
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Old 4th June 2011, 14:17   #489
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Originally Posted by procircuit_234 View Post
which is the best area around mumbai to invest 20 lacs?dont want to live there.just an investment.
If you are interested in buying land, you will get about 2 plots near the yet to come New International Airport, Panvel.

We recently took 6 plots at Vikrant Estate. Currently, to reach there, one needs to go via Karjat & Neral, but soon there is going to be a 6 lane highway from Panvel - Bhimashankar and this lies bang on it. Once the highway comes up, it's about 15-20 minutes from the New Intl. Airport.
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Old 4th June 2011, 20:23   #490
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Originally Posted by Spitfire View Post
This is for Bangalore.

With respect to small time builders. This trend has just about started here. All's good till you buy a flat. The issues start after that.

The builder starts getting involved in day-to-day activities of the society. The chairman is chosen their wimps, selling the property needs to go only through them, etc.

Lot of other adherence's are required. One is virtually held ransom because they have invested their life's saving in the house. Even security guards are chosen, so if there is any lapse on security one cannot argue.

Non-compliance would get you threats in the dead of the night, damage to vehicle and intimidation.

A recent story that went on the papers is but the tip of an iceberg.

Just be a bit careful. Not all small builders are like these. But there are quite a few rotten apples.
Small builders either should be well known or avoided, who knows they may not even complete the project! BTW UKN at Marathahalli has a broker who they have made "official" seems like, he acts on their behalf!
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Old 5th June 2011, 18:00   #491
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Quote:
Originally Posted by V-16
Prices going down down down. If investing or buying a new property, i would suggest to wait until Feb end. AT least 20-40% correction expected. Most gurus i have spoken to say this. With the interest rates going up, stock market going down (especially infrastructure and builder stocks) and builders not getting any more finance easily, thats the only way. Maybe this is the crash that was expected for so long.
Interesting. What is your source, my friend?

I know family who're looking for lower end places in Gurgaon. There's no down down - the prices are same as end Oct/mid-Nov and the good stuff is slightly costlier only.

I hope you're right but the sentiment on the ground in Gurgaon is NOT the same.

That was end Jan '11. It is now up by 15% since then. The same relatives who could barely buy then, are now forking out 5-7L more (most of it cash borrowed from relatives) to buy the same bloody property. Complete
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Old 5th June 2011, 19:45   #492
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Prices never go down unless the builder is in a cash crunch. When I bought my apartment in Cochin, the builder was going through a cash crunch and I had a sizeable sum of liquid cash with me having just returned from an assignment abroad. So I paid about 20% less than some others paid when they booked their apartments 2 years before me!! Two of my friends who bought their apartments when the builder was in deeper crisis got even sweeter deals than mine. And the sweetest part was that we all got ready-to-occupy apartments - so no waiting and no uncertainity about getting possession of the apartments in time.

I was talking to a manager of an on-going project from a big real estate group and he mentioned that they jack up their prices every 3 months or so. This is their way of creating "value" to their customers. So the guys who bought early are happy to see their property appreciating even before it is complete. Those who are waiting are tempted to plonk in money sooner on an "appreciating" property.

Last edited by StarrySky : 5th June 2011 at 19:46.
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Old 5th June 2011, 23:50   #493
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oh no - we are talking of land here - plots. There's been no transaction in this case - its just financiers at max exchanging money - no real buyers.
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Old 6th June 2011, 01:14   #494
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Hi All,
I m looking forward to buying a house in Blore. My budget is around 50lacs. Would it be better to go for an apartment at a prime place or an independent house at the outskirts?
I have office transport for my daily commute.
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Old 6th June 2011, 10:28   #495
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Devdath, would your office transport pick you up, irrespective of the location? If yes, then you could look at an independent house on the outskirts, else you are better looking at a established locality.

In most places, as long as you have your own transport, you are fine.
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