Munish Malhautra

7th Floor construction of hotel and office started today....Mall construction is complete, finishing work has started.
they are still offering office space at 6500. not sure if mall is up for sale though it was avl for sometime.
Hotel not for sale

__________________
MM

zohaib2010

Congrats...This project seems to be the safest and best in commercial..the only hitch i have is of leasing...but I am sure the owner will make sure there is a good combination of everythig going on...

Got information that they will plan buses to take tourists, etc from around to visit the mall.

Planning is good and hopefully leasing will be too.

I will be more interested in mall space...i am sure if some aprt of it was for sale...there will be availablity in resale..

If all works out well...this mall will be one of the best...Apart from Greater noida...expect a lot of crowd from Noida expressway sectors...
The catch is leasing...i wish they get the pulse of the market of greater noida and noida expressway region

Mr.Munish...since you are an investor there..you will have first hand info...kindly keep up all posted about the Brands which have signed up either the mall or the office space...will help prospective buyers like me to make an educated decision

I know about:
Hotel - Hyatt
Shoppers Stop
Max, Dubai - Food court

Thanks in advance

Munish Malhautra

Thanx Zohaib,
SO far so good. doesnt look like the project getting into any issues since the promoters are not utilising the money (from bank funds and own private equity) into anything else. and are using top quality stuff in all aspects. Sandersons has opened their site office for mall finishing.
they have earmarked the finances to ensure that project commissioning and operations are as per timelines and long term plans....having said this there is this biggest factor UNCERTAIN FUTURE, hence one can never be guaranteed of whats in store to come.

yes the catch is of leasing and lets see what Knight franks and Starcentres are going to do for them in working out a lease-thru model in Gnida. I wonder if Gnida and Noida vasis will ever go and play c-asino games

anyways i shall keep everybody posted on the updates.

some more brands that i heard being discussed are-
-Adlabs(multiplex)
-Pantaloons (mall)
-F1 (office)

zohaib2010

At least you dont have to worry about project being completed in the first place..like other commericals. I did notice one thing though..which clearly confirms what you said...Last year during recession..when i could see no construction in and around Noida, greater noida....when i visited my friend in Greater noida...only 2 projects had work going on..literally full speed...Jaypee Greens greater noida and Grand venezia greater noida.

Regd leasing...One advice to you...
Most fo these builders..spl the ones who are new to an area are very open in discussing advices from their investors. I do understand that they have hired a good leasing company...but no one outrightly rejects a smart advice..I did this with one of the Builders for a Mall in Gurgaon and to my amazement...after 3 months i could see it taking shape.

Since you are an investor..you can clearly discuss your doubts about leasing with their top management, and later gain from it..in terms of the property being successful.

Talk to their Management level people..you never know...maybe your suggestion will Only help your property in Long run

Munish Malhautra

Since i came back to India this year i do not know the story of this project last year but the people from the project were telling me that construction started in mid 2008 and was suppose to get over in end 2010....but since the project plan got changed in between hence the project will now get over end of 2011. In the earlier plan hotel was not there.
I agree that builder seek advise and even renowned builders do that. Give u an instance-i took taken a shop from JMD group in may. in their plan they had mulltiplex and office on the same floor(4th floor) which i told them to change and would not be feasible, those guys took notice of this and in the final plan in june, i saw the change.

I suggest u consider office space in case u are planning to buy a property as the project is taking speed. their GM told me that they are evaluating price increase (not immediately though)

Arihant1

Hi MM,
What is the time period and options available to pay our rest 50% due
And my Good wishes for the success of your investment

Munish Malhautra

balance can be paid on possession or anytime before if u have the money, but not mandatory.
secondly, if u want to exit, they are flexible u can exit any time u want.
basically u can invest money for 15 months till possession and see whether its worthwhile to continue if yes, pay balance if no, exit, u will anyway get 15% returns till then.
thanx Arihant.

Arihant1

Thanks MM for the information!
Hmmm 12% ( not 15%)
When I exit :
i. Just after 15 months , do I get back my 50% investment
ii Suppose I chosse to keep, property is solely mine ,after payment of the rest of the dues
iii Lease rent shall be again mine, say if it is leased after 30 months
iv. what is the standard period of AR compared to Omaxe's 6 yr

Munish Malhautra

yes , lease rent should be ~ 60 psf for this type of property, i.e. about 13% per month returns post possession.

Munish Malhautra

Hi,
I will be meeting them next week on leasing plan. will update u all subsequently.