Team-BHP - The Property / Real Estate Thread

Quote:

Originally Posted by narayans80 (Post 5773790)

Leaving aside the outrageous rates. How can a 4 BHK house be 3500 sqft?

Must be mentioning the super built up area (including common areas like stairs, lobbies, lifts, pool, etc.). Carpet area must be some 2000+.

Quote:

Originally Posted by ValarMorghulis (Post 5773521)

Meanwhile, Sobha and Brigade are trying to sell 1bhk (650sq ft) for 1cr (to be delivered in 2028) in their new societies. :sadface

Will it take four years to complete the construction of a building with 1 BHK flats priced at one crore each? Are people expected to buy? Is this timeline normal for construction completion in Bangalore?

Quote:

Originally Posted by anandhsub (Post 5773750)

A small apartment < 500m away from a gated complex fetches less than half the rent. This adds up over time and more than makes up for the difference in UDS.

There is a difference in the rent I agree. But less than half the rent I feel is exaggerated. Same with resale unless something is really wrong with the project.

Quote:

Originally Posted by It's Magic (Post 5773806)

Based on my experience booking a project at its foundation phase by Brigade, I made the booking in Oct 2020 and got handover in April 2023 which around 2.5 years. However, the majority of construction was done much earlier, around Oct 2022 and the rest of the time was taken to get all the approvals, every amenity functional and during the time of handover, there was nothing left to be done from the builders end apart from removing some protective material. The promised finishing date was December 2024. So the timelines are usually overestimated especially by the big builders to avoid any delay related penalty.

Quote:

Originally Posted by It's Magic (Post 5773806)

It is not that way. These 1 BHK's will be part of towers which will have 2/3+ BHK's as well. And they will be in thousands. Looking at the time it is going to take, this will be a massive construction spreading acres. I'm not surprised.

Quote:

Originally Posted by lamborghini (Post 5560686)

Any reason you feel the Mega Mall location will be good as an investment? From what I've seen real estate prices have been more or less stagnant unless there is any infrastructure changes coming up that would see it get a boost. I have a few commercial units in Malad on S.V. Road that I am keen to sell and prices have been stagnant last few years.

For this reason alone, I would rather invest in a property that is better for my business - because the business is paying for the office so rather have that do well and generate a better return than the property in question would.

Also, if there is construction happening in the Goregaon Option - with slums being removed / rehabilitated : the nicer ambience could have a higher impact on prices going forward and could be a better investment keeping in mind an appreciation once the neighborhood is developed and becomes more popular.

I went with the Goregaon option. All the paperwork was completed by October and we got possession during Diwali. I’m happy with the decision. Office went live in March this year. Thanks for your input. rl:

Quote:

Originally Posted by narayans80 (Post 5773790)

Leaving aside the outrageous rates. How can a 4 BHK house be 3500 sqft? You can build 2 4-BHK houses in that sort of area.

Yes, this is SBA or Super Builtup Area. Carpet area is about 70%. Also, depending on the builder and type of property 3/4 BHKs can vary from 1500sq ft to 3700sq ft.
Sobha typically builds smaller apartments (1500sq ft 3BHKs, 2100sq ft 4BHKs), while Brigade, Prestige, Salarpuria build bigger ones. Attached examples.
First one is Brigade. Bigger 4BHK 3410sq ft.
Second is Sobha. 2481sq ft 4BHK.
Third is Prestige. 3663sq ft 4BHK.

Quote:

Originally Posted by It's Magic (Post 5773806)

This timeline is generally for completion of the society. Also, big builder promise 4 years and usually handover earlier.
Are people expected to buy? Scenarios are below:
1. Prestige: 1BHKs are sold out in the pre-pre-pre launch phase. On launch day you can’t even get a 2BHK. Only 3/4 BHKs are then available.
2. Sobha: One might get 1/2 BHKs on per-launch or launch days.
3. Brigade, Salarpuria, Purvankara: One might be able to get 1/2 BHKs on launch day or few months after that.

Quote:

Originally Posted by ValarMorghulis (Post 5774033)

1. Prestige: 1BHKs are sold out in the pre-pre-pre launch phase. On launch day you can’t even get a 2BHK. Only 3/4 BHKs are then available.

