Munish Malhautra

Virtual spaces are totally safe and if u buy one u are a legal owner of the space. U can sell it any time u want.

__________________
MM

Munish Malhautra

Bhasin Group, makers of Grand Venezia are going to announce( next month) a new mix use project on eway just 2-3 kms from mahamaya flyover/amity.
will keep u posted.

rajk123

This "cash rich builder" seem to be going the same way as the other builders. Even though one project is still to be completed & delivered yet launching another one...

zohaib2012

Its Initial project Grand Venezia has already broken even and generated profits for the builder. The Son in law of bhasin group happens to know me and he was a partner in this project before...but he has made his share and moved on. The project of Grand venezia is ''Financially'' a success. The land was dirt cheap and project has attracted good investor faith. Its 70% complete and if the builder is moving on to another project...its a fair call.

Far better than Builders who have One dozen UC projects under their belt and another One dozen in Launch stage.

rajk123

Good to know it's a "Financially successful" project for the builder. Let's see how it does for the investors and end buyers.

zohaib2012

Commercials depend on LEASE PLANS:

- They have made a good mix of tenants

- they have the commercial space in their hands..and once mall is up and running....they will have the option of enjoying the lease rents themselves or selling then already leased out properties....In both cases...the Involvement of Investor TO LEASE the space is RULED OUT

- Reputed 5 star hotel and new themes like underwater world, furniture citu...are new for region and will be attractive

I have tremendous hopes for this project and from what it looks like...its heading in the right direction.

I have already discussed with their leasing team....about the regions pros and cons...and simple tips to ensure there are no hiccups.

They intend to be start the mall around diwali 12

Ajay321

Dear Sanjkhat

I am delighted with your response and feel that people on this forum would like to be informed about the real situation in agreements which is different from the fiction told by the developer while booking:

Fiction: 10% assured Return
Fact as per agreement: below 7% per annum as the maintenance charges would be deducted from this 10% and those maintenance charges would be borne by the investor.

Fiction : Assured lease for 9 years
Fact: The agreement does not assure it. No commitment in agreement. you have only verbal assurance and in case they do not rent it you can not ask for specific performance or any damages.

In fact both above points make this investment in virtual space disappointing and unattractive despite best implementation of project as per plan as the ultimate benefit will only go to the account of the developer.

It must be noted that this developer has taken combined loans of more than Rs. 225 crores from different banks and created charge on the land and other assets . It is not clear how they will offer you encumbrance free title of the virtual space.

All investors must go through before signing these agreements as they are one sided agreement and do not provide any safeguards to the investor.

GDROY1

Looks like Omaxe deal is better if no lease assurance for 9 years & returns of 7%

Munish Malhautra

i have been told by a senior guy that the office spaces are now sold out...finally.
resale spaces are avl.

gavydude

What is the resale rate for office spaces?