anoorit

I am contemplating to buy a plot in City Manhattan, an integrated township in Pen city. It is promoted by Arrow Group. It has reliance sez near by. The international airport and upcoming Sea bridge are also near.

The quoated price is 3000Rs per sq yards. I want to take a 250 sq yrds plot. I am thinking about a 5 years time horizon. Probably, I will sell or construct a house to stay.

Please express your views about this investment. Is it a good option to buy or should I let it go?? Does this area have potential to grow in future????

murlidar

Had been to the site location a few days back. No construction activity at all. Plots will not be alloted immediately inspite of paying booking amount. Plot posession promised only after two years. Why should fencing and a basic road take two years?

murlidar

Pune Rental thanks for the information and clarification. I can understand the delay and formalities to be completed about the possesion and registration, BUT why the delay in allotment? Why no buyer seller agreement for six months inspite of paying booking amount now? Why no layout or choice of plots available even after six months of Bhoomipujan? In the absence of layout or allotment the same land can be sold to inumerable people without anybody knowing which land they have booked or are going to be alloted? Since there is no contruction activity the land may remain in the same condition for months or years. And in the absence of contract we will be at the mercy of the Company.

Please do not misunderstand me. I am very much intrested in buying a plot in this project hence I took the trouble to visit the site and talk to the people concerned. But my above doubts have not been answered satisfactorily.

I would be glad if you could kindly shed some light on the above. Thank you in advance.

murlidar

Mr. Vijay Gupta thanks for the information and clarification. What would be the price per sqyard if booked in March/April when the layout/allotment details will be available.

saurabhc

Hi,

In the map PEN city is shown separate from City Manhattan. Are these different projects from the same builder or both the names refer to the same project?

The builder price is 2999/- What is the curent market price going on?

-Saurabh

miteshkumar

As always, one also needs to read the fine print. The application form states conditions like:
1. "pro-rata allotment in case of oversubscription" (this is not an IPO. Hence, oversubscription is possible only when the company will continue to sell even when it has sold out all plots!)
2. host of conditions which restrict the buyer rights in case of non-delivery / delays on the part of the developer
3. the developer has sole discretion to allot any plot!

lddf

Hi All,

While browsing the net I came across this discussion on city manhattan - panvel.

Just to let you'll know, that I have visited the site in early Jan'2008 & I too met that shady manager at the hotel. When I went to the site, all I saw was a sign board saying city manhattan project. I am dealing with Mr Sabarwal (From Real estate Mgt - Delhi).

All said & done, I think this project will materliaise. It just that the Airport & the entire area has to get clear government approvals before anything commences.

I purchased 2 plots (only booking amount paid): one 200sq yrds & one 500sq yards @1999/- in August'2007. So, that why I was browsing the net for any status or discussions on the same.

If you are patient, invest in this project. After 3 years from now, you will see a change in the entire landscape of Panvel & demamd from it. Feel assured from the appreciation it has already made.

It's just like RPL share, "accumulate, wait & watch".

Hope that I am right & do not get surprised being doomed.

Cheers

LDDF.

rehaankapoor26

After living in crumling old structures for about 55 years, the residents of Maharashtra Housing and Area Development Authority (Mhada) colony in Chembur have realized the benefits of redevelopment. Subhash Nagar is undergoing redevelopment as 65 per cent of the 2, 000 residents have opted for redevelopment by a single developer. The colony is spread over 38 acres and houses 57 buildings. "So far, we have built 744 flats for the residents and have finalized plans to build eight more buildings for 546 families who have signed for redevelopment," said Mr. Manoj John, spokesman of RNA Corp, which is undertaking the project through its group company GA Builders. The company aims to create residential and commercial zones for maximum utilization of available space. "It is a win-win situation for the tenants and the developer," said Mr. Anuj Puri, Chairman, Jones Lang LaSalle Meghraj (JLLM), a global real estate consultancy while commenting on the project.