Puravankara( Builders ) Windermere – A warning

[gkrishn]

Originally Posted by kb100

falling rentals are the first precursor of the impending fall!

Where? cbe or blr? I don't see it in either place...

[pjbiju]

All builders are thieves, only that some of them speak English. They generally have no ethics, the word "commitment" is not in their dictionary. I have formed this opinion after listening to the tales of many friends (about different bigwigs in the construction industry) from Pune, Mumbai and Bangalore. Purely my personal opinion. Many big builders in Pune delay the completion of their flats at least by one year. There is only side to the builders - the darker side.

[Samurai]

You can't say that. I just attended a house-warming function today in a flat complex. Our host couldn't stop praising the builder, their professionalism, quality of construction, quality of material used, etc. And he was not exaggerating, the quality of construction was impeccable compared to most builders in this area. The host is a retired civil engineer, therefore he could judge the work well.

[gkrishn]

Originally Posted by Samurai

You can't say that. I just attended a house-warming function today in a flat complex. Our host couldn't stop praising the builder, their professionalism, quality of construction, quality of material used, etc. And he was not exaggerating, the quality of construction was impeccable compared to most builders in this area. The host is a retired civil engineer, therefore he could judge the work well.

Exceptions samurai. My one and only experience with a builder is like... those guys are there only to suck the money out of you.
BTW what was the name of that flat? which builder?

[Samurai]

Unknown builder in Udupi. I don't know the name, I can find out if somebody is interested. Even with Purvankara, our experience until 2003 when we took over the flat was wonderful. They went bad after that.

[HappyWheels]

Originally Posted by Samurai

You can't say that. I just attended a house-warming function today in a flat complex. Our host couldn't stop praising the builder, their professionalism, quality of construction, quality of material used, etc. And he was not exaggerating, the quality of construction was impeccable compared to most builders in this area. The host is a retired civil engineer, therefore he could judge the work well.

it would be good if people who are aware of such good builders share their names. the general opinion is that builders are crooks, so if there is an exception, would it be better to pass on the info and let all benefit???

[gkrishn]

Originally Posted by Samurai

Unknown builder in Udupi.

That says a lot.

We recently brought a flat from an "unknown" builder in cbe. In that complex the "a" block, his very first project, was very good. The "b" block was ok with some issues. By the time he built "c" block, that guy had learnt his "trade". There were so many issues.. delays... wrangling... By the time we had the possession, we had gone thru a big head ache.

[madbullram]

I had actually booked a 4 BHR apartment in Windmere. Then did my home work , read reviews in Mouthshut, tried getting contacts of Purva old customers and realized what a sleaze ball they are.

Went next day and took my cheque back and I was treated like a criminal in the most wanted list. It took them 3 hours and me bursting and shouting at full voice infront of the customers to get my chq back. I was ridiculed by my friends for missing on the golden boat at 2790 rs. Just went and bought my flat with Ramaniyam, very professional guys.


Its about commitment, when they promised they won deposit even if it takes 4 months they have just gone back trying to make some quick money out of it.

I am happy i made the right decision. Pls dont deal with Purvankara..

[kb100]

Originally Posted by gkrishn

Where? cbe or blr? I don't see it in either place...

Bangalore definitely... First you will see a lot of flats lying empty all over the place....First indicator of demand & supply. Clearly indicates that most places were bought by investors - and not ppl who intended to stay in it themselves (- this is always a ticking time bomb). Next thing to go down will be rentals - As it is rentals in Indiranagar etc have fallen (I checked). The prices have also been stable - no increase - The next thing the EMI's will have to be paid - now minus that tenant the investors will want to sell rather hold on. depending on a combination of demand and desperation they will start dropping prices in an effort to liquidate asap. Somehow this will have the effect of driving prices in that locality/vicinity down - soon the domino effect will kick in and the entire industry will reset itself.

Historically if you look at any industry - esp real estate - it goes thru a 10 year cycle. The last crash happened in 1996-1997 - this rill run has lasted a little longer than usual, therefore the correction is due - and right around the corner (..all indicators are prime)

What makes me an expert?...Let me say I was a part of the founder team of one of the most successful startups in this business in recent times - and have been thru one such cycle personally to be able to recognize the signs when I see them. Though not in the business now, I understand - and follow the trends(if time permits), and have extensive contacts in the business and am privy to their sentiments.

You will be well advised to hold your onto your chips - you will be able to get a bigger bang for your buck later - I know I am! Not to mention I WILL NOT put my money in any 'to-be-launched' project anytime soon. I can guarantee with reasonable certainty that none of the projects that are going to launched now are ever going to get completed in time - no matter who the builder is!! (the 3 yr completion clause should give you some pointers!) If one must buy now, then I'd recommend buying something in a completed project with legit OC (Occupancy Certificate), electricity and BWSSB connections.

Oh yes... Cbe is pretty unreasonable at the moment (borderline lunacy would be a better word!!) I'd rather invest in Cochin - where prices are incredibly more reasonable - for Cochin is a port after all - not to mention an international gateway as well! So logically no way Cbe will be able to either keep up, or beat Cochin, be it in size/facilities/scope - More future proof I would think!

[ajmat]

Originally Posted by madbullram

I

Went next day and took my cheque back and I was treated like a criminal in the most wanted list. It took them 3 hours and me bursting and shouting at full voice infront of the customers to get my chq back.
.

Probably easier if you advised the bank to stop the cheque and paid the charges

[benbsb29]

Originally Posted by praJEEP

Ask him is there any delay going on, what is the commitment (delivery)date given ? how much (%) he has payed upfront, how are they responding to his queries etc etc.

@praJEEP, 2theMax : Regarding Concorde Manhattan

Acoording to my friend, the project is estimated to be completed by December 2009, and he booked his flat in 2006 December. Then, he booked it at the rate of Rs.2060/- per sq ft.

As to the question as to why there are people putting it up for resale, i dont think asking him that is going to help. Probably there may be people who bought it at a lower rate during booking, and now selling it when the prices rose? I dont know what the current rate quoted by the company is.

As for the question about VAT on the price, i have asked him to get the detailed price breakup list.

Asking some of these questions has already left him jittery.. dont wanna increase that till we have some concrete info.

[gkrishn]

Originally Posted by benbsb29

@praJEEP, 2theMax : Regarding Concorde Manhattan

Acoording to my friend, the project is estimated to be completed by December 2009, and he booked his flat in 2006 December. Then, he booked it at the rate of Rs.2060/- per sq ft.

As to the question as to why there are people putting it up for resale, i dont think asking him that is going to help. Probably there may be people who bought it at a lower rate during booking, and now selling it when the prices rose? I dont know what the current rate quoted by the company is.

Just last week a friend was talking to thier sales person.

The rate quoted for first sale is around 2600, this is company quote.

There are also resale ones... which was quoted at 2500 and on "bargaining"(this is how my friend told me...) they came down to 2290.

[hondadude]

Originally Posted by kb100

Bangalore definitely... First you will see a lot of flats lying empty all over the place....First indicator of demand & supply. Clearly indicates that most places were bought by investors - and not ppl who intended to stay in it themselves (- this is always a ticking time bomb). Next thing to go down will be rentals - As it is rentals in Indiranagar etc have fallen (I checked). The prices have also been stable - no increase -

Historically if you look at any industry - esp real estate - it goes thru a 10 year cycle. The last crash happened in 1996-1997 - this rill run has lasted a little longer than usual, therefore the correction is due - and right around the corner (..all indicators are prime)

I completely agree with you. An year back when a friend of mine enquired about Sobha Dahlia project, he was told that it was sold out. Recently he enquired again and 12 flats were available. Apparently someone bought 40 of them to resell them. When the time came to register, he had to do panic selling. I hear similar stories all the time.

Another friend of mine who owns an apartment in another Sobha project in ORR told me that in last three years, he has been able to rent it out only once for 11 months. That tells you the pathetic rental market.

Bottomline, tons of people of have invested in these projects and now when it is time to register these apartments people are sorta in panic mode because rentals are down, property prices are not going up and a lot of these people who bought it do not have the capacity to hold them.

BTW, I have nothing against Sobha. It just so happens that two of my good friends own property there and hence those examples. I think all builders are in this state. I am waiting to see what happens when time comes to register Prestige Shantiniketan.

[benbsb29]

Originally Posted by hondadude

Another friend of mine who owns an apartment in another Sobha project in ORR told me that in last three years, he has been able to rent it out only once for 11 months. That tells you the pathetic rental market.

As it is, apartments in Sobha properties have really high rental rates. That alone keeps out a lot of those interested.

Guys, whats the general perception about SJR Builders? Anyone here bought any flats in their Brookfields project?

[HappyWheels]

today morning noticed in a 'fully sold out apartment' block (as of 8 months back) a new banner advertising 4 flat for sale!