Correct, in case of prestige most of 1bhk's are bought by their employees or their families itself much before they are officially made available for common folks.

But off-late i have heard about poor construction quality from all the top-end builders in Bengaluru. Also adding to it my personal experience of the Prestige flat which i owned and sold off 2yrs ago when moving out of the city, the construction quality of some of the flats in the complex was pathetic, worse then local builders, the construction was outsourced to their sister concern K2K infrastructure.

To my knowledge, among the big builders, only L&T and Shobha do not sub-contract the construction. Everyone else does this (that too to multiple sub contractors) and there is no proper quality control. So within the same complex, one tower quality will be good and another tower bad with leakages and plaster coming off.

Quote:

Originally Posted by m8002? (Post 5774305)

In a SATTVA apartment in Bangalore, couple of towers had visibly poor quality in finishing. I was wondering how this can happen when all the towers are constructed by same builder. Now that you mention the sub-contracting, it is plausible that these 2 towers were sub contracted to a no-so-good contractor.

Quote:

Originally Posted by sagarpadaki (Post 5774324)

Sub-contracting is the norm in this industry. It is very common to see these inconsistencies between blocks of the same apartment complex due to this.

Most of these big name "builders" are in reality, just liaising agents between the landowner, govt. bodies and the buyer.

Quote:

Originally Posted by Gaur (Post 5774128)

Correct, in case of prestige most of 1bhk's are bought by their employees or their families itself much before they are officially made available for common folks...

Absolutely. All 1BHKs are booked by EOIs and are generally sold at much higher prices later on.

Quote:

Originally Posted by Gaur (Post 5774128)

...But off-late i have heard about poor construction quality from all the top-end builders in Bengaluru. Also adding to it my personal experience of the Prestige flat which i owned and sold off 2yrs ago when moving out of the city...

Agreed again. Amongst top builders, Prestige has the worst quality (a close friend has a villa in Prestige and even the doors/ hinges/ windows do not inspire confidence. Visited another friend's flat in Prestige Fern Residency and same thing). However, Prestige is the most sought after in tier-1 builders (at least for 1BHK).
Sobha reigns supreme here too. Brigade, Salarpuria and Purvankara are also decently good.

Quote:

Originally Posted by Gaur (Post 5774128)

But off-late i have heard about poor construction quality from all the top-end builders in Bengaluru. .

Construction quality of Prestige was always questionable. I live very close to Prestige Shantiniketan and I clearly remember this news 15 years ago when a complete tower collapsed while still under construction and the project was unpopular for few years. But alas, public memory is short and influx of people from other places in the country who didn't know the projects history ensured that this project became a huge success and now the flats here cost a bomb. I believe they have built a mall in the place where the collapsed tower existed. I don't know because I decided to never ever step into a Prestige project no matter how glitzy their marketing team portray them to be.

Yes, I remember having seen it.

At least 2 workers died (as confirmed officially confirmed), but it was rumoured that the toll was much more.
I think it was not the mall that collapsed, but a part of one of the towers, housing the apartments.

Quote:

Originally Posted by nagr22 (Post 5774408)

We have stayed across multiple gated complexes on rent in Bengaluru over the last 10 years. The builders were Embassy, Purva and Sobha.

Purva properties were pretty bad, with leakages, cement dropping out if you try to drill a nail etc. One of the Purva societies we stayed in was also prone to flooding and was built
On top of a storm water drain which almost led to demolition of some houses in the society.

Embassy was ok.

Sobha ones especially in Green Glen layout are pretty solid. Even 15 year old buildings are well maintained and don’t seem to have issues. (Though some of the ones here also are built on storm water drains which makes them B-Khata)

Hi All, I am back here with some queries as I finalize a flat. This is from builder DS & Jaks on Bannerghatta Road near Meenakshi mall. The flat has got all clearance and OC. The land is also A khata. I have paid a token and have received all the documents related to the flat.

I am going for a loan and this flat is approved by HDFC, SBI, LIC and some other banks. I will be going for a loan from HDFC and they mentioned that they have all clearance for the loan for this property.

Now my question is, should I still be getting a legal opinion basis the documents I have received? I was thinking this will be done by the bank when approving the loan from their legal panel. Should I get a legal opinion from a independent advocate? Can I get some contacts for advocates who do such checks?