Low demand, applicants ‘sure’ to get apartments - Indian Real Estate Forum

MANOJa · 13-01-12

Chandigarh: Perhaps for the first time in the history of Tricity, applicants for upmarket flats being constructed by a government agency can hope of an almost assured allotment.
Greater Mohali Area Development Authority's (GMADA) Purab Premium Apartments at Sector 88 in Mohali, has received over 3,000 applications till Thursday evening.

The scheme for these 4,500 freehold apartments had opened on December 12. It was initially scheduled to close on Thursday. The last date of application for these flats has now been extended to January 21. GMADA officials expect about 2,500 more applicants over the next nine days. GMADA has specified that there shall be a bar on sale of the apartment till two years after handing over of possession, or five years from date of issuance of Letter of Intent (LOI), whichever is earlier.

The GMADA official said that a five-year lock-in clause was introduced deliberately so that end users are able to benefit from the housing scheme, “Our mandate is not profit. Almost 80 per cent of the price of these flats is the cost of construction and land acquisition. We did not want speculative investors to edge out the applicants who are seeking premier accommodation in the Tricity at affordable rates," said the official.

Low demand, applicants ‘sure’ to get apartments

Indigill · 13-01-12

First sign of the doomed scheme from GMADA. They are desperatly trying to sell all of them and i am sure even the people who have applied are looking to get out of it. I think either GAMADA should decrease the rate or take off the selling clause with scheme open to all from any where in India.

harjit · 14-01-12

Hello sir whats source of this information i have also heard same i knwo a bank which usually fills thousands of brochures in plots schemes and this time they have recived 2 applications in over 30 days thats the response i dont see even full quota filling

naresh_kumar · 14-01-12

In this situation, can we expect waiving of "Five year Lock-in" condition by Gmada? Experts may advise please...

harjit · 15-01-12

No nothing could be changed as code of conduct is there and it was part of terms and conditions i have also seen no or little response in this scheme people noe sure for construction quality+prices are high and lock in period

deep345 · 15-01-12

its not that gr8.Agree with Manoja.

Located · 15-01-12

Well, i personally don't like this project at all at present. This is because GMADA is supposed to provide affordable budget homes and when one see the price of two bedroom flat is clarifies that is not a budget flat at any cost. Even their 14+ marlas plot are cheaper as compared to 2 bedroom flat.

Moreover, if one is getting same flat for almost half the price a little forward down to landran road then why one would get this one. Its all about connectivity. I think one the road connectivity is there, i think rates are going to be the same or with a little difference.

So, as form my point of view, this project from GMADA, is not that much of a great investment.

naresh_kumar · 17-01-12

Every body has negative opinion about this scheme. One reason could be that - this scheme has nothing for property dealers bcz sale-purchase will not happen for these flats. That's why they dont want any body to invest in these flats. If 3000 people apply for these flats, they will simply loose 3000 customers for flats made by private builders. In other words, they will loose their commission on 3000 flats. May be that's why the property dealer groups are against it.

At the same time, I would like to rrequest GMADA (If some responsible GMADA official gets this msg.) not to let down their investors by giving inferior quality flats.

I personally belive that investors will be well off with Gmada compared to private builders who generally never keep their promises.

AnkurPune · 17-01-12

I think when the 4500 applicants would come to know that only 4500 people have applied, they would withdraw their application as well. (I think there is some grace time allowed for withdrawing the application).
So any unlucky soul who would not have withdrawn his application would get the plot for sure. Then I think there would be a 10% fine for backing off.

sbsbpo · 17-01-12

life is strange. you never know finally these guys might end up 'lucky'

Quote:

Originally Posted by AnkurPune

I think when the 4500 applicants would come to know that only 4500 people have applied, they would withdraw their application as well. (I think there is some grace time allowed for withdrawing the application).
So any unlucky soul who would not have withdrawn his application would get the plot for sure. Then I think there would be a 10% fine for backing off.

13-01-12	#1
MANOJa Moderator Join Date: Jul 2010 Location: Shimla Posts: 15,705 My Mood: Thanks: 581 Thanked 1,171 Times in 885 Posts	Low demand, applicants ‘sure’ to get apartments Chandigarh: Perhaps for the first time in the history of Tricity, applicants for upmarket flats being constructed by a government agency can hope of an almost assured allotment. Greater Mohali Area Development Authority's (GMADA) Purab Premium Apartments at Sector 88 in Mohali, has received over 3,000 applications till Thursday evening. The scheme for these 4,500 freehold apartments had opened on December 12. It was initially scheduled to close on Thursday. The last date of application for these flats has now been extended to January 21. GMADA officials expect about 2,500 more applicants over the next nine days. GMADA has specified that there shall be a bar on sale of the apartment till two years after handing over of possession, or five years from date of issuance of Letter of Intent (LOI), whichever is earlier. The GMADA official said that a five-year lock-in clause was introduced deliberately so that end users are able to benefit from the housing scheme, “Our mandate is not profit. Almost 80 per cent of the price of these flats is the cost of construction and land acquisition. We did not want speculative investors to edge out the applicants who are seeking premier accommodation in the Tricity at affordable rates," said the official. Low demand, applicants ‘sure’ to get apartments

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13-01-12	#2
Indigill Senior Member Join Date: Jul 2011 Location: UK, Canada, India Posts: 512 My Mood: Thanks: 104 Thanked 240 Times in 118 Posts	First sign of the doomed scheme from GMADA. They are desperatly trying to sell all of them and i am sure even the people who have applied are looking to get out of it. I think either GAMADA should decrease the rate or take off the selling clause with scheme open to all from any where in India.

14-01-12	#3
harjit New Member Join Date: Dec 2011 Posts: 16 Thanks: 0 Thanked 0 Times in 0 Posts	Hello sir whats source of this information i have also heard same i knwo a bank which usually fills thousands of brochures in plots schemes and this time they have recived 2 applications in over 30 days thats the response i dont see even full quota filling

14-01-12	#4
naresh_kumar New Member Join Date: Jul 2011 Posts: 46 Thanks: 8 Thanked 1 Time in 1 Post	In this situation, can we expect waiving of "Five year Lock-in" condition by Gmada? Experts may advise please...

15-01-12	#5
harjit New Member Join Date: Dec 2011 Posts: 16 Thanks: 0 Thanked 0 Times in 0 Posts	No nothing could be changed as code of conduct is there and it was part of terms and conditions i have also seen no or little response in this scheme people noe sure for construction quality+prices are high and lock in period

15-01-12	#6
deep345 New Member Join Date: Nov 2011 Posts: 36 My Mood: Thanks: 0 Thanked 2 Times in 2 Posts	its not that gr8.Agree with Manoja.

15-01-12	#7
Located New Member Join Date: Jan 2012 Location: Chandigarh, India Posts: 38 Thanks: 0 Thanked 2 Times in 2 Posts	Well, i personally don't like this project at all at present. This is because GMADA is supposed to provide affordable budget homes and when one see the price of two bedroom flat is clarifies that is not a budget flat at any cost. Even their 14+ marlas plot are cheaper as compared to 2 bedroom flat. Moreover, if one is getting same flat for almost half the price a little forward down to landran road then why one would get this one. Its all about connectivity. I think one the road connectivity is there, i think rates are going to be the same or with a little difference. So, as form my point of view, this project from GMADA, is not that much of a great investment.

17-01-12	#8
naresh_kumar New Member Join Date: Jul 2011 Posts: 46 Thanks: 8 Thanked 1 Time in 1 Post	Every body has negative opinion about this scheme. One reason could be that - this scheme has nothing for property dealers bcz sale-purchase will not happen for these flats. That's why they dont want any body to invest in these flats. If 3000 people apply for these flats, they will simply loose 3000 customers for flats made by private builders. In other words, they will loose their commission on 3000 flats. May be that's why the property dealer groups are against it. At the same time, I would like to rrequest GMADA (If some responsible GMADA official gets this msg.) not to let down their investors by giving inferior quality flats. I personally belive that investors will be well off with Gmada compared to private builders who generally never keep their promises.

17-01-12	#9
AnkurPune Member Join Date: Jul 2010 Posts: 302 Thanks: 18 Thanked 31 Times in 21 Posts	I think when the 4500 applicants would come to know that only 4500 people have applied, they would withdraw their application as well. (I think there is some grace time allowed for withdrawing the application). So any unlucky soul who would not have withdrawn his application would get the plot for sure. Then I think there would be a 10% fine for backing off